Bitcoin is relatively new to the banking world. The online banking system made its online debut in 2009. When it became more widely popular in 2014, it soon became apparent that the digital bank could become a perfect match with online gambling. If one uses bitcoins in their online sports betting, they will not have to worry about depositing and withdrawing regular currency.
If you are currently living in America, you know that gambling is mostly illegal. In fact, there is only one state that offers legal sports betting The National Gambling Impact Study Commission reports that, nearly $400 billion is gathered on sports bets in the U.S every year. Out of the $400 billion, only $3.5 billion of those bets are being made legally in Nevada. How are the rest of those bets getting made? Much gambling is still being done in person – illegally, but what has allowed it to soar is the internet. There are widely-known gambling websites that offer gamblers a way to get their betting done without having to go to the one state where it is legal.
How Bitcoin Works
While popularity is beginning to grow, Bitcoin is still unknown to many people. For everyone who likes to gamble online and doesn’t know what Bitcoin is I will explain how it works. First things first, the best way to treat Bitcoin is like a real, in person bank, even though it is all virtual.
What you will do is buy “Bitcoins” – a form of digital currency – and add them to your bitcoin wallet or address. You can buy Bitcoins from many sites. To get a Bitcoin wallet, you have to install an app to either you phone or your computer. Once you have your bitcoins in your wallet, you may purchase items wherever Bitcoins are accepted as a form of payment, and the transaction will be posted on your ‘block chain.’ After your transaction is done, it is recommended – for security reasons – to get a new wallet or address for your next transaction.
Remember, Bitcoin is still relatively new and isn’t accepted everywhere yet. Some bitcoin sportsbooks are beginning to pop up as the form of payment is growing in popularity.
Why Does Bitcoin Hold Big Potential In The Online Gambling World?
While online gambling has made this past time soar the past couple of years, it does come with its risks. The government can track those transactions because sportsbooks have to leave some papertail behind. Bitcoin can take some of that risk out of the equation, because it is nearly annaymous. This means not just one company, or one person runs it. The only way for transactions can be seen through the ‘Block Chain’ and it takes much effort to see that. Bitcoin is not your typical government run bank. When a user uses this online bank, they have the potential to hide all transactions from the government because it leaves no paper trail.
Bitcoin also ensures easier, faster, and more secure ways to make your deposits and receive your payouts.
Nearly all of Bitcoin’s transactions are free. SO, if you are sending Bitcoins from one address to another, there is no large overhead cost of processing payments.
How To Start With Bitcoin At Online Sportsbooks
Remember, Bitcoin is all online. To use it you have to set up a ‘Wallet’ to store your coins. What essentially happens is you sign up, receive a wallet address, and if you want, you can link your current in life bank account. Connecting a bank account is optional, but by linking your account, you can easily transfer money to your bitcoin wallet faster from your bank. Also, when you receive Bitcoins as payments, you can transfer those funds back to your bank account. Be careful, because of Bitcoins young age, you should not use it for storing big amounts of money at once. For now until there as been more advances made, Bitcoin should only be used for small amounts of money at a time only.
Once you have your coins in your wallet, you can deposit your money and withdraw your winnings from that account. During a transaction, the money you withdraw or deposit will be converted into your target currency. Bitcoin’s versatility on accepting so many currencies is what makes it such a wildly expected on sports betting sites.
You can use Bitcoins in many different places along with online betting sites. Remember, Bitcoin is a currancy, along with a dollar or so forth, the only difference is that this money is not regulated.