Where can I Bet on Esports using Bitcoin?
Betting on Esports with bitcoin has recently become a common trend among interested esports bettors. Esports gaming events and tournaments are rapidly becoming accessible to players across the world. In terms of payment process and depositing funds into your account esports betting website functions jsut like standard online betting sites that accept bitcoin. Bitcoins globally used network is being used by both small vendors and plenty of the largest bookmakers involved in the industry. While there still may be some skepticism around bitcoin and it uses it has been proven as a great payment method in the online betting industry, especially amongst techies wanting to bet on esports. When it comes to online betting bonuses on bitcoin accepting websites the conditions are standard including welcome bonuses etc. Some operators enhance this feature by offering special bonuses for bettors looking to wager on esports events.
Bitcoin Esports Betting Tutorial
If you are interested in learning more about betting on esports using your Bitcoin, you have come to the right place. Gamopo is here to help you with the entire process; from buying and storing your Bitcoin to how to deposit funds in an esports betting website accepting Bitcoin. Our comprehensive guide will answer all your questions regarding cryptocurrencies related to the esports betting industry.
Betting on Esports with Bitcoin
Step 1: Setting up a Bitcoin Wallet
There are a number of different Bitcoin wallets available today. Most of them require the user to download an app into their computer app directory, while others are available directly through your browser. The most trusted wallets are those that provide the highest security and the lowest transaction fees, with the easiest user interface. For our guide we will use Coinbase as an example as it is one of the more popular wallets in 2018 and was awarded the Best Bitcoin Wallet in 2018. Coinbase is a browser based Bitcoin Wallet and doesn’t require any extra software instalments.
Step 2: Open an Account
First you will need to sign up with Coinbase or the wallet of your choice by clicking the “Sign Up” button and filling out the required fields and following directions.
Step 3: Verify your Account
In order to begin using you Bitcoin wallet you will need to verify your email address by opening up your email account linked to your new Coinbase account. After completing your registration successfully you will have received an activation email which will hold a link that completes the verification process.
Step 4: Completing Profile
Once you have your phone successfully connected to your Coinbase account you will need to fill out the rest of your personal information. This will include subjects likes your address, name, city, and postal code.
Step 5: Verify Identity
After you have completed filling out all your personal information and go over it to make sure it is all correct you will need to send a picture of a valid ID for Coinbase to process and verify your identity.
Step 6: Funding Bitcoin Wallet
After you have been verified by the Coinbase team will be given access to purchase Bitcoin using your Debit or Credit Card. This part of the process is similar to any other digital payment.
Congrats you have just purchased your first Bitcoins and can use them to fund any of Gamopos recommended Bitcoin esports betting website.
Benefits of Betting on Esports with Cryptocurrencies
A sophisticated and unknown software developer named Satoshi Nakamoto was the creator of Bitcoin which was first introduced in 2008 as an electronic payment method based around mathematical proof of work. Establishing the first blockchain database with intentions of being a digital payment method as a means of exchange it is more commonly known for its independence of central authority. This unknown person(s) is the first to solve digital currencies double spending problems.
1.) Decentralized
One of the highlights to Bitcoin is its lack of central authority in a single institution. Being based on the blockchain technology it runs itself on the Bitcoin network, and is maintained by an open network of computers which can be found all over the globe. Governments and banks have for as long as we can remember been the regulators around our national currencies; where as Bitcoin merely mathematical algorithms being solved by specific mining computers / hardware whom can be owned by anyone. The aspect of decentralization has attracted many users who feel that banks combined with government regulations have failed over financial systems. Through cryptography Bitcoin allows a safe and secure alternative for a means to transfer money throughout the world.
2.) Limited Supply
Unlike fiat currencies which have endless printing capacity; the supply of Bitcoin is limited to 21,000,000. The ability modern banking systems have in producing fiat currency has given them manipulative power relative to other currencies; and cost users by inflicting harsh scenarios of inflation.
3.) Anonymity
With blockchain technology being a distributed ledger; the Bitcoin network is able to verify a transaction based off protocols which check the senders previous transactions (account balance) which ensures the sender has the necessary Bitcoin in their account and the authority to make the transaction from such account (wallet address).
In the past banking systems (MasterCard, Visa, JP Morgan, American Express etc.) have used a combination of identity verification (Name, age, nationality etc.) and funds verification (account balance) to execute these same types of electronic transactions.
4.) Immutable
Due to sophisticated technology maintained by a distributed ledger system on the blockchain; Bitcoin transactions cannot be reversed. While this may not seem beneficial it does disable transactions from being hacked or tampered with; maintaining a safe environment for electronic payment.
5.) Divisible
The smallest unit of a Bitcoin is called a “satoshi” and is one hundred millionth of a bitcoin (0.00000001) which enables microtransactions unlike todays most common methods of electronic payments.
Bitcoin Going Mainstream
Over the last decade the Bitcoin community has seen a rapid increase in members. The technology behind Bitcoin - Blockchain, has caused significant changes to many online services including the online betting sector. Providing low and quick transaction fees; Bitcoin is the perfect means payment for bettors looking to wager online.
Conclusion
If you enjoy betting or are just gaining interest on esports we at Gamopo have created a comprehensive guide to increase your chances of becoming a successful esports bettor. If you are looking for great outcomes there are a few things you should consider when starting your esports betting journey. The following is a short guide of things to focus on when trying to profit of your wagering on esports events.
Wagering on esports is very popular at the moment. This (moderately) new kind of wagering got off to a moderate begin, however it has picked up a great deal of footing throughout the most recent few years. The development has been explosive to the point that it’s been evaluated that the worldwide esports betting market will be worth about $30 billion by the year 2020. That is a gigantic figure, particularly when you consider that esports betting is still considered “under the radar” to some degree. The esports fanbase is in its early stages of growth and nowhere near as large as popular as conventional sports betting such as football, american football, tennis, or fantasy sports. A large amount of people outside of traditional sports markets don’t have any idea what esports betting is about. They unquestionably don’t know anything about Bitcoin esports betting
For More Information on Bitcoin Esports Betting Check out Our Bitcoin User Guide
