There is still some stigma surrounding bitcoin and other alternate forms of cryptocurrencies but so far it’s been a windfall for bettors and the industry in general. Bitcoin allows users to create accounts anonymously which means it’s the only way that residents where online wagering is illegal can place a bet. The emergence of bitcoin is leading to online sportsbook growth not seen since the early 2000s when governments started cracking down on financial institutions processing offshore betting transactions. Is it time to get on the bitcoin bandwagon – or is this a fad that will pass?

WTF is Bitcoin?

If you’re familiar with the music sharing site Napster, of the early 2000s then you already have a slight understanding of how bitcoin works. Just like you would send songs back and forth via a peer-to-peer network, bitcoin works as if those songs were money. There is no middle man to take the cut in this instance being between you and an online sportsbook.

So how do you get bitcoins? You buy them using traditional currency such as the dollar, euro, yen, etc. This is why bitcoin has a legitimate value – because it is purchased with actual money. Instead of credit card information and other personal details being exposed to the Internet, your identifier is an address made of 26-35 alphanumeric characters.

Major Advantages of Bitcoin Betting

The first major advantage that bitcoin offers is anonymity. The fewer details you have to put out there about yourself the better in regards to online security. The anonymity also allows you to partake in sports betting if you’re from the United States and other countries where overseas gambling transactions are heavily scrutinized by government regulations.

Another major reason that bitcoin is trending in popularity for bettors is because of convenience. Without bitcoin it was still possible for American bettors to deposit money into their accounts but it wasn’t easy. Some past deposit methods included sending checks, using wire transfers, and buying International gift cards. The bitcoin transaction is simple and fast with the maximum time for a deposit to show in your account usually being an hour.

Along with that convenience is an absence of transaction fees. Top notch sportsbooks will no longer deduct a percentage of your deposit for credit card or wire transfer fees. This means more of your money goes to your bankroll which is always a positive thing.

Getting Started With Bitcoin Betting

The first thing you need to get started with bitcoin betting is to find an online currency exchange, otherwise known as bitcoin wallets. After you create an account with a bitcoin wallet you can then purchase bitcoins using standard currencies and payment procedures such as a credit card. Once you’ve purchased bitcoins, you just need to find a respectable bitcoin sportsbook and deposit your funds. Most books transfer your deposit amout to dollars so that it’s easier to keep track of as 1 bitcoin is actually worth anywhere between $5,000 and $11,000 dollars depending on the market.

In order to claim your money you simply reverse the process. Ultimately your bitcoin wallet can convert your winnings back into traditional currency and your financial institution won’t know if the money came from selling things on eBay or the New Orleans Saints -4.5.

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