Home I Latest News I Bitcoin in the eSports Industry
All the money you spend in your lifetime exists in a tangible way and is influenced by the government one way or the other. In the case of Bitcoin, the currency is neither influenced by anyone nor it is tangible. But still to some people it is a treasure.
It was in 2009 when this digital currency began to take over the internet, just a tiny bit of “real” money. But at the time of writing, a single Bitcoin is worth more than $2,500. The technological standpoint of Bitcoin is quite fascinating but has fueled online violence and cybercrimes because of the anonymity it offers.
Bitcoin is defined as a cryptocurrency, which only exists in data form as a digital asset. You might be aware that the money in your bank account is digital but these digital digits are equal to physical currency. That is not the case with Bitcoin. Bitcoins have no innate legal framework nor centralized regulation. To generalize it, the worth of Bitcoin is entirely dictated by the market, and the market is on fire at the moment.
One requires a digital wallet to store Bitcoin that can be saved to a local phone or a hard drive, or the Bitcoin exchanges. You are basically keeping all your money under the mattress if you are saving them on your hard drive.
All your digital currency is toast if something goes wrong in your digital wallet. Your wallet allows you to send and receive money by either using a web exchange towards a Bitcoin address or your Bitcoin client.
A few minutes later, the Bitcoin will leave your wallet and show up in another. The websites that accept Bitcoin are rare, but they are out there. Spending it in real life is considerably trickier, but then again, there are few systems in place to manage it.
What makes Bitcoins so powerful are the transactions, which are powered by an online wallet like Blockchain. You can use any wallet address to view the block chain information. However, there is no way to check the ID of any person, the public ledger only allows you to know what’s in them.
You might be familiar with “mining” Bitcoin. That’s when crunch numbers are generated with the help of a computer for the block chain. This allows the dealer to verify the transactions and also get additional Bitcoins in the process. This method enables easy mining of Bitcoins, but over time, the difficulty increases substantially. In order to get a significant boost in your earning, you will require a server farm.
Some organizations which have no interest in Bitcoin, have shown great interest in the “proof of work” model for the block chain. The block chain database is managed in a distributed manner and is resistant to tampering because of its incredible design. Both Senegal and Tunisia use block chain-based national currencies. The Bill and Melinda Gates Foundation also hopes to use block chain technology to help poor people without access to banking save and spend money.
One of the emerging industries that have welcomed the cryptocurrency with open arms is none other than eSports industry. The number of sites that accept Bitcoins is increasing as these bookmakers accept both deposit and withdrawal options for Bitcoin.
There numerous benefits of using Bitcoins, but since there is no such thing as a perfect world, they have their flaws as well. We will shed some light on both the positives and negatives of this surging cryptocurrency.
The most popular bookmaker that is currently offering Bitcoin for deposits and withdrawals is BetOnline. They also provide new customers with a huge 100% bonus worth up to $1,000.
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The deposit and withdrawal of Bitcoins is quite simple and these processes don’t take a lot of time. Still, the eSports betting sites have further simplified the process, making it even quicker and more efficient.
The bookmakers follow this simple procedure, where their members simply put the details of their Bitcoin Wallet, instruct the site that how many credits they want to convert to real money, and then just start to wager. When the members are ready to withdraw, they can simply retrieve the amount with a couple of clicks.
The anonymity of Bitcoins makes them so safe and secure, there is no need to give any personal or financial details to avail them. All one requires to use Bitcoins is a digital wallet. Of course, few of us have anything to hide, but if you’re worried about putting sensitive information on the web, then this could be the alternative you need.
The main drawback to Bitcoin gambling sites is that Bitcoin is typically the sole currency they settle for. Of course, those who prioritize to use Bitcoins can most likely not have any interest in different strategies. Other than that, those who are more than happy to use those different strategies may appreciate the idea to use Bitcoins. Another drawback is that none of the big names and also the most revered names have opened themselves up to accommodate this currency.
However, while that is unsatisfactory, there are several nice new bookmakers that are backing this currency and they work on par with the others and get great applause from the site members.
The other negative prospect of Bitcoin usage has nothing to do with the bookmakers of eSports.
Before using this cryptocurrency for the wager, you have to purchase it from an exchange. This process is honestly confusing for some newbies of the community. Quite recently stories of black market and corruption have surfaced and to those who are not familiar with the use of Bitcoins, it can feel like a scary world you’re dipping your toes into.
This might cause you to hesitate but to be honest, for simple wagering the Bitcoin Exchanges are squeaky clean.
Overall, switching to Bitcoins is quite possibly a giant leap for the eSports betting market. This change is beneficial for the change of scenery of the industry, as it has remained stagnant for many years.
If you already have a stash of Bitcoins and you like to gamble, you have no excuse not to try Bitcoin gambling. If not, then pick up some Bitcoins and get involved.
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