Bitcoin 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 bitcoin

Bitcoin is a hybrid asset, it’s an invention, technology, payment processor, network, store of value, unit of account, currency, commodity, investment et cetera, hence a hybrid asset.

Bitcoins allow 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 bitcoins

To bet with bitcoins 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 bitcoin. Alternatively you can buy bitcoin from an exchange like you would for a foreign currency.

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

Advantages of bitcoin 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 bitcoin.

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

Melbourne Bitcoin Meetup: Underbelly Edition (Part 1 of 3) (2014-05-08)

More bitcoin gambling videos

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2 Comments

  1. Wlliam 2 years ago

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

    • Author
      James Canning 2 years ago

      You have a point. There are sites that do instant 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.

      Developments that make 0 confirmation transactions safer and payment channels might improve this.

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