Updated: April 2024

Bitcoin Banking - Buying, selling, depositing and withdrawing using bitcoins

There are lots of ways to use Bitcoin for transaction and we’ll probably not get into all the details here, but we’ll however give you a simple guide on how to withdraw and deposit bitcoins from your sportsbook account, which is probably all that bettors require anyway.

Bitcoin works in a kind of two-way system; the exchange and the wallet. The bitcoins are kept in your wallet, while the exchange is used to buy and sell the bitcoins. The bottom line is that, you’ll require two accounts; one account will have bitcoin exchange for you to buy and sell bitcoins, while the other will have the wallet, for you to save your bitcoins after purchase or pending when you sell. It is worthy of note that there are some exchanges that offer the two in one which gives you both the wallet and the exchange in the same account, under the same umbrella, but a lot of them don’t like engaging in transactions with gambling websites so it is better for you to have to different accounts.

The whole process is actually quite easy. You need to fund the account for your exchange (with either bank transfer, credit card, etc.) when you’re ready to deposit bitcoins into your preferred online sportsbook, then buy the bitcoin and transfer it into your Bitcoin wallet. Amongst the sportbooks, the bitcoin interface varies, but as soon as you log into your sportsbook account, you’ll see the option for deposit of bitcoin and then follow the instructions and your bitcoins is immediately transferred from your wallet to your sportsbook account.

The reverse of the same process can be followed for the payout using bitcoin at the sportsbook. It only takes a few minutes for the book to transfer the bitcoins after requesting a bitcoin withdrawal from your sportsbook to your wallet. After getting your sportsbook payout, you can then sell the bitcoins via exchange and have money transferred to your bank account.

Knowing the right bitcoin wallet and exchange to use is important and there are a lot of exchanges and a lot more wallets out ther, but the most recommended wallet is Blockchain. Transacting and signing up is very easy and Kraken and Coinbase are the most recommended exchange. But it is still important to always do proper research particularly if your plan is to keep your bitcoins online or keep them for longer periods.