When exploring cryptocurrencies for online betting, make sure you take a look at our Bitcoin betting guide in 2021. A quick and easy explanation or what you need to know if you want to get started.
The new year started with Bitcoin news all over the media. Endless circulating information is available about risks and benefits, but it seems as though the quick changes in the most popular cryptocurrency’s value still create some confusion. Let us walk you through the most up to date steps to find out how Bitcoin can become your preferred way of online betting.
Getting started: Understanding Bitcoin
Bitcoin has been around for over a decade, becoming more and more popular for consumers and investors seeking anonymity and simplicity when moving money online. The appeal is understandable especially today since BTC is not something abstract anymore, that only make sense to people who adopted it early enough. With the right Bitcoin betting guide, there should be no difficulty to get started.
One of the major appeals in BTC is, that it is decentralized. Meaning, that it is not tied to or controlled by any bank or government. It is a completely digital currency, hence any means of payment exists purely in electronic form (source: Investopedia). In other words, it is not a tangible asset like cash or gold to set an example. Talking about cryptocurrency, the word “crypto” refers to a type of digital money that exists within a blockchain network. By this, there is no oversight from financial authorities. The blockchain is effectively a peer-to-peer network that contains all the transactions.
Now, what gives the value to bitcoin? If it is not tangible, what defines a reliable store of value? Much like all other currencies, the bitcoin’s value directly from people willing to accept them as payment. Then again, why does it worth so much? Simply enough, the price of bitcoin is determined by supply and demand. When the demand for bitcoins increases, the price increases, and when demand falls, the price falls (source: Bitcoin.org).
How to start exchanging to Bitcoin
To start betting with Bitcoin, much like a bank account, you need to set up a wallet for your cryptocurrency. This should be the first bitcoin betting guide step. In the early days, for most of us, bitcoin mining sounded like a mystery. However, this is not the case anymore. By setting up an e-wallet, such as coinbase you can easily purchase, exchange and deposit bitcoin. Moreover, some online banks such as Revolut are also offering various cryptocurrencies for purchase. On sites like Intertops, you can immediately see bitcoin as a deposit option.
When setting up an e-wallet, all you have to do is connect one of your bank accounts and deposit money in your preferred currency. Once you are all set, exchanging to bitcoin can start. For some more details on cryptocurrency wallets, one of our previous articles is in your service.
TradingView is a highly popular site where you can constantly monitor the fluctuation of the bitcoin price chart. According to daily charts, 1 BTC is 31,210.70 USD right now, with a daily fluctuation of up to 10%.
Is Bitcoin better for online bets? How so?
As we have already discussed anonymity, there are several other advantages to mention. Firstly, the speed of your transactions. When you send money in cryptocurrency to your bookmaker you instantly make a payment, whereas traditional payment methods could require a longer time. Furthermore, you do not need to convert currency anymore, which allows you to avoid the additional fees. When exchanging crypto, you do have to pay a small commission fee with the above-mentioned sites, however, you only need to do this once. As a result, the world of online sportsbook sites in the USA opens up, even more, making various opportunities available using a universal currency. Additionally, bitcoin is currently tax-free, therefore the cash you make is the cash you get.
Aside from all these benefits, you must keep in mind the volatility of BTC. As bitcoin’s value is highly speculative, much like any other investment, people are buying and selling all the time, all around the world 24/7. What does this mean? This is either work in your favour a lot or the opposite. Even though it is not possible to surely predict the stability of this currency, it should be mentioned, that BTC has shown remarkable signs of stability of late (Source: Buy Bitcoin Worldwide). According to the latest 30-day estimate, the bitcoin volatility index is 5.32% in US dollar. For this reason, we recommend you to take a look at the changes at TradingView or a similar site beforehand. To set an example the volatility of gold averages around 1.2%, while other major currencies average between 0.5% and 1.0% (Source: Buy Bitcoin Worldwide).
Bitcoin betting guide in easy steps
To get started, you need to find BTC accepting operators when betting. Once you have exchanged bitcoin and have it ready in your e-wallet of choice, there is not much complexity. To make a deposit, just set and send the desired amount in your BTC wallet. Similarly, when withdrawing your desired amount, you will be asked for your e-wallet detail. As mentioned above, this process takes no time.
Previously we have collected a list of sites for you, that accepts bitcoin when gambling online. Sites such as Intertops are great for you to try out betting with BTC. Online gambling news in the US suggests, more and more casinos and betting sites are generalizing BTC payment.
What you should take away from our Bitcoin betting guide 2021
- Bitcoin is a legitimate currency, and it is not difficult to purchase and use via an e-wallet.
- It is a fast and low-risk way for online betting in terms of anonymity
- More and more online sportsbook sites in the USA use crypto, you can filter your searches specifically for BTC friendly sites, like Intertops.
- Make sure you do some research on the volatility of BTC and that you understand the possible instability of cryptocurrencies.
- There is no limit in terms of the amount you have to exchange to BTC in your e-wallet, therefore you can start with what you feel comfortable with until you get the gist.