- Betfair accept bitcoin payments and withdrawals
- Depositing with bitcoin is fast
- It’s important to get the correct wallet address
Bitcoin is a cryptocurrency, a new form of digital currency that functions much like the everyday money we are used to. The major difference between bitcoin and our normal fiat currencies is that it is a decentralized digital currency without a single administrator or central bank. Bitcoin rose to fame in 2017 when a single Bitcoin went from ~ $4,000 to close to $20,000 in the space of a few months. The prices of bitcoin in 2019 stands at ~11,500. The rapid rise of Bitcoin technology led to significant changes in many online markets and services. Bitcoin, also called btc, is used today to purchase goods and services, trading at the stock exchange, make payments, and yes, of course, making bets online. We will consider this more closely in relation with Betfair exchange.
Betfair Bitcoin Explained
The year 2009 saw the birth of the most popular form of digital based currency in the world: Bitcoin. Unlike normal fiat currencies like the Dollar or the British Pound, Bitcoin is a decentralized digital currency without a central bank or single administrator making transaction between users on the peer-to-peer bitcoin network almost impossible to track.
For example, the Dollar gets support from the US Government, so they can subpoena banks to review or produce account statements whenever necessary. However, the Bitcoin has no central authority and runs on a network, the blockchain network, that is difficult to trace.
Bitcoin gained unprecedented popularity in 2017 when a single Bitcoin went from ~ $4,000 to close to $20,000 in the space of a few months. This rapid rise in the value of the Bitcoin led to significant technology changes in many online trading services. One of them is sports betting.
Bitcoin offers sport bettors lower fees, greater odds, 100 % anonymity and the opportunity to pay, play, and withdraw funds almost instantly. In this article, we will guide you through the process of betting with bitcoin; from creating a Bitcoin wallet and funding it, to make a deposit to your betting account, and withdrawing your win.
Betfair Bitcoin: Creating a Bitcoin Wallet
For the sake of this article, we’ll review the Coinbase service as it one of the most popular wallets out there. It was declared “Best Bitcoin Wallet of 2016.”
Registering a Wallet
To begin, you have to sign up for a free wallet. This will open up a registration form that asks for some standard details such as your name and e-mail. You’ll also be asked to specify a password, we recommend a combination of small and capitalized letters, numbers, and special symbols.
Next, you’ll have to tick the “Terms and Conditions” checkbox and click on “Create account” button. You’ll have to verify the account by clicking on the activation link that’ll be sent to your e-mail. Irrespective of the bitcoin wallet you use, the final screen in the process should show that your Bitcoin wallet is now active and ready to use.
Setting up your Bitcoin Wallet
Depending on the bitcoin wallet you choose, you may be required to fill in some more details before you can create a bitcoin address or use any of the special extras reserved for fully verified users. Security is important since your wallet is basically the only lifeline you have to your bitcoin.
The next step after verifying your Coinbase wallet is to fill in your phone number. This process is often called “2-step authentication.” You will receive a text message with a 7-digit code. Fill in the code where required and click on “Verify Phone Number.”
On the next screen, you’ll be asked for some personal details, including your legal name, date of birth, address, city and postal code.
Again, this depends on your bitcoin wallet service, you may be asked to verify your identity by providing a valid ID card. The options provided varies depending on your country but most will include your driver’s license and government ID.
Coinbase will help you through the process by asking you to capture both sides of the document. Just follow the instructions and make sure your pictures are clear. It may take the system a few minutes to review and verify the document you provided.
Betfair Bitcoin: Funding your Bitcoin Wallet
So far, you’ve managed to set up your bitcoin wallet but there are no actual bitcoins in it yet. Please follow the next steps to get some.
Registering a payment method
This step may vary depending on the bitcoin wallet you use but the options you find usually vary to accommodate the country in which you reside. We recommend using the direct bank transfer option as this makes things a little easier down the line when you’ll be asked to register a bank account.
In your Coinbase account, select the Deposit option from the list of payment methods. On the next screen, you’ll be provided with a view of the details, SWIFT/BIC code, Ref number, Bank name, and more, of the bank account to transfer the money to.
Try sending a small amount first to see how it works. Your money should arrive in 1 or 2 business days. When you’ve funded your account, it’s time to buy some bitcoin.
The final step is buying your first bitcoin. The nest step on your Coinbase registration will present you with a purchase screen that contains two fields. One of them is for your normal currency and the other for bitcoin. You can enter the amount you need in either box and the other will be automatically adjusted by the current rate.
You’ll be presented with several verification screens but the final step should show a confirmation button saying “Instant Purchase Complete.”
Betfair Bitcoin: Betting with Bitcoin
Great! You now have some bitcoins to play with. The next step is finding online betting sites or sportsbook that accepts bitcoin payments. We are not ashamed to say that Betfair bitcoin is one of the best ones out there today with awesome support and casino features
Registering for an online betting account is easy as they only require your name, email address, date of birth, address, password, and phone number. When you’re done, the next step is funding your account.
Funding your online betting account with bitcoin
This process is pretty much the same in most online betting platforms that accept bitcoin. In the list of payment methods, you should see bitcoin and selecting that option will provide you with a wallet address that looks like this: “1BoatSLRHtKNngkdXEeobR76b53LETtpyT.”
The next step is to copy the address and go back to your bitcoin wallet and log in to your wallet. On your account dashboard, click on the Send/Request button which should open up a page where you can paste the address you copied earlier and specify an amount to send. Clicking on the confirmation button will complete the transaction.
Bitcoin payments are almost instantaneous so it may be ready for you by the time you go back to your betting account. The next step is choosing a market and placing a bet.
Withdrawing Bitcoin from your Online Betting Account
When you’ve made some profits betting, you’ll want to be able to withdraw your bitcoins to cash even in the UK. The first step is to move your Bitcoins from your betting account to your bitcoin wallet. This step will require you locating your Bitcoin address.
Your bitcoin address should be easy to locate. In Coinbase, you just have to click on “Wallet Address” and you’ll be presented with a pop-up showing your address. Copy this address and head over to your betting account and click on the withdrawal option. Clicking on the bitcoin option should open a simple form asking you for our address and the amount you want to send.
Just fill in all the fields and click on “Withdraw” and you should have your money in your wallet in a couple of minutes.
Best Way to Bet with Bitcoin
Betting with bitcoin is easy once you get the hang of it. Bitcoin gives you several advantages and ensures that you remain anonymous in a world where your private information is gold. It is no longer news that Betfair offers players a lot of betting dynamics and opportunities. One of such is Betfair Politics. You can check our Sports Betting Comparison page for more information on how to enjoy betting with bitcoin and to enjoy other amazing betting opportunities.