For more than a decade, bitcoin – and the world of cryptocurrency in general – has been experiencing massive growth. It started off as a quiet, mysterious concept, and now, it’s widely considered as the future of financial technology. Once upon a time, bitcoin was worth nothing, but in 2021, a single coin was worth around $65,000. Now, it can be used for a multitude of things, including online gambling. Today, we’re here to address that fact and to teach you how to use bitcoin for betting.
For some years now, online bookmakers have accepted cryptocurrency deposits and withdrawals. Although, the vast growth within the realms of digital currency has led some online betting sites to build their entire platform around crypto. On these websites, you’ll deposit, bet, withdraw, and enter competitions all backed by cryptocurrencies – primarily bitcoin.
Without any further hesitation, let’s learn how to use bitcoin for betting.
Brief History of Bitcoin
It’s all well and good applying bitcoin to a betting scenario, but what if you’re totally new to bitcoin itself? Here’s a brief history of the concept before we move on to betting with bitcoin.
In 2008, bitcoin surfaced as a concept for a truly ‘decentralised’ currency – one not connected to a central banking system or to one particular owner. To this day, it’s unknown who created bitcoin, but there are many assumptions, guesses, and rumours circulating. Following a period of development, bitcoin was released to the world in 2009, with the ‘starting block’ of the blockchain being mined. This is the digital network that houses all cryptocurrency transactions.
However, what followed was a rocky period of evolution for bitcoin, with the legality and morality of the coin facing constant debates. As bitcoin grew around the world, many other coins began surfacing, such as altcoins, litecoins, and competitors to the original bitcoin. It’s still an ‘up-and-down’ world for bitcoin, but for the most part, the growth is there, tangible, and constant.
How to Start Betting with Bitcoin
Right, now that you know what bitcoin is and where it came from, we can start learning how to use bitcoin for betting.
Firstly, you’ll need to set up a bitcoin ‘wallet’ to house your cryptocurrency. This is a digital wallet that will contain all the cryptocurrency that you buy and trade, and there are a fair few out there to choose from. However, if you’re just getting started, we suggest using a platform called Coinbase. This is one of the most trusted and popular cryptocurrency platforms out there today, and millions of people use it.
It has a built-in wallet function alongside an easy-to-use marketplace, and there are very few steps required to get started. Once you’ve made an account and passed verification checks, you’ll be able to deposit ‘fiat’ funds (real money) into your Coinbase wallet, assuming you’ve chosen that platform. From there, you can use that currency to purchase bitcoin, at whatever value the coin is listed at that point.
These bitcoins – not that you’ll have bought multiple coins, most likely – will sit in this wallet until you’re ready to use them. However, it’s worth bearing in mind that bitcoin is a ‘volatile’ currency, and the price could skyrocket or collapse without a moment’s notice. Therefore, it’s best to buy bitcoin for betting when you’re just about to bet, ideally.
How to Use Bitcoin for Betting
Now, you’re officially ready to start betting with bitcoin. If you’ve got to this point, you have a wallet that contains bitcoin, and you’re ready to gamble with it.
To begin the process, you’ll need to identify a top betting site that accepts cryptocurrency as a deposit option. We can recommend the likes of Sportsbet.io, BUFF.bet, or N1Bet, particularly if you’re new to the world of online gambling. These platforms are reputable, popular, and above all, safe – they’re easily some of the best crypto betting sites out there.
Once you’ve chosen your platform, you’ll need to sign up for an account and complete the verification process. Then, it’s a case of depositing funds into your account, selecting bitcoin as the deposit method and linking your wallet to the platform. It’s a relatively simple process, and you’ll be guided through it – there are plenty of efforts made in keeping the practice as accessible as possible.
At this point, your betting wallet will be funded and you’ll be ready to start betting. Now, it’s just the simple task of picking a sport or an esport – or even a virtual sport – placing your wagers and hopefully picking up a few wins. When you’re done, you should have the option to withdraw your winnings in bitcoin to the wallet you set up earlier.
It doesn’t end there, though – there is also bitcoin live casinos to think about, but we’ll cover that in the next guide…
We wish you the best of luck with your wagers.