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Most online betting sites have now incorporated the anonymous digital currency Bitcoin with great success, however, only about a quarter of the wagering population actually know how it works.
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Bitcoin is actually quite easy to navigate once you have one deposit and withdrawal under your belt, at which point this will feel no different than your every day credit card transactions.
The first thing you will do is install your Bitcoin wallet. The online sportsbook, casino or poker site you elect to join will provide links to said wallets, which then generate a specified and customized Bitcoin address. These addresses can even be shared with other gamblers in order to transfer funds back and forth. This is a similar concept to sending emails back and forth, however, it is recommended not to use the same Bitcoin address more than once.
Second comes the transaction phase provided in what is referred to as a block chain. Think of this as a form of encryption to ensure the transaction is taking place between two legitimate parties. However, all transactions are actually broadcast between users and are confirmed within the network following an approximate ten minute interval via a process referred to as mining.
Below you can view a short video to learn more how Bitcoin can be used for betting online.
- Aaron Goldstein, Gambling911.com
