Will bettors love Bitcoin?

In the past our ancestors could not even imagine that a faster and more effective way of communication than letters and telegrams can appear. Today we have e-mail or sms. The situation with Bitcoin, a virtual currency, is similar. Recently we could not have imagined that you can pay for a taxi or a movie ticket with money that doesn’t really exist, does not have a physical form but, however, has value and lets us pay for goods and services.

 

Bitcoin in sport betting

What is Bitcoin?to top

Its history started in 2009 when a person or even a group of people, hiding behind a nickname Satoshi Nakamoto decided to create a crypto currency, a payment system which allows conducting momentous money transfers in the Internet with virtually full anonymity and minimal commission fees without any subsidiaries. The financial crisis of 2008, which stirred stable stock and currency markets, incited the developers to create this currency. Initially the value of one Bitcoin made 0,063 dollars and nothing pointed to a forthcoming success. Following years brought a systematical growth of the currency’s value, and there were years, when growth rates made 1400%. As for today (04.07.2016) the value of a Bitcoin makes $670,02. The history of one American who held the first bargain of exchanging Bitcoins for real goods in 2010 should be mentioned. He then purchased two pizzas for 10 000 Bitcoins, probably eating them with huge satisfaction after a profitable bargain. After simple calculations now it would cost seven million dollars, and we just hope that the pizza was tasty.

In order to get what it is about, you should understand that Bitcoin does not have a physical form, you cannot touch it, it exists just in the virtual world. It is just a string of symbols, a digital record having a certain value, resembling a traditional currency. In case of traditional currencies the value is assigned to a piece of paper, and in case of Bitcoin such value has been assigned to a string of symbols, forming a digital record. In both cases a buyer and a seller exchange goods or services for funds of a certain value.

 

How to obtain Bitcoins?to top

There are two ways to do it. The first one is faster and more popular. Having some sum of traditional currency you can purchase and then resell Bitcoin in special operating exchange points or currency exchanges. Offers of purchase/sell can also be found at many thematic forums connected to Bitcoin. Much more difficult and lasting is the second method. This one requires usage of the so called “mining” of Bitcoins, or, simply speaking, technologically advanced computers, performing a series of operations on behalf of us in the net. Huge expenses for maintaining of such devices, however, has led to this method being less popular.

 

Bitcoin storageto top

The same as in case with any other currency, if you gather some amount of Bitcoins you will need to store it somewhere. For this, you will need to use specially created Bitcoin wallets, in other words, an application resembling a bank account. In general, these are applications with the help of which you can freely use monetary funds, the safety of which is guaranteed by a number of keys and passwords, limiting unauthorized access to our account.

Depending on what sum you plan to store. What level of security you want or are you going to use applications exclusively on your own devices (laptop, tablet, smartphone) or on any device connected to the internet, you need to choose between several types of wallets.

  • Offline wallets – absence of Internet connection, more useful in the role of safes for storage of Bitcoins.
  • Wallets in kind of an application installed on your computer – moreover, due to installing on a flash drive you can use such application on any computer, however mobility of the wallet in this case is somewhat limited.
  • Web-browser wallets – you can use them only after installing of a web-browser on any computer/tablet/smartphone. They are devised for short time storage of a small amount of Bitcoins.
  • Mobile wallets – operate with the help of an application installed on a smartphone/tablet. Due to huge mobility they ideally suit daily financial services.
  • Wallets on different devices – in kind of a USB key, what allows to use them on any computer.

For beginner users who do not want to store big amounts of Bitcoins for a long time, we advise to use application wallets on a computer or mobile wallets.

 

Bitcoin enters the world of bookmaker betsto top

The following bookmaker offices offer their clients quick deposit or withdrawals of funds with the help of Bitcoins. It goes quite smoothly, Bitcoin automatically converts into a currency you use after depositing. The withdrawal situation looks the same. For bettors it will be important that not commission fee is taken at the moment of depositing or withdrawal. Lately the following bookmaker companies offering betting with Bitcoin, without the need of currency conversion or even such which can be bet even if you are not a registered user at the given bookmaker appear on the market.

Transaction realization time should satisfy the most demanding players, it is from several seconds to several hours. In this concern Bitcoin resembles payment systems which are long time on the market already, for instance Neteller and Skrill, but much faster than a traditional banking transfer.

A short realization time is especially important for players owning accounts at several bookmakers with bankrolls, requiring constant transfer of funds between several accounts.

At the moment Bitcoin is of huge popularity among American players. Tough gaming laws have led to bookmakers’ clients try to find maximum anonymity which namely Bitcoin provides. The fact that Bitcoin can be found more often at bookmakers offering bets on American kinds of sports, such as NBA league, NHL, MLB, NFL, is not surprising. The leading firms here are Bovada, Betonline, Intertops, Bodog.
 

In general, the thing that attracts players to Bitcoin is the fact that this crypto currency provides virtually full anonymity, using which players do not have to provide any personal data. In its turn the thing that worries bettors is still not stable position of Bitcoin due to young age.

 

How to purchase Bitcoin with the help of Neteller and Skrill?to top

Just until lately official position of Neteller forbade “usage of Neteller with the aim of trading, purchasing and selling of Bitcoins or similar digital currency”. The firm’s policy changed and Neteller offers possibility of transfers realization in Bitcoins with the exception of 5% commission for withdrawals.

The same as in case of Neteller, Skrill also offers its clients possibility of purchasing Bitcoins. Transaction realization looks very simple.
1. You have to enter your gaming account at Cubits site, get to the possibility of Purchase Bitcoin and choose Direct purchase.
2. Then you have to choose a sum for which you want to purchase Bitcoins and choose Skrill from the list of payment systems.
3. Before pressing the button Confirm Purchase you should check if the Bitcoins amount corresponds to your order.
4. Choose Confirm and go to Skrill site to finalize the order.

 

Related bookmakers

Selected Best Bonuses

Ladbrokes logo
Free bet up to £50
Bet365 logo
100% Initial Deposit Bonus
888sports logo
88th minute special

Post new comment

Type the characters you see in this picture. (verify using audio)
Type the characters you see in the picture above; if you can't read them, submit the form and a new image will be generated. Not case sensitive.