For many Singaporean bettors who want to know how to bet on horses online, cryptocurrencies like Bitcoin are becoming an option for smoother and quicker transactions. Many are currently exploring cryptocurrency as a form of payment for deposits and withdrawals and using it in online sports betting and gambling activities.
What is Bitcoin?
Bitcoin is a type of cryptocurrency or virtual currency designed to act as a form of payment, which was introduced in 2009. Since its introduction to the public, it has become a well-known cryptocurrency with a high trading value.
As a cryptocurrency, Bitcoin is created, distributed, traded, and stored in a decentralized blockchain ledger system. It is secured by proof-of-work (PoW) consensus or the mining process introducing new bitcoins.
For bettors exploring how sports betting works with cryptocurrency, one must have a cryptocurrency wallet that holds the private keys that a user owns and must be entered for transactions. Bitcoin is accepted as a form of payment for goods and services in online retail stores and sportsbooks.
Tips for Bitcoin Esports Betting
Even though Bitcoin is becoming a popular form of payment, using it for esports betting can be more complicated than other forms of currency. For those who want to make the most out of esports betting with Bitcoin, one of the helpful tips to keep in mind is to monitor the price of Bitcoin in the market.
One of the main disadvantages of Bitcoin is its volatility as a form of currency. In some situations, bettors are locked into a bet for a certain period, and it is crucial to be updated on the current Bitcoin price when placing bets.
Another helpful tip to remember when placing bets in esports games using Bitcoin is to compare betting odds. Bettors must check and compare esports odds that different bookmakers offer bettors to ensure they get the best deal.
Bettors can begin esports betting with Bitcoin or try other cryptocurrencies like Ethereum and Ripple. Knowing other forms of payment is an excellent way for bettors to diversify the opportunities they can explore in sports betting.
