Bitcoin Sports Betting In New York
Bitcoin sports betting in New York has started to become a prevalent topic of conversation. Sports betting in the United States has always been a hotly debated subject, with the legality of the activity always in question. The recently established bitcoin cryptocurrency has now been added to the discussion, with many sports fans still unsure of exactly how the currency works. The more you learn about bitcoin and online sports betting, the clearer it will become that the digital currency should be the preferred banking method for sports fans. There are certain federal laws such as the UIGEA that make it more difficult to make credit card deposits or initiate bank wires for sports betting. There are no such issues with bitcoin, as the digital currency is decentralized with peer to peer transactions.
Other benefits of bitcoin sports betting in New York include fast processing speeds, flexible banking limits, and unbeatable reliability. Whether you have already purchased your bitcoin or are just looking for more information on how to bet on sports with bitcoin, we can help. From the legality of betting on sports online with bitcoin to the types of wallets you can use, we have the info you need.
Sports enthusiasts in New York can rest assured that bitcoin sports betting is legal. In 2013, the United States Department of the Treasury classified bitcoin as a decentralized virtual currency. This indicates that bitcoin is an acceptable form of payment in the USA. Bitcoin is fast, reliable, and is free of the fees and other potential pitfalls of traditional fiat currencies. In relation to sports betting, there are no federal laws that prevent NY residents from using offshore online sportsbooks that are licensed to accept US players. Bitcoin sports betting sites are the smartest option for betting on sports legally in NY.
Your bitcoin is only as good as the wallet they are stored in. You will use your bitcoin wallet to store, send, and receive bitcoins, making it extremely important to choose the right kind of wallet for bitcoin sports betting. There are several types of wallets to choose from, but we will go over the bitcoin wallets that most bettors use for bitcoin sports betting in New York.
Many sports bettors prefer mobile bitcoin wallets for their overall convenience. You are able to download mobile wallets directly to your iOS, Android, or BlackBerry phone so that your bitcoin wallet is easily accessible. If you want to quickly place a bet on the Giants ahead of their upcoming game, you can do so with a mobile wallet. These bitcoin wallets make it easy to send and receive bitcoin with just a few swipes, though these streamlined apps may not have as many features as other types of wallets. Mycelium, Copay, and BreadWallet are popular mobile wallets for bitcoin sports betting in New York.
Hardware wallets are the most secure bitcoin wallets because your private keys are completely offline. This means no risk of hacking or malware which are potential issues with desktop and online wallets. When you are ready to make a bitcoin deposit at say, Bovada, you can connect your device to a computer to complete the transaction. As with a standard wallet, there is a risk of misplacing the device. However, hardware wallets like Trezor have a restore option and other security features if your wallet was lost.
Desktop wallets are those that are on your desktop or laptop. Your private keys are stored on your machine rather than somewhere in the cloud, which offers a higher level of security. Though the software is secure, it may not be the most practical for online sports betting. You will not be able to send funds to your online sportsbook unless you have your computer with you. Another aspect to keep in mind is that computers are subject to viruses, which means you need to also make sure that the computer itself is protected. Electrum and Exodus are commonly used desktop wallets for bitcoin sports betting in New York.
Bitcoin sportsbook deposits make funding your New York sports betting account easier than ever. Instead of dealing with routing and account numbers, you can simply specify the amount of BTC that you would like to send and obtain the wallet address of the bitcoin sports betting site. You can then send the coins directly from your wallet, with the process taking less than 15 minutes. There are no fees associated with bitcoin sportsbook deposits, no matter how much you send. The bitcoin deposit minimum starts around $20 and goes upwards of $25,000.
If you are completely new to bitcoin sports betting in New York and have yet to purchase coins, all of the top bitcoin sportsbooks provide helpful guides on how to buy bitcoin for sports betting. You will essentially get a BTC wallet, buy bitcoin through an exchange or another platform, send the bitcoin to your wallet, and then start making sports betting deposits.
Bitcoin sportsbook payouts are the quickest way for New York sports bettors to collect their winnings. Depending on how fast the online sportsbook processes withdrawal requests, you could receive your bitcoin sports betting payout the same day. On average, bitcoin payouts are processed within 48 hours and there are no fees charged by New York sports betting sites. The minimum and maximum withdrawal amount typically ranges from $20 to $10,000.
To request a bitcoin sportsbook payout, you will need to enter the amount of your withdrawal and provide the online cashier with your bitcoin wallet address. You will receive a confirmation email in most cases where you will verify your account with sportsbook and confirm your bitcoin address one last time. Your payout will be sent to your bitcoin wallet shortly thereafter.
Can Bitcoin Transactions Get Declined Like Credit Cards?
One of the key advantages of bitcoin sports betting in New York is that the transactions do not get declined like credit cards. As the digital currency is decentralized, there is no bank or card issuer to decline your transaction. Bitcoin sports betting deposits and withdrawals are 100% reliable for N.Y. residents.
Is It Safe To Use Bitcoin For Sports Betting In N.Y?
Of all the banking methods available at New York sports betting sites, bitcoin is the safest. The blockchain technology behind the cryptocurrency is extremely secure and there is even a level of anonymity with bitcoin sports betting in New York. You only have to provide the online cashier with your bitcoin wallet address, rather than sensitive bank account information. Bitcoin is legal in N.Y. and the rest of the United States, which means there are no safety issues from a legal perspective either.
Will My Sports Betting Account Fluctuate Like The Value Of Bitcoin?
No, your New York sports betting account will not fluctuate like the value of bitcoin. When you make a bitcoin sportsbook deposit, the BTC is converted to USD and credited to your account. The conversion is based on the currency exchange rate at the time of deposit. When you request a bitcoin sportsbook payout, the cashier at the online sportsbook will then convert your USD balance back to bitcoin. This conversion will be based off the average of Bid and Ask prices of their preferred bitcoin exchanges. A general rule of thumb when requesting bitcoin withdrawal is to wait until the price is higher than it was at the time of deposit.
If I Send Bitcoins To The Wrong Person Can I Reverse The Transaction?
You cannot reverse bitcoin transactions that are sent to the wrong person, which is why we have to stress the importance of carefully typing in a bitcoin wallet address. The cryptocurrency does have built-in codes that pick up on addresses that do not exist, but if you happen to type in an incorrect BTC address that does have an owner you are out of luck unless the recipient decides to send the BTC back. Always verify BTC wallet addresses when sending and requesting funds for bitcoin sports betting in New York.