Bitcoin is one of the best ways to fund a betting account and use it to place bets. Coinbet24 as a bitcoin sportsbook and bitcoin casino operator allows you to use your digital currency to place online bets. In this article we will explain how to deposit with Bitcoin and use those coins to play on a sportsbook or casino.
Before we get into it, there are several things that everyone should know about bitcoin and betting with it. There are a lot of advantages which is why bettors should consider using bitcoin over any other currency. For additional bitcoin information, you can always check the blockchain website.
What is a Bitcoin Wallet?
Before explaining “How to get a bitcoin wallet”, first we must share some thoughts on what a bitcoin wallet actually is. A bitcoin wallet is similar to a digital bank account. Here you can send, receive, and manage your bitcoin. Imagine the BTC wallet as any other e-wallet like PayPay, Skrill, etc. You buy bitcoins and they get sent to your wallet. From there, you can send them to someone else or spend them. All these options will be available on the wallet. When you send the crypto coins, they will arrive at the other person’s wallet. As you can see, everything is pretty simple and straightforward.
If you check the web you will realize that there is a wide variety of digital wallets, and all have the same purpose. Manage cryptocurrencies in the simplest way possible. However, before doing that, make sure that the wallet is compatible with the crypto currency you want to store on it. In our case, we are talking about a Bitcoin wallet. It’s common sense that if you get a bitcoin wallet that you will want to send/receive bitcoins through it. For that reason, you will need a digital wallet that’s compatible with BTC. Check out our Bitcoin Wallet article to learn more on the matter.
How to Deposit with Bitcoin through a Bitcoin Wallet?
Which wallet suits you best depends on several factors. It depends on what your buying needs are, and what you would like to use the crypto-currency for. When you enter the crypto world as a beginner, an online wallet is the easiest and most user-friendly way to manage your digital assets. Creating a Bitcoin wallet is very simple; what’s more important is what do you need the wallet for. There are roughly three types of wallets: mobile wallets, software wallets, and hardware wallets. So, what type of wallet do you need? This question is easily answered, depending on your crypto needs.
For instance, are you new or do you have a lot of experience with bitcoin? Are you going to buy a large amount of crypto assets or just a small amount? Experienced traders use hardware wallets because they are the safest. However, you need to spend money on purchasing the device. Since we are not talking about trading with bitcoin here but rather using it to fund your betting/casino account, we will spend more time on explaining mobile and software wallets. In most cases, these wallets are free and very easy to set up. The mobile one means you will be walking around with your BTC wallet while the software one can be set up on your home PC or laptop.
If there is something that’s still not clear, make sure to visit the Coinbet24 blog and go through the Bitcoin Dictionary section.
How do Bitcoin Transactions Work?
Sending BTC requires having access to the public and private keys associated with that amount of bitcoin. When we talk about someone “having bitcoins” what we actually mean is that person has access to a key-pair comprised of:
- a public key to which some amount bitcoin was previously sent
- the corresponding unique private key which authorizes the BTC previously sent to the above pub-key to be sent elsewhere
Public keys, also called a bitcoin addresses, are random sequences of letters and numbers that function similarly to an email address or a social-media site username. They are public so you are safe sharing it with others. In fact, you must give your Bitcoin address to others whenever you want them to send you BTC. The private key is another sequence of letters and numbers. However, private keys—like passwords to email or other accounts, are to be kept secret. Learning how to deposit with Bitcoin needs to start by figuring out what’s a Bitcoin transaction.
What’s a Bitcoin Transaction?
A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Bitcoin wallets keep a secret piece of data called a private key or seed. This key is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet. The signature also prevents the transaction from being altered by anybody once it has been issued. All transactions are broadcast to the network and usually begin to be confirmed within 10-20 minutes, through a process called mining.
As a new user, you can get started with Bitcoin without understanding the technical details. Once you’ve installed a Bitcoin wallet on your computer or mobile phone, it will generate your first Bitcoin address and you can create more whenever you need one. You can disclose your addresses to your friends so that they can pay you or vice versa. In fact, this is pretty similar to how email works, except that Bitcoin addresses should be used only once.
Fees & Commissions
Bitcoin transaction fees are calculated using a variety of factors. Many wallets allow users to manually set transaction fees. Any portion of a transaction that isn’t owed to the recipient or returned as ‘change’ is included as a fee. Fees go to miners and can be used to increase speed on confirmation by incentivizing miners to prioritize your transaction(s).