One of the easiest, safest and most popular ways of making deposits at offshore sportsbooks is with Bitcoin. Bitcoin has grown tremendously over the years and can now be considered the elite means of making a deposit at an offshore sportsbook. In this article, we will explain to you what exactly Bitcoin is and breakdown the process of making deposits with Bitcoin.
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What Is Bitcoin?
Bitcoin is a digital currency that was invented by Satoshi Nakamoto. Nakamoto invented Bitcoin to work as a universal currency. Bitcoin is sometimes called a cryptocurrency, digital cash, virtual currency and electronic currency. In layman’s terms, it is a digital payment system that allows you to send and receive money to various companies and people throughout the world using the same type of currency.
Why Is Bitcoin So Popular?
Bitcoin has become one of the most popular sources of making a deposit on the offshore sportsbooks, for many reasons. One of the most common reasons for its increased popularity is the fact that Bitcoin is able to be used in the United States without having issues. Back in 2016, the US Government began making strides at stopping US citizens from being able to wager with offshore sportsbooks by utilizing banking laws that forbid US currency from being used to wager.
This is where Bitcoin comes into play because it isn’t controlled by the major banking industry or the government, therefore the funds that are in your account can not be accessed or frozen by US Government or banking commissions. Bitcoin gambling is being adopted globally at an astonishing rate for sports betting online.
Are There High Fees Associated With Bitcoin?
Another reason that Bitcoin has become so popular is that fees associated with making deposits at offshore sportsbooks are eliminated or at least drastically decreased. There are times when there are small transaction fees can occur but they are significantly less than making a deposit by other means such as Bank Wire, Western Union, Credit Card and Money Order.
How Long Do Bitcoin Deposits Take?
One of the nice aspects of using Bitcoin is the deposit transaction time is very fast, much faster than other deposit options. If a player makes a deposit using Bitcoin, the time is much faster than normal means, in most cases a matter of minutes from the time you make the deposit until the time it is in your offshore betting account.
Safety and Security Using Bitcoin
One of the things we hear time and time again is that gamblers love the fact that you can remain nearly 100% anonymous with Bitcoin. When making a deposit with a bank wire, a money transfer, major credit card, check or money order, you are required to provide your personal information such as name, address and sometimes date of birth information to both the offshore sportsbook and the source of the deposit.
With Bitcoin, you are only required to provide your personal information to many merchants with the exception of login ID and password. This makes it much easier and safer for those who do not want to disclose their personal information to outside sources.
Steps to Using Bitcoin
Using Bitcoin is very easy if you follow the following, steps in order. We do NOT recommend you stepping out of order or jumping around through the steps to make the process quicker.
The first step of using Bitcoin is finding a wallet. A Bitcoin wallet is sort of a storage bank that allows you to store, use and receive Bitcoins. Without a Bitcoin wallet, you can not buy Bitcoins. There are three different types of wallets and each one has their own benefits.
- Online Wallet – An online wallet is exactly what it sounds like, it is a wallet that stores your Bitcoins on the internet. By storing your Bitcoins on the internet, you have a much greater range of availability because you can pretty much access your Bitcoins immediately from any device with the internet, anywhere in the world. The downfall of using Online Wallets is the fact that if the website gets compromised, your wallet and Bitcoins are at risk.
- Mobile Wallet – A mobile wallet is a wallet that is used as an app on your smartphone. Mobile wallets use a Simplified Payment Verification so they are a bit less secure than a Online Wallet. Mobile Wallets are used mostly for people that need to make payments while not at a computer.
- Desktop Wallets – Desktop Wallets are similar to Mobile Wallets but instead of being installed on your phone, they are installed on your computer. These are the most secure means of a wallet as they are a full feature BTC client and do not rely on a secondary payment processor.
Now that you have your wallet set up, the next step is buying your Bitcoin. You can buy Bitcoin two different ways:
- Localbitcoins – Local Bitcoins are more private but the safety is compromised.
- Exchanges – Signing up with an exchange is the best way and definitely safer than Localbitcoins.
Once you buy your Bitcoins, they will appear in your wallet and you are all set up!