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How To Bet With Bitcoin

How To Bet With Bitcoin

While you may not be too familiar with Bitcoin yet, you’ll be surprised to find out that it’s quickly becoming the currency of choice for sports bettors looking for a fast, secure and discreet way of funding their sportsbook accounts.

Betting With Bitcoin

Bitcoin was launched in 2008, and it’s taken just as much time for it to turn into the fastest growing funding method at online sportsbooks because of its privacy, flexibility and possibilities over any other payment methods. Bitcoin is now accepted at most betting sites and bettors looking for an easy, fast, and safe way to transfer money in and out of their accounts are flocking to using it.

Sending money using Bitcoin is easy and simple enough, but once you’ve made your first transaction is when you’ll really fall in love with it. This is our guide to sending and receiving your funds using Bitcoin as your preferred payment method.

How To Fund Your Account With Bitcoin

Because it’s a digital currency, Bitcoin works a little bit different than when you use dollars. There is no physical cash to transact; instead, transactions are coded on a secure and massive ledger, called the blockchain, that has been running from beginning to the present day. When you send or receive a transaction, its ‘address’ is recorded in the ledger where you’ll access your funds from via your own private key.

For you to send or receive Bitcoin, you must know the Bitcoin address of the other party and its private key. These keys are encrypted information that are only shared as a way to access funds. While it’s possible to see the amount of Bitcoin transacted, the amount is secured by its private key, which only you have access to. Sending Bitcoin by far is the most secure and anonymous way to fund your sportsbook account.

When you send a transaction, there’s a short time period for your Bitcoin to appear in the receiving account. Every transaction needs to be verified before they can be credited to your account- the process can take between 5 and 10 minutes on average for the verification to be made.

While it may seem daunting at first, once you send your first transaction you’ll get used to how easy it really is. But, before you can send or receive Bitcoins from your BetPhoenix.ag account, you’ll first need to create your Bitcoin wallet.

How To Create Your Bitcoin Wallet

For you to send or receive Bitcoin, you’ll need a wallet- a online, free wallet similar to ones you might have used before. Your wallet is your holding place for your Bitcoin and is similar to having a PayPal account. You’ll find many options online- Some such as Circle and Coinbase will allow you to create a wallet and give you access to a Bitcoin exchange, where you’ll exchange your local currency into bitcoin to then deposit to your BetPhoenix.ag account.

Before buying Bitcoin, you must deposit money into your bitcoin wallet to fund the exchange of funds. You can usually use most traditional payment methods including credit or debit cards. Choose your funding method and then upload the money to your Bitcoin wallet. 

After you’ve set up your wallet and funded it, it’s time to buy your bitcoin. This process takes place in a Bitcoin exchange, where you’ll convert your local currency to Bitcoin by buying Bitcoin from a seller. You’ll exchange your cash for Bitcoin using an exchange rate and then your Bitcoin balance will reflect in your wallet. These Bitcoin will be stored in your wallet until you choose to deposit into your BetPhoenix.ag account. 

To withdraw funds via Bitcoin, the reverse applies - any Bitcoin you receive to your Bitcoin wallet can be converted back into your local currency through the same exchange, simply by selling your Bitcoin at the prevailing market rate.

How To Deposit Bitcoin To Your BetPhoenix.ag Account

Once you’ve created and funded your Bitcoin wallet, you can deposit funds into your BetPhoenix.ag account to bet with.

To send money using Bitcoin, you’ll need BetPhoenix.ag’s Bitcoin address. Choose ‘bitcoin’ as your deposit method to get the address-you’ll input this address into your wallet as your destination account.

Copy and paste the BetPhoenix bitcoin address into your wallet and decide the amount of Bitcoin you want to deposit and then send. Alternatively, you can scan the QR code you’ll be presented in the deposit page with your smartphone to make the process easier. It may take a few minutes for the bitcoin to reflect in your balance, however it typically doesn’t take too long.

Making a withdrawal is just as easy. BetPhoenix.ag will send the payout to your e-wallet, where you can use your private key to access the funds or convert them into your local currency.

Bitcoin is fast becoming the preferred method for depositing and withdrawing funds at betting sites, especially where privacy, security and convenience is sought. Of course, Bitcoin also gives many other advantages, and once you’ve got the hang of how it works, you’ll feel safe in using Bitcoin for other goods and services online.

 
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