How to Buy Bitcoin for Sports Betting?
5 minutes
Last Updated: August 10, 2022
Sports are one of the most popular activities globally. The love for sporting activities has grown so wide that everyone is passionate about their favorite.
Fortunately, hardcore sports fans can earn money by betting on their favorite sporting activities.
The advent of Bitcoin and other cryptocurrencies has made sport and crypto betting much easier.
The development of Blockchain technology has made it easier for punters to seamlessly stake with the world's largest cryptocurrency by market cap.
The crypto betting market has grown steadily over the years due to Blockchain technology's enormous beneficial importance to players.
For instance, extremely fast transactions, low fees, a more secure playing environment, and anonymity.
However, despite its popularity, many punters still find it difficult to buy Bitcoin for sports betting. Thus, this article will take you through the most suitable ways to buy Bitcoin easily and safely.
Ways to Purchase Bitcoin for Sport and Crypto Betting
Created in 2009, Bitcoin is a decentralized cryptographic asset on Blockchain. It is the world's largest cryptocurrency by market cap, currently hovering around a $486 billion total valuation.
Bitcoin has been an excellent forerunner of the benefits of Blockchain technology. It is useful for several integrations and use cases, especially for financial transactions.
In fact, it is one of the most popular financial instruments for punters in notable crypto sport betting sites like Coinplay.
There are different ways to buy Bitcoin to stake on crypto betting sites.
The most popular method includes using crypto exchange platforms, anonymous exchange platforms, ATMs, or PayPal. Without further ado, here are different ways to buy Bitcoin:
Crypto Exchange
Crypto exchanges provide the easiest and most secure for punters who want to buy cryptocurrencies, especially Bitcoin for online crypto sports betting.
They are centralized platforms that allow traders and users to trade cryptocurrencies with fiat currency or other crypto assets.
Buying Bitcoin via exchanges can be daunting for newbies because there are hundreds of options to choose from. Some of the best crypto exchanges you can check out include:
- Binance
- Coinbase
- Kucoin
- Kraken
- Crypto.com
- Gemini
- RobinHood
- Huobi
Over the years, these platforms have boasted themselves as the best with exclusive top-notch exchange services. They offer ease of use, low fee, and safe and open service for their users.
They also support a wide range of coin listings; therefore, you can easily buy Bitcoin and other supported assets seamlessly.
Here's how to buy Bitcoin with Crypto exchanges:
- Sign up on the exchange's official website by submitting your details
- Complete KYC verifications and set up 2FA locks to secure your account.
- Go to the asset purchase page of the exchange and choose the available payment method.
- Indicate the amount of Bitcoin you'd like to buy.
- Supply your payment details and complete 2FA verifications to approve the transaction.
Once your transaction has been completed, you can store your Bitcoin temporarily in a crypto wallet or transfer it directly to your online crypto sports betting account.
Your wallet contains a machine-readable address that allows you to receive or transfer assets. The best Bitcoin wallets for mobile devices include Trust wallet, Exodus, or Atomic wallet.
Crypto Sports Betting Site
Many crypto betting esport and sport booking sites like coinplay allow users to purchase Bitcoin directly. With coinplay, betting online on favorite sporting activities is always easier.
Crypto sport betting sites that allow their users to buy Bitcoin directly usually have a third-party exchange like MoonPay or Simplex linked to their website.
All you have to do is register, submit payment details and purchase Bitcoin directly. Transactions only incur a meager trading fee.
Top online crypto casinos where you can purchase Bitcoin for gambling include Coinplay, a relatively new crypto casino that offers more than 30 different cryptocurrencies for coinplay sports betting and other casino games.
There are many other types of games like coinplay virtual sports betting, and coinplay live betting that players can buy Bitcoin and earn money with.
Others are:
- CloudBet
- BitStarz
- RedDog
- mBit Casino
Here's how to buy Bitcoin on Sports betting site:
- Sign up for a new account.
- Go to ACCOUNT and check supported crypto assets.
- Make a purchase by inputting the amount and preferred cryptocurrency.
- Finally, supply payment details and complete 2FA verifications.
Crypto ATMs
Bitcoin or Crypto ATMs work like normal Automated Teller Machines, allowing you to buy Bitcoin directly with your ATM card.
They allow users to buy and sell their Bitcoin with fiat currency. However, Bitcoin ATMs are usually hard to come by. You can find a Bitcoin ATM near you using CoinATMRadar.
Why Bitcoin is Preferred for Sport Betting
It is hard to disagree or overlook the benefits of Bitcoin in online crypto sport betting sites. Here are some reasons you might want to choose Bitcoin and cryptocurrencies over traditional payment methods on your sports booking site:
1. Security
Bitcoin and Blockchain technology has provided up to and beyond the standard as one of the most secured modes of financial transactions. Its high encryption features make it impossible to alter transactions or expose assets to risk.
2. Anonymity
Anonymity is another great benefit that Blockchain technology has added to the way we transact. Transactions are facilitated with machine-readable addresses.
Therefore, since users don't expose their personal and financial details, using Bitcoin in crypto betting sites reduces the risk associated with exposing them.
3. Speed
Compared to traditional banking methods, which can take hours or days to validate, crypto transactions are executed in seconds.
Although Bitcoin has the lowest transaction processing speed due to its consensus mechanism, it is still faster than every payment alternative. Therefore, deposits and withdrawals are usually instantaneous with Bitcoin.
4. Low Fee and Low Commission
Unlike the abnormally high fees associated with traditional payment methods, Bitcoin and Blockchain technology offer low-fee transactions. Plus, when you're withdrawing your money, you don't have to pay any fee.
Conclusion
Bitcoin has been a great and versatile cryptocurrency for many years. It has helped facilitate financial transactions and has even been used as a great medium of exchange.
Now, you can also use it for sports and online betting.
With the wide variety of options available today, it is easy to see why Bitcoin is the best cryptocurrency for many types of financial transactions and sports betting.
Meanwhile, crypto exchanges are recommended as they offer the simplest way to buy Bitcoin hassle-free. Therefore, you must look for a reliable exchange supported in your area or country.
