Bitcoin is a digital currency or cryptocurrency and at the same time a payment network that has managed to achieve great popularity and gain the trust of a large number of users. Unlike traditional currencies, Bitcoin does not exist in paper form and is not controlled by anyone.
Bitcoin uses P2P technology which means that no institution controls it or can influence the transaction in any way. Today, with Bitcoin it is possible to buy anything on the Internet, much faster and cheaper than through a bank or credit card. The advantages of such a currency are enormous. Bitcoin cannot be frozen like PayPal or Skrill accounts, Bitcoin cannot be tracked, Bitcoin cannot be taxed, transaction costs are extremely low. Bitcoin is a fast convenient, anonymous and completely secure way to send funds in real time anywhere in the world via the Internet.
The player can quickly and safely make payments with Bitcoin directly to an online casino or an online sportsbook. The smallest unit of Bitcoin is 1 Satoshi or 0.00000001 Bitcoin. Many predict that in the future 1 satoshi could be worth 1 cent of the US dollar, which would mean that 100 million satoshis, or 1 entire Bitcoin, would be worth 1 million dollars, therefore, many investors, in addition to online transactions and payments, see an opportunity for investing in the Bitcoin for the long run. Many consider Bitcoin as digital gold and a store of value against inflation (store of veil). Cryptocurrency trading exchanges are also very popular, which have attracted a huge number of stock speculators who trade Bitcoin, which results in large changes in the price of Bitcoin against fiat currencies like USD, EUR. Online bookmakers that use Bitcoin as a means of payment and keeping a betting account use the label for millibit mbt or mb or mbtc which means 1 millibit or 0.00100000 Bitcoin or 100,000 staoshie.
mBTC (Milibit) BTC (Bitcoin)
1 mBTC 0.00100000 BTC
10 mBTC 0.01000000 BTC
100 mBTC 0.10000000 BTC
1000 mBTC 1.00000000 BTC
How to bet with Bitcoin?
All of you more experienced people who have already used online betting sites should not have any problems using bitcoin betting sites because you are somehow already familiar with transferring money, using e-wallets and the process of making payments and withdrawals. Betting with Bitcoin is very similar. The first thing you need is a Bitcoin wallet, a place where you will keep, send and receive Bitcoins. There are several types of Bitcoin wallets and they are divided into cold and hot or custodians and private wallets.
Hot wallets are those who are constantly available online and thus are more susceptible to hacker attacks and theft of funds from the wallet (your phone or computer can be infected with malicious code if you are not careful) and Cold hardware wallets are those that are stored offline and it is impossible to steal funds from them as they are specially designed and have maximum protection. Private wallets are those in which you keep your funds protected with your private keys while Custodian wallets are usually Exchange offices or web online wallets in with which you entrust your funds to others for safekeeping.
Software wallets are ones that you install on your computer. The most famous is Exodus. To install this type of the wallet – you go to the Exodus page and click download and install the wallet on your computer. It is recommended that you do not keep large funds on such wallets and be very careful because computers can be infected with malicious code and your funds can easily be stolen.
Mobile wallets allow you to carry Bitcoins in your pocket with you. You can easily exchange bitcoins and pay in physical stores by scanning a QR code or using NFC “tap to pay”. The applications needed for the use of mobile wallets can be downloaded from the Google Play store or from the App Store – depending on the phone you use. If you decide on this type of Bitcoin wallet, we recommend Muun. With this wallet, you are responsible for protecting your money and making backup copies as you are the only one having access to the private keys.
Hardware wallets are special hardware devices that store, send and receive Bitcoins. The most famous are Trezor and Ledger. These Bitcoin wallets are the right choice if you are lookng to store a large number of Bitcoins because they offer maximum protection and your digital assets cannot be stolen from them. Hardware Bitcoin wallets are not free and cost from 30 to 200 EUR. It is recommended that you get one of these wallets if you are serious about investing and trading or have large amounts of money in form of Bitcoin. Ledger nano x is currently the best hardware wallet and costs around 140 euros.
Web/online wallets. If you have used payment processors such as Paypal, Skrill, Neteller, Ecopayz, you are already familiar with how Bitcoin works. There are many services, one of the most famous is Binance, where you can buy bitcoin with a credit card, trade bitcoin and other cryptocurrencies, as well as store, receive and send your bitcoin, turn it into cash through the online payment processor Advcash (with whom Binance directly cooperates). Players from EU countries can directly deposit and withdraw to Binance by SEPA transfer or credit cards.
For those who encounter Bitcoin for the first time, the simplest thing is to open an account on Binance and there they can buy Bitcoin, store it, receive, send, trade Bitcoin and other cryptocurrencies, but also quickly convert Bitcoin and other cryptocurrencies into cash.
How to buy Bitcoin?
You have chosen one of the Bitcoin wallets listed above and now you are wondering how to fill your wallet with Bitcoins. There are numerous ways and online services where you can get Bitcoin.
The simplest and cheapest way to buy Bitcoin and other cryptocurrencies is through the well-known e-wallet advcash and the world’s most famous bitcoin exchange and trading platform Binance. You must first register and verify your accounts on both Binance and AdvCash. After logging in to Binance in your account, click on “Wallet”, then on “Fiat and Spot”, then on “Deposit” and then “Fiat”. Choose Advcash Account Balance as the method of depositing funds but before you do that, make sure to top up your AdvCash with a credit card. If you are from one ofthe EU countries then you can buy Bitcoins directly on Binance with your credit card or SEPA bank transfer with 0% commission.
Bitcoin purchases can be made for cash at bitcoin ATMs. You can find the locations of all bitcoin ATMs installed around the world as well as the commissions they take when buying or selling transactions by clicking here. There are currently over 14,000 bitcoin ATMs installed around the world and their number is constantly increasing.
How to send or receive Bitcoin?
Bitcoin wallets are quite easy to use. Within each bitcoin wallet there are two options Recive (Receive Bitcoins) or Send (Send Bitcoins). If you choose Recive(Receive Bitcoins) you will get the address of your Bitcoin wallet to which other people or an online bookmaker can send Bitcoins to your wallet.
Each bitcoin wallet can create one or more bitcoin addresses. The addresses are public and represent the account number.
If you want to send Bitcoins, select the Send option and enter the address of the person to whom you want to send Bitcoins and the amount of Bitcoins you are sending. For example, you want to deposit Bitcoins at a bookmaker that supports Bitcoin as a payment and withdrawal method. Inside the betting account in the deposit section, you click on Bitcoin and there you will get the Bitcoin address of the betting shop to which you need to send Bitcoins. You copy the address and then in your wallet you go to Send and there you insert the address and the amount of bitcoins you are sending. If you use mobile Bitcoin wallets you just scan the QR code of the bitcoin address and put the amount you are sending.
How to convert Bitcoins to Cash?
You have made big winnings playing your favorite slots at online casino and you want to convert them into cash and you wonder how?
VISA or MASTERCARD cards
The best choice to convert Bitcoin to cash are online wallets that provide Mastercard or Visa cards together with Bitcoin wallet.
These type of wallets offer standard Visa and Mastercard debit cards that you can link to Skrill, PayPal or pay with them directly to online bookmakers. One of the best is the Binance VISA card, which offers 8% return and other various benefits. The Binance Debit Visa Card works just like a normal debit card issued by your bank, only in this case the card is issued by Binance. Top up the card with funds in the form of Bitcoin and you can spend or withdraw funds from your Binance account at an ATM with an 8% return.
How to transfer Bitcoin to Skrill and Netteller?
Skrill and Neteller support depositing to a Skrill or Neteller account with the popular digital currency Bitcoin. It is enough to click on the Deposit menu, select Bitcoin as the deposit method of the Skrill or Neteller account, and you will receive a Bitcoin address to which you should pay. Few minutes after sending your Bitcoin, you Skrill or Neteller account will be topped up with a commission of 1%. You can then transfer your funds via Skrill or Neteller to any online betting, casino, poker, etc. Or withdraw your money to your local bank that you have registered on your Skrill or Neteller account. Players from the EU have the option of getting skrill and neteller mastercard cards with which they can withdraw funds from skrill and neteller at ATMs.