Crypto betting 101

“honestly sport betting with bitcoin has made this the most exciting NBA playoffs season ever for me. It’s fun to be able to throw $15 on a parlay and hope for a big win. I don’t usually gamble, and I never knew how to get in touch with the local bookies in my area, but its freaking awesome I can do this with bitcoin and gamble amounts I’m comfortable with.”

~Reddit User: LeTenken

What is crypto

crypto currencies are hybrid assets, one crypto currency like bitcoin is an invention, technology, payment processor, network, store of value, unit of account, currency, commodity, investment et cetera, hence a hybrid asset.

Crypto allows any 2 people to transact almost free and instantly, anytime, anywhere online with no 3rd parties such as banks or governments involved. Sending someone money is as quick and easy as sending an email.

The amazing technological innovation is to use a decentralized peer-2-peer network to record and verify all transactions on a public ledger based on proof. This is called a blockchain and it has profound implications for all tech-based areas of our lives not just money.

For example blockchains are the best way to conduct electronic voting, to record and verify ownership titles for all types of property, to execute a will and to register domain names. This technology can replace sim cards in mobile devices, it goes on and on.

For a serious and objective overview please read the original white paper by the initial developer.

How to get crypto

To bet with crypto you will have to get some first. The best way to do this is to provide goods or services (such as your job) and accept payment in crypto. Alternatively you can buy crypto from an exchange like you would for a foreign currency.

We recommend you buy as much crypto as you can afford, not just the amount you want to bet with because most of the top cryptos are a much better store of value and method of transacting than government currency.

Advantages of crypto betting

  • Global and unrestricted, all bettors are welcome no matter where they are.
  • Free and instant deposits and withdrawals of any amount 24/7.
  • Sportsbooks save so much in banking and compliance that they can give higher odds.
  • Betting anonymously makes it
    – Impossible for a sportsbook to limit you for winning too much.
    – Impossible for a sportsbook to sell or misuse your personal information.
    – Easier to avoid legal restrictions and taxation.

See our sportsbook reviews for where to bet with crypto.

In this video I explain the advantages of crypto over government currency for gambling.

More crypto gambling videos

2 Comments

  1. Wlliam 3 years ago

    Free and instant deposits and withdrawals of any amount 24/7…………..Not exactly

    • Author
      Bitedge 3 years ago

      You have a point. There are sites that do instant bitcoin deposits and withdrawals but it’s not as common as it was 2 years ago when I first wrote this. Most sites now wait 1 confirmation which takes an average of 5 minutes and bitcoin fees are no longer free.

      You can still do practically free and instant transactions with altcoins like dash.

Leave a reply

Your email address will not be published.