Bitcoin has taken the Internet sports betting industry by storm as a digital currency that is safe, secure and easy to use for all of your online betting activity. Most of the top offshore sportsbooks operating online have added Bitcoin to their menu of both deposit and withdrawal options when it comes to managing your online betting account.
Some of the biggest benefits to using Bitcoin at an online sportsbook include your deposits being instantly credited to your account with no added charges. Most books have their highest transaction limits directly tied to Bitcoin and they also offer free same day payouts.
Since most sports bettors love to get paid when the win, same day payouts with no extra fees or charges is reason alone to use Bitcoin. However, there is still some confusion when it comes to digital currency in general. It is a relatively new concept in e-commerce since it is an open exchange that is not tied to any central banking institution or government authority. This is what makes Bitcoin so attractive to the online gaming community. Your Bitcoin account is not tied to your personal identity so every transaction is recorded in a general ledger known as block chain. All you need is a public Bitcoin address that will contain a complete record of all of your transactions.
The other big area of confusion when it comes to Bitcoin is how to actually purchase this digital currency. When it comes using Bitcoin to fund your online sportsbook betting account, there are basically three different ways you can buy bitcoins.
The first way to buy bitcoins is with an ATM at the following three exchanges; LibertyX.com, CoinATMRadar.com and Bitquick.co. The LibertyX.com app can be added to your mobile device to create a new account. You can search ATM locations by zip code to purchase a LibertyX.com PIN which can then be used to make an initial deposit. CoinATMRadar.com works in a similar fashion and it will send funds directly to your e-wallet. Bitquick.co could be the easiest way to set up a Bitcoin account since everything is set up directly on that site.
Another way that you can buy bitcoins is with a debit or credit card. Coinbase.com is one of the most popular exchanges to open up a new account. Once your account is up and running, you can make an initial deposit of $200 to $300 directly from your debit or credit card. Once your account is established you can always request a limit increase.
The third way that you can buy bitcoins is through an existing bank account. Once again, your starting point is a Bitcoin exchange such as Coinbase.com. This basically follows the same process as using a debit or credit card, but the funds will be transferred directly from your chosen bank account into your Bitcoin account. Keep in mind that it normally takes about 72 hours to verify your bank account before the money can be transferred.
Whichever option you choose to buy bitcoins is completely up to your specific preferences and there are no real advantages using one way over the other two. The advantage of any of these options is just how easy it is to use you bitcoins to fund your online betting account. Today’s top online books fully understand the benefits that Bitcoin offers for both the sports bettor and the betting outlet. They offer a wide range of both minimum/maximum deposits from $10 all the way to $25,000 and when it comes to withdrawals some books will payout as little as $50 all the way up to $50,000.
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