Bitcoin is the first peer-to-peer form of digital currency. It doesn’t have a centralized power or middleman controlling it. It’s controlled exclusively by the users. The electronic cash is held in a Bitcoin wallet. This wallet acts much like a digital bank. The user can send the digital money to businesses or individuals of their choosing.
The speed, reliability and security of Bitcoin makes it a perfect triple entry bookkeeping system. It’s also a favorable method of withdrawing and depositing with online sportsbooks. The following sportsbooks accept Bitcoin as a form of deposit and withdrawal.
Top 10 Rated Bitcoin Sportsbooks
How To Get Started With Bitcoin
- Create A Wallet
The first step is to create a Bitcoin wallet at Bitcoin.org. Choose your method – desktop, mobile, hardware, or web. Choose a specific wallet. Coinbase and Copay are two of the more popular wallets.
- Purchase Bitcoins
You’ll need to buy Bitcoins to go into your wallet. Check out Howtobuybitcoins.info to learn more about all the ways to buy. Also note that Bitcoins can be purchased through larger, chain banks. The transaction may take a couple days to complete through a bank.
- Transfer Your Bitcoins
The purchased Bitcoin is now either in your Bitcoin wallet or ready to be deposited into it. This will depend on your exchange source.If your exchange source asked for your wallet address during the purchase, then the Bitcoins should automatically be transferred. You’re good to go.If your exchange source did not ask for your wallet address, then the Bitcoin will need to be transferred from your exchange account into your wallet. Go to your exchange account. Choose “send Bitcoin.” Enter your wallet address. After you click send, your Bitcoins will be transferred to your wallet.
- You’ll want to record where you store your Bitcoin.
- We prefer mobile wallets instead of exchange services or online wallets.
- Use a paper wallet or downloaded wallet in cases where you plan to store Bitcoin for an extended period of time.
- Most wallets will automatically only allow you to use a Bitcoin address once. It’s still best to always check that you aren’t reusing the address.
- Only deal with peer accounts that have previous experiences with high satisfaction ratings.