The Basics of Bitcoin Sports Betting

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Bitcoin might sound confusing, but the reality is getting started is much simpler than you might think. Even if you are not PC savvy or entirely comfortable around a keyboard, there are just three steps you need to follow to get in the game by way of bitcoin.

Step One: Open an Exchange with Coinbase.com

Coinbase is the largest US facing exchange and the process of opening an account is as simple as opening a wallet with Paypal. You will need to spend some time to upload your photo ID and link a bank account (so you can buy and sell bitcoin through Coinbase or their sister exchange GDAX), but once you’re setup, you will not have to cut through any more red tape.

Once you have purchased bitcoin from Coinbase, you are ready to send your bitcoin anywhere in the world, but keep reading step two below to see what to do next.

Step Two: Create an Intermediary Wallet

An intermediary or go-between wallet is recommended for added privacy. No exchange wants to knowingly facilitate transfers to and from betting sites or casinos, so by using an in-between wallet such as the free one offered by Blockchain.info, you can minimize the likelihood that you will get held up by the compliance department at your exchange.

Once you’ve created your intermediary wallet, make sure to safeguard the log-in and password. Once logged in, simply click ‘Receive Bitcoin’ and copy/paste your wallet payment address. Take the string of alphanumeric characters and copy them into Coinbase and initiate the transfer of bitcoin. It may take up to two hours for your bitcoin to be ready for spending.

Step Three: Select a Reputable Sportsbook

Now that the hard past is over, all you have to do is choose a reputable online sportsbook to make your bitcoin wagers with. Sportsbook Review has a guide of trusted bitcoin sports betting sites that are known for providing good user experiences and most importantly fast payouts.

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