Sports betting is thrilling, and the excitement is doubled when you put Bitcoin into the mix. Unfortunately, not many folks know that you can bet with Bitcoin.
This is why this article will show you how you can do just that.
Sports Betting With Bitcoin And Other Cryptocurrencies
Now that you’ve seen the pros of betting on a Bitcoin gambling site or with other cryptocurrencies let’s look at how you can do it.
1. Sign up for a hot wallet
Get started by signing up for a hot wallet. This will allow you to safely store your cryptocurrencies while maintaining easy access. If you intend to store a large number of cryptos, then consider investing in a cold wallet.
2. Buy some Bitcoin
3. Find the right betting site
With all that out of the way, you can start finding a site that offers sports betting. Ideally, it should have a large selection of sports, from soccer to American football and motor racing. So that way, you have plenty of options to choose from.
4. Place your bets
Once you’ve found a sport that suits you, place your bets and keep your fingers crossed. Crypto sports betting sites usually require you to have a minimum amount deposited.
5. Collect your winnings
And that’s everything! Once you’ve (hopefully) won, it’s time to enjoy your winnings. Be sure to read through the site’s withdrawal policy for any limits.
Pros of Betting With Bitcoin
Gambling with cryptocurrencies is a great way for you to earn additional Bitcoin, Ethereum, and other attractive cryptocurrencies without having to invest anything. Some casinos have welcome bonuses or faucets which lets you collect free cryptocurrency, and with good reason.
Let’s see why:
1. Cryptocurrencies are pseudonymous
Gambling has always gotten a bad rep amongst most folks due to the actions of a few irresponsible players. Because of this, respectable punters sometimes prefer to keep their gambling activities secret.
And this is where cryptocurrencies come into play. Transfers made with Bitcoin, Ethereum, Litecoin, or any other type of crypto are pseudonymous. This means that such transfers are often challenging to track and monitor.
Plus, some crypto betting sites offer anonymous gambling, making crypto gambling an even better choice for players.
2. Funds can be transferred easily
Sitting around waiting for your fund transfers to get through is hugely frustrating. But most of the time, these delays are caused by issues with your bank or some other financial institution. As cryptocurrencies circumvent the financial sector entirely, they make it possible for punters to receive their winnings immediately, making crypto betting popular.
3. You can use your winnings to earn more crypto
One of the best things about cryptocurrencies is how the industry has begun offering various financial products that let you earn passive income. This is known as staking, similar to a high-interest savings account. By depositing your cryptocurrencies in it, you get to earn interest on it passively.
Keep These Points in Mind
Bitcoin and other cryptocurrencies are highly volatile assets. Because digital currencies exist in an unregulated and decentralized space, nothing regulates the sale and purchase of these tokens. This exposes the market to extreme levels of volatility and instability.
Your assets can either appreciate or devalue suddenly within a matter of hours. Thankfully, this works both ways, meaning your winnings can suddenly become worth twice their value overnight.
But don’t take that for a fact, and always do your research on cryptocurrencies. Do your research and keep abreast of any news on the market.
Make sure that gambling is legal where you are. Unfortunately, gambling is illegal in many countries. Even if it is allowed, punters are only allowed to gamble and place bets at betting shops or land-based casinos. And given the flexibility offered by online gambling, it should be no surprise that it’s also often banned by governments.
While there are ways of bypassing government regulations, you should never do this. So if you want to gamble, always check local regulations to ensure you’re not breaking any laws.
Only bet what you’re prepared to lose. While gambling is a fun pastime that allows you to earn some extra money, it’s often the subject of much controversy. This is because some individuals make the mistake of getting greedy which causes them to suffer massive losses.
I advise you always to remember to stay within your limits when placing your bets. Set a limit for yourself and keep to it. So that way, you can actually enjoy your winnings instead of losing it all on an ill-thought-out bet.
Betting on sports with Bitcoin allows you to acquire even more of the world’s most valuable cryptocurrency.
Still, don’t forget that gambling is a risky affair, and there’s always a risk that you may lose everything. That’s why it’s essential to always stay within your limits and know when to walk away.