The world of cryptocurrency may seem like a closed one for many consumers but those behind it are working hard to make it more accessible. Of the many options available, Bitcoin is, perhaps, the most well-known and at the very least, a significant number of online bettors will have heard of it.
More and more gambling sites are opening their doors to Bitcoin while some new bookmakers are even exclusively accepting cryptocurrency as a means of funding. If it still seems like a minefield to you, then read on and see if we can make some sense of it.
How Bitcoin Works
Explaining how Bitcoin works has traditionally been the tricky part but banks and other financial institutions have been stepping in to try to simplify the process. Bitcoin is referred to as a digital wallet and that essentially means that your money is stored in a computer file. Customers can send money to and withdraw money from that file using a process known as the Blockchain.
It may sound confusing, particularly with those terms involved but anyone with just a basic grasp of computing should soon get the hang of paying with Bitcoin. Banks and eWallets such as Skrill are also simplifying the process so it will be even easier to buy and sell Bitcoin soon. It is the future for many consumers and it’s therefore a good idea to test it out at the very least.
Advantages of Bitcoin for Canadian Players
Security and anonymity are two of the reasons why cryptocurrency, and Bitcoin in particular, have been gaining a loyal following.
The only real downside until recently has been a lack of willingness among the major betting brands to accept Bitcoin. It’s been a slow process but happily that’s starting to change. So, if you are on board and want one of the safest and fastest ways to bet online, we suggest you take a closer look.
Playing at Online Gambling Sites Using Bitcoin
As we mentioned above, the betting industry has yet to fully embrace Bitcoin so the first step in this process is to make sure that your chosen sportsbook actually accepts it. The usual way to do this is to scroll down to the bottom of the homepage where the logos of funding providers should be shown.
If Bitcoin is there, you can go ahead and play but if it’s absent, you can always fire over a question to customer services to make sure. Once that point has been established, the process should be as straightforward as it would be if you were making a FIAT money transaction.
Kick it off by clicking on the deposit button where your options will come up. Click again on the Bitcoin logo and you will be asked to enter an amount. Confirm that figure and the blockchain then kicks into action so, as long as you have funds in your Bitcoin wallet to back up that deposit, you should see that amount appear in your account instantly.
The concept of cryptocurrency may be confusing to some but as we’ve just seen, it’s a standard process for deposits and withdrawals and there’s really nothing to be afraid of.
Play in Complete Security Using Bitcoin
The way that Bitcoin operates harnesses high levels of security and that’s one of the reasons why this cryptocurrency has built up a loyal following. It’s recommended that each individual user keeps back ups of their files but encryption levels are high and while there will always be risks, players are happy with security levels.
There are never any guarantees with any form of payment but high security is one reason why Bitcoin stands out in the Marketplace.