Itís a fact that sports bettors are more familiar with other betting cashier options than bitcoin and are somewhat scared from their inexperience with this crypto-currency. But, what they donít realize is that sooner or later bitcoin will be one of the main betting currencies. In fact, it already is as more and more bitcoin focused sportsbooks appear and already established sportsbooks implement bitcoin as a popular payment method.
However, the number of sportsbooks and even casino gaming sites that have implemented bitcoin is still low. For example, with Amsterdams Casino on your mobile you can use any major payment service like Skrill or Neteller, but still no bitcoin. Nevertheless, bitcoin is and will be the wave of the future for online betting and gambling. Ever since this currency premiered on the international scene itís been growing more and more. Itís no wonder if some countries start drafting bills that regulate bitcoin transactions.
Making deposits and withdrawals using bitcoin is relatively easy. You may need 30 minutes to an hour to set up a bitcoin address and once you do that you can start filling it with bitcoins. The bitcoin address setting is actually a 5 minutes process, but you may need time to learn how to use it, where to use it and to learn about all the important details.
To make a deposit in your sportsbook account where bitcoins are accepted, you first need to purchase bitcoins. You can do that by visiting a Bitcoin exchange market (there are plenty of those on the Internet), but you need to find a reputable exchange. Usually the sportsbook may recommend a good bitcoin exchange. There you will have to exchange standard currency for bitcoins. The cost for one bitcoin may be different because of the price fluctuation.
After you have loaded your bitcoin wallet, the depositing part is relatively simple. You will receive the bitcoin address of the sportsbook, which you will have to enter into your funded bitcoin wallet. A copy-paste action would suffice. Then just enter the amount that you need to send and press the button for sending bitcoins.
When you want to withdraw your bitcoins, you will have to enter your wallet address in the Cashier section of the sportsbook. You just enter your wallet address, enter the bitcoin amount that you want to withdraw, and done. It takes up to two hours for your transaction to be confirmed in the block chain after which you will see your bitcoins.
One of the many unique attributes about bitcoin when compared to traditional currencies is the anonymity, which is probably the single most important attribute. You can make deposits without having to enter personal details, without having to prove your identity to the sportsbook officials, and without the government or banks blocking your transaction or seizing your funds. On top of that by using bitcoins you eliminate the cost of processing fees. In fact, both sides, you and the sportsbook, have virtually no cost to make the transaction.