How one goes about procuring Bitcoins may not be something everyone is familiar with, and for that reason, we decided to go through the possible modes on offer.

Article Detail

Offering lower transaction fees than traditional online payment modes, digital currency Bitcoin has gathered considerable steam the world over ever since its inception in 2009, driven in no small part by the rise in popularity of sports betting and lately, eSports betting as well.

Now, with the Indian Supreme Court legitimising the usage of Bitcoins across India, a fresh breath of air has been injected into the ever-increasing popularity of digital transactions in the country on the back of an already-thriving sports betting scene.

While virtual currency is a vast and constantly growing world, Bitcoin is considered the giant of the industry. The Supreme Court's verdict has no doubt spiked a renewed interest amongst the more tech-savvy sports-betting enthusiasts in delving into this form of currency.

Read | Bitcoin and sports: The perfect combo?

However, how one goes about procuring Bitcoins may not be something everyone is familiar with, and for that reason, we decided to go through the possible modes on offer.

Bitcoin ATM

We figured we'd start you off with the familiar. A Bitcoin ATM works very similarly to your regular ATM up the street. However, aside from withdrawing money, you can also deposit money here, helping Bitcoin owners to buy and sell bitcoins. The official website, Bitcoin.org, will guide you to your closest Bitcoin ATM via an interactive map.

Bitcoin exchange

Given that there are no banks or governments backing bitcoin, and it not being legal tender as such, a bitcoin exchange lists apps and websites where one can go to purchase the currency. Bitcoin.org has listed several comprehensive lists providing detailed information on a country-by-country basis.

P2P Directory

A P2P (peer-to-peer) directory is a peered app or website which is connected to organisations that help establish trading connections to the cryptocurrency organisation. There may be a fee charged for the facility.

Read | The fall and rise of Bitcoin in India - a new hope for sports bettors

It allows you to stay abreast of current Bitcoin prices and buy them. As a sports bettor, you will simply have to link your bank account, upload the money and start putting money on your favourite sports entities.

Feature image courtesy: AFP / Andy Rain