How to Buy Bitcoin

Learning the Basics of Bitcoin

Before you buy Bitcoin or crypto, security is a very important issue to understand. When Bitcoin is stored in a Bitcoin wallet, users need to be aware that the balance of the wallet is public data.

It means the private keys that control the wallet should be kept safe at all times.

• When you are placing sports bets, you won’t take risky bets, and the same applies here. Always make sure you take the necessary safety precautions when you buy Bitcoin.

You should always set up these wallets between the bookie and the exchange. One rule you should always follow is that funds should only be sent to the exchange for buying and selling crypto.

Never move your betting funds directly to and from the exchange to the bookie.

Getting started – How To Purchase Bitcoin

Like in sports betting, a few basic steps need to be taken before you can start placing bets. You need to start by setting up your accounts correctly and make sure you pick the right bookie.

Let’s walk you through the steps of how to buy bitcoin.

Step 1 – Choose the right exchange for you

First, you need to select a cryptocurrency exchange that operates in your country. We recommend Binance, although it’s best to see what is available on your local scene.

This step is important, as some exchanges may end up closing your account if you are found to be using your crypto for gambling. This is why Binance is such a favorable option for our readers.

Step 2 – Connect a Bitcoin wallet

Next, you will need to deposit money to the exchange to purchase Bitcoin. This can be done by connecting your bank account directly to the exchange to be able to deposit money.

Or you can simply use your debit or credit card. Take note some exchanges require you to register with your personal identification, such as a driver’s license or social security card.

Step 3 – Placing buy and sell orders 

Once you have money in your exchange account, you can go ahead and purchase Bitcoin. This can be done in several ways.

You can either place a “Limit Order” – this is when you place an order to purchase Bitcoin when it reaches a certain price level.

Alternatively, you can purchase Bitcoin with a “Market Buy” – in this case, the order is executed when you hit the buy button.

Step 4 – Ensuring the safety of your Bitcoin

Once you have purchased your Bitcoin, it’s wise to transfer it to your wallet as soon as possible. Remember, one of the most important points when learning how to buy bitcoin is always to use your own Bitcoin wallet as a middleman.

Use the wallet as a crypto holder between the online betting site and the crypto exchange. 

Step 5 – Betting with your Bitcoin

Once you have your crypto securely in a wallet, you obviously want to use it and start with your bitcoin sports betting, and that is also easier than you would first think. Use your Bitcoin wallet address to process the deposit.

Depending on network congestion, the transfer can be nearly instantaneous. Once the funds clear, you will be ready to use it in the same way as you would with any other sportsbook. 

Types of Crypto Wallets to Buy Bitcoin

We have all heard stories of crypto going missing or being hacked, and it is definitely a deterrent for people when looking into how to buy bitcoin.

However, in most cases, it is often down to negligence and ignorance of the users that lead to their funds being stolen. 

Let’s take a look at how you can keep your crypto safe when betting on sports online. It mostly comes down to two options, a hot wallet, and a cold wallet.

Both options come with their pros and cons, so we will outline all the essential details below.

Online/Hot Bitcoin Wallet

Hot wallets are crypto wallets that reside on computers and smartphones in the form of an application. These wallets are the riskiest of the two since they store your private keys inside the code of the application.

Private keys are a string of digits used as an encryption key to access the contents of the wallet.

The hot wallet needs access to the private keys at all times to be able to manage transactions when you purchase Bitcoin.

• Hot wallets need to transfer private keys across the internet. It is for this reason that some betting people prefer the added security of the cold wallets explained nest.

Hardware/Cold Bitcoin Wallet

The safest form of storing your crypto when learning how to buy Bitcoin is by using hardware wallets. These are also known as cold storage wallets.

Hardware wallets are physical devices that look similar to a USB drive, storing the private keys to your Bitcoin wallet.

They require software applications when connecting them to your computer, but the important thing to note is that all transactions get authorized via the hardware wallet.

• When using hardware wallets, it is virtually impossible for anyone to gain access to your wallet’s funds because the private keys never leave the device. Just don’t lose it!

History of Bitcoin

Bitcoin was first introduced to the public in January 2009. Since then, it has grown to become the digital currency with the greatest market share and the most widespread recognition.

Only two years after its inception, a single Bitcoin was worth one dollar. It has since reached over $68,000 at times, so there is a lot of volatility, much like most other cryptocurrencies.

If you purchase Bitcoin, the price continues to move, and analysts are divided as to what the long-term prospects are for BTC. However, as a result of its widespread use, it is recognized as a legitimate form of money worldwide.

Bitcoin is widely accepted by institutions as diverse as governments to online gambling sites and shows no signs of disappearing any time soon.

We believe that every sports betting fan wanting to use crypto should learn how to buy Bitcoin. Learn the basics in this guide, and you will start to enjoy all the benefits of betting with Bitcoin.