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You will be able to bet Friday's Spain vs. Portugal World Cup matchup online using bitcoin and other cryptocurrencies but it is important to set up a bitcoin wallet in order to move funds to and from the online bookmaker/sportsbook and a bitcoin exchange operating in your country that converts bitcoin to your currency (USD, euro, pounds, etc...) and is tied to your banking account.
Bookmaker accepts most crypto-currencies
EXCHANGES
Coinbase - Available throughout Europe and the United States as well as other countries including Portugal and Spain. Coinbase is easy to use and is considered the largest cryptocurrency exchange in the world.
HitBTC - Available to those in Portugal
XCoins - Available to those in Portugal
BitPanda - Available to those in Spain
USING BITCOIN IN SPAIN
Spanish users can easily purchase bitcoin in exchange for euro using those exchanges which accept SEPA transfers. SEPA bank transfers are one of the cheapest options to deposit amounts to exchange accounts to be ready to pay for bitcoins.
Transactions in bitcoins are subject to the same laws as barter transactions in Spain.
There is no formal regulation about cryptocurrencies in Spain.
USING BITCOIN IN PORTUGAL
As Portugal uses euro as the national currency and part of the SEPA network, the cheapest and easiest way to buy bitcoin from the country is to deposit balances to exchanges using SEPA transfers. Once the amount is on your account, you can buy bitcoin right away.
Bitcoin has no specific regulation in Portugal at present.
HOW TO USE BITCOIN AND OTHER CRYPTOCURRENCIES FOR BETTING THE FIFA WORLD CUP
The online betting site will simply have you send them the special address/token obtained from the Bitcoin wallet or exchange.
You would select either SEND (to deposit funds) or RECEIVE (to withdraw funds).
Some exchanges allow customers to link directly with their bank accounts or PayPal. The Bitcoin can be converted into the currency of your choice then transferred into your account in as little as 24 hours.
You will want to verify all your information (including personal identification) with the exchange prior to sending and receiving funds. Typically they will suggest setting up an authenticator on your mobile device for added security.
- Aaron Goldstein, Gambling911.com
