How Bitcoin works for Sports Betting
So, you may have heard the news that Bitcoin is revolutionizing the world of online gambling. As the popularity of online casinos rises, Bitcoin has stepped in to provide a safe, secure, quick, and cheap alternative to using other online payment methods. But did you also know that the exciting world of sports betting is available to those that wish to pay with Bitcoin as well? There are a whole range of Bitcoin sports betting sites that have popped up and are fully equipped to service users of Bitcoin crypto currency.
Now, I realize some of what I have just said, could sound like completely nonsense if you have absolutely no idea what a Bitcoin it. For those that are a little confused but that are interested in checking out the mBit Casino sportsbook, we will helpfully give you a little overview of what Bitcoin is.
What on earth is a Bitcoin?
Bitcoin is a cryptocurrency that was created as a digital alternative to traditional, centrally controlled currencies. It differs from a dollar, or pound in that it is not controlled by a central bank or government, and is instead controlled by no particular entity. It is created through means of cryptography and an individual must “mine” it in order to acquire it. Mining is done through solving complex mathematical equations and being rewarded in Bitcoin. There are a limited number of Bitcoin in the world that can be mined, and their value has fluctuated over the year from $7 to over $2000 per coin.
How does it work?
You can either mine Bitcoin or you can pay for them. You then store them on your hard drive, or in a virtual wallet. One thing you need to remember though is that if you lose your wallet, or your hard drive becomes corrupted, you can never, ever retrieve the Bitcoin. Once they are lost, they are lost forever and there is no way of getting them back or retrieving your money. In fact, one poor man accidentally threw out his hard drive, not realizing it had over £5 million in Bitcoin stored on it! What a shame!
Why is it so good?
Bitcoin is anonymous, it cannot be traced in any way. It is also completely free to transfer and there are no transfer costs, or currency exchange fees. It can also be transferred instantly and has no delays on it like bank transfers. Furthermore, it is not reliant on the performance of a countries economy, nor is its value affected by political upheaval. Whilst it has had its ups and downs over the last 10 years, it is one of the strongest currencies on earth. Investing in Bitcoin is an investment in your future, and one you should seriously consider trying!
Whether you are using Bitcoin to place sports bets on your favorite team, or simply keeping it locked away safe to grow in value over time, it is an exciting new technology that is taking the world by storm.