In order to bet with Bitcoin, you have to learn how to buy Bitcoin first. We are here to walk you through the different options and ways to buy Bitcoin in the US. With each option, we will talk about the advantages and disadvantages.
When you are betting with Bitcoin, you are probably wondering how to buy it safely, anonymously, or without accruing fees. We will show you this and also how to buy them quickly, and how much it costs to buy Bitcoin.
We will go through the different routes to buying Bitcoin, and spell out how to get them without compromising your identity or your wallet.
BITCOIN GUIDE
Read our advanced guides for gambling with Bitcoin
The question of how much it costs to buy Bitcoin can change a lot over a year, a month, or even a week.
In December of 2017, Bitcoin reached its peak value of almost $20,000 per BTC. Just six months before that it was at less than $3,000.
It can be a rollercoaster, though this cryptocurrency seems to have found some stability in recent years. It certainly isn’t going anywhere anytime soon.
The fees associated with buying Bitcoin vary depending on how you buy them. The fees for storing them will vary also depending on the wallet you choose.
Of course, we are all looking for a way to buy Bitcoins without fees. There is a simple way to do this: GDAX.
GDAX is a sister company to Coinbase, the most popular exchange, and wallet. Because they are connected, you can transfer money from Coinbase to GDAX without any fees.
Then, in your GDAX account, submit a maker order. Make sure it is a new one that is not already available on the exchange. This will not be immediate, (you can’t have it all, I guess) but it will be free!
GDAX is a great way to build your wallet if you have the time.
If you are looking to buy Bitcoin immediately, Coinbase is a great, easy option. Coinbase is a great route for newcomers to the cryptocurrency game. They also make it easy to deposit at our recommended Bitcoin betting sites.
Coinbase makes things simple. Once you sign up, just connect your bank account, and you can start buying Bitcoins right there. This is a fast and easy way to buy BTC.
They do, however, charge a fee. This is roughly 3%. This is still likely lower than the transaction fees that most betting sites will charge for the other deposit and withdrawal methods. Even incurring these fees, BTC seems to be a more economic option.
This is a great way to buy BTC with credit or debit cards as well. Just click “add credit/debit card” and you’ll be good to go!
Bitcoin betting is huge in the United States. So you may be surprised to learn that different exchanges are allowed in different states.
While many, such as Coinbase, are available federally, some are blocked in certain states. While the details will change depending on your state, a good option is to go buy BTC in person, as this is a surefire way.
If you buy in person, it is one likely way to buy BTC without ID, while under 18, and without registration.
Washington State is one of the more complicated states to buy Bitcoin. Maybe you went through the process of registration at Coinmama, for example, only to find that it is not available in your state.
A solution here is Libertyx. They are stores that you can visit and buy Bitcoin in cash, or with credit and debit cards. You can visit kiosks, ATMs, or actual people, depending on what’s available near you.
These are great places if you are looking to buy Bitcoins with credit cards, cash, or debit cards.
You do not even need an account to use LibertyX.
You can just go to their website or download their app. There you enter your city and state, or zip code, and they will produce a list of nearby locations where you can buy Bitcoin in person.
You can find a lot of helpful information on this list. For example, at the top, you can see the going exchange rate for Bitcoin. You can also see which locations charge fees.
You can toggle over to map view view as well, if you prefer.
Even though Bitcoins are digital blockchain technology, there are a number of ways to buy BTC with cash.
One way is to find a Bitcoin ATM. With more 1200 and counting, there is likely one near you. With the help of Coin ATM Locator, you can visit one and buy Bitcoins with cash this very afternoon.
In order to buy Bitcoins, you will likely need a phone number to verify, and somewhere they can send the BTC. So, before you visit, it is a good idea to set up your wallet.
Another way to buy Bitcoins in cash is using any number of peer to peer networks. These are sites designed to connect people who want to trade cash and Bitcoins.
They vary a lot, but a very popular and affordable way to buy BTC quickly and cheaply is with LocalBitcoins.
A major reason to buy and gamble with Bitcoin is to protect your identity. We will layout a few ways to buy Bitcoin anonymously. These routes involve buying BTC without ID verification.
Actually, this is very key. Because if not careful, Bitcoin is more accurately pseudonymous, not anonymous. That means that each public code does not have your info in it.
However, a clever computer wizard could trace these complex codes to various wallets, and eventually to an account. This is why it is important to find ways to buy Bitcoins without ID.
One surefire way to do this is to find a Bitcoin ATM. These will only require a valid phone number.
CoinMama and LocalCryptos are two websites that allow you to buy bitcoins with maximum identity protection.
Mining is the process of spending computing power to carry out transactions. Bitcoin Mining provides a reward in exchange for useful services required to run a secure network. It functions as a way of maintaining a quality service.
Yes. Bitcoin is absolutely secure and is widely used across the globe. In fact, the more users that are accessing the cryptocurrency, the safer it becomes. Meaning as the currency grows, so does the validity of the network.
It really depends on which country the user is in. However, if the user resides in the US, they will be subject to the same tax laws related to any other currency earned or traded during any other fiscal year.
Fees are almost non-existent. While this is true, it does depend a lot on where the money is being withdrawn from – for instance, using Bitcoin as a payment method through major sportsbooks often means there are fees. These fees are often so insignificant they almost go unnoticed.
Bitcoin was created by Satoshi Nakamoto. He created a peer-to-peer electronic cash system which was first implemented as an open-source code back in January 2009.
The legality of Bitcoin across the globe means that users can be found almost anywhere in the world. Bitcoin has now become a regular feature on a variety of sites, offering payment for all kinds of products and services.
Bitcoin makes it possible to transfer money in a very quick and easy way, giving users total control of their own money. The concerns regarding security are understandable, however, Bitcoin offers very high levels of security and absolutely can be trusted.
The legality of Bitcoin is a contentious issue, which varies from one country to the next. Though, generally speaking, Bitcoin is legal. It’s mainly because the currency hasn’t grown to a scale that is large enough to grab the attention of the courts. In the US nobody has been convicted for Bitcoin-related transactions.
With paper money, government prints and distributes the money accordingly. Bitcoin differs in that it doesn’t have a central government. This means that Bitcoin is managed differently. Bitcoin miners use special software to solve math problems and are given Bitcoins in exchange for the service.
The specifics are too detailed to explain in this FAQ, but more information is easily found online regarding how to do this process – notably in the Bitcoin community.
Bitcoin is very popular and has been used as a payment method in an increasing number of sportsbook providers. From our list of top-tier sportsbooks, our readers will be able to see which sportsbooks are offering Bitcoin as a payment method today.
