Bitcoin Faq
Welcome to our Bitcoin FAQ page. With the increase in popularity of Bitcoin, and Betting Sites accepting it, we’ve added this FAQ page for your benefit. Here we answer some of the common questions you might have about Bitcoin and how to use it at the sportsbooks.
Learn all you need to know about Bitcoin Bovada. Our Bitcoin FAQ section is designed to help answer all of your bitcoin questions.
Bitcoin & Taxes. Cash App will provide you with your Form 1099-B based on the Form W-9 information you provided in the app. It is your responsibility to determine any tax impact of your bitcoin transactions on Cash App. Cash App does not provide tax advice. Bitcoin is an innovative payment network and a new kind of money. Find all you need to know and get started with Bitcoin on bitcoin.org. Bitcoin.org is a community funded project, donations are appreciated and used to improve the website.
Before you get started, we highly recommend reading our Bitcoin Betting Sites page to familiarize yourself with the options available in terms of Bitcoin Sportsbooks.
Is Bitcoin legal?
In most jurisdictions, the answer is yes.
While Bitcoins can be more difficult to obtain and purchase in some countries, the United States for example, has not yet completed legislation when it comes to Bitcoin.
There are some countries that do have laws against competing currencies and currencies that are not regulated by a Central Government, but since legislation has not been implemented in the United States, the purchase of Bitcoin is legal at this point in time.
Should the United States government move on legislation as it pertains to the purchase and regulation of cryptocurrencies such as Bitcoin, it will be widely reported and readily available in the news media, so you should get an answer very quickly should something change in this area.
Is Bitcoin Anonymous?
While not 100% completely anonymous, Bitcoin does a much better job of protecting identities than the use of a credit card or bank account information does.
Transferring Bitcoin does not require any personal information or a confirmation of identity, and there are certain avenues users can take to increase the protection of their identity.
The use of the block chain makes it very difficult for Bitcoin purchases and transfers to be tracked as opposed to the classic “paper trail”, another reason why the use of Bitcoin protects privacy at a superior rate to classic forms of depositing.
What is a Bitcoin Wallet?
In short, a Bitcoin wallet is a software program where Bitcoins are stored. In other words, a Bitcoin wallet is a digital wallet or virtual wallet where your Bitcoins are kept.
Digging a little deeper, Bitcoins are technically not “stored” anywhere, but are rather assigned a private key, or a secret number, for every Bitcoin address that is saved in the Bitcoin wallet of the person who owns the coins.
Your Bitcoin wallet takes care of sending and transferring your Bitcoins and provides ownership to the balance user.
There are four main types of wallets that we will break down.
Since Bitcoin wallets are of high-value to potential hackers, it’s important to be careful when selecting which type of wallet to use, with the safest of the bunch, by far, being the hardware wallet which is offline and physical.
Where Can I Bet with Bitcoin?
The use of Bitcoin on online betting sites is surging in popularity, which in turn means more and more betting sites are accepting Bitcoin for deposit.
The use of Bitcoin with betting sites has its advantages in the form of low transaction fees and timely payouts, which dwarf the fees and payout efficiency of traditional cashier methods. Therefore, most all of the main and reputable betting sites are now accepting Bitcoin and some are even beginning to provide Bitcoin-specific bonuses as a result.
Since there are many sites to choose from when betting with Bitcoin these days, you can identify what is most important to you in a betting site.
Perhaps a user-friendly interface is important. Of course, competitive odds are important, so this can be another aspect of your decision making. If you are a football-only bettor there are some sites that provide specific football-related bonuses and Super Bowl bonuses as well. There are also sites that have first-time deposit bonuses that are attractive.
The important thing is to do your research and decide which site, or sites, works best for you. Sometimes it is prudent to use multiple sites to take advantage of multiple offers or more competitive odds all at once.
Peace of mind is important, so do your research and select which site(s) works best for you!
Is Bitcoin Safe?
In today’s tech and digital age, nothing online or related to technology is 100% safe. What Bitcoin does do is provide more protection than traditional avenues of betting in the form of a credit card or the use of bank account numbers and information.
Its near-anonymity is a big factor these days in betting with Bitcoin online, but there are other things to keep in mind too.
The price of Bitcoin itself fluctuates. Therefore, when betting with Bitcoin, your profit depends on both the success of your bet and the price of Bitcoin. If Bitcoin decreases in value, so do your profits. Of course, the opposite works as well if the price of Bitcoin increases.
It’s certainly more complicated than cash transactions. There are many things to learn about Bitcoin which need to be taken into account before betting with Bitcoin. The wallet, for instance, is one of those things. The market fluctuations and legality are a couple more.
Bitcoin Wallet Faq
While not 100% safe and not 100% immune to hackers and cyber attacks, the use of Bitcoin when betting online is a safer method than traditional methods, just make sure you are comfortable before moving forward.
Bitcoin is a revolutionary new kind of money and a currency without borders. It is the world's first and premier crypto-currency.
We believe Bitcoin will revolutionize not only the world of internet payments but — perhaps more importantly — money as we know it. Because of Bitcoin's decentralized and open nature, it has the potential to provide a level financial playing-field for all.
We recommend this short and entertaining introduction video.
Although Bitcoin should still be considered an experiment, it can be said that it has the potential to be a better form of money than the currencies most of us use today.
Bitcoin combines the best qualities of hard money, such as gold and silver, and modern banking that most people in the ‘developed’ world have become accustomed to.
Bitcoin Versus Gold
Like gold, Bitcoin has a very limited supply — there are only about 18-million bitcoins in existence today, and the total supply is capped at 21-million. This means the value of each bitcoin will tend to increase in time.
However, unlike gold, Bitcoin is vastly cheaper and faster to send — you could send thousands of bitcoins (worth millions of dollars) from New York to London (or Bombay to Buenos Aires) in seconds and for almost no cost.
Bitcoin Versus National Currencies (Fiat Currency)
Like national currencies (such as pesos or dollars), bitcoins can be easily stored and transferred electronically. However, unlike national currencies, bitcoins tend to increase in value, in time, rather than steadily and assuredly decrease in value every year, as national currencies tend to.
(It's true that the value of a bitcoin can fluctuate wildly and decrease in the short run. It is our view, however, that this is a temporary phenomenon — a “growing pain” of sorts; if Bitcoin sees widespread adoption, comparable to a large national currency, we could expect its value to be similarly stable.)
There are literally thousands of businesses and individuals that already accept Bitcoin as a payment method today — and that number grows daily! Spendabit's primary focus is to make that fact obvious; we want not only to make Bitcoin more useful for those that use it regularly, but also to show the Bitcoin-curious that this new form of money can already be used to buy just about anything!
See our ‘What can I buy with Bitcoin?’ page for more.
Bitcoin Farming
Perhaps in the future you'll receive your salary in bitcoin — some people already do — but for now the easiest way to get your own coins is to simply buy some.
Bitcoin Farm Tarkov
There are many platforms for acquiring bitcoins. You can find a number of options on our Buy Bitcoin page.
Once you've decided to acquire bitcoins, you'll want to consider getting yourself a Bitcoin wallet for storage purposes.
It's hard to appreciate the advantages Bitcoin offers without using it. One could read for months on end — from the technical details to the economics to the wildly varied opinions — but we believe you just have to dive in to really appreciate how empowering this new payment mechanism and form of money really is.
Try making a small purchase and send a little bitcoin to an overseas friend. Once you get over the (modest) learning curve, you won't believe how easy it is. Once you've invested a little time you'll find sending bitcoins as easy as sending email.
As has been said elsewhere, it's easier to ship an anvil from Cairo to Buenos Aires than to send few-hundred dollars across a state line. Bitcoin changes that!