Bitcoin Guide to Betting

by | Nov 10, 2017 | Sports Betting Tips

Bitcoin Information

Here are many reasons you should try Bitcoin

First, it’s the cheapest way to fund your account. With the exception of the miniscule “miner’s fee,” there are no transaction fees whatsoever.

Second, Bitcoin is faster than any other payment method. There’s no waiting for transactions to clear: as soon as your deposit is verified, your Bitcoins are converted in your account.

So start using Bitcoin today, or keep reading to learn what this “cryptocurrency” is all about.

So first of all, what Is Bitcoin? Bitcoin is a new kind of money. It’s a decentralized digital currency where transactions are carried out instantly from peer-to-peer.

Payments can be sent or received anywhere in the world, and processing fees are almost non-existent.  Bitcoin is a digital currency  that you can use to make online purchases that uses high level encryption for regulating its generation and verification of transactions. It is however not regulated by any central authority or group. It is entirely independent and the verification process is facilitated by thousands of computers around the world.

More technically, Bitcoin is a global virtual currency stored in the form of data (and not printed). It is based on distributed computing and not on banks and gold. Because of its unique digital form and faster processing, it has led to the emergence of other funding options.

How Does Bitcoin Work?

Bitcoin can be traded person to person around the world, without having to put it into trust or paying fees like you would have to with Visa, a postal service or a bank. You keep your Bitcoin in an online wallet, the same as you would keep your cash in the wallet in your pocket. Each wallet has a unique address, this is how you send and receive your money. If you want to receive money, you give your Bitcoin wallet address to the person sending the money.

If you want to send money to a person, you need to send it to that person’s specific address. Just like you would an email.  Bitcoins are stored in the form of computer data and are handled by a private and public key. The keys are all that you need to carry out transactions. Bitcoins are basically created through a process known as mining. You will receive a tiny fraction of the coin when you solve/process complex mathematical problems using your computer systems.

Is Bitcoin hard to use?

Signing up for your Bitcoin wallet is very straightforward and takes just a few minutes to do. After your wallet is verified and you’ve purchased your Bitcoin, sending and receiving it is as fast as sending an email.

What Are The Advantages Of Bitcoin?

Bitcoin stands out from other forms of digital currencies and payment options. When you choose bitcoin transactions, you don't have to worry about any third-party interference of seizure. There are several redundant copies of your transactions’ database. Thus, government authorities don't have any power in freezing your wealth if it is stored in bitcoins.

Another advantage of using bitcoins is that they cannot be stolen. Only the owner could change the “address.” The only way someone can access your bitcoins is by physically accessing your computer system. Thus, you will not have to worry that your bitcoins can get stolen during transactions.  You will also have the ability to get withdrawals into your bank account in just a few days for a very small fees and save by avoiding transaction fees.

How Does One Acquire Bitcoins?

You can get bitcoins in 2 ways. First, you could mine them. Secondly, you can purchase them from other miners or someone who has bitcoins in their wallet. Mining is the process for creating new bitcoins. It is a highly CPU intensive process and can take a lot of time. Therefore, it is more reasonable to purchase the virtual currency.   Don't have Bitcoin yet. Click here to get Bitcoins for betting.

Why Bitcoin is Gaining Popularity

The advantages of bitcoin over other payment methods have made it the preferred payment option for many players. In the past, many fans would avoid online sportsbooks because of the complexities and delays involved in payment systems. But with the introduction of bitcoin as an option, more players are choosing online sportsbooks.

The Impact Of Using Bitcoin Transactions

Bitcoin transactions have been proven as cost-effective form of payment in the online industry. With more websites opening up to this simpler and faster transaction system, the popularity of bitcoins has also increased.

How Bitcoin Works on most Sportsbooks

Getting set up to use Bitcoin is easy, and once it is set up, even easier to use in the future.  We’ve worked hard to make sure we’re providing you with the best experience possible.

   In a nutshell, here’s how it works:

  1. Choose your Bitcoin wallet.
  2. You can purchase Bitcoins from an exchange with your bank account, or buy them from a friend or family member.
  3. Go to your preferred sportsbook Cashier, and click Deposit.
  4. Enter any amount in USD that you wish to deposit, the processor will adjust accordingly to the amount you enter.
  5. The processor will provide you with a Bitcoin address — copy it so you may paste it into your wallet.
  6. From your wallet, send your preferred amount to the Bitcoin address.  (1L6iJJML6fpr4b5j5HMahtvKvwCG3KsiJx)
  7. Wait for your transaction to process. This usually takes no more than a few minutes.

Bitcoin Betting

Looking to use Bitcoin to place your bets? At most pokercasinos and sportsbooks, you can now deposit money to place bets using Bitcoin.  You can also request payments of your winnings via Bitcoin.

Don't have Bitcoin yet. Click here to get Bitcoins for betting.

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