Many U.S. players (sport bettors & poker players) are looking for a way of depositing to an online sportsbook. They also want a safe & reliable method to cash out their winnings when they win. The best part about Bitcoin; It provides a fast solution to both of these issues.
Not only does Bitcoin make it easy to deposit/withdraw to offshore sportsbooks…..most sportsbooks/casinos will give you a massive bonus when you deposit by Bitcoin. Online sportsbooks prefer Bitcoin deposits rather than Credit Card. The reason for this is that credit cards have too many fees involved (for the merchant and the customer due)
Five Important Bitcoin Facts For Betting Online:
Here are some very important facts about Bitcoin before you begin using it for sportsbook deposits & payouts.
Let’s get this out of the way first…..I find it shocking that people are still making absurd claims that Bitcoin isn’t money.
I’ve even heard investment bankers laugh about it and claim it’s “monopoly money”. These idiotic claims are beyond silly and downright ignorant. These type of comments make me laugh at how dimwits like this can be trusted to invest someone’s life savings.
Less than 10 years ago: 1 Bitcoin could be purchased for under 10 cents (USD).
Today: Here is the current market value for 1 Bitcoin in US Dollars (ie: BTC to USD Exchange Rate): [currencyprice currency1=”btc” currency2=”usd”]
It’s not just me (or some techie hacker in his mom’s basement) giving you that price…
IT’S THE FREE MARKET THAT IS PROVIDING THAT PRICE
Despite what many self-important Bitcoin critics may ignorantly try to claim, Bitcoin is actual currency with real monetary value. It’s also considerably more valuable than U.S. Dollars or any other fiat currency. Anyone who tries to claim otherwise, fits in one of three categories;
- They have a vested interest in preventing the growth of the digital currency. ie: bankers, financial advisors
- They’re too lazy or not smart enough to educate themselves (criticizing what they don’t understand)
- They’re mis-informed on the matter. They are taking the word of someone who fits “a” or “b” above.
Sending a fraction (for example .05, .25, 1.1) no different than sending $10’s, $20’s, $100 of USD
Don’t think you have to buy/sell one whole Bitcoin in every transaction.
Sending small fractions of a bitcoin is sort of how it was intended to be used.
Part of it’s uniqueness is that it can be cut into any fraction when being spent .
You can purchase Bitcoin with U.S. Dollars (or any fiat currency using an Exchange).
There is an ever-expanding list of reputable BitCoin exchanges on the internet.
Recommended Options: Coinbase or BitStamp
There are endless free digital Bitcoin wallets in the form of Smartphone Apps, USB Sticks, Websites
Recommended Options: Blockchain.info (App/Web Wallet) or [wpsm_hidelink text=”Keep Key” link=”http://amzn.to/2niLkeQ”]Keep Key[/wpsm_hidelink] (Hardware Wallet)
Once you purchase from an exchange, move the money into a digital wallet.
Do not send from an exchange directly to sportsbooks or an online betting sites.
The same goes for when cashing out from a sportsbook or betting site. Send to wallet first.
When you are receiving money to your BitCoin wallet, you provide the address for the other party to send to.
Your wallet address s a unique long string of letter and numbers that you copy and paste.
It’s important to understand that you shouldn’t keep using the same wallet address for all your transactions.
Your digital wallet (Blockchain.info or KeepKey) will allow you to generate a fresh wallet address anytime you want.
While using the same wallet address is completely secure when it comes to theft , it’s not as secure when it comes to privacy.
You should use a fresh wallet address for every new transaction for purposes of anonymity.