A complete guide to Bitcoins and using them to make deposits to online betting sites.
You must have heard of the term 'Bitcoin' and you also must be aware that it can be used to fund betting accounts at online sportsbooks. But you might not know what exactly do Bitcoins mean, how you can get your hands on them and how you can use them to place your bets with bookmakers. This article will answer all those burning questions of yours.
So let's get started.
Apart from currencies like Dollar, Euro, Yen and British Pound that exist physically, there is another type of currency that is generated, held and transferred electronically over the internet - the cryptocurrency. It is also known as virtual or digital currency. And this is what Bitcoin really is - a currency that is decentralized (not controlled by any single institution) and created by people using computers and sophisticated softwares. It is somewhat similar to conventional currencies in that you can use it to buy goods and services online. You can even make deposits to betting sites with Bitcoin. But before you jump into that, it would be better to know why you should use Bitcoins in the first place.
If you happen to live in an area where online gambling is illegal, you cannot use your credit/debit card or bank wire transfers to make deposits to online sportsbooks. This limits your banking options and it becomes difficult for you to add money in your betting account. But thanks to bitcoins, you can do so with ease as their use is not illegal.
Since the bitcoin network does not take much time to processes payments, the transfers are almost instantaneous. This means that you can send bitcoins anywhere in the world and it will take just five minutes for them to reach the recipient.
Whenever you use your credit/debit card for funding your betting account, there will always be a significant amount of transaction fee incurred. This will eat up a lot on your bankroll if you make transactions on a frequent basis. However, transactions normally don't have any fee attached to them in case of bitcoins and even if they do, they are minimal.
Bitcoin transactions are not overseen by a bank or some third party as they are carried out in a peer-to-peer method. So bitcoins cannot be duplicated or counterfeited. Also unlike credit/debit cards, bitcoins do not require you to provide any secret information online which means that there is no way your payment information can be stolen by others.
You need to go through a number of hassles just to open up an account at a conventional bank. Opening a merchant account for making payments is also quite a herculean task. However, setting up a bitcoin address does not involve a lengthy and complex procedure. In just a few seconds and with no additional fee, you can have your bitcoin address up and running.
You can acquire a bitcoin in pretty much the same way as you would acquire a conventional currency, i.e. you can get bitcoins in exchange for currencies like Dollar, Euro, Franc etc. For this, you will need to have a bitcoin wallet which is no different from an e-wallet like Neteller, Skrill or PayPal. A bitcoin wallet essentially allows you to securely hold bitcoins and make payments with them. You will also have a unique address associated with your wallet so that others could transfer their bitcoins directly into your wallet.
You can also get bitcoins from a major exchange like Coinbase (although there are many others available to choose from). All you need to do is set up an account with the exchange and then link your preferred payment method (credit/debit card or bank transfer) with that account. You will then be exchanging your currency (in Dollar, Euro, Rupees etc.) for bitcoins. Bitcoins can even be bought from other places like LocalBitcoins.com if you prefer to manage the purchase and sale of bitcoins yourself.
Presently, Bet365 does not have a provision for making deposits to it directly with bitcoins. However, it is still possible to send money to your Bet365 account from your bitcoin wallet. For this, you will need to make use of the e-wallet Neteller which will serve as an intermediary. This will make the process a bit lengthy but it is a good alternative until Bet365 starts accepting deposits directly with bitcoins.
First of all, you need to open an account with Neteller. If you don't know how to, please visit our 'Neteller' section to learn how to open an account with Neteller. Once you've set up your account, the next step will be to load bitcoins from your bitcoin wallet into this account. You can do so by logging in to your Neteller account and clicking on the 'Deposit' link which will open a list of all the available deposit methods. Select 'Bitcoin' as your deposit option, enter the amount you want to deposit and then choose your preferred currency. After confirming the deposit, bitcoins will be transferred from your bitcoin wallet to your Neteller account and will get converted into the currency you selected before.
The final phase involves transferring these funds from your Neteller account to your Bet365 account. What you need to do is visit the Bet365 website and log in to your account. Then head over to the 'Deposit' section and choose 'Neteller' from the list of available deposit methods. From here onwards, you simply need to follow the onscreen instructions for depositing the funds from your Neteller account. That's it! You have now made a deposit to Bet365 using bitcoins. The entire process might seem a bit complicated at first but once you make your first deposit, it will take just a few minutes to make the subsequent deposits.
So now that you have funded your Bet365 account with bitcoins, it's time to put that money to use by placing bets on your favorite cricket betting markets. If you're not sure on how to place a bet at Bet365, read our 'How to Bet on Bet365' section to get started.