Sports Betting With Cryptocurrency: What is Bitcoin?

Were you wondering why Bitcoin is becoming the currency of choice for many sports bettors? So were we! So we decided to dig in and find out why it’s popular and how the process works for people making their first deposit with Bitcoin.

What is Bitcoin used for? Can I bet with it? How do I buy it? These are all questions sports bettors are asking now that digital currency is all the rage. Bitcoin (BTC) may seem like a flashy and unconventional way of funding your sportsbook account. It’s sort of like the Dennis Rodman of money. It may seem weird and a bit funky, but it can defend and rebound like nobody’s business and help you win an NBA championship.

From depositing BTC to bonuses to everything in between, Odds Shark’s got you covered like Ohio State’s man-to-man coverage.

What is Bitcoin and How Does It Work?

Bitcoin is a cryptocurrency that functions without the help of a central bank or administrator. Unlike traditional money, BTC can be sent from person to person on what is called a peer-to-peer network. Essentially, you can send your buddy a couple of bitcoins without the need for an intermediary.

Advantages Of Betting With Bitcoin

Bitcoin is becoming the currency of choice for many sports bettors because it’s fast, easy and has many advantages like the Kansas City Chiefs offensive line.


Lickety-Split: Faster Deposits and Withdrawals

Bitcoin image describing fast deposit and withdrawal

Speed is everything when it comes to funding your account and collecting your winnings. But, unlike the 1995 blockbuster starring Keanu Reeves and Sandra Bullock, you can go above 50 mph (or in this case, add more than 50 units of bitcoin to your account). With other deposit methods, you may have to wait anywhere from 24 hours to 10 business days to see your funds. With Bitcoin, the entire process takes minutes.


Big Rewards and Big (Free) Money

Wallet icon with plus signs floating above describing big bonuses with bitcoin

Online sportsbooks offer bonuses when you sign up. They also often provide extra compensation for those who bet with bitcoin. For instance, the betting site could give you an extra $100 to play with just for using cryptocurrency. The only thing to keep in mind with rewards is that there are stipulations like you may have to bet on a certain sport or deposit a specific amount in order to get what is essentially free money. Make sure to read the terms and conditions before accepting any offer.


Like a Rock: Dependability

Shield with a checkmark describing reliability

Another great reason to make the switch is also the simplest – Bitcoin just works. Instead of dealing with declined credit card transactions and fees, Bitcoin transactions are much more reliable. Plus, some betting sites don’t accept debit or credit anymore, which is another reason you should wager with bitcoin.


Reach for the Sky: Higher Limits

Bitcoin image describing higher limits

To make betting with Bitcoin even better, many online sportsbooks offer higher deposit and withdrawal limits. If you win $1,000, you may want to withdraw it all at once instead of having to split it into multiple transactions.

 

Want to know more about betting with Bitcoin?

Read on for more advantages.

Why Bet With Bitcoin

How to Purchase Bitcoin for Betting

Buying bitcoin is easy. The first step is to download a bitcoin wallet. This is essentially like a paper wallet but instead of keeping your driver’s license and frozen yogurt punch cards, this is a digital medium that stores units of BTC. When you see Bitcoin with a capital letter B, it refers to the cryptocurrency itself. When you see bitcoin with a lowercase letter B, it is the unit of digital currency, also known as a token.

The next step is to visit a Bitcoin exchange. You’ll need to provide ID to prove you’re a human being and not some Matrix-style Agent Smith type who is trying to snatch up all the cryptocurrency and use it for evil like buying up the Champions League and making Ronaldo play for every team. Bitcoin exchanges are platforms where BTC is exchanged for fiat currencies like USD, CAD, EUR, GPB, etc.

Because bitcoin isn’t tangible, you’ll need a key. A public key is the location where transactions are made. A private key is given to you when you get your wallet. Do not share your private key with anyone, unless you would like to get hacked. One of the great things about using BTC for betting on sports is that it’s really hard to hack your bitcoin bets, unlike using your credit card, which could be frauded. Identity theft is real. We know this because it’s always those run-of-the-mill baseball players that have perfect games but rarely ever the aces.

Ready, Set, Bet with Bitcoin! 

Bitcoin isn’t the only digital currency accepted at sportsbooks but it is often synonymous with cryptocurrency since it was the first to market. We are big fans of sports betting (duh) and even bigger fans of using Bitcoin to do it.

 

Ready to dive in?

We’ve prepared a comprehensive guide to help you get started. Now that you have the answer to the “What is Bitcoin?” question, go deeper and learn how to use BTC at your favorite betting site.

How to Start with Bitcoin

Popular Alternative Coins

Alternative coins, or Altcoins, offer a different approach to crypto transactions compared to Bitcoin. Many altcoins pit themselves as improvements. Some altcoins provide better user privacy, like Monero and Zcash. While other altcoins provide a faster and lighter version of Bitcoin, such as Litecoin. The Ethereum blockchain is different from all these altcoins because being a cryptocurrency is a minor part of what it is offering.

Bitcoin SV

Bitcoin SV is the latest in a long line of cryptocurrencies that are making a big impact in the online payment industry. Bitcoin SV (BSV) was founded in 2018 and is now available with a variety of online sportsbooks worldwide, pertinently providers in the United States. The name Bitcoin SV, or Bitcoin Satoshi Vision, comes from one of the alleged creators of the original Bitcoin currency, Satoshi Nakamoto (also known as Craig Steven Wright).

Payments made using Bitcoin SV are so fast, they appear almost instantly. This is very advantageous for sportsbook players, as they typically want to access their funds right away.

Ethereum

Ethereum, the “primary altcoin”, is a leading cryptocurrency which uses blockchain technology to trade value online a lot like Bitcoin. The Ethereum blockchain also uses smart contracts to facilitate, verify, and enforce negotiations. Advocates of this virtual currency believe Ethereum will one day permit peer-to-peer sports betting without vigorish.

Bitcoin Cash

Bitcoin Cash is defined as peer-to-peer electronic cash for the Internet. Bitcoin Cash is fully decentralized, with no central bank, and operates with no trusted third parties required. The primary incentive of Bitcoin Cash’s existence depends strictly on carrying out more transactions.

Litecoin

Litecoin is another member of the altcoin cryptocurrencies group. The name is bestowed upon other cryptocurrencies not called Bitcoin. There are more than 2,500 different altcoins available on the open market, and that number is constantly changing. They exist for a number of reasons. Many of them promise to complete faster and cheaper transactions, and on a larger scale than Bitcoin.

Bitcoin’s Humble Origins

The year was 2008. A group of programmers using the moniker Satoshi Nakamoto created the domain bitcoin.org. From there Nakamoto unleashed a white paper onto the world called “Bitcoin: A Peer-to-Peer Electronic Cash System” which laid out the principles of this new electronic-style payment. In a nutshell: Two strangers could send each other payments without going through their respective bank accounts.

The first bitcoin transaction took place in 2009, the last year the Yankees won the World Series. While the Bronx Bombers’ dynasty was coming to an end, the Bitcoin dynasty was just beginning. To this day, no one knows who Satoshi is, if it’s a real person, a group of people or a mystery like Bigfoot. Here at Odds Shark we are not saying Bigfoot exists. What we are saying is that Brent Burns may play for San Jose but his NHL playoff beard reads more Sasquatch than shark.

When you make your bets using Bitcoin, you’re privy to certain advantages.