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Many of these players use Coinbase, the largest and the most-established cryptocurrency exchange, completely unaware of risks and dangers connected to this practice. The fact of the matter is, Coinbase doesn't look kindly on any form of online gambling and you are at a constant risk of having your account shut down. Furthermore, your personal information may be shared with the US government.

Coinbase terms and conditions are very cryptic and unclear, which is why many people find themselves befuddled by the email from the site notifying them about their account being permanently closed. There are no warnings or signals; Coinbase is quick to shut down any accounts that they detect are in breach of their policies, which I wrote about in more detail at Beat The Fish , where I examined how the major Bitcoin exchanges and wallets handle online poker transfers.

And, these policies are very strict. Namely, Coinbase operates under rules of the Financial Crimes Enforcement Network FinCEN and these rules, among other things, prohibit transactions involving any gambling activities. This pretty much defeats the whole purpose of using cryptocurrencies to protect your privacy. Once it happens, there is no an appeal process and it is virtually impossible to get reinstated.

So, the first thing to pay attention to is never to link your Coinbase account directly to any gambling or poker site. There are many good cryptocurrency e-wallets out there, which you can open in a matter of minutes. You can use these wallets as middlemen of sorts, sending money to them first and only moving it to the poker site of choice from there. The same applies to making withdrawals — cash out to your wallet and, from there, you can transfer your coins to Coinbase.

There are many other solid and reputable exchanges such as Gemini or Kraken, which offer similar services and high standards — but without all the hassle and privacy breaches. Unlike Coinbase, these exchanges have shown no interest in closing down accounts connected to online poker or casino sites.

Depending on where you live in the world will determine the easiest and fastest ways to get bitcoin in your hand. In the USA, the fastest and easiest way is to use the Cash. There are more options like a bitcoin broker such as CoinMama or Bitstamp.

You will pay a premium here but they take credit cards. If you want the absolute best price for your bitcoin and are experienced enough in dealing with trading, buying and selling stocks then you should take the steps to get signed up on Gemini. You can use their order books to buy and sell bitcoin at the market rates. There are several bitcoin person to person marketplaces, such as LocalBitcoins. You can buy from sellers there using a myriad of payment options.

Check out these Bitcoin ATM s. Places where you purchase bitcoin from Cash. App and Coinbase will close your account if you send bitcoin to a gambling site they can tell where the bitcoin goes. It is against their terms of service. The sportsbook will give you a bitcoin deposit address. Simply copy it and open up your personal wallet. Paste in the sportsbook deposit address to your account. This is done at the prevailing market rate.

You place bets using the fiat currency. Enter your wallet address and complete the transaction. The amount transferred will be converted from fiat back into BTC again, using the prevailing market rate.

Think of your bitcoin wallet like a traditional wallet or purse. The security of your funds and the extent of your privacy will depend on the type of wallet or purse you choose. Some are easier to break into than others. Wallets come with private keys. These keys are what allow you, or anyone who possesses them, to access your bitcoins. Keep that in mind as we discuss the five main bitcoin wallet types you can use at BTC-friendly sportsbooks. These are websites or applications that manage your private keys for you.

They control the keys, and therefore are responsible for protecting the bitcoins in your wallet. Cloud-based or online wallets among the most convenient. You can access your funds through any device e. That makes this type of wallet less secure. The keys are encrypted, of course. A talented hacker can still get in. Next up are mobile wallets. These are apps that run on your phone. Some are available for Android. Others are available for iOS i.

Your private keys are stored in the app. Because the app resides on your phone, your keys are kept offline. Mobile bitcoin wallets are more secure than online wallets. Having said that mobile wallets are designed for convenience. They come with simpler — i.

These wallets reside on your desktop or laptop computer. The private keys are also stored natively, offering a greater level of security than cloud-based options. There are two downsides to this type of wallet. Second, all computer are vulnerable to malware.

If you neglect to take protective measures e. Trezor makes 2 different models. The private keys reside on the device itself. Keep in mind that hardware wallets CAN be stolen, just like a traditional wallet. But the contents can be easily protected with a PIN. So in the event the wallet is stolen, you can prevent the thief from accessing your bitcoins, and get back up and running with minimal downtime.

Before the advent of hardware wallets, paper wallets were the preferred form of cold storage i. You can still use them today. They come with a bitcoin address, public and private keys, and a couple QR codes that can be easily scanned for transactions. There are two upsides to using this type of wallet. Second, you can enjoy cold storage of your bitcoins for a nominal price. Most folks who want to store their bitcoins offline buy a hardware wallet. There are dozens of wallets to choose from.

This is a cloud-based wallet. Earlier, I mentioned that web-based wallets were less secure than other options. Blockstream Green distinguishes itself by being a multi-signature wallet. It controls one of the keys while giving you, the account holder, control of the others. This feature allows you to log into your account to check your balance and receive funds while disallowing other transactions.

Also known as BreadWallet is a mobile app. That provides added security. You can send bitcoins and receive them. Electrum is both a desktop and mobile app. You can download and install it on your desktop computer or laptop. Or download it to your phone Android or iOS. This wallet has long been a favorite among folks for whom privacy is a top priority. The private keys are encrypted, you can create multiple wallets, and you can split permission with its multi-sig feature.

Despite being feature-rich and ultra-secure, Electrum is surprisingly easy to use. It may not be the first choice among folks who are new to sports betting with Bitcoin, but those who are familiar with BTC will find a lot to love.

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