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What is Bitcoin?

Bitcoin is a revolution. For many, its creation could suppose the end of the power of the great world central banks. Well, that breva will not fall, but it can mean a major change in international economic transactions, and users of the bookmakers have already gotten to work to exploit its full potential.

To better understand the reasons why bettors are betting, and never better, for Bitcoin, it is best to know what it is. Obviously, it is not our intention to give you a whole lesson in the history of economics, currencies and software, but we can summarize in a few lines what Bitcoin is, and why Bitcoin Bets are so advantageous.

The Bitcoin is neither more nor less than a digital currency, so at the end of the day are some lines of code that are worth real money. It is not backed by anything, but it has a characteristic that makes it much more stable than all the coins in the world. Its growth is controlled digitally, and its creation, by means of very complicated encryption algorithms, is not centralized, that is, it is not controlled by any organism.

Personal computers from all over the world connected to the internet are used to create them, and anyone with a computer can join them. Its creation is called mining, and, if we put our computer to work to create them, we will earn Bitcoin as a compensation measure. Of course, do not expect to become rich with mining, since, in addition, to be controlled growth, every day become less. There will come a time when they will no longer be made, thus avoiding their loss of value, which in the world of real currencies is known as inflation.

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This is the main feature of Bitcoin, which is not controlled by anyone, but does not grow in an uncontrolled way. Real and legal currencies are created by large national or transnational banks, such as the Federal Reserve or the European Central Bank, which together with private banks do not stop making more and more money in circulation, both physical, in paper money , as digital. This, as has been demonstrated throughout history, produces that the legal currencies lose value little by little, which is reflected in the increase in prices. And if not, think about what could be done 30 years ago with 100 pesetas and what can be done now with 60 cents.

Therefore, Bitcoin has the great advantage that its limited number guarantees its value. In fact, in recent times it has not stopped growing. Yes, there will come a time when I stop doing it, and even many fear that everything will be a bubble and explode, but for now, it is a totally safe and perfect value to bet.

In addition, apart from the fact that it is a currency with a really safe value at the moment, its creation method in which encrypted algorithms are used, also make it very safe in terms of privacy. Your transactions are public, but they are coded, so you know where you are from and where you are going, but not who you are who made the transaction.

Advantages of Bitcoin bets

There are many advantages when it comes to making Bitcoin bets, although there are 4 that may cause many to launch immediately to use them in their online bets. These are:

  • Taxation: Bitcoin is not considered a legal tender, it is not recognized by any state. And, therefore, not being recognized as a currency, no state can claim taxes on our profits. In fact, they can not because we are not making money, we are simply winning an exchangeable software code for real money. Yes, it is possible that by transforming the bitcoins into real money the state can claim something if it discovers that they have managed to win sports bets. Anyway, as long as we do not transform it into real money and as private transactions are, the Treasury can not know anything about it. Then, the laws of each State will decide how much we have to pay in taxes.
  • Privacy: The way in which transactions are made in bitcoins allow a privacy that does not offer any other currency of legal tender. In fact, bookmakers only work with one address where they charge and pay, but never know who is behind.
  • You can skip the limits: This leads to, possibly, the great advantage for good punters, for the tipsters. With Bitcoin they can be, if they do it right, totally anonymous. And why do they want to be anonymous? Well, each person will have their reasons, but for a great gambler, who usually makes a lot of money in betting and who sometimes finds that betting houses put limits on gambling, being able to play with Bitcoin allows him to bypass these limitations . If betting houses do not know who you are, earning a lot of money is no longer a reason for limitations.
  • We can bet outside of our borders: As many bettors know, some countries only allow resident users to bet on licensed betting houses. Europe is one of them. This has several positive things, including avoiding as far as possible the frauds of some betting websites and also taxing the users’ profits (although this may not be so positive for many). However, this means that we can not bet on gaps in the best international bookmakers and that, therefore, we have fewer bookmakers in which to compare odds and find great valuebets or even surebets. With Bitcoin, betting houses can not know who is behind each operation and, therefore, do not know where this operation is being made. A good VPN, a bitcoins account and we are ready to pass for a user from any country where betting on that particular betting house is totally legal.

How to bet with Bitcoin?

It is very simple. You just have to find those betting houses that allow Bitcoin to operate and use it as a payment method. In addition, as for the fact that you are using Bitcoin bets and privacy is presupposed, bookmakers do not usually try to collect your personal information as aggressively as many do now with the sending of scanned documents and things like that. For this reason we can start playing immediately after registering and, if we do it right, also start to get benefits.

However, what is necessary is to use a Bitcoin Wallet, that is, an electronic payment platform that works with Bitcoin to start trading in this currency. We must remember that it is not legal tender money and, therefore, can not be paid by card or by bank transfer if we use Bitcoin. Therefore, the first thing is to look for a good Bitcoin payment platform. From Online Betting we recommend Blockchain when making Bitcoin bets, since it is currently the most used, but there are many more. You only have to look for the one that best matches your characteristics.

For the rest, the operation of Bitcoin bets is the same. Of course, although some bookmakers accept the Bitcoin as payment and do not have it as a single currency, normally your account in the bookmakers will be transformed into the local currency you have chosen. Keep that in mind and look at the Bitcoin quotes for various currencies to see which one works best for you.

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We firmly believe that the advantages of Bitcoin bets (privacy, taxation, possibility of being winners without limits and internationality) are sufficiently attractive for users who want to be high rollers to really take this coin as a form of payment to the market. time to bet

We must also take into account that many people are using it to invest, seeing how, at the moment, it is a currency with a fairly stable price that also tends to have more and more value. Thanks to this our winning bets can be more valuable over time, so we could add this advantage to the previous ones.

For all this, we advise the high rollers to use the Bitcoin at the time of betting. Especially those who usually have problems with limits or who want to use bookmakers that do not have a license in their country of residence. The Bitcoin can be the currency of your freedom.