This guide was created to help you understand What is Bitcoin and what is Alt coins and bring you into the world of crypto betting. You will find out how to start using cryptocurrencies in betting sites and many interesting things about:
- What is Bitcoin and How the cryptocurrencies work?
- How to buy Bitcoin and Alt coins?
- How to use Bitcoin and the most popular cryptocurrencies for betting?
What is Bitcoin and Alt Coins?
Bitcoin is both: global payment system and currency unit that is not issued and guaranteed by government, organization or company. It is supported and protected by tens of thousands of computers worldwide. The value of bitcoin is based on this computing power, as well as its advantages, which will be discussed below.
The Bitcoin payment system is a decentralized, peer-to-peer network. We can pay with bitcoins without the need for intermediaries – without banks, visa and mastercard or paypal. Bitcoin transaction fees are minimal and do not depend on the amount or the payee. In fact: borders do not exist for Bitcoin – once converted, your money is available from anywhere in the world where the Internet is available.
Your bitcoins are inviolable – no authority can access them unless they have a private key for their address. It can even be said that Bitcoin is the first technology in human history that is more powerful than the state and the central power in it. That’s why many of us see bitcoin not so much as a modern currency on the Internet, but as a social resistance against the status quo.
Bitcoin payment security is based on public key cryptography, thus avoiding the need to share personal information (such as names, address, card number, etc.) when making a payment. The same banking system is based on the same cryptography.
How to buy Bitcoin and Altcoins?
There are various options for buying Bitcoin or other cryptocurrencies (Altcoins) :
- via bank transfer (SEPA or SWIFT) from crypto exchange;
- via mobile application;
- via credit/debit card.
Each has its advantages and disadvantages.
First Step: Choose Crypto Wallet
If you are experiencing cryptocurrencies for the first time and want to get one of them in the fastest and easiest way, you can do it through an exchange site but before you start buying, you need to choose a wallet to store your crypto currency. When you buy bitcoin or other currency from a similar site, you will be asked for a public address to send the funds to. You will be able to find this address in the wallet you have chosen to use. It is usually on the Deposit or Add funds section of the most wallets.
Cryptocurrency wallet is software that allows secure storage and protection of the cryptocurency with a private key. If we look at it literally, the currency itself is not stored in the wallet. It is on the blockchain at any time. However, the private key is what is stored in the wallet. Only those who hold the private key have access to send and receive cryptocurrencies from the wallet. According to media, the crypto wallets can be divided into four categories:
Desktop Crypto Wallets
Desktop wallets are installed on your own computer and are accessible to all common operating systems (Windows, Linux, MacOS). They allow you to create a blockchain addresses, send / receive cryptocurrencies, and manage the private keys. One of the best multy-currency desktop wallet is Atomic. Atomic wallet support the most popular cryptocurrencies: Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS and many more.
Mobile Crypto Wallets
Mobile wallets have the same functionality as desktop wallets, but they have the distinct advantage of being usable anytime, anywhere. To send crypto to someone else in real life or pay your bill at a crypto dealer or deposit to betting site, you cannot carry your desktop with you at all times. The mobile crypto wallets for the smartphone offer additional features like “Touch2pay” via NFC scan or QR code. Different mobile wallets are available for both Android and iOs systems.
Web wallets are online applications that also allow you to send / receive bitcoin or any other currency with private key management. However, the information is stored online, so you should be more careful when choosing your web wallet. We found some good online crypto wallets:
The safest way to store your bitcoins is with a hardware wallet. These are specially protected USB stick-like devices that can be connected via a USB port to any computer. As a physical device, it is protected from most security risks. The most famous wallets of this kind are Trezor and Ledger wallet.