Bitcoin, for anyone who has been dwelling under a rock over the past several years, is a long-running digital currency. First starting out in 2009, it operates via blockchain technology, allowing users to send and receive money swiftly and anonymously.
Bitcoin is the original cryptocurrency, serving as a completely decentralised method of money transfer. The speed of both deposits and withdrawals via Bitcoin serves as a perfect reason for bettors to utilise it, while the added security ensures an excellent experience.
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You may be aware of Bitcoin, but that doesn’t mean you know how it works and what to expect from it. Especially if you’re intending to engage in online betting with the cryptocurrency. That’s why we have put together some insight into the payment method and a closer look at its various features.
Bitcoin, also going by the name of BTC, is described as a protocol, which implements a public, permanent, and decentralised ledger. When someone wants to add to that ledger, a user has to prove they control an entry into it. The entry indicates an amount of a token – bitcoin.
Bitcoin transactions are verified by a network of nodes through cryptography, and then recorded within the public ledger called a blockchain. It was invented in 2008 and became operational the following year, coming from the mind of a person or group of people going by the name of Satoshi Nakamoto.
Bitcoin provides its users with various features to benefit from. The speed of transactions, both deposits and withdrawals, is one of the primary focuses for many people.
You can send and receive money to and from sportsbooks in an instant. In comparison to several other payment methods, Bitcoin transactions also have low fees associated with them and a stark level of anonymity that comes from not having to input any bank or card details. Thus, there is a heightened level of security.
The benefits hinted at above all exist as reasons to use BTC when gambling. This Bitcoin review wants to delve a bit deeper into those advantages, though. Below, you can find out more about the benefits of Bitcoin for sports betting activities.
There is a selection of online sportsbooks supporting transactions via Bitcoin in South Africa. Yet it’s important to choose the one that caters to your needs as much as possible. Here is a couple of things to remember when determining the right Bitcoin betting site(s) for you.
The primary route to take when deciding on a betting site to become a part of is to put proper research into the options available. It’s never a good idea to just join the first sportsbook you come across. Researching the sites and comparing them with one another is much more appropriate. Below are some important features of these sports betting platforms to look out for when doing so.
The Bitcoin payment method is something that will make your deposits and withdrawals much simpler at a sports betting platform. All it takes is the copying and pasting of a crypto wallet address to ensure funds are properly transferred.
This makes transactions seamless for you, and you know your money will always be available to wager with, too. You should also always receive transaction notifications regarding the transfer of bitcoins. As a result, you can easily keep track of how your Bitcoin spending looks.
As with all other payment methods for online sports betting, it is important to consider certain things before using Bitcoin. Certain tips can be retained for when the time comes to use the cryptocurrency. They are as outlined below.
A bankroll is important for any gambler to set up, as this determines your budget for betting each week or month, for example. To do this, you need to decide how much of your income you can use for gambling, ensuring that this is an amount you can afford to lose.
That money will become your sports betting bankroll. An idea of how to manage this is to set up a crypto wallet specifically for Bitcoin that will be utilised on betting. Transfer that bankroll into the wallet and then deposit it at the sportsbook, either in one or go or in batches.
Then, once you have the funds in your sportsbook account, you can determine the units per bet. This way, you don’t spend too much of your bankroll in one go. Many professional bettors opt for between 1% and 3% of their overall bankroll per wager.
It isn’t difficult to maintain your privacy when using the Bitcoin cryptocurrency. That’s because it is automatically built into the payment method from the start. Any time you decide to transact with Bitcoin, you do so anonymously, which keeps your details and identity safe from the online world.
Yet you can also enact another approach as well. Make sure you use a crypto wallet that isn’t constantly connected to the online scene. External wallets act in the same way as external hard drives; thus, you can disconnect them when you’re not using them. Reconnect them to your computer to deposit and/or withdraw, and then unplug them again. This way, you ensure your security is even better.
Bitcoin provides its users with the possibility of a top-quality, fast and anonymous sports betting experience. Remember to check out the necessary features of the available South African sportsbooks supporting crypto transactions before joining one. Always follow responsible gambling guidelines and familiarise yourself with the convenience factors of this payment method.