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Bitcoin Guide

What is Bitcoin?

For those encountering Bitcoin for the first time, a good understanding of the cryptocurrency’s framework, benefits, and different uses is of paramount importance. This guide walks you through all the essential Bitcoin knowledge you need to equip yourself with.

Created in 2009 by an individual under the pseudonymous name Satoshi Nakamoto. Bitcoin resembles traditional currencies, but in digital form. However, as much as it is similar to the purchasing power of fiat currencies, it also exhibits unique characteristics of its own.

The entire concept of Bitcoin revolves around decentralization, which gives it certain advantages over conventional currencies. No one can control Bitcoin. All bitcoins are produced by people and the network is operated by the community. Bitcoin is the first of its kind and continues to attract more users thanks to its one-of-a-kind qualities that makes sending and receiving payments more efficient.

What makes Bitcoin different?

What sets Bitcoin apart from fiat money is the fact that it can act like conventional currencies, but still have the ability to bypass the common hurdles of payments. Due to the decentralization of Bitcoin, no one can control it, not even governments or central banks. This gives all Bitcoin users full control of their funds.

What are the benefits of Bitcoin?

Bitcoin holds important features that make it perfect for CS:GO betting, payment for products and services, investments, and more.

  • Decentralized – The Bitcoin network is not controlled by anyone, nor is it under any central authority. It provides users comprehensive control of their Bitcoin wallets and its contents. This also means that there are no regulations or any laws that prohibit users from sending and receiving–regardless of a user’s location.
  • Anonymous – One aspect of fiat payments that take up time and sometimes comes as an inconvenience are the requirements before a transaction can be processed. In addition, this can also put personal information at the risk of fraud and hackers. With Bitcoin, there’s no need to provide personal details before a transaction can occur. Again, all you need is the wallet address where you wish to send your funds, or a wallet address if you’re on the receiving end, enter the amount, and wait a few seconds.
  • Transparent- Bitcoin offers complete transparency. Anyone can simply access the system and view records of every transaction that happened in the network. You can view the details of all public Bitcoin addresses and view how many bitcoins are stored in that wallet and previous transactions.
  • Quick – Whenever and wherever you are, Bitcoin transactions takes no time at all. Processing of payments ranges from a few seconds to a few minutes only.
  • Low transaction fees – International transactions can easily put a dent on your bank accounts. Nonetheless, Bitcoin charges minimal to no fees at all.
  • Simple- Some may find Bitcoin intimidating at first; in fact, setting up your own account and getting your own bitcoins couldn’t be simpler. Even users new to online payments will find sending and receiving bitcoins a walk in the park.

How to use Bitcoin

To get started, you first have to secure a Bitcoin wallet. Just like a physical wallet, Bitcoin wallets help you store your precious bitcoins safely. There are different kinds of Bitcoin wallets to choose from. Depending on your preference, each one serves its own purpose. You can choose from the following Bitcoin storage units: Desktop wallet, Online wallet, Mobile wallet, and Hardware wallet.

Now that you have a Bitcoin wallet, you can start getting your own bitcoins. There are a few ways around this. You can either get Bitcoin by accepting it as a payment for products or services you may offer, or purchase bitcoins from exchange platforms. Furthermore, you can also get your own bitcoins through mining, but that’s another way that requires its own page.

To send bitcoins, just enter the wallet address you wish to send your bitcoins to. Should you wish to accept Bitcoin payments, you have to provide your wallet address. It’s simple, easy, quick, and convenient.

Where to bet

Once you’ve gotten hold of a Bitcoin wallet and some bitcoins, you can start spending it. If you’re wondering, there are plenty of esports betting sites that cater to Bitcoin payments. Since Bitcoin is decentralized, you do not have to worry about any betting restrictions. This means complete freedom for anyone who wants to bet on CS:GO. LoL, DotA 2, and Overwatch matches.

Just check out any of the site reviews when you click on “Where To Bet”. There, we have top-rank brands that are ready to accept Bitcoin deposits for betting. If you’re looking for a fast, cheap, and fitting medium to enjoy esports betting, Bitcoin is definitely the answer.