Everything You Need to Know to Get Started with Bitcoin

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Bitcoin is currently priced at $1,267 after a solid month of growth. The digital cryptocurrency has dominated the news cycle in the finance and tech industry, and has captured the attention of online sports bettors looking for convenience and a reliable way to deposit and get paid from betting sites.

Sportsbook Review created a bitcoin discussion forum so that members could share their experiences with the various bitcoin exchanges, wallets, and online betting sites accepting bitcoin as a way for users to fund their accounts and to be paid.

Sportsbook Review's Natalie Van Rydstrom released a tutorial for users to get started buying and selling bitcoin with online sportsbooks. The tutorial hinges on four basic steps which can be followed by a layman to get started with the digital currency.

While there is a small initial learning curve, once players have acquired bitcoin and are ready to transfer from wallet to sportsbook, it is an option with far more benefits than what sports bettors were previously resigned to using.

Step #1: Link your bank account to bitcoin exchange
Once players have linked their bank account to a bitcoin exchange,  it is time to purchase bitcoin either through a bank transfer or by credit card.

As of today's pricing, one bitcoin is worth $456. This number fluctuates throughout the day, though the exchange will honor the purchase price.

Step #2: Setup bitcoin wallet
Most bitcoin advocates recommend that players use an intermediary wallet solely for transactions - this has the benefit of increased privacy. One of the most popular bitcoin wallets is Blockchain.info.

Simply open a new wallet, save a copy of your credentials, and setup two-factor authentication (2FA) by linking a mobile phone. What two-factor authentication does is increase security so that whenever your bitcoin wallet is logged into, a unique code is sent to your mobile phone which must be entered before the log-in is approved. This prevents hackers who may have figured out your identifier and password from accessing your wallet.

Once your wallet has been created, a unique bitcoin address is shown for receiving transfers. This address can be changed simply by clicking generate new address from Blockchain.info and labeled such that one address is associated with a particular merchant. Addresses are always valid for receiving transfers, even if they are archived.

Step #3: Transfer from exchange to wallet
Log-in to your bitcoin exchange and hit send bitcoin, plug in your wallet address (see end of step 2) and execute the transfer. Most of the time, bitcoin transactions are completed within seconds.

Step #4: Send from wallet to betting site
Access the cashier of your online sportsbook to determine the bitcoin address that must be used for deposits. Hit send bitcoin on your wallet, and paste the address of the sportsbook and enter the desired deposit amount.

That's it! Follow the same process in reverse (send from sportsbook -> bitcoin wallet -> exchange -> your bank) for withdrawals.

To shop a list of BTC friendly sportsbooks, visit the bitcoin sportsbooks guide.

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