As the wheels of progress to gat online sports betting regulated, decriminalised and/or regulated in North America grind slowly in fits and starts, wagering with Bitcoin has become a great way to get sports wagering done online. For Canadians and Americans, the best way to freely wagering on CFL and other sports online is through virtual currency.

Bitcoin and cryptocurrency: An extremely brief explanation

Talk of Bitcoin has been ubiquitous enough in business media in the 2010s to have earned a spot in public parlance, but how many can actually claim to understand the principles behind this new form of money?

Firstly, remember that “Bitcoin” is the name of the most widely-used cryptocurrency in the world; also note that this is a collective noun, so that one doesn’t speak of “Bitcoins.” Hundreds of other types of cryptocurrency exist, some with billions of dollars of value in total. Popular cryptocurrencies other than Bitcoin include Cardano (ADA), Dash (originally known as Darkcoin), Dogecoin, EOS, Ethereum (ETH), LItecoin (LTC), Monero (XMR), NEO, Ripple (XRP), Stellar (XLM) and Zcash (ZEC).

Bitcoin has become a generic word for cryptocurrency – like how the verb “to xerox” is a synonym for “to photocopy”, while “Kleenex” is often synonymous with “tissue” – due to its overwhelming domination: Some estimates figure that 90% of all cryptocurrency is Bitcoin.

Though the biggest difference between cryptocurrency and traditional legal tender is in its purely virtual existence, the main distinguishing difference between the traditional and 21^st-century monies is that cryptocurrency is decentralised, meaning that unlike other currencies regulated by governments and banking interests, fluctuations in popularity and use of Bitcoin and its ilk are created purely by market forces.

Meanwhile, the underlying value of Bitcoin is driven first by investment of funders and seeders, then is determined by individuals. The more frequently Bitcoin is bought (and to some extent business with Bitcoin is transacted), the more value the cryptocurrency attains. Of course, this can also make Bitcoin quite the, likesay, rollercoaster ride for investors. The relative value of Bitcoin has proven well more stable than the next-leading cryptocurrency, and it has still seen its share of precipitous drops and steep rises.

The riskiness of Bitcoin and other virtual currencies

For the reasons stated above, Bitcoin and other virtual currencies are indeed risky – but mostly on the large-scale only. If you’re interested in simply depositing and withdrawing when betting on CFL or other sports, you shouldn’t lose any money of significance within the five minutes or less the transaction takes. Though a first deposit with Bitcoin at any online merchant and a withdrawal to a currency-based bank account can take up to 30 minutes, the value of the Bitcoin will certainly not change significantly in that time.

How to purchase and transact with Bitcoin

To get started, visit a Bitcoin “e-wallet”-type site and make a deposit as though you were in PayPal, Skrill or similar such sites. Deposit via credit card, debit card or checking account and the amount will be converted into Bitcoin at the going rate. Be advised that a charge for converting to/from a national currency may be incurred.

And since Bitcoin is independent of government or financial institution, no country, province or region can forbid transactions with the virtual currency. We can’t truly expect the majority of real-life sportsbooks to accept payment in Bitcoin by the mid-2020s, but online sportsbooks are well ahead of the curve here.

To deposit with Bitcoin at an online sportsbook

Sports betting sites that accept Bitcoin and/or other virtual currencies should have a clearly-marked option for Bitcoin deposits in the “cashier” section of the given website. Enter the amount you wish to deposit, and you’ll be given a “bitcoin address”, a long string of algorithm-generated letters and numbers. Enter this “address” into the appropriate field of your Bitcoin e-wallet account. Withdrawing works more or less the same way – just in reverse, naturally. On first deposit and withdrawal, a few extra in-house security checks may be required, but after this, youu'll be ready to roll weekly in CFL betting online!