- Perfect for online payments
- Ideal for minimizing identity theft
- No foreign transaction fees
Introduced in 2009, Bitcoin is a digital payment system that uses peer-to-peer transactions and operates without a middle party, like a central repository or bank. Because of this, the U.S. Treasury has classified Bitcoin as a decentralized virtual currency.
Bitcoins are created and distributed to individuals as a reward for payment processing work in which users offer their computing power to verify and transcribe payments into a public record. This activity is called mining and these individuals are rewarded with new Bitcoins and transaction fees as payment.
Bitcoins fees range from 0 to below 2%. One acquires Bitcoins by first obtaining a bitcoin wallet. Think of this system as a kind of bank since it is a central processing area to store all your coins.
You can obtain a wallet through the Bitcoin website, a very speedy process that be completed in less than five minutes.
After you have established your account, you can accept bitcoins as a form of payment for services from select merchants (over 100,000 currently operating).
Betting Sites Accepting Bitcoins
Have a look below to find the online sportsbooks that accept Bitcoins. With over 100,000 merchant providers, Bitcoin is gaining legitimacy as a useful currency to transmit funds almost immediately online.
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How To Pay With Bitcoin
All you need to send Bitcoin payments is the QR code in your Bitcoin wallet app, which can be found on the designated payment screen.
This utility frees up your wallet so you can make fast international payments. There are no extra fees and payments are transferred immediately. According to their website, Bitcoin transactions are secured by military grade cryptography.
When making the payment through your wallet, you send the funds through one of three methods:
1) scan the QR code to open the payment in your wallet. Confirm the information is corect and the wallet will make the ensuing payment.
2) For mobile payments, you can send the information after viewing the invoice on your mobile device. Again, confirm that everything is correct before you confirm the payment.
3) If using an older wallet, or a wallet which doesn’t support other methods, you can also send the payment manually. Carefully copy the address and exact Bitcoin amount from the invoice to your wallet, then send it the old-fashioned way.