Sports betting with Bitcoin has become very popular in recent years. The recent developments surrounding Bitcoin has made it possible to incorporate the world’s largest cryptocurrency into betting. Unlike fiat money betting, Bitcoin enjoys a lot of advantages such as fast transactions and payouts, security and of course low commissions that are sometimes problematic for fiat money currencies. However, sometimes punters are puzzled whether to purchase Bitcoin and how to use them later in gambling. In this article, we will provide comprehensive information on how to buy Bitcoin for sports betting, where to buy them and later transfer the funds to your balance.
Ways to Purchase Bitcoin
There are various ways to purchase Bitcoin. We will review each of them carefully below in our article:
Crypto exchanges are one of the best ways to buy Bitcoin. It is a form of digital currency exchange, where customers can buy Bitcoin for fiat money. Generally, there are numerous options for clients to buy various cryptocurrencies. In order to become a holder of Bitcoin you need to follow the successive steps:
- Sign up on the exchange;
- Go through the verification process;
- You will already have a wallet alongside;
- Buy Bitcoin and transfer them to your balance.
It is necessary to point out that when you already have Bitcoin at your disposal, you need to remember that there is a unique address – both for the sports betting site, where you plan to transfer money and for yourself. Crypto wallet is the best way to buy Bitcoin for offshore sports betting sites Your wallet will also have a respective address, where you will be able to transfer money later.
Sports Betting Site
This one might seem strange for some customers but actually, you can purchase Bitcoin directly on the website of a particular crypto sports betting site. After you register with any Bitcoin sportsbook, you will have the ability to choose your preferred cryptocurrency and purchase it. In these cases, sports betting sites have an exchange already linked to their platform, meaning you will exchange fiat money for cryptocurrencies without any problems. Here is a guide on how to buy one on the website:
- Sign up with a crypto sportsbook;
- Go to your account and check the balance;
- Look for the available cryptocurrencies and make a purchase.
In general, there are slight commission fees when it comes to purchasing Bitcoin directly from a crypto sportsbook’s website. However, these fees are low compared to fiat money methods.
To continue our topic of how to buy Bitcoin for sports betting we should talk about another popular method of purchasing Bitcoin for sports betting which is an ATM. These platforms are like standard ATMs where it is possible to buy Bitcoin for fiat money. You need to take into account however, that depending on your location the number of such ATMs could be limited and it may be hard to find one, but once you come across it, the process of buying Bitcoin will be easier.
Why Bitcoin is a Preferred Way for Betting?
Bitcoin has become one of the most popular methods for betting due to various reasons and it is hard not to agree with crypto enthusiasts. Here are several reasons why buying Bitcoin might be your first choice when it comes to sports betting.
Throughout the years, Bitcoin has lived up to expectations of being one of the most secure methods of payment. With Blockchain, where it is impossible to forge transactions, all transfers are held in storage. At the same time, considering the trust people have put in Bitcoin it has established itself as one of the safest methods of payment.
The anonymity of Bitcoin is frequently debated among customers. Some sports betting sites might require a verification check from you, but it is not always the case on other websites. When you make a crypto wallet to purchase BTC for sports betting, you have a unique address and there is no name indicate on it. There are numbers and symbols, which are completely different from each other. Addresses are unique. When you transfer Bitcoins on your sports betting balance, there is also no name indicated and overall, Bitcoin provides a high level of anonymity.
Compared to traditional fiat money methods on sportsbooks’ websites, Bitcoin is fast. Transactions rarely exceed an hour and it is particularly useful when you are withdrawing winnings from your balance. Deposits are normally instantaneous and, does not matter where you are located, transactions with Bitcoin will generally be faster than fiat money methods. There are rare cases, when there are so many requests, that it could take several hours, but such occurrences are not frequent.
We have already mentioned above, that because of low commissions, Bitcoin is preferred over other currencies. The best way to buy Bitcoin for offshore sports betting sites is through crypto exchanges. There are practically no charges when you are withdrawing money. If we are talking about big winnings, even small commissions could make difference, which we see in the case of fiat money transactions.
Which Method is the Best?
From a general perspective, it is always a good idea to buy Bitcoin on a crypto exchange. You can look for reliable and trustworthy exchanges, that offer decent conditions. At the same time, commissions are low and immediately you will be able to transfer money to your sports betting balance. Considering the volatility of Bitcoin, when prices go up or down quickly, make sure you purchase Bitcoin carefully.
One thing that every punter needs to take into account is that sometimes there are scam exchanges that try to deceive users into fraudulent schemes and stole their money. Always make sure that whichever method you are choosing, the security is ensured and you are dealing with a reliable operator. Take a close look at the available license as well as the reputation of a particular brand before you decide to buy crypto for sports betting.