How to use Bitcoin for online sports betting in 5 steps

The rise of cryptocurrency has sparked the demand for these digital assets, but this trend has also started to uncover the immense potential and various ways for Bitcoin and other crypto currencies to be used in today’s digital world. Online betting world is no different, so in this article we will introduce the process of depositing Bitcoin to BetInAsia betting broker platform.

In short, we will cover these benefits of using crypto currencies for betting online:

It is one of the most convenient ways to reduce transaction fees;
Your funds are transferred fast and easy;
Everything is done in a highly secured environment;
Your deposits are entirely free of charge.

Cryptocurrencies such as Bitcoin, Litecoin, Etherium, Tether, and Ripple are legitimate payment solutions for online betting. This is the way to enjoy the professional betting experience.

Cryptocurrencies in the online betting world

The world of technology is changing fast, and cryptocurrency adoption is becoming more and more apparent. The application of blockchain technology is still in its early days, but one of the most striking features is its usage as a fast, secure, and anonymous payment solution.

To deposit Bitcoin and bet online, there are 5 simple steps to take. Before we dive into the process, let us take a quick look at what Bitcoin is precisely, and how it can be used for online betting.

Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part.

bitcoin.org

Here are the five steps on how to bet with Bitcoin using a betting broker:

Create your Digital Wallet.
Fund your Digital Wallet.
Deposit and transfer Bitcoin to the Betting Broker.
Transfer your funds to the bookmaker.
Start betting online.

*Click on any of the steps to jump ahead.

1) How to create a Bitcoin wallet?

Bitcoin wallet is a digital wallet where you can store and make your Bitcoin transactions from. It is essentially the same concept as your own bank account, only decentralised. Bitcoin wallet is used for validations on the network when you decide to use Bitcoin. The point is that every Bitcoin wallet has secret information called “private key”, used to validate all transactions, and it must be kept secure offline

There are two forms of wallets called hot wallets and cold wallets. Hot wallets are used to make transactions more quickly, making it more convenient for online betting. In contrast, a cold wallet is a more secure way to store your cryptocurrency for an extended period.

The main difference is that hot wallets are connected to the internet, while cold wallets are in the form of a physical device and are stored offline. For betting transactions it is advisable to use hot wallets since they are faster, while keeping the majority of your crypto funds stored on a cold wallet solution.

To create a hot digital wallet, many providers offer services for beginners and experienced users alike. Some of the most trusted hot wallets are Blockchain, Exodus, and Atomic Wallet. In comparison, the most popular cold wallets are Trezor Model T and Ledger Nano S.

If all sounds complicated, there is another way to create your wallet: Cryptocurrency Exchange. Using an exchange, you can also create your account, generate a BTC address, buy Bitcoin with fiat currency and keep your crypto assets. In this way, it can be easier to use the exchange for your transactions.

Once you create a digital wallet or bitcoin exchange account, the next critical step is to secure your account. Best practices for this process are the following:

Enable 2-Factor Authentication.
Create secure and unique passwords.
Do not store your passwords online.
Keep your private key secure and offline.
Use hot wallets for regular transactions and cold wallets for long-term storage.
Always double-check the correct address before sending your funds.

2) How to fund your Digital Wallet?

The next step is to register for a cryptocurrency exchange. Exchanges act much as your Bank provider where you will need to pass the KYC verification to buy bitcoins. The most popular exchanges are Kraken, Binance, and Bitfinex, where you can register and buy your first Bitcoin.

After passing the verification process, you will need to connect your real fiat money source and fund your account. Once your account is funded, you will need to exchange your fiat money for digital currency and buy Bitcoin.

Register on a Cryptocurrency exchange and verify your account.
Connect your fiat money source and make a deposit.
Exchange or trade fiat money for Bitcoin, USDT, Litecoin, etc.

3) How to deposit Bitcoin to a betting broker?

To deposit Bitcoin for betting on any of the bookmakers offered with BetInAsia, you will need to sign in or register for a BetInAsia Portal account. Once you’ve completed this process and logged in, you will need to follow these steps:

Go to the Deposit Section on your BetInAsia account.
Select the Crypto option.
Generate your unique Bitcoin address and send your Bitcoin.
Inform BetInAsia via email about the exact amount sent and your TX ID.
After confirmation, the funds will be added to your account’s BIA Wallet.

4) How to transfer funds to your bookie account?

Once your Bitcoin transfer is completed, funds will be converted to EUR, USD, or GBP currency and added to your BIA Wallet. To make a transfer to your preferred bookie account and start betting, you will need to follow the next steps:

Go to the Transfer section on your BetInAsia account.
Select Transfer from BIA Wallet to your preferred bookmaker.
Insert the desired amount and click transfer.
You will receive a confirmation of your transfer being completed via email.

5) Start betting online!

Now you have completed the process and you can begin with Bitcoin sports betting! The betting broker accounts offered by BetInAsia give the player access to the best betting odds and the highest betting limits. We can recommend the best sports trading platform BetInAsia BLACK which integrates all major Asian bookmakers and the most popular betting exchanges into one single account. If you are interested in betting exchange, we can suggest Orbit Exchange, a platform powered by Betfair, with the same markets, odds, and most of the functionality as Betfair.

Why should you use cryptocurrencies for online betting?

There are many advantages of using Bitcoin or other cryptocurrencies transactions for online sports betting. Cryptocurrencies are the most secure method to transfer funds, faster than regular bank deposits, and have lower transaction fees compared to other methods. At BetInAsia, all crypto deposits are free of charge, while our platform is fast and easy to use.

Did you know that you can use a wide range of cryptocurrencies to deposit and withdraw funds from your betting broker account?

We support Bitcoin (BTC), Litecoin (LTC), Tether (USDT), USD Coin (USDC), Nano (NANO), Ripple (XRP), Ethereum (ETH), Cardano (ADA), Solana (SOL), Dai (DAI), Tron (TRX), and Dogecoin (DOGE) deposits and withdrawals, which you can initiate from your BetInAsia Portal account.

Bitcoin betting broker - Conclusion

If you want to use Bitcoin or other cryptocurrencies for online betting, then a Bitcoin betting broker is a great choice. Getting the best odds on the market, paired with the easy process of transferring your funds fast and free of charge, with low transaction costs is essential in the betting industry.

Using a bitcoin betting broker, you will get access to the highest odds, limits, and professional betting tools and services. BetInAsia offers free demo accounts to check our odds, limits, and all the available bookmakers and exchanges. All you need is to complete the registration and receive your login details.