Bitcoin is an open-source payment system of digital currency that was formed in 2009. The currency is held electronically and is user-powered. It was created by an unknown person going under the alias Satoshi Nakamoto. The operation of Bitcoin is based on mathematics and relies on complete consensus among users. Transactions over Bitcoin are verified by Bitcoin Miners via the Bitcoin Mining Option. The user interface is in form of a computer or mobile application.
The application creates a Bitcoin wallet that enables one to receive or send bitcoins. The Bitcoin network retains a large public ledger (blockchain) that displays all transactions, allowing the users to verify transactions as per their digital signatures. However the identities and chronological order of transactions are encrypted because they are not meant for public viewing.
Betting on e-Sports
The decentralized nature of Bitcoin has seen the development and application of this free market concept in many industries. It is seen as a safer and fair means of trade. The block chain system can be safely distributed across various geographical boundaries. Sports betting has become one of the greatest beneficiaries of this global access system.
Betting has transformed rapidly from an informal trade between a few parties to a high stakes worldwide industry. E-Sports (professional video gaming) are principally supported by the electronic system. Players’ inputs and the system outputs are arbitrated by human-interface computers.
Like any other sports, they can be played in teams or individually depending on the nature of the game. They have rules of ethical conduct that guide good sportsmanship. E-sports are now a multi-billion industry that are continually growing over the international scene. Events are organized in live tournaments attended by fans.
Despite earlier criticisms of video games, they are now recognized as sports (mind sports) and have attracted a lot investment. Today, most of these events are televised and for those who cannot attend, they participate by just watching or betting. Among the most popular and rewarding E-sports today are; CS: GO (Counter-Strike: Global Offensive), League of Legends (LOL), Dota 2, Street Fighter etc. These games are played in various categories as Fighter games, 1st Person Shooters, Real time strategy, Sports (FIFA) or online multiplayer scenes.
Betting can be done by wagering real money or using Bitcoins. There are number of Bitcoin-integrated sportsbooks that offer a number of events and gambling lines. E-sports betting make use of online gambling platforms through various websites.
Some websites also go further to provide fantasy e-sports betting where players can bet against other players and accumulate points after a tournament. Bitcoin is increasingly becoming a trusted form of currency for most users because its security guarantee. Other people say it is less painful to lose with electronic cash than with the real paper currency.
How to choose a good e-sports betting site
First, find out about the licensing and jurisdiction of the site. This is usually visible at the end of a webpage. Research on past issues associated with the site and come up with a list of trusted sites. Second, find out from social media platforms what other users think of the experience with the platform. Third, place the minimum bet and assess how customer support is conducted then decide for yourself. By this time you should be able to tell if the business is genuine.
Advantages of betting with bitcoin
The cost of Bitcoin transactions is considerably low compared to conventional betting platforms. Also, the cash payouts are down instantly and transactions are to a large extent anonymous. The transactions can involve very small amounts that are not acceptable in most gambling sites. It offers a convenient cashback system which makes it readily acceptable even for new users.
Transactions with Bitcoin are legal and unrestricted by laws and therefore are not subject to local taxation. It can be used by anyone from anywhere in the world. Bitcoin offers the user complete control over their cash. Winnings are also unlimited. Bitcoin makes it impossible to manoeuvre the sportsbook in ways to favour certain parties, this is also true in the case of Bitcoin casinos.
The major challenge of using Bitcoins is cashbacks are subject to price instabilities in the dollar market. Bitcoin, like any currency system, is not a stable store of value for cash. A bitcoin user can incur losses if the market falls before cashing back since the value of the money depreciates with the market.
Bitcoin stands out as a more reliable and secure payment system. More importantly, a sports gambler will find it more settling to use Bitcoin as it affords greater control over their cash.