Bitcoin Betting Beginner’s Guide

By Hank Blaine

Some players, you might be one, are hesitant to play with bitcoin. Even if they understand what bitcoin is and why they should consider making wagers via BTC, they don’t understand enough about it to take the plunge.

Because of misunderstandings regarding bitcoin betting, we decided to come up with this handy guide that, hopefully, puts your bitcoin betting fears to rest.

A Closer Look on How to Gamble with Bitcoin

Understanding the difference between BTC and mBTC

You don’t bet in BTC. The price of a single bitcoin on May 11, 2023 was around $26,900. Instead, you bet in mBTC.

An mBTC is 1/1000th of a BTC. So a single mBTC on May 11, 2023, was $26.90. It’s important to understand this before moving to the guide.

Create a crypto send and receive account on Coinbase or some other facilitator

You must create an account with a company like Coinbase for you to store your crypto. Consider creating a Coinbase or CashApp account because those two are most friendly to bitcoin novices.

Once you create your Coinbase, or other account, you will see that you can trade a multitude of cryptos. You can go as far down the rabbit hole as you’d like. For our purposes we’re going to stick with BTC.

Add BTC to your send/receive crypto account

Companies like Coinbase allow you to purchase bitcoin with a debit card. Purchase as much bitcoin as you’d like.

One thing to remember is that most organizations like Coinbase will require you to verify your identity. Even then, they may place a hold on your BTC purchase. So it’s best to create your send/receive crypto account well before you plan on gambling.

Open up a Nitrobetting BTC account

If you haven’t done so already, open a Nitrobetting account. You won’t be able to deposit into your Nitrobetting account unless you have set up a Coinbase account or something similar.

Keep that in mind when you go to make a deposit into your Nitrobetting account.

Generate a deposit code via the Deposit link

Click on Deposit. Nitrobetting will generate a deposit address. It’s a 38-character code that you will require to fund your Nitrobetting account.

Copy the code address.

Paste the code into your send section on your crypto account

Decide how much bitcoin you wish to deposit into your Nitrobetting account. Head back to your send/receive crypto account. Paste the code into send and then send.

The 38-character code is specific to that deposit. You should only use the code once. So if you wish to make another deposit, make sure to generate another deposit code on Nitrobetting.

Once you’ve deposited money into your account bring up a reliable mBTC to dollars converter

It’s important to find a reliable mBTC to dollars converter. Go to Google, or some other search engine, and search for “convert mBTC into dollars.”

Check out a couple of converters then go with the one you feel most reliable and bookmark it.

Choose your game and make your bet

Decide the bet you wish to make. Think about how many dollars you wish to bet. Then, go to the mBTC into dollars site you like the most and convert the dollar amount you wish to bet into mBTC.

Make your bet in mBTC and cross your fingers that your bet wins. Good luck!

Where to Bet with Bitcoin

Sports betting odds are available here at Nitrobetting. Create a Nitrobetting account now to place your stakes on any of the top games every week.

This is just one of the many sports betting guides that you can read here at Nitrobetting news. Stay tuned for more previews, guides and articles.

READ MORE: Things That Every Bettor Should Know About Bitcoin Betting