Bitcoin is a virtual currency that uses peer to peer technology to enhance immediate payments. It was invented in 2009 following the housing market crash. Bitcoin goes after the ideas outlined in a whitepaper by mystical Satoshi Nakamoto. The identity of those who brought this technology to life is still unknown. Bitcoin provides lower payment fees and is used by some gambling platforms like Platincasino UK.
Gambling is betting of cash or something of great value on an event with an unsure outcome, with the primary goal of winning cash prizes or material goods. In order to gamble, one requires three major key ingredients, which are thought, risk, and prize. Gambling is a global commercial activity, with the gambling market recording about 335 billion dollars in 2009 alone, and that is huge.
Steps on how to use bitcoin when gambling
Create a Bitcoin Wallet
Bitcoin wallet is a digital base for bitcoin transactions. There are different types of bitcoin wallets referred to as software wallets, whereas a hosted wallet is a way for people to store their bitcoin with a third party. A bitcoin wallet is like using a payment service like PayPal. Creating a bitcoin wallet is similar to opening PayPal account, finding a provider and following the registration instructions.
Deposit Cash Into Bitcoin Wallet
Once the bitcoin wallet is created, the next step is to deposit cash into the wallet. It’s important to always keep in mind that the bitcoin rate is not stable; it fluctuates just like every other currency does. It’s essential to check the current rate before funding your wallet. You can fund bitcoin wallets using credit cards, debit cards, or by linking bank accounts to bitcoin wallets.
Fund Sportsbook or Casino Account Through Bitcoin Wallet
Once the bitcoin wallet has been funded, the next step is to deposit to the sportsbook or casino account through the bitcoin wallet. All that’s required is to navigate to the deposit page of the sportsbook or casino and select bitcoin as the deposit option, then follow the rest of the deposit instructions. It will take just a few minutes to have the money in your account.
After players have won a bet, the next thing is to withdraw their winnings into their wallet. The process is pretty simple; the players just need to choose bitcoin as a withdrawal option while filling out the withdrawal form in the online sportsbook or casino. They will have their winnings deposited into their bitcoin wallet immediately after their withdrawal application is processed and approved. It’s that easy!
Why is bitcoin valued?
The value of any currency is determined by two factors. One, its ability to be a limited provider of the currency. Two, people need to accept that the currency will be used for transactions. For example, because people accepted to transact with paper money and because it has a finite supply paper money is valued. Bitcoin is valued because people have agreed to transact with it.
Bitcoin is gradually becoming a popular way people use to send and receive money without having to deal with third-party sources or credit cards. With bitcoin, one can save a decent amount of money because it doesn’t require huge foreign transaction fees on credit cards, deposit or withdrawal fees. This payment option is therefore great for online gamblers as it will help them save more money.
We hope that this article was a good start for you in the landscape of bitcoin online casino and sportsbook betting. The bitcoin market has been around for more than a decade and it continues to grow rapidly. No matter which bitcoin wallet a player decides to use, they all work the same way. The information shared in this article is therefore applicable to all wallets.