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Home Bitcoin A complete guide to using bitcoins for online sports gambling!

A complete guide to using bitcoins for online sports gambling!

by James Musoba
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With the popularity of sports all over the world, online sports betting is also getting increasingly popular. There are some online sportsbooks that allow users to place bets with cryptocurrencies such as bitcoin. Bitcoin is a decentralised cryptocurrency based on blockchain technology. If you want to become an expert bitcoin trader, you must visit official trading software . You can use bitcoins to place bets on your favourite sports and earn easy money. If you have tried bitcoin sports betting before, you can follow the step mentioned below and begin your journey today.

Step one – Purchase bitcoins

Before you use bitcoins for online sports betting, you need to own them. So, the first step is to purchase bitcoins online. There are many online platforms known as bitcoin exchanges where you can buy bitcoin, but you need to choose a safe and reliable bitcoin exchange. So, once you have chosen a bitcoin exchange, you can sign up on it. You must ensure that you choose a strong password while signing up so that the hackers won’t be able to steal your funds. You better try to use a unique, strong and complex password that is difficult to be guessed.

Once you have created an account, you need to add a payment method such as a credit card or debit card. After that, you are all set for buying bitcoins; as all you need to do enter the number of bitcoins that you want to buy, click on buy, and you will be directed to the payment page. You can choose your preferred payment method and make the payment for completing the purchase. After making the purchase, the bitcoins will be transferred to your bitcoin wallet.

Step 2 – Add bitcoins to the sportsbook

If you want to place bets with bitcoins during sports betting, you need to deposit bitcoins with the betting platform beforehand. So, once you have received the purchase of bitcoins in your wallet, you can visit the sports betting website and deposit them with it. You need to find the option of deposit, and there you will see a wallet address of the sportsbook. You need to transfer the bitcoins from your wallet to the wallet of the online sportsbook. It will later transfer those bitcoins to your account so that you can use them while placing bets. Within few minutes of you making the transfer, the bitcoins will reflect in your sports betting account. You must not forget to check if the bitcoins have been transferred to your sportsbook wallet or not.

Step 3 – Start placing bets

After adding the bitcoins to the sportsbook wallet, you can use them to enjoy sports betting and place bets. The sportsbook you have chosen for gambling will allow you to place bets simply, and the amount will be directly deducted from your wallet. It makes it highly convenient to place online bets, as you need not go through any verification process and wait for any approval from the banks. Once the bitcoins are transferred to the sportsbook wallet, you can place bets on any sports anytime and anywhere. You can withdraw the winnings easily and transfer them to your wallet quickly.

Do you know how to convert bitcoins?

It is certain that bitcoin is an incredible cryptocurrency, and when it comes to using it in sports betting, most users easily get attracted. But bitcoin is not for everyone as it is a bit different from fiat currency, and most users realise that too late. So, if you have started online sports betting with bitcoins, but now you don’t want to continue it anymore, you must know how to convert your bitcoins back to the traditional currency.

There are several online exchanges that allow you to convert your bitcoins into currency. So, you can do some research and pick the best one out. It is highly important if you are interested in bitcoin sports betting as it is obvious that for that, you will have to buy bitcoins. So, you better be on the safe side and ready to face the worse. You never know how it will turn as bitcoin may suit you or it may not. So, you will always have an option to convert them into local currency and exit the market with great ease.

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