Bitcoin (BTC) is a virtual currency accepted by many sportsbooks. However, you probably want to know how to use Bitcoin for sports betting in Canada. You may also want to learn different ways of acquiring BTC or if it will make placing your sports bets easier.
Guess what? We are going to answer all your questions. If there is one thing our team knows best, it’s betting on sports using crypto tokens. So, sit back and activate your reading mode.
Advantages of Using Bitcoin for Sports Betting
In case you were hesitant about using Bitcoin for sports betting, these benefits may change your mind:
Sportsbooks usually accept multiple payment options, including PayPal, debit/credit cards, bank transfers, etc. However, these options do not offer absolute anonymity and require sharing your personal data with the operator.
On the contrary, Bitcoin deposits take place at the level of crypto wallets. You will never share data with the Sportsbook or payment gateway. You can even bet anonymously if you wish to.
Have you ever noticed how bank transfers and credit cards sneak in all sorts of fees? Currency conversion fees, transfer fees, escrow fees, or even those hidden costs nobody likes.
On the contrary, you can forget all the unnecessary fees when betting with BTC. Since there’s no need for third-party banks to confirm transactions, many BTC betting sites offer zero fees for both deposits and withdrawals.
Transactions are Faster
On average, transferring BTC from your crypto wallet to a betting site takes less than 10 minutes. The same cannot be said about bank transfers, which usually take hours or days to complete. Withdrawals using BTC are also fast. The speed of transactions translates to you getting into the action faster.
Deposits with BTC are Widely Accepted
Deposits with methods like credit cards are usually not guaranteed. Not all credit card brands will allow you to use their cards on betting sites.
Enter Bitcoin. There are no limitations on how you can use BTC. So long as the bookie can accept BTC, send it to the designated wallet address, and it will reflect in your account instantly.
How to Set Up a Bitcoin Wallet
Setting up a Bitcoin wallet is usually the first step towards your crypto betting journey. It’s not just about creating a digital account; it’s about securing your assets in a space accessible and impervious to cyber threats.
First, understand that there are several types of wallets
- Paper wallets
Hardware wallets resemble a USB drive. They offer the highest level of security as they store your private keys offline.
Software wallets are available in three forms – mobile, desktop, and online. It can be installed as software on a desktop, installed as a mobile app, or accessed via a website. This software securely stores the private keys necessary to access your BTC.
A paper wallet is a physical sheet of paper, either printed or handwritten, containing your private key. Despite being entirely offline and isolated from the internet and blockchain, the keys written on paper wallets represent active keys on the blockchain.
To set up a software wallet, for example:
- Select a software wallet app: For Canadians, options like Coinbase, Electrum, Trezor, or Ledger Nano X are popular choices.
- Download the wallet app to your computer or phone: Get the app from the official website or trusted app store.
- Create an account: Fill in basic information like your official name, email address, and password.
After creating your wallet, you’ll receive a unique address (this is like your bank account number). You can share this address to receive Bitcoin. However, never share your private key or seed phrase with anyone. This will grant them full control over your funds.
Security is paramount in the cryptocurrency world. Enable all available security features, like passphrase encryption and two-factor authentication. Also, regularly update your wallet software to patch vulnerabilities.
Lastly, consider diversifying your storage methods. For large amounts of Bitcoin, use a hardware wallet for cold storage. Keep only a portion of your funds in a software wallet for day-to-day transactions.
How to Acquire Bitcoin in Canada
With your wallet ready, it’s time to purchase Bitcoin. Below are multiple ways you can do that:
- Crypto Exchanges: This is a digital marketplace where you can buy, sell, and trade BTC. Exchanges like Kraken, Binance, Coinsquare, and Bitbuy are popular choices for Canadians. With crypto exchange, you can create an account, deposit some Canadian Dollars (CAD) or any other FIAT currency, and then buy Bitcoin at the prevailing market rate.
- Peer-to-Peer (P2P) Platforms: P2P platforms such as LocalBitcoins and Paxful connect buyers and sellers directly. You can browse listings, negotiate prices, and arrange payment methods like bank transfers or in-person transactions.
- Bitcoin ATMs: Canada boasts a growing network of Bitcoin ATMs, where you can purchase Bitcoin with cash or debit cards. Platforms like Coinberry and Coinme provide maps and directories of Bitcoin ATMs nationwide. You can locate a nearby ATM, follow on-screen instructions, and complete transactions quickly.
- Bitcoin Mining: This method is not as accessible to the average individual, as it requires significant investment and effort. However, it is still a viable way to acquire Bitcoin in Canada. Mining involves using specialized hardware to solve advanced mathematical puzzles and authenticate transactions on the blockchain.
- Earn Bitcoin: You can also earn Bitcoin through various methods, such as freelancing or accepting Bitcoin as payment for goods and services. For example, platforms like Bitwage allow people to receive their salary in Bitcoin.
How to Deposit Bitcoin into a Sports Betting Account
Now that you know how to purchase Bitcoin, the next step is to transfer it to your betting account.
- Find a Betting Site that Accepts Bitcoin: Register an account and log in. If you don’t know where to start, we advise visit Bitcasinorank.com, where you can find reviews of Bitcoin sportsbooks and casino sites.
- Go to the Cashier Section: Choose BTC as your preferred deposit method.
- Generate a Deposit Address: The betting site will provide a unique Bitcoin deposit address.
- Send BTC to the Deposit Address: Use this address to send Bitcoin from your wallet to your sports betting account.
- Deposit Confirmation: Wait for the transaction to be confirmed on the Bitcoin network. It takes a few minutes for the BTC to reach your betting account.
- Start Betting: With your Bitcoin successfully deposited, you can place bets on various sporting events.
How to Withdraw Your Sports Betting Winnings in Bitcoin
Claiming BTC winnings is much easier than making deposits. This is because you already understand how the sending and receiving addresses work.
- Go to your Sportsbook’s Cashier Page: Choose the withdrawal option
- Select Your Preferred Crypto: In this case, select Bitcoin.
- Click the “Receive” Option: Copy your unique BTC receiving address:
- Paste the Address to the Appropriate Field: Also, enter the amount of BTC you want to withdraw.
- Submit the Request: Wait for the betting site to process your request.
As the world becomes more digital, the evolution of betting methods is only natural. Today, Bitcoin is one of the most innovative payment methods many Canadians use to fund their betting accounts. Thanks to its many benefits over traditional payment methods, its popularity will only grow in the coming years. Thus, if you have never tried this type of betting, you are missing out. Join a Canadian betting site that takes BTC and begin this rewarding journey.