Why Use Bitcoin for Betting – Not Fiat Money

What are Bitcoin bets?

Bitcoin (BTC) is a worldwide usable virtual currency on the Internet. The system is decentralized, which means that the cryptocurrency is independent of banks and states.

Basically, bitcoins can be used for anything that can be done with a “normal” currency.

The concept of Bitcoin was first proposed in 2008 in a white paper under the pseudonym Satoshi Nakamoto on a mailing list about cryptography. It is still not known who is hiding behind this name.

The Bitcoin network was created on January 3, 2008 with the creation of the first 50 Bitcoins. Just a few days later, the first version of the Bitcoin reference software Bitcoin Core was released.

Bitcoin Betting – Which Sportsbooks Accept Bitcoin Payments?

Online casinos like on http://www.bestbitcoinbetting.com/ always strive to improve and to provide their customers with the latest developments. These included the advent of live betting and the mobile betting boom in the past. Even with the payment methods, the progress does not stop.

In the early days of sports betting, “just barely true”, betting providers have now built up a large repertoire of payment options.

Paying with bitcoins enjoys great popularity, especially in the USA.

In this country, the crypto currency did not really get going until the summer of 2017 and has lagged behind expectations in terms of development. Meanwhile, Bitcoin is flying high and setting one course record after another.

If you do not see Bitcoin as a speculative object and use it as a currency, you can also look forward to it because the number of traders and service providers that accept Bitcoin is steadily increasing.

How does Bitcoin work?

Bitcoin consists of a payment system and a monetary unit, the bitcoins. The entire payment system is organized on a decentralized basis and is managed or created in a computer network using its own software.

The system is based on the blockchain, a kind of journal that notes all bitcoin transactions.

All activities are through a computer-to-computer connection (peer-to-peer connection), which means that no bank or a third person is interposed.

Bitcoin can be used all over the world and the system is now also available for mobile devices such as smartphones or tablets.

Generally, a payment is made electronically via a Bitcoin client. Each transaction is provided with a digital signature and recorded in the blockchain.

In practice, a wallet software does all the processes necessary in the background. The Bitcoin wallet stores all bitcoin addresses and the matching private keys.

A transfer takes place as follows: You need the Bitcoin address of the recipient and can read them in via QR code. Then simply set the desired number of Bitcoin and send the amount.

The pros and cons of Bitcoin

The cryptocurrency is still “new territory” for many users, so an overview of the pros and cons of Bitcoin follows.

Advantages of Bitcoin:

  • The Bitcoin system is free and independent of banks, payment service providers or government agencies.
  • Bitcoin is globally accessible (requires an internet connection) and can be used within a few minutes. Login and handling is as easy as creating a mail account or sending an e-mail.
  • Transfers through the Bitcoin network work fast (within minutes to hours) and are available anywhere in the world.
  • Bitcoins can not be multiplied at will and are therefore protected against inflation. The maximum number is about 21 million.
  • No personal or other sensitive data is exchanged between the bitcoins transmitter and the receiver.
  • Transparent system, yet completely anonymous.

Disadvantages of Bitcoin:

  • Bitcoins are far from accepted everywhere. Although acceptance is rising steadily, the crypto currency is still very far away from general recognition.
  • The price is extremely volatile, as it is based solely on supply and demand. In January 2018, for example, the price of a bitcoin reached a value of € 17,000 and held a week later at around € 15,000.
  • Risk that states prohibit banks from trading bitcoins.
  • Transaction costs of at least 0.0001 BTC. If more is paid voluntarily, the transaction will be completed more quickly.
  • A payment made can not be revoked.
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