STEP 1 - BUY SOME BITCOIN
The first – and obvious – step to betting with bitcoin is having some at your disposal. The cheapest and easiest way to buy bitcoin is by opening an account with a cryptocurrency exchange. Popular options include Coinbase, Kraken, BitStamp and Bitfinex, all of which generally take less than 1% commission. The flip side of purchasing through these exchanges is that they implement Know Your Customer (KYC) and Anti-Money Laundering (AML) measures that require users to provide basic identity information, which some bitcoin users frown upon given that anonymity is a major selling point of crypto-currencies. For more anonymity, bitcoin can be purchased through a bitcoin ATM, although the commission in this instance is likely to exceed 5 percent.
STEP 2 - DOWNLOAD A WALLET
With bitcoin on hand, sports bettors will be eager to load up their betting accounts and start wagering. Yet they should be mindful of the fact that many exchanges will shut down the accounts of users who are depositing directly into a sportsbook or online casino. Coinbase is an exchange that would take this action, for example. To sidestep this, bettors can easily set up a gambling-friendly middleman wallet that will allow them to credit their bitcoin sportsbooks without any hassles. Examples of such wallets include BRD and Samourai, both of which mask users’ identities and facilitate private transactions.
STEP 3 - CHOOSE A SPORTSBOOK
There are two options when deciding on which bookmaker to conduct your bitcoin betting at: a bitcoin-only sportsbook, or a bitcoin-friendly sportsbook. The latter pertains to more established sportsbooks that have recently integrated bitcoin wagering into their service offering, yet still accept wagers in fiat money. These sportsbooks, such as Bovada, are likely to offer a wider range of NFL betting markets and in-play betting options. As more developed brands, bitcoin-friendly sports betting sites will also entice bettors with a wider range of offers and promotions, while also providing more comprehensive live support for customer queries.
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Bitcoin-only sportsbooks, such as Nitrogen Sports, have plenty of plus side, too. With no KYC or AML requirements, these bookmakers offer customers anonymity, which allows bettors who reside in countries where online gambling is outlawed to gamble with peace of mind. And while their markets aren’t as expansive, bitcoin-only sports betting sites will also generally offer more competitive lines.
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