Once you’ve set up your own Bitcoin wallet, and also signed up on our website, you are ready to start betting with Bitcoin on Nitrobetting.eu. If you’re wondering what Bitcoin is and how it works, we got you covered.
In this article we will talk a little bit about the fundamentals of Bitcoin (BTC), how to deposit, withdrawal and bet online with us! Also we will be providing some benefits of BTC online gambling, some advantages and also disadvantages. So let’s get started.
What is Bitcoin?
Bitcoin is a digital currency created in 2009 by a mysterious character A.K.A Satoshi Nakamoto. Its purpose is to act as a medium of exchange that used cryptography for financial transactions. There is no central bank involved and no need for a mediator to get transactions completed.
Bitcoin began in 2009 and the bitcoins are created by a process known as mining and can be exchanged for other products, services and/or currencies.Of people using cryptocurrency in 2017, the majority were using bitcoin.
In the world of sports betting, bitcoin’s popularity has been rising at a steady read. In fact, it is among the top currency selections for sports betting through the internet.
Who Controls the Bitcoin network?
The answer to this is No-one. The Bitcoin network is somewhat like the technology behind the World Wide Web. Bitcoin is controlled by their users, all over the world. While the developers improve the software, they are not allowed to change the Bitcoin protocol.
In order to keep compatibility with each other, every user has to use complying software. Bitcoin can only work with a complete consensus of the people. Therefore, the developers and users have a strong incentive to protect this methodology.
How Does Bitcoin Work?
In the back stage, the Bitcoin network a public ledger called “Block chain”. This ledger is where all the transactions are processed and stored, allowing a user’s computer to verify the transaction.
From a user’s perspective, Bitcoin is just a software that allows users to send and receive funds and to purchase any goods or services online.
Every transaction is protected by a “digital signature” that’s linked to the sending address, allowing users to have access and control when sending bitcoin.
In addition, users can process other Bitcoin transactions using their computing power and specialized hardware and earn Bitcoins for this service. This is called “Bitcoin Mining’. To learn more about Bitcoin or mining, please visit our Bitcoin section.
How Does One Acquire Bitcoin?
- As payment for goods or services.
- Purchase Bitcoin at any exchange
- Exchange bitcoins with someone
- Earn bitcoins through mining
Bitcoin Sports and Casino Betting
Whether you’re using the $10 check your mom gifted you for your birthday or straight from your Bitcoin wallet, the sports you can bet online with BTC stay the same.
Also, all the types of betting you are used to, also remain completely for your use. Betting online with BTC on the point spread, moneyline, totals, teasers, parlays, props and casino has never been easier.
Let’s say there’s a huge tournament coming up and you’re thinking about joining. Bitcoin casino betting would work identically the same way as using another currency.
No matter what you’re betting online on NFL, MLB, NCAA, Tennis, NHL, Golf, Roulette, Craps and more, you can always do so at the best online BTC sports betting site, Nitrobetting.eu.
How Do You Gamble with Bitcoins on Nitrobetting.eu?
After you join Nitrobetting.eu that works only with Bitcoin, it’s time to make your first deposit. The process is very simple. Nitrobetting.eu will give offer you a BTC wallet.
Once you spot it, go back to your Bitcoin wallet and send the preferred amount and start betting.
How Do I Withdraw Money from Nitrobetting.eu?
- Open your Bitcoin Wallet and copy your Bitcoin Address.
- Login to your Nitrobetting.eu account.
- Click the ‘Payout’ link to access the Cashier.
- Enter your Withdrawal amount.
- Paste your Bitcoin address.
- Click ‘Request Code’ to get your Verification Code.
- Enter the code and press “Withdrawal”.
Benefits of Bitcoin
Now that we know a little bit more about Bitcoin, we can understand better how this number one cryptocurrency is so popular and all its benefits.
- Privacy: One of the primary draw for users in general is privacy and autonomy. Bitcoin allow people to control how they use their money without having to middle man the bank or government.
- Peer-to-Peer: Since its inception, Bitcoin was meant for a peer to peer usage. Meaning that you can send and receive payments from anyone around the world without needing an approval from any external source, government or bank institution.
- No Bank Fees: Even though it’s standard to charge a “maker” and “taker” fees, as well as a deposit and withdrawal fee, bitcoin users are not confined to a “minimum balance”, “maintenance”, or “overdraft” fees, among many others.
- Discretion: All Bitcoin purchases are discrete. You can decide to publish your purchase if you want, but anything you buy is never associated with your personal identity just like cash purchases, they can never be tracked back to you. This doesn’t mean it’s fully untraceable, but it is a lot less likely to be linked to every transaction publicly as it is while using a credit card.
- Accessibility: As users are able to receive and send Bitcoin from anywhere in the world (with internet access), theoretically any person can have access to funds without having to go to a traditional bank or use other methods of payment where they physically have to attend.
Advantages of Using Bitcoin While Betting
Using Bitcoins for the purpose of online sports betting is that transactions are extremely cheap or in some cases, free. The safety aspect of the transaction is attractive as well.
A Bitcoin casino or sportsbook online generally have a player’s transaction code, which is fantastic in a day when the threat of identity theft is very real and difficult to overcome if your identity is stolen.
The speed of transaction is also a plus over other such methods like paying with a check of credit card. If you are fortunate enough to be a winner, you can reap your rewards more quickly with its rapid conversion into traditional money.
Some markets lack regulation and in those areas the anonymity of Bitcoins is a significant positive, possibly outweighing the others.
Disadvantages of Using Bitcoin
The great thing about Bitcoin is that there are very few cons to using. Perhaps one negative is the fact that it’s still in its infancy stages. Because of this, the value varies significantly. Case in point the currency went from almost $1,000 a little over three years to down to about $250 less than a week later.
Another negative for the more traditional bettor is that they like to know precisely what they are betting, winning and losing. For a person that has been betting for an extended period of time, getting used to a Bitcoin’s value can be overwhelming.
Before jumping into the fire with the use of Bitcoins, it’s wise to dig in deep and read everything about Bitcoins. The more accurate information about this currency, the more comfortable you will become making it your number one currency for casino and online sports betting. Once you are ready, be sure to sign up now and get the latest promotions, exclusively at Nitrobetting!