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All you need to know about Bitcoin betting

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In days gone by, you have to go through the tedious process of complying with bank requirements and know-your-customer protocols just to deposit and bet on an online sportsbook. Luckily, things have now changed and using credit cards is no longer the only option available for online bettors like you.

You won’t have to wait for longer than 10 minutes when you bet with Bitcoin and other cryptocurrencies. Put your Bitcoin to great use here at Sportsbet! With lots of perks and benefits in store for you here, you won’t run out of reasons to play and place bets. 

While betting with Bitcoin and cryptocurrencies may seem intimidating at first, you’ll find that it’s actually easy once you get around the basics. Take your first step into Bitcoin betting when you read this article. There’s no better time to buy and bet with Bitcoin than today. Find out more about betting with Bitcoin and other cryptocurrencies here at Sportsbet.

What is Bitcoin?

Bitcoin is a cryptocurrency created in 2009 when a pseudonymous person or group of people under the name Satoshi Nakamoto published its whitepaper online. Designed to create a monetary system where people can transfer money peer-to-peer, Bitcoin removes the need for intermediaries by storing transaction records on a decentralized public ledger called the blockchain.

Decentralization works by taking control from one central institution such as banks and distributing it to all members of the network. No single governing body is in charge of making decisions for the network. Instead, all network members participate in the validating process. 

The network ensures its security through cryptographic functions. When data is validated by all participating nodes, it’s passed to a mining node. Miners race against each other in verifying every transaction. They solve complicated mathematical problems through a process called hashing. Whoever solves the problem first gets to upload the block on the blockchain. In exchange for their hard work, miners receive an incentive of 6.25 BTC for every uploaded block.

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Characteristics of Bitcoin

Fast

Bitcoin makes seamless cross-border transactions possible with its peer-to-peer network. Since Bitcoin transactions are processed online, there are no borders you need to cross just to send money. 

Additionally, there are no bureaucratic processes that slow down the movement of money involved when sending Bitcoin from one address to another since no banks are in control of your funds.

Cheap

When sending money today, you need to pay accumulating fees from banking institutions. They always take a cut in exchange for their services and convenience. If you add all these fees together, you’ll be aghast at how much of your money goes to banks. 

With Bitcoin’s peer-to-peer network, you won’t have to worry about surmounting fees. There’s only one processing fee to worry about and that depends on where you’re purchasing Bitcoin from. 

Secure

Another characteristic Bitcoin has is its impenetrable security. Each block in the blockchain contains data from the previous block, creating a chain that cannot be altered. This ensures that all verified data cannot be tampered with once they are uploaded. 

Additionally, Bitcoin’s proof-of-work mechanism ensures the blockchain remains tamper-proof throughout the years. The computational problem solved by miners is designed to become more and more difficult as time passes by, to make sure that no computer no matter how advanced will be able to hack the blockchain and alter the data stored in it.

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Why you should use Bitcoin in Sportsbet

As the leading crypto sports betting site today, Sportsbet offers plenty of perks for crypto players from fast withdrawals and exclusive bonuses. Those are just some of the numerous benefits you can enjoy when you start betting with Bitcoin. Discover the other compelling reasons why betting with Bitcoin at Sportsbet is the right choice below and consider making the shift from traditional to modern currency today:

Faster deposit and withdrawal times

Enjoy seamless deposits and withdrawals when you use crypto here at Sportsbet. With Bitcoin, you won’t have to wait for a few days before your money arrives in your account so you can start playing as soon as possible. Wherever you are in the world, you can send money without worrying about bank laws and regulations.

You can also withdraw money as fast as you deposit funds to your account. Once your winnings have reflected on your account, they’ll be available for transfer immediately. 

Lower fees

When you move huge amounts of money through banking services, they usually incur large fees. The fee depends on the size of the money you want to move. This means that the larger the transaction, the higher the fee you will pay.

If you want to avoid paying huge fees, consider using Bitcoin. Transaction fees for Bitcoin do not depend on the size of your transaction so it’ll remain low no matter how big the digital asset you want to move.

First-class bonuses

Here at Sportsbet, you can enjoy exclusive perks as a crypto player and bettor. You’ll also be a member of The Clubhouse once you make a crypto deposit! Sportsbet’s own loyalty program, The Clubhouse lets you level up on their seven tiers and receive rewards for every tier.

Some of the perks you can receive include guaranteed cashbacks and personalized bonuses based on your gaming history. If you love slots, you can expect to receive free spins, and if sports betting is your cup of tea, you can get free bets when you climb to the highest tier of The Clubhouse. Enjoy all these amazing perks and more when you start playing with cryptocurrency today.

Privacy

When you cash in using bank accounts, they’ll appear on your monthly statement of account. Most banks and financial institutions frown upon any gambling activities, so if you want to keep your betting activities private, you can do so with Bitcoin. No personal information is required when transferring money with crypto so you don’t have to worry about any statement of account revealing your transaction history. With Bitcoin betting, you can enjoy financial privacy and use your money however you want.

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Where to buy Bitcoin

Depending on the level of convenience you want, you can buy Bitcoin through exchange sites, broker sites, peer-to-peer marketplaces or finance apps. Learn more about each one of them below so you can start betting with Bitcoin at Sportsbet today:

Finance apps

Buying Bitcoin through finance apps such as PayPal and Cash App is the easiest option out of the four. You only need to download the app on your phone and create an account to start purchasing Bitcoin.

PayPal users in America have the option to buy some of the most popular cryptocurrencies today, namely Bitcoin, Ethereum, Bitcoin Cash and Litecoin. You can buy using the funds stored in your PayPal wallet or the credit and debit cards linked to your PayPal account. With PayPal’s crypto services, anyone can buy crypto and use it when purchasing items or services online. It’s also an easy way to deposit funds to your Sportsbet account!

Cash App offers similar services, but you can only buy Bitcoin on its mobile app. Once you have a bank account linked to your Cash App account or funds deposited on the wallet, you can buy Bitcoin. All you need to do is input how much BTC you want to buy. The minimal transaction fee will already be deducted from the amount you enter so you don’t have to pay extra. 

Once you’ve received your Bitcoin on your chosen finance apps, you can use it to send your funds to another address such as Sportsbet’s so you can deposit funds to your account. Then you can start playing your favourite casino games or supporting your favourite teams and players by wagering on them!

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Broker sites

Broker sites already have a prepared supply of cryptocurrencies stashed away so people who want to buy instantly can receive it without hassle. Fees are usually added on top of the amount you want to buy. When it comes to convenience, broker sites and finance apps are your best options. 

Exchange sites

More suited for traders, exchange sites provide a trading platform where users can place buy and sell orders. When buying Bitcoin through an exchange site, you place a buy order and the site automatically matches it with a selling order that meets your requirements. Once you click the confirmation button, you only need to wait for the site to find a match so you can receive your coins on your wallet and use it however you want.

Additionally, exchange sites such as Binance and Kraken have lower transaction fees compared to broker sites, making them the attractive option for intermediate and advanced traders. 

Peer-to-peer marketplaces 

If you want to directly buy cryptocurrency from a seller, you can do so at a peer-to-peer marketplace. Sites such as Localbitcoins, Bisq and Paxful provide a place for crypto buyers and sellers to convene and complete trades themselves. 

It works similarly to exchange sites but instead of the site automatically matching you with the best possible order, you decide for yourself which order meets your requirements. You need to browse through the list of sell orders, reach out to the seller and come to an agreement on the price, payment method and transaction fee. 

Transaction fees in marketplaces are negotiable with the seller and are considerably cheaper compared to the fees offered by other options. If you’re looking for the lowest transaction fee, the peer-to-peer marketplace is the ideal option for you.

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Where to store your purchased Bitcoins?

When buying Bitcoin, a wallet address where your purchased coins will be sent is required. There are two types of wallets: hot and cold. They differ in terms of accessibility and security. Discover more about the differences between the two below:

Hot or software wallets

This type of wallet stores your funds online, allowing you to send them whenever or wherever you want as long as you’re connected to the Internet. Convenient and accessible, software wallets can be websites or mobile apps. They are also often free so it’s easy to create and set up your own cryptocurrency wallet. However, the downside of hot wallets is that they are more vulnerable to cyber-attacks.

This means if you want to use a hot wallet, make sure you do your research so that you can lessen the risks.    

Cold or hardware wallets

If you want to make sure your coins are safe away from malicious hackers, store them in cold or hardware wallets. These are devices similar to flash drives that hold your digital assets for you offline. 

However, this comes at the expense of convenience and accessibility. Unlike hot wallets you can access using your phone, cold wallets require a computer and a port where they can be plugged into so you can access your coins and send it to a different address.

Paper wallets

If you want to make sure you have the safest cryptocurrency wallet out there, you can try using a paper wallet. This just means writing down the credentials for your wallet onto a piece of paper. Since this is not connected to the internet, the coins you keep using a paper wallet are safe. However, you need to make sure that you would not lose this information since it would be harder, if not impossible, to recover.

Betting with Bitcoin in Sportsbet

Now that you have Bitcoin in your wallet, how do you deposit funds to your Sportsbet account? Two methods are available for crypto deposits. One is through QR code scanning and the other is by manually entering the wallet address. Head over to the deposit tab to find a QR code or a unique address where the funds will be deposited. 

If you’re using the QR code, go to your wallet’s app and scan the code before entering the number of Bitcoins you want to deposit. If you’re using the address, input it onto the recipient field and include the amount to be deposited. 

Once the deposit is complete, you’ll receive a confirmation email and you’ll see your funds reflected on your wallet so you can start betting with Bitcoin at Sportsbet!