Bitcoin is one of the best ways to fund a betting account and use it to place bets. Before we get into it, there are several things that everyone should know about bitcoin and betting with it. There are a lot of advantages which is why bettors should consider using bitcoin over any other currency. In this article, we are going to talk about how to deposit with Bitcoin. The first thing that has to be done is to get a Bitcoin wallet. That’s why we will cover that topic as well. Below, we will explain more about that as well as how to deposit bitcoin. For additional bitcoin information you can always check the blockchain website.
Bitcoin Sport Betting
Bitcoin should be the “go to” currency for any experienced bettor. It’s a decentralized digital currency, which means that it is a currency without governmental supervision or third parties that you can buy or sell. Additionally, you can invest in this currency and use that investment in the future. So before we explain how to deposit bitcoin on Coinbet24, here are some of the advantages to bitcoin betting.
- Bitcoins allow anonymity. Since, you don’t have to give out any personal or financial information to create a crypto wallet, it means the process is completely anonymous. So, if you decide to get an account with a online bitcoin bookmaker and you deposit bitcoin, no one will know about it.
- Bitcoin payments are processed much quicker than with any other currency. Depositing is instant while withdrawing won’t take longer than an hour. Standard bank transactions take between 5 and 7 days so do the math yourselves.
- There are no third parties involved in the process. For that reason when you deposit and bet with bitcoin, there are zero or very low commissions when you withdraw funds.
- Last but not least, there is one more big advantage for experienced bettors. Bitcoin betting allows for depositing and betting with much larger amounts.
However, to be able to deposit with bitcoin, you first need a bitcoin wallet. Below, we will explain how to get that wallet.
What is a Bitcoin Wallet?
Before explaining “How to get a bitcoin wallet”, first we must share some thoughts on what a bitcoin wallet actually is. A bitcoin wallet is similar to a digital bank account. Here you can send, receive, and manage your bitcoin. Imagine the BTC wallet as any other e-wallet like PayPay, Skrill, etc. You buy bitcoins and they get sent to your wallet. From there, you can send them to someone else or spend them. All these options will be available on the wallet. When you send the crypto coins, they will arrive at the other person’s wallet. As you can see, everything is pretty simple and straightforward.
If you check the web you will realize that there is a wide variety of digital wallets, and all have the same purpose. Manage cryptocurrencies in the simplest way possible. However, before doing that, make sure that the wallet is compatible with the crypto currency you want to store on it. In our case, we are talking about a Bitcoin wallet. It’s common sense that if you get a bitcoin wallet that you will want to send/receive bitcoins through it. For that reason, you will need a digital wallet that’s compatible with BTC.
How to Deposit with Bitcoin through a Bitcoin Wallet?
Which wallet suits you best depends on several factors, such as what your buying needs are, and what you would like to use the crypto-currency for. When you enter the crypto world as a beginner, an online wallet is the easiest and most user-friendly way to manage your digital assets. Creating a Bitcoin wallet is very simple; what’s more important is what do you need the wallet for. There are roughly three types of wallets: mobile wallets, software wallets, and hardware wallets. So, what type of wallet do you need? This question is easily answered, depending on your crypto needs.
For instance, are you new or do you have a lot of experience with bitcoin? Are you going to buy a large amount of crypto assets or just a small amount? Experienced traders use hardware wallets because they are the safest, even though you need to spend money on purchasing the device. Since we are not talking about trading with bitcoin here but rather using it to fund your betting/casino account, we will spend more time on explaining mobile and software wallets. In most cases, these wallets are free and very easy to set up. The mobile one means you will be walking around with your BTC wallet while the software one can be set up on your home PC or laptop.
Setting up your bitcoin wallet
There are many online platforms where you can get a crypto wallet. They are similar; however, each offers something unique. Once you figure out exactly what you need, you will know which platform is the best for you. For instance, the BRD wallet is a mobile one and is probably the simplest one out there. Trezor, on the other hand, is lauded for it’s great security. However, Coinbase is the wallet that’s considered the best one overall. Here are the few steps you need to follow so you can create a bitcoin wallet.
Regardless of which platform you picked, the first thing you need to do is register on their website. The website will usually ask you for a name, surname, and an e-mail address. You will have to enter a password as well. Last but not least, you will have to accept the terms and conditions and then click on the confirmation e-mail that the website will send to you. Once all of that is done, you will have your account.
Get a Bitcoin Address
Once you register, you will be the proud owner of a virtual wallet. The next step is getting a bitcoin address. You just have to enter your virtual wallet with your email and your password. Once you have the wallet open click on the “Accounts” tab (the name of the tab may change slightly depending on the platform you have chosen). Usually, there will be several options and you need to pick the “BTC Wallet” option and then “Generate Bitcoin address”. They will then give you a code which you need to copy. This code will be your bitcoin address. This answers the question of “how to get a bitcoin wallet? However, there are several other things you need to know about.
Once you have the address, you can easily send and receive bitcoin. To receive money, you need to give your receiving address from your wallet to the person who will be sending you bitcoins, or to the place where you are purchasing bitcoins. On the other hand, to send digital currencies, the process is even simpler. All you need to do is to click “send” and then enter the bitcoin address of the person who will be receiving the bitcoin.
Secure The Bitcoin Wallet
Last but not least, you have to secure your account. Different platforms offer various ways to do that. However, the most used way is attaching your phone number to the account. Once you do that, every time you log in to your wallet, you will get a text message. So, if someone else tries to get in your account, the text message will notify you and you can take appropriate measures to protect your account.
We hope that all your questions about How to Get a Bitcoin Wallet are answered. For more bitcoin topics and guides, check this Bitcoin Dictionary section. Now that your digital wallet is active, you can use it for just about anything.
How to Deposit with Bitcoin? – Online Bitcoin Sports Betting
Online bitcoin sports betting is available at bookmakers around the world, but how exactly does this innovative online payment method work? Bitcoin is a cryptocurrency. Cryptocurrencies are digital currencies that you can acquire in portals such as Coinbase. The value of Bitcoin fluctuates daily and has become a source of wealth for many investors. Although Bitcoin is the best-known cryptocurrency, others like Ethereum BitcoinCash or Litecoin are popular as well.
Once you get a Bitcoin Wallet, the process of gambling with it is extremely simple. Whichever bookmaker you choose, you will have to create an account first. As soon as you get an account, you can use the wallet to transfer funds from the wallet to the account on the bookmaker. After that, all you have to do is find your favourite markets on popular events and start betting.