Sports betting and Bitcoin: How to buy bitcoin for betting on sports
Sports betting has already welcomed the new trend of cryptocurrencies as more and more punters are choosing to place their wagers using bitcoin. Online sportsbooks, on their part, have embraced this trend and in doing so they encourage their customers to make transactions – deposits and withdrawals – in digital currencies so as to benefit from the speed, ease, convenience and security that they offer. This is, pretty much, how Crypto gambling is growing and growing, at such rates that it is anticipated to surpass traditional online gambling at some point in the not-so-distant future.
Records indicate that crypto-users around the world now stand at nearly 300million, a considerably large share of whom – approximately one third – uses cryptocurrency for gambling. And in this already large share, a respectable big part uses cryptocurrency for sports betting.
Before you start betting with Bitcoin, you need to buy bitcoin and in order to buy bitcoin you need to know how to buy bitcoin for sports betting and what things to consider in the entire process. Well, all these become more clear once you go through what is discussed below.
How to buy bitcoin for sports betting
In order to buy bitcoin for sports betting, you need to follow some steps, which are pretty straight-forward and easy.
First, you need to select the cryptocurrency exchange (or other “places”, where you can purchase digital currency), where you’re gonna make your transactions. Along with the currency exchange you need to pick a digital wallet in order to deposit and store your bitcoin once you make the purchase. Note that some cryptocurrency exchanges have their own wallets, which you can use or they provide you with preferred wallet partners.
The next step is to create an account by registering at your chosen cryptocurrency exchange. To do so you need to provide some fundamental information and personal data – when you open an account in a centralized exchange – and receive confirmation.
Then you need to fund the new account, particularly if the cryptocurrency exchange requires you to make a deposit in the fiat currency before buying bitcoin. In some cases you can also buy bitcoin with the use of a credit or a debit card, but you need to be careful for any additional commission there.
Finally, what you need to do in order to buy bitcoin for sports betting is to place your order! Here you actually make the purchase and wait for your bitcoin to appear in your account! Once it goes to your exchange account, it is important to store the bitcoin in your wallet in order to ensure security.
Storing bitcoin for sports betting
Bitcoin storage is a very important issue to consider and wallets are here to help you do this. You can choose amongst two basic different ways of storing your digital currency: hot wallet or cold wallet.
Online wallets: Online wallets, known as “hot wallets” are like applications installed in devices, generating keys for the coins. You are not the holder of the key and so what has become a common phrase in cryptocurrency “not your keys, not your coins”, is something that you need to take into account when making your wallet choice. Hot wallets are preferable for smaller amounts of digital currency or for digital currency that is to be traded on an ongoing basis, particularly because they bear the risk of being ‘hacked’ and so you can lose your bitcoin.
Offline wallets: Offline wallets, known as ‘cold’ wallets are not digital – they are not wired – rather they can be hardware wallets or paper wallets which offer greater security as they do not store the private key online. When using cold wallets you can view your portfolio without risks involved. Now, hardware wallets can be usb devices, which store the private keys and they protect the keys from being stolen by ensuring that they never ‘overlap’ with any software or network that could prove harmful. Paper wallets are also offline wallets, which generate private keys and they can be stored to make sure that the keys are safe.
Once you’ve stored your bitcoin, you are ready to explore the world of the digital currency and use it for any purpose you want – from buying goods and services to betting on sports!