Bitcoin has proven over the past few years that it is a safe, secure digital currency that is here to stay. BetOnline.ag has taken notice and I expect we will continue to see more online betting sites add bitcoin as a deposit method in the near future.
If you’re on this page you probably already understand bitcoin, but for those who don’t here’s a quick summary. Bitcoin is a decentralized (not controlled by any government or instituation) digital currency that is created and held electronically. The advantages of bitcoin are that it can be transferred quickly and securely from one bitcoin wallet to another.
Sportsbooks Accepting Bitcoin Deposits
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BetOnline.ag is our recommended sportsbook for Bitcoin deposits and withdrawals. From this point forward I will be giving you the step by step guide to deposit via bitcoin at BetOnline.
Bitcoin Deposit Guide
There are a few steps that you have to take before making your bitcoin deposit at BetOnline. I’m going to start right at the beginning for those of you who don’t yet have a bitcoin wallet. If you do already have a wallet then go ahead and skip down a few steps.
Open a Bitcoin Wallet
The first thing you will need to do is open a bitcoin wallet account which will be used for housing your bitcoin currency. There are a few options here. You can store your wallet in a program on your computer (Desktop Wallets), download your coins offline to keep them extremely secure (Hardware Wallet), or keep them on a mobile app on your mobile device (Mobile Wallet). Click here for a more in depth page on various wallet options from Bitcoin.org.
Now that you have a wallet to store your bitcoins you will need to buy some with your local currency. The easiest way to do this is through a Bitcoin exchange. Find a cryptocurrency exchange that offers services in your country and proceed to purchase your Bitcoins.
Now that you have Bitcoins in your personal Bitcoin wallet you are able to deposit them at BetOnline.
Click on the ‘Deposit’ button after logging into your BetOnline account select ‘Bitcoin’ as your deposit method. Enter the amount of USD you want to deposit and BetOnline will provide you with the amount of BTC you must send (or enter the amount of BTC you want to send and BetOnline will provide you with how much USD you would receive). Once you select ‘Continue To Deposit’, BetOnline will show you a wallet address where you must send the agreed upon BTC to in order to complete the deposit.
After completing the transfer through your own Bitcoin wallet you can click the ‘I’ve Completed My Deposit’ button at the bottom of the BetOnline Bitcoin Deposit screen. This will alert BetOnline that you’ve made a deposit via Bitcoin. Once they receive your transfer your account balance will be updated.
Withdrawals via Bitcoin are just as easy as deposits. Simply select the ‘Withdrawal’ button from your Cashier Dashboard and select Bitcoin from the menu.
You will then have to enter your Bitcoin wallet address and the amount you would like to withdraw.
Your withdrawal with then be marked as requested and the transfer should occur in the next few minutes.
Bitcoin is still a relatively new type of currency that is hard for some people to wrap their heads around. Here’s a few of the more common questions I get regarding Bitcoin deposits.
What Is Bitcoin?
In the simplest of terms Bitcoin is a digital currency that you can think of as electronic cash. It’s a decentralized currency that is not controlled by any government. For a lot more detail I’ll refer you to the Bitcoin Wikipedia page.
Are There Transaction Fees?
BetOnline doesn’t charge any transaction fees, but you should always keep an eye on the Bitcoin exchange rate because the withdrawal exchange may be lower than the exchange rate was when you deposited, which could lead to you ending up with less Bitcoins from the same dollar value.
What Are The Advantages Of Bitcoin?
The advantage of depositing via Bitcoin is that they are extremely secure and almost instant. You also don’t have to enter any of your personal bank or credit card information online, which I know is a deal breaker for some would-be sports bettors.