Bitcoin Sports Betting Information and Tutorial
In order to completely understand what Bitcoin (BTC) is and how it's used, we must first ask ourselves "what is a dollar?" and what makes that currency unique. Obviously, a U.S. dollar is the regulated currency for the United States - just like the Canadian dollar (Loonie) is to Canada, the Peso is to Mexico and the Pound is to the United Kingdom. Bitcoin (BTC) is a digital cryptocurrency that has become somewhat of an alternative form of currency compared to the standard dollar. The only difference between the government-issued currency and this digital currency that has risen to prominence over the last 12 months - aside from the whole paper versus digital aspect - is that one is regulated by big corporations such as banks while the other is run strictly on super computers that use complex alphanumeric algorithms to ensure the integrity of every transaction ever made with the Bitcoin (BTC) currency.
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Surprisingly enough, the similarity between the regulated currency we use in our everyday life and the digital currency we can't stop hearing about is the most important factor. Both currencies have their own unique code associated with them.
The same can be said be said of Bitcoin. There will only ever be 21 million Bitcoin (BTC) in the world at one time. Because of that, each individual Bitcoin (BTC) contains its own unique code. When a Bitcoin (BTC) transaction occurs between two people (buying or selling), or a person and a merchant (such as a pizza shop or betting website), the process involves generating a unique Bitcoin address that features both a public and private key that are used to retrieve the funds. Once those Bitcoins have been transferred to a specific address (code), the algorithm generates a new alphanumeric code for the next transaction. Furthermore, these specific and unique codes ensure the integrity of every transaction made on "The Blockchain".
Now that you understand how similar both sets of currency are, I am going to explain how to turn your Bitcoin (BTC) into acceptable deposits at your favorite sportsbook.
Step One: Purchase Bitcoin (BTC)
The No. 1 website for buying and selling Bitcoin (BTC) in the United States is Coinbase.com. Coinbase sees almost 100K new accounts being set up daily in order to secure Bitcoin. This step is actually quite simple.
First you must register for a new account by giving them some information such as your name, address, phone number and email address. Once you complete this step, you must verify your checking account with them before you can begin to purchase Bitcoin (BTC). This is done through a verification email that is sent to the email address you provide.
(Estimated Time: 10 Minutes)
Step Two: Creating a Bitcoin Wallet
After you purchase your Bitcoin (BTC), you must create a "Bitcoin Wallet" which is a unique 32-character address generated by a random algorithm. In order to create your "Bitcoin Wallet" you must go here to register. Once that is done, you can now begin to send your purchased Bitcoins (BTC) from Coinbase to the 32-character address that is generated for you. (Top right-hand corner of image below)
(Estimated Time: One Minute)
Step Three: Send Bitcoin to Your Desired Sportsbook
Once you're done the first two steps, you are basically home free and can start betting within minutes. The first thing you must do is log into your sportsbook of choice and head over to the deposit section. You will be given several deposit options, and you will (obviously) select Bitcoin.
After you enter in the amount you wish to deposit, the sportsbook will provide you with a Bitcoin payment address to send your Bitcoin (BTC) to. You must then go back to your Bitcoin Wallet and send your Bitcoin to that specific address (highlighted in the image below). Once this is done, depending on the transaction time, you can begin betting with those funds on all of your favorite sports.
If you would like to request a deposit via Bitcoin (BTC) you simply follow the same steps but in reverse. Enter the amount you with to withdraw and then provide the sportsbook with your Bitcoin Wallet address.
So as you can see by the three-step process, it's very simple to turn your Bitcoin into useable funds for your sports betting needs. Unfortunately, the only thing Bitcoin (BTC) can't be used for is to actually place bets on any event. When you deposit your Bitcoin (BTC) into your sports betting account, that Bitcoin becomes the cash equivalent. For example, if you were to deposit one Bitcoin (1 BTC) into your 5Dimes account (lucky you), your account would be credited with $15,071.78 USD. As the Bitcoin (BTC) market fluctuates, that 1-BTC could be worth more or less today than it will be in a week from now.
If Bitcoin (BTC) is going to become your go-to method of deposit, I would recommend using it when the market is high in order to maximize its value.
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