How to buy bitcoin?

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Updated: January 12, 2017

The easist way to get funds to a sports book is with bitcoin. The question is, how do I buy bitcoin? There are several ways to buy bitcoin and we will go over a few options and the pros and cons of each. If you think bitcoin is too complicated for you, you are wrong. It is not hard to use if all you want to do is send funds from A to B.

Coinbase
If you are in the USA then Coinbase is going to be the simple solution. You can connect your bank account to your Coinbase account and buy bitcoin. It is not going to work if you need bitcoin quickly and do not have an account. Another thing to think about is that Coinbase is fully compliant with authorities. The issue is that they do not allow anything releated to sports betting. Just buying bitcoin for the first time and withdrawing them from Coinbase should be fine though. If you buy 1k of bitcoin and then want to suddenly sell them bitcoin for 5k they might ask some questions about how you got that much bitcoin.

Paxful
Another option for people living in the USA or anywhere else in the world is Paxful. At Paxful you can buy and sell bitcoin for any number of currencies, gift cards and other digital goods. Paxful is a peer to peer marketplace. That means that you could offer a gift card for bitcoin, paypal for bitcoin or the other way around. Paxful acts as an escrow, that is someone that makes sure the deal goes though smoothly. It is worth a look if you need bitcoin quick and do not want to deal with Coinbase.

Local Bitcoins
In most parts of the world Local Bitcoins is an option. You can meet people in person and exchange bitcoin for cash. You can also trade bitcoin for online payment methods or digital good like you can on Paxful. You can also sell bitcoin for cash in person if you want to cash out. If you are new to bitcoin then this option might not be for you. If you feel like you have a good understanding on how everything works, wallets, security ect then go for it. Of course it is not the best idea to meet people in a dark alley to do a local bitcoins trade, use common sense.

Other options for people outside the US include Bitcoin.de which allows you to buy bitcoin with SEPA. and Bitpanda which also does SEPA payments. If you would like to learn more about bitcoin check out Bitcoin.org or come talk to us in the sportsbetting telegram chat, or leave a message in the forum.