Bitcoin helped changed the online payment systems in 2009 through the initiative of Satoshi Nakamoto. After releasing a research study following the devastating 2008 financial crisis, he put forward the idea of a new digital currency that would potentially change how businesses are run. With this currency, you can complete transactions without working with a middle man. There are no institutions that control the transactions, the transfer and movement of BTC happen between and among peers.
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What to Expect from the Bitcoin Cryptocurrency?
Unlike other payment methods, this cryptocurrency is both different and revolutionary. It’s a type of cryptocurrency and kept using keys or a string of numbers and letters linked to an encryption algorithm. These ‘keys’ work like bank account numbers and you use it as an address to receive additional digital coins. A user will have a private key and this is used to complete transactions using the cryptocurrency.
You can complete all transactions using a wallet, which more or less resembles a regular normal wallet. Before you can start payments, make sure that your Bitcoin wallet is filled up. And the good thing is that you can top-up the wallet in different ways. Its flexibility and privacy make it a popular alternative in online gambling and betting. When you use this currency to fund your account, you don’t need to share your details. This is one reason why there are dozens of Bitcoin betting sites right now offer Bitcoin betting.
How Do You Acquire BitCoin?
To enjoy Bitcoin eSports betting or just send digital currencies online, you need to set up first your wallet. And after setting up your wallet and account, you need to acquire the coins that you can use in BTC betting. There are different ways on how you can collect and start your wallet. The most common approach is to accept BTC as payments for products and services. If you run an online business or offer services, you can request BTC as a form of payment.
Another option is to purchase these coins at a BTC exchange. You can use your local currency to buy a BTC using the prevailing exchange rate. Also, these exchanges will allow you to swap BTC to PHP or any other currency. Watch out for the Bitcoin price hikes to get more value from the swap. Also, you can earn these coins through competitive mining. Once your account is ready and filled with coins, you can now sign up in BTC betting sites.
The Benefits of Using Bitcoin for BTC sports betting
The ability to buy merchandise anonymously is perhaps one of the currency’s biggest selling points. It also has a unique structure you will not normally find in regular payment methods. When it comes to inter-border transactions, it is much cheaper since the money is not tied or subjected to any country’s regulations. Presently, not too many crypto betting sites support this payment method to fund accounts. But the best Bitcoin sportsbooks that do support the facility offers customers with several benefits.
- Quick Transaction Speeds: This method affords faster processing and verification of funds to ensure there are no more delays in the transfer of funds to your account. Within seconds, you can top up your casino account.
- Low Transaction Costs: Compared to traditional payment options, BTC offers lower processing fees. One reason for this is the technology’s distributed nature that lowers the fees considerably over the blockchain.
- Complete Anonymity: Transactions made over the blockchain technology are completely untraceable and anonymous. This feature of the BTC makes it more appealing to players who want to enjoy crypto sports betting securely and privately.
How to Use BTC to Fund A Casino Account
Loading funds to your Bitcoin sports betting account using BTC is easy but slightly different. Firstly, you need a Bitcoin wallet to start a transaction. If you don’t have one, setting up a free account is easy. Once you have a wallet, you need to buy or earn BTC that you can use to top-up your account in a casino.
With your funded wallet, you can now sign up and play in your preferred online casino. Log in to your account in a Bitcoin betting site and check out the ‘Cashier’ section. Here, you will find a drop-down menu and choose the payment from the available options. Just indicate the amount that you want to transfer and follow the steps provided on the page. You need to follow the same process if you’re planning to withdraw in a Bitcoin sportsbook. Once the transaction processing has been completed, verification follows next over the blockchain technology, which updates the transactional information to the receiving Bitcoin betting casino’s wallet. Afterward, the funds are available on cryptocurrency betting account and from then onwards you are free to proceed with crypto betting.
Bear in mind that this process may come across as confusing for the first-time user of the cryptocurrency. But once you get the feel of BTC in crypto sports betting, you will appreciate the reasons why it’s now a favored payment option online.
🤔 What are the best wallets in the Philippines to use for Bitcoin?
These would be Ledger wallet, Trezor wallet, and Keepkey wallet.
💰 Where can I buy Bitcoins from?
You can go with Coins.ph, Buybitcoin.ph, or PDAX.
💸 How do I cash out my bitcoins?
You need to go to your e-wallet, convert you bitcoins to pesos, and then cash out.