Bitcoin Webinar Part 2: How to Buy & Use Bitcoin for Sports Betting
- How to purchase bitcoin
- Set up a wallet to make transactions
- Deposit with online betting sites
Sportsbook Review's Peter Loshak is joined by bitcoin expert Justin for part two of the bitcoin webinar.
Part one tackled the basic question of 'what is bitcoin'.
Part two focuses on the process of purchasing bitcoin, setting up a bitcoin wallet, and ultimately depositing bitcoin with merchants, including online sportsbooks.
Step one: Register with a bitcoin exchange
The first step is to purchase bitcoin from a bitcoin exchange such as Coinbase or Circle.com. Set up an account by registering a username and password, link your bank account, and proceed to purchase bitcoin. Circle.com allows bettors to use a credit card to purchase bitcoin. Both exchanges also function as a wallet, allowing bettors to immediately transfer to merchants, though Justin recommends players search for a bitcoin wallet that matches their particular needs, and suggests Airbitz is a good mobile-friendly bitcoin wallet.
Step two: Save your bitcoin wallet address
Once your bitcoin is stored in a wallet of your choice, you will notice that your wallet comes with a long string of random characters containing numbers and letters. Think of this like an e-mail address. It is very important to back up your wallet credentials using a program such as LastPass. You will need access to your wallet to make transactions.
Step three: Make your transaction
Log-in to the cashier of your online sportsbook and select bitcoin. At most sportsbooks, simply access the cashier to receive the sportsbook's wallet address and enter the amount you wish to deposit. Use your bitcoin wallet to complete the transfer. Most sportsbooks will confirm the transaction with either an email or an instant account credit, or both.
At the conclusion of the segment, a special promotion is mentioned involving a $25 free play for bitcoin newbies at popular A+ sportsbook Bookmaker.
Sportsbook Review invites readers with questions on part two to join the discussion at the bitcoin forum.