How to Start with Bitcoin

There are a few steps involved when getting started with Bitcoin:

  1. Create a Betting Account with your favorite Sportsbook.
  2. Set up a Wallet.
  3. Establish an Exchange Account.
  4. Buy Bitcoin on the Exchange.
  5. Send Bitcoin to your Wallet.
  6. Deposit into your Betting Account.

Step 1: Create A Betting Account

First, you’ll want to create an account on a betting site. This is where you will deposit your Bitcoin once you’ve purchased it. There are lots of great online sportsbooks to choose from, and more are making the switch to Bitcoin as their primary deposit method every day. Once you’ve chosen a betting site and created an account, select Bitcoin in the deposit options. You’ll be presented with a long string of text called an address, or a QR code you can scan. This is how you’ll transfer Bitcoin to your account once you’ve purchased it.

A pair of mobile screenshots describing how to set up Bitcoin with a sportsbook

Step 2: Set Up A Wallet

Next, you’ll need a wallet to store, send, and receive Bitcoin. There are many to choose from, and we recommend Exodus.

 

Go to exodus.io and click Download in the top-right corner.

Select the option for your operating system (Exodus is available for Mac, Windows, and Linux) and download and install the app.

Once installed, open up Exodus and click Send Assets to Wallet.

Once you’ve bought Bitcoin on an exchange (see next step), that’s how you’ll transfer it to your wallet.

Step 3: Establish An Exchange Account

Once you have your wallet, you’ll want to buy some Bitcoin. This is typically done on an exchange, which is like a stock market for cryptocurrencies. We recommend using Coinbase.

 

First, get the Coinbase app on the Apple App Store or the Google Play Store. Once you’ve downloaded and opened the app, tap on Sign Up at the bottom.

Complete the sign-up steps and then check your email for the verification message from Coinbase. Once you’ve verified your email address, you’ll need to verify your phone number within the app.

Finally, you’ll need to verify your personal information and address. You will need to tell Coinbase a little bit about yourself and how you’ll be using digital currencies. Then you’re signed up!

In the next step, we’ll show you how to buy Bitcoin on the exchange.

Step 4: Buy Bitcoin On The Exchange

Now that you’ve created a wallet and exchange account, you’re ready to buy Bitcoin through your Coinbase account.

 

Once you’ve logged in to your Coinbase account, select BTC Wallet under Accounts and then tap Buy Bitcoin. You’ll need to verify some identity information before you can complete your purchase.

Verify your account and personal information (using an Identity Card, Drivers License, or Passport) and then tap Buy Bitcoin once complete. Enter your card information and then the amount (in USD) that you want to purchase. Then tap Preview Buy.

On the next screen, confirm everything about your transaction, and then tap Buy Now.

Once your transaction is confirmed, you’ll get a notification letting you know that your Bitcoin is available and ready to be sent to your wallet.

Step 5: Send Bitcoin To Your Wallet

Now that you’ve bought Bitcoin, you’ll want to send it to your wallet to keep it safe and secure.

 

Open up Coinbase and select your BTC Wallet.

At the top of the screen, click the Send button (the paper airplane icon). This will allow you to send Bitcoin to any address—such as to a friend or merchant—including your own Bitcoin wallet.

Type in the amount you want to send, and then tap Next.

Copy your Bitcoin wallet address from your Exodus account and paste it into the To field in Coinbase, or scan your wallet’s QR code. Then tap Confirm Send.

In a few minutes you’ll see your Bitcoin show up in your Exodus wallet. Once the transaction is labeled “Confirmed,” you’ll be able to deposit your Bitcoin into your betting account.

Step 6: Deposit Into Your Betting Account

With Bitcoin in your wallet, you’re ready to make a deposit into your betting account. For this example, we’re going to use Bovada. The process is as simple as sending Bitcoin from your wallet to the address (or QR code) given in Bovada’s deposit options.


Go into your Bovada account and click Deposit and then select the Bitcoin option. You’ll be given a long string of text or a QR code to scan.

Open up your Exodus wallet and then click on Wallet on the left side of the dashboard. Then click on Send.

Paste in the address from your Bovada account, enter in the amount you’d like to deposit, and then click Send. Confirm that the details are correct and then click Send again.

That’s it! In a few minutes your Bovada account will be funded.

That’s it! Ready to get started?

We’ve done all the research for you and have put together our top recommendations for Bitcoin-friendly Sportsbooks.

Best Bitcoin Betting Sites