Step One: How to Purchase Bitcoin
To get started, you need to purchase bitcoin from an exchange. Create an account with Coinbase.com. (Estimated time: 10 minutes)
Setting up your Coinbase account is very simple. It is a similar process to registering for Paypal or Skrill.
You will need to give them your name, home address, email address, cell phone number, and verify your checking account with them before you can purchase bitcoin. You can either securely log-in to your banking website to verify your checking account, or choose for two micro-deposits to be made to your account before you can purchase bitcoin.
The first option is immediate whilst the micro-deposits can take 3 days to post.
Once you’ve done this, you are ready to purchase bitcoin! There is a nominal 1% fee. For security, Coinbase will also send you an SMS code, which is a numeric code that will be sent to your cell phone. Once you’ve verified your account and the bitcoin you’ve purchased are ready for spend, it’s time for step two: Creating your bitcoin wallet.
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Step Two: Create a Bitcoin Wallet & Send to a Sportsbook
Create a wallet with Blockchain.info (Estimated time: 1 minute)
Enter your email address and create a password, then click continue.
That’s it! Your wallet is now created. Click “Start Receiving Bitcoins”.
A unique 32 character code will appear next to a QR Code. This is your wallet payment address. From Coinbase.com you will send the bitcoin you’ve purchased to this address. It is important to use a wallet for added privacy.
Once logged in to your sportsbook of choice, enter the cashier page. The video tutorial shows how to do so at betting site 5Dimes, though the process is the same at all sportsbooks.
Once you enter the amount you wish to deposit, the sportsbook provides a bitcoin payment address to send your bitcoin to. Go into your Blockchain.info bitcoin wallet and complete the transaction. It may take up to an hour for the payment to be credited. Best of all, there are no fees!
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Step Three: Sell Bitcoin
(Estimated time: 3 Days)
Request a payout through your sportsbook to your Blockchain.info payment address. This can be up to one business day at most sportsbooks. Once received, transfer your bitcoin to your Coinbase.com payment address, and simply request a payout via Coinbase back to your bank account; this takes two business days. Coinbase charges a 1.5% fee for bank withdrawals.
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