How Can You Invest in Bitcoin Online Betting?
Bitcoin, the most famous digital currency, turned 12 years old this year. Unbelievable, right? Just four years ago, everyone was celebrating the cryptocurrency’s all-time high at $17,000. Now it has already hit the $60,000 mark several times.
Everyone, from students and stay at home moms to Wall Street moguls and coders are on board the Bitcoin hype. In this article, however, we won’t try to give you reasons to buy Bitcoin.
Instead, we’ll explain how you can use the cryptocurrency to do something you love doing: sports betting. Before we do, learn more about Bitcoin
. Learn how it works, how it gains and loses value. If you like it, you’ll feel more confident to use it for betting.
1 — Buy Some Bitcoins
We hate to state the obvious but you need Bitcoins to use them for betting. Five years ago, finding a place to purchase the cryptocurrency would have been a struggle. Not anymore—exchanges like Coinbase, Binance and Coinmama make it extremely easy to exchange your dollars, euros or pounds for crypto.
Join one of these websites and convert your cash into crypto. Although this article is about betting using Bitcoin, you can also purchase altcoins like Ethereum, Polkadot, Cardano and Elon Musk’s favorite coin: Doge.
At many Bitcoin trading websites, you’ll receive a temporary wallet to hold your funds. You see, Bitcoin need a place to be stored. It can be a paper, a hardware device, an app or desktop program.
These wallets store the keys used to authorize crypto transactions. Bitcoin exchanges own the said keys even when they give you a free wallet. As such, it’s advisable to store most of your crypto funds in an independent wallet
that gives you total control over your coins.
2 — Choose a Bitcoin Betting Website
With Bitcoin already purchased, take time to find a reliable betting website. Read objective reviews of popular betting websites to learn about their advantages and drawbacks. Also, look at features you want to see in your ideal bookmaker.
Maybe you want a betting website that provides betting markets for multiple sports and leagues. Or perhaps you want a bookie with an app, and quick payouts. Look for these features when comparing betting sites.
That said, there are two types of Bitcoin betting websites. On the one hand, there are Bitcoin only sportsbooks. They might or might not have licenses. But they don’t feature any other payment method besides crypto.
On the other hand, there are Bitcoin-friendly websites. These sportsbooks hold licenses from trusted regulators. They also support multiple banking options, including e-wallets and credit cards.
Choose licensed betting websites. At least, you’ll have an assurance these companies are genuine, safe and regularly audited.
3 — Deposit your Crypto
Depositing Bitcoins to most betting websites is fairly straightforward. You receive a wallet address to send your crypto to. When the website receives the fund, it debits them into your account.
Depending on several factors, a Bitcoin deposit can take a few minutes, an hour or several hours. The transaction speed depends on the level of traffic on Bitcoin’s blockchain network. When too many people request payouts at the same time, the speed decreases.
That said, confirm payment address severally before you hit ‘Send.’ An error made while inputting the receiving address can lead to the permanent loss of cryptos. Transactions can’t be reversed.
4 — Place a Bet
With Bitcoin confirmed in your account, the next step is to place a bet. If you had already chosen a great bookmaker, it should be easy to navigate through different betting markets like football
and baseball and choose the right game.
Usually, bookies provide betting markets using fractional, decimal or American odds. They all represent the same value. Decimal odds are easier to grasp although fractions and American odds aren’t too complicated to understand too.
Choose a bet type that isn’t too easy to predict and not too unpredictable. This will give you value. Wagering on simple matches earn you cents on the dollar. By comparison, slightly more difficult bet types can get you 50% to 100% of your stake.
5 — Claim a Bitcoin Bonus
Most people don’t know this but Bitcoin sportsbooks have the biggest bonuses of all sportsbooks. Here’s why. The limit for depositing money using Bitcoin is much higher than using Visa, PayPal or MasterCard.
With fiat deposits, you can receive a 100% bonus for a maximum of €50, €100 or €500. If you make a deposit using Bitcoin, you can get a bonus worth up to 5BTC. Think about it: how many bets would you place with five Bitcoins?
Assuming you get your bonus when Bitcoin is trading at $60,000 apiece, your bonus would be worth $300,000. With such a huge budget, you could wager $1000 daily for ten months. Or you could wager $500 daily for nearly two years.
Of course, the goal of using Bitcoin isn’t to claim the biggest bonus possible. Truth be told, free bets and promotions aren’t free money. They have terms and conditions that sometimes make you lose instead of make more money in the process.
Withdraw your Bitcoin Profits
After you bet and win money at a Bitcoin sportsbook, you have two options. You can reinvest that money by betting again. Or you can take profit. Most experts advise that you take profits and leave your initial investment in your account.
So, how do you cashout Bitcoins from a betting website? Navigate to your wallet and check your balance. Then Click “Withdraw” and go to the next step. There could be limits you must follow, specific days for withdrawing or terms to fulfill.
Fulfill all the conditions required for a cashout. This will make the entire process quicker.
Betting using Bitcoin is a straightforward process. But it can become complicated if you try to buy crypto without properly understanding how it works. Invest in learning about Bitcoin. Buy some coins and choose a quality betting site.
The goal isn’t just to bet using crypto. You also want to have a delightful betting experience. And if you win, you want to cashout quickly.