Bitcoin at $388 mark, Shop for Bitcoin Sportsbooks

Bitcoin is floating around the $388 mark early Saturday morning.

Online sports bettors have taken considerable interest in the popular digital currency in recent months as more than 30 online sportsbooks have added bitcoin to their cashier in 2015 alone.

A new sportsbook rating was added for betting website Bitcasino.io earlier this week.

Bitcoin allows bettors to quickly and easily make deposits to online betting accounts.

It starts with creating an account at a bitcoin exchange such as Circle or CoinBase. From here, players can link a bank account to upload funds and purchase bitcoin.

The second step is to transfer funds to a bitcoin wallet, such as Blockchain or Airbitz, among many others. While Circle or CoinBase can also be used as wallets, neither site is gambling-friendly and will eventually suspend the accounts of users believed to be transferring to known gaming merchants.

Once players have funds available in a bitcoin wallet, they can then make a transfer into an online sportsbook which accepts bitcoin. The process is exactly the same in reverse. Sportsbook -> Wallet -> Exchange -> Your Bank.

Sportsbook Review recently released a four part educational series on bitcoin which covered what is bitcoin, how to purchase bitcoin, how to convert bitcoin to cash, and the risks and rewards associated with bitcoin.

One of the main reservations sports bettors have on bitcoin is the at times erratic swings in value. Players who are uncomfortable with the shifts are encouraged to take advantage of the relatively instant withdrawals offered at most sports betting sites and not sit on bitcoin longer than necessary.

Below is a graph showing the daily fluctuations of bitcoin since the start of the New Year. The data is powered by Coindesk.com.

Date Close Price
2/12/2016 383.13
2/11/2016 377.72
2/10/2016 379.96
2/9/2016 373.32
2/8/2016 371.1
2/7/2016 375.28
2/6/2016 375.4
2/5/2016 385.34
2/4/2016 388.61
2/3/2016 368.93
2/2/2016 372.88
2/1/2016 371.25
1/31/2016 367.13
1/30/2016 376.94
1/29/2016 378.2
1/28/2016 379.38
1/27/2016 394.63
1/26/2016 391.43
1/25/2016 390.66
1/24/2016 402.61
1/23/2016 386.19
1/22/2016 381.76
1/21/2016 409.94
1/20/2016 418.74
1/19/2016 377.74
1/18/2016 385.84
1/17/2016 380.21
1/16/2016 387.66
1/15/2016 358.77
1/14/2016 429.73
1/13/2016 432.04
1/12/2016 432.88
1/11/2016 448.38
1/10/2016 448.96
1/9/2016 449.14
1/8/2016 453.37
1/7/2016 458.28
1/6/2016 429.46
1/5/2016 432.25
1/4/2016 433.49
1/3/2016 430.36
1/2/2016 433.59
1/1/2016 434.46

To read what other like-minded online sports bettors have to say about gambling with bitcoin, visit the bitcoin discussion forum at SBR.

 
 

 


 

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