Good news for bitcoin gamblers using Coinbase
Online sports bettors have reason to celebrate: it just became even easier to purchase bitcoin (BTC) using Coinbase.
As of 1 March 2016, Coinbase allows USA based players to connect a debit card to instantly purchase bitcoin; European users already had this ability with Coinbase.
The feature rollout is taking place to select accounts for now, but all Coinbase users will have the option enabled over the coming months per a statement released by the company.
However, Coinbase users should be aware of its stance toward gambling.
Coinbase will eventually ban users who make their transactions straight to online sportsbooks, especially betting sites that reuse the same deposit addresses, however all hope is not lost: This is precisely why bettors should use an intermediary wallet such as Blockchain.info to make transactions to and from betting sites.
By using a go-between wallet, Coinbase may suspect but would not be able to prove that transactions are landing at online sportsbooks, and it is considerably more time intensive to sniff around such transactions.
The same applies to the other major bitcoin exchange Circle.com. In fact, SBR Forum user 'The Giant' shared that Circle recently banned him for allegedly making a transaction to a sports betting site with bitcoin.
Bitcoin is presently trading at $417. The digital currency has exploded in popularity among sports bettors for its ease of use and how cheap it is to fund betting accounts, especially in the unfriendly climate of the United States with respect to sending funds offshore.
Sportsbook Review recently conducted a four-part bitcoin webinar educating players about the risks and rewards associated with bitcoin.
Find a bitcoin sportsbook using the Sportsbook Review directory.