How to bet with bitcoin
(Scroll to the bottom if you are looking for middle man wallet options)
What is bitcoin?
To put it simply in our case, bitcoin is like internet cash. The easiest way to sports bet is to obviously walk up to a teller and place your bet with cash and receive cash back without giving your name, address, etc. That was not possible on the internet until bitcoin. Bitcoin allows you to deposit value without giving any personal information. You can send it instantly and receive it instantly without giving up this personal information, just like a face to face meeting with a cash exchange. It is impossible to reverse so online sportsbooks do not have to worry about chargebacks and can offer better lines. Here’s a neat video that goes over the basics. Don’t worry, below I’ll go into exactly how to use bitcoin with sportsbetting.
Well for one if you’re in the US, it is the easiest and fastest way to both withdraw and deposit to sports betting websites. It also allows you to completely avoid any sort of legal issues involving sports betting. Like stated above, you never have to submit personal information to an online sportsbook to deposit or withdraw. Bitcoin is the tool you use to deposit and withdraw anonymously. It also allows value to be sent globally, instantly. This allows a sportsbook in Costa Rica to receive value without any legal issues, instantly. They can also send that value back, instantly.
How to bet with bitcoin.
@esportsbettor, stander414 on Reddit, email@example.com or stander in chat if you have any questions.
I will go over each step you need to take with pictures on how to start betting with bitcoin.
- Go to coinbase.com
- Sign up and add your bank account, just like Paypal. Remember that this is a completely legit US based website that works exactly like Paypal. The only difference is that you use bitcoin to move value, rather than Paypal sorting out where the value belongs. You may have to wait 1-2 days before you are allowed to instant buy.
- Once that is done go to nitrogensports.eu
- You’ll be given an anonymous account but you want to add a login to it so you can return to the account. Fill out below.
5. Once you’ve attached your username and password to your account go to the top of the page and click to create a Bitcoin address.
6. Now go back to Coinbase and click the Buy selection. Purchase the amount of bitcoin you would like. Make sure that it is an instant buy. The bitcoin will show up in your wallet within minutes. Once they show up go to send bitcoin. Go back to Nitrogensports and copy the address inside the green box at the top.
7. And back to Coinbase and paste that address in the box as seen below. Type in the amount you want to send.
8. That’s it for the deposit. Your bitcoin will arrive in your Nitrogensports.eu account in seconds!
9. Now to withdraw once you’ve made a ton of bitcoins! Go to the left side of Nitrogen and then to cashier. Find the withdraw box.
10. Now go back to Coinbase.com and select my Wallet then go to my wallet address below and copy it. Bring that back to nitrogensports.eu and past it in the bitcoin address under Withdraw.
11. Complete the withdrawal. Your bitcoin will then arrive back in your coinbase.com account where you will be able to then select sell and sell the bitcoin for USD. Your USD will arrive back in your bank account on the next business day.
A lot people recommend adding a middle man wallet between Coinbase and Nitrogen Sports. I have never had an issue with Coinbase and Nitrogen Sports BUT I will give you a quick guide on how to do this.
12. Between steps 6 and 7 above you should insert the following steps.
13. Choose a wallet. If you have a reliable smart phone I recommend Mycelium for Android or Breadwallet for iOS. Both are somewhat self explanatory and will involve figuring out how to send and receive bitcoin. Often you can use a QR code to scan in the address. Internet wallet would be blockchain.info. There you can create a wallet and then back it up to your computer. The login on blockchain.info will allow you easily access the wallet and send/receive bitcoin to act as the middle man wallet.
14. Here is how a middle man wallet transaction should go, start to finish.
- Buy on Coinbase.com account
- Send to “receive address” on Mycelium, blockchain.info, or Breadwallet.
- Go to Nitrogen Sports, get deposit address
- Copy Nitrogen Sports address into Mycelium, blockchain.info, or Breadwallet send box
- Send bitcoin to Nitrogen Sports
- Bet, win tons of bitcoin
- Go to withdraw on Nitrogen Sports
- Go to Mycelium, blockchain.info, or Breadwallet and copy “receive address”
- Paste into withdraw box on Nitrogen Sports, hit withdraw
- Go to Mycelium, blockchain.info, or Breadwallet and hit send bitcoin
- Copy wallet address from Coinbase.com account and paste it in
- Send bitcoin
- Sell bitcoin once it gets to Coinbase.com
It’s that easy! Good luck and feel free to contact me with any questions in chat, @esportsbettor on Twitter, or stander414 on Reddit or KiK.