Bitcoin Cricket Betting Guide
You probably heard of Bitcoin. If you are keen to know what Bitcoin is all about, then you have come to the right place. We aim to give you relevant information about Bitcoin, how to purchase Bitcoin, and how to use them in funding your online betting account.
Fact-checked & Updated on 18th Feburary 2022 by Ushan Arya Industry Researcher.
Published on 16th Feburary 2022.
Best Online Betting Sites That Accept Bitcoin
What is Bitcoin?
Bitcoin is a digital currency also known as a cryptocurrency or virtual currency. A transaction that uses Bitcoin is recorded in a public ledger. To do this, Bitcoin enthusiasts use computers and software, and with every transaction, they will receive a reward of 12 new Bitcoins. A block has a total of 12 Bitcoin, and every 10 minutes, a new block is created. That is the process of mining a Bitcoin.
Are Bitcoins similar to USD?
Bitcoins are somewhat similar to dollars. They are the same as the dollar, but their value increases and decreases depending on the supply and demand. Another similarity with the dollar is that you can send and receive it to pay for products and services. Many industries accept Bitcoin, such as when gambling online and when availing online subscriptions such as the web hosting service.
Although Bitcoins and dollars are similar in some ways, they also differ in other ways. Bitcoins are not controlled or backed by the government or state. Despite the fact that the government does not back it, many still use it because of its anonymity. Another thing is that you cannot reverse the transactions using Bitcoin. Once you finalize your transaction, it is final and irreversible.
How to get a hold of Bitcoin?
How can you have Bitcoin in your wallet? Well, getting a hold of Bitcoin is pretty much the same thing as acquiring a fiat currency. Depending on your preferred currency, you purchase Bitcoin using fiat money such as the dollar or Indian Rupees. To begin with, you need to set up your Bitcoin wallet, the same way you would do for e-wallets like Skrill, Neteller, and PayPal. A perfect example of a Bitcoin wallet is blockchain. All there is to do is create an account and use your Bitcoin wallet to make and receive payment. Then, you can purchase Bitcoin directly from the blockchain.
Should you wish to purchase and sell Bitcoin, you can do so through the following ways:
IndaCoin is one of the safest and quickest ways of funding your Bitcoin account. The good thing about IndaCoin is that you don’t need to create an account. All you have to do is fill in the amount of Bitcoin you want to pay, key in your payment details, and most of all, provide your Bitcoin address. That’s how simple the process is.
However, you have to keep in mind that if it is your first time to use IndaCoin, you will not be able to purchase in high amounts. Over time, your limits will increase. Please do take note that buying Bitcoins have a high margin. In our opinion, you only need to use this method as a last resort.
Local Bitcoins –
Another method of buying Bitcoin is through Local Bitcoin (LocalBitcoins.com). The good thing about Local Bitcoins is that it has better prices and are open to local buyers and sellers. It is up to you to deal with the ones you prefer. When it comes to related fees, Local Bitcoins has a lower fee when compared to others. To buy bitcoin from Local Bitcoins, you need to have a Bitcoin address, which is a combination of letters (upper and lower case) and numbers. You can manually punch the numbers or scan using a QR code, which is easy.
Please keep in mind that the transaction is non-reversible and is recorded manually. It would like a few minutes to hours for the transaction to reflect in your account. Another means of getting your hand on Bitcoin is by mining.
Online betting with the use of Bitcoin
A quick search online will reveal countless online betting sites that accept Bitcoin as a payment method. So why should you use Bitcoin when betting online? Well, there are plenty of reasons why you should use Bitcoin when betting online, and some of the obvious include the following:
✅ It is one of the best alternative deposit methods, especially in countries where the usual payment methods can be difficult to process.
✅ It gives you a wide array of options betting site-wise.
✅ It gives you a legal way of funding your betting account. With the help of Bitcoin, you are not doing anything illegal even if payment to online gambling is prohibited in your area.
✅ The withdrawal process is quick. In just a few days, you will get a hold of your winning amount. In some instances, it would only take a few minutes for the money to reflect in your Bitcoin wallet.
✅ Aside from the fast withdrawal time, Bitcoin has a lower withdrawal processing fee when compared to other withdrawal methods.
It is easy to get started with Bitcoin. It will not ask for any personal details. All you need to do is create your unique username and password. After which, you can immediately make a deposit. All you need to do is head over to the cashier section, key in your Bitcoin address, review everything before hitting “submit.” You might also want to scan the QR code. That is all there is to do to use Bitcoin when betting online.
You can use Bitcoin when playing or betting on games offered by online gambling platforms that accept Bitcoin, such as Poker, Slots, Blackjack, Basketball, and Cricket. In addition, some Bitcoin sites give bonuses and promotions such as deposit bonuses, cashback, and VIP programs. In some instances, Bitcoins are converted into chips, and you can use them to play a bet on various sports.
That is pretty much how a Bitcoin payment works. Everything is the same, and the only difference is your currency. If you have not considered using Bitcoin before, you might want to consider using it now after reading the above-mentioned benefits.