author: betcreative   11 July 2016Print page

Will Bitcoin revolutionize the bookmaker bets market?

In the same way as your ancestors could not have imagined themselves change of classical letters or telegrams for electronic mail, and how contact with a hundred of virtual friends with just one click of a mouse is unthinkable for our grandfathers, for us existence of virtual currencies sounded as something absurd. None the less, the number of people who have heard or even used Bitcoin is increasing every day. It was a question of time when this currency would also appear in the world of bookmaker bets.

What is Bitcoin?How to purchase a Bitcoin?Where to store Bitcoins?Bitcoins in bookmaker betsPurchase of Bitcoin with the help of Neteller and Skrill
What is Bitcoin?
Put simply, it is a virtual currency, a payment system, with the help of which you can pay for goods and services. Bitcoin protocol was devised in 2009 by one or a group of people, hiding under a nickname Satoshi Nakamoto, it helps transferring monetary funds to any address in the world with minimal or zero cost and without any intermediaries, while preserving full anonymity. An impulse for creation of this cryptocurrency was the 2008 financial crisis, during which many currencies lost their value. The beginning was not easy, it seemed that it would be the following creation of Internet, disappearing as quickly as it appeared. It was affirmed by a very weak quotation during the debut on the stock exchange, when the price was 0,063 dollars for one. A weak start implemented, however, a systematical march to the most recognizable virtual currency of the world, of course, there were periods when Bitcoin’s value increased by 1400% within one year. The current value of 1 Bitcoin is $636,10 (as of 27.06.2016).

An interesting fact is that the first exchange of Bitcoins for real goods was in 2010. An American purchased 2 pizzas, for which he paid 10 000 bitcoins, then he was probably sure that it was an ideal bargain. Today the value of such amount of bitcoins makes… more than 6 million dollars, and that poor buyer definitely regrets of his action.

It is important to understand that Bitcoin exists just in the virtual world, it has no physical, material form, is just a digital entry, a line of characters having a particular value. If to think about it, the traditional currency was in similar conditions. For instance, what value does 1 dollar have? For some it is just a shred of paper with an image of a guy, that does not have any value. But when it comes to a purchase between sellers and buyers, then you can buy a lemonade or a sweet bar for it, due to what it acquires value what helps us buy goods and services. The Bitcoin situation looks the same. People have agreed that for a particular amount of Bitcoins you can buy some amount of jeans, plane or concert tickets. The main difference is in the lack of a material form of this currency.
How to purchase a Bitcoin?
You can do it in two ways. The longer and more popular is specially devised exchange points and stock exchange, where, having a definite sum of money, you can buy and later resell Bitcoins. You can also buy it from other internet users, who announced about selling on different thematic forums, and probably strive to resell the currency with significant benefit for themselves.
The second way, which is more difficult and lasting, is to use the so called Bitcoin diggers, devices, performing difficult operations in the net on your behalf. Due to huge expenses, needed to invest into the devices, this method is less beneficial.
Where to store Bitcoins?
Since, as it has already been asserted, we consider Bitcoin as a currency, you will need to store it somewhere in case of a purchase. A Bitcoin wallet has been created for this, an application in the form of a banking account. We can say that programs allow to control your money, programs that have, of course, a number of individual keys, passwords and security measures, which provide safety for our money. You can choose among several types of wallets. In order to choose the most suitable, you need to answer two questions: What level of security you want/How many Bitcoins will you store? And Will you be using a brief case just on your computer/tablet/smartphone, or will you be doing it on any device that has Internet access?

Depending on this, wallets are divided into several groups:
  • Application wallets, installed on your computer – this type limits the wallet’s mobility, although you can also install it on a flash drive and use on any other computer.
  • Offline wallets – without Internet contact, serving as a safe for Bitcoin storage.
  • Browser wallets – we recommend these wallets only for short time usage of a small sum of Bitcoins due to a decreased level of safety. You just need to use a browser, installed on any computer/tablet/smartphone.
  • Mobile wallets – an application installed on your smartphone/tablet. Thanks to huge mobility we recommend them if you want to pay in a restaurant or airport.
  • Instrument wallets – of a USB key type, which you can use on any computer.
If you are just beginning your adventure with Bitcoin and do not plan to store large sums for a long time, then we recommend mobile wallets and applications for a computer.
Bitcoins in bookmaker bets
More and more bookmakers offer their clients possibility of quick withdrawals and deposits of funds with the help of Bitcoin. When you deposit Bitcoins they are automatically converted into the currency, which you used before. The withdrawal situation is the same. It is important to mention that there is no commission fee while depositing or withdrawing. There are also new bookmaker offices that offer players possibility of betting using quickly developing virtual currency without the need of its conversion. Bookmakers that offer betting without the need to register are also appearing.

The transaction realization time is from 30 seconds to several hours, what is a satisfactory result. It does not vary in any kind from that offered by Skrill or Neteller, but, in its turn, much exceeding the rest of the payment system such as traditional bank transfers. This is especially important for players, having gaming accounts at several bookmakers, and their low bankroll urges them to constant transfer of monetary funds between accounts. A short realization time plays key importance.

In general, Bitcoins are offered by bookmakers concentrated on typically American kinds of sports (NBA, NHL, MLB, NFL). Many players from USA choose Bitcoins in the search of anonymity, as a deposit due to strict laws concerning gambling games. The largest bookmakers which can be recalled here are – BetOnline, Bovada, Intertops, Bodog.

The thing due to which Bitcoin attracts gamblers is its full anonymity, there is no need to present any personal information. Bitcoin’s unstable position and constant change of currency conversion rate can be a bit worrying. It can work in both ways, in our favor and to the damage.

Purchase of Bitcoin with the help of Neteller and Skrill
Despite official representatives of Neteller have just recently claimed about forbiddance of “Neteller’s use with the aim of trading, exchange, purchase or selling of Bitcoins or similar kinds of cryptocurrency”, at the moment the firm’s decision changed and it offers its clients possibility to conclude transactions in Bitcoins, however it takes 5% commission fee from deposit.

Every person owning a Skrill account can purchase Bitcoins. Transactions go very smoothly and absolutely safe.
1. Enter your account on the Cubits exchange, go to Purchase Bitcoins and choose Direct purchase.
2. Pick a sum, you want to buy Bitcoins for and choose Skrill from the available payment methods.
3. Before transaction confirmation check whether the sum and Bitcoin amount correspond to your order.
4. Press confirm and you go to Skrill site in order to confirm the purchase.
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