Earning Bitcoin now!
In one of our articles, we already talked about the phenomenon of the crypto world and Bitcoin in general. In this article we will try to guide you through the process of acquiring and earning the Bitcoin. And to explain you what the safest places where you can store your cryptocurrencies are.
For those who didn’t read our previous articles, we will make a quick introduction about Bitcoin and crypto phenomenon in general. Bitcoin is a cryptocurrency that lets his users make safe, fast, and secure online transactions. Bitcoin is backed by a modern technology called blockchain, and it is an independent currency like no other in the modern world.
In the past several years, the popularity of the Bitcoin and other cryptocurrencies exploded. Nowadays, over 100.000 online stores, sportsbooks, and merchants accept various virtual currencies as payment methods.
Best Places for Bitcoin Storage
To buy, and own Bitcoin and other virtual currencies, you will need to have a Bitcoin wallet. These wallets are special programs that allow users to access and use cryptocurrencies. There are two types of Bitcoin wallets – hot (online) and cold (offline) wallets.
Online wallets are less secure, as the private keys are secured on devices connected to the internet, and offline wallets are almost bulletproof. Still, there is always a chance of losing your private keys, and in those situations, you lose your Bitcoins. Because of that, it is the smartest thing to have small amounts of BTC in hot wallets and more considerable sums in cold wallets due to higher security.
Before you decide which wallet to use. You should make an informed decision about the best possible crypto wallets on the market.
There are five different types of wallets
And all have their advantages and disadvantages:
- Hardware wallets are considered as “cold” type of wallet, and those are very secure. These types of wallets are recommended for those people who want to store more significant sums of BTC in their wallets. The most popular wallets of this type are Ledger, Trezor, and BitLox.
- Desktop wallets are wallets that are installed on your personal computer or laptop. This type is classified as a “hot” wallet, and they are secure but vulnerable to various malware, various viruses, and hacker attacks. Most famous desktop wallets are Jaxx, Electrum, and Exodus.
- Mobile wallets, just like desktop wallets, are “hot” types of wallets. They are designed for on-the-go users, and the most popular mobile wallets are Jaxx, Exodus, and Electrum.
- Web wallets are a more convenient and less secure option, as they are designed for daily use, but can be affected by malware, viruses, and hacker attacks. The most used web wallets are Coinbase, Binance, and Xapo.
- Paper wallets are classified as “cold” wallets, and this term usually refers to paper print of public or private keys. Paper wallets can grant users pretty high security, but the problem with this type of wallet is durability. So it is essential to check the storage conditions before you make one.
Sports bettors who want to use Bitcoin, need to move their money relatively often. We would suggest having one “hot” storage wallet (desktop or mobile wallet) for daily use, and one “cold” wallet where you can store your winnings.
Start Earning Bitcoin
Once you managed to decide which wallet or combination of wallets is best for you, it is time to purchase your virtual currency. We suggest you always to buy your Bitcoin at a regulated online exchange. This is the safest and most convenient way of acquiring cryptocurrencies.
Despite the Bitcoin transfer is a bit of a complex process, exchanges are built to be user-friendly and easy to use. So if you are a newcomer in the world of cryptocurrencies, you will have no problems.
Most popular exchanges in the world are Coinbase, Kracken, Bittylicious, CoinCorner, etc. All of those Bitcoin exchanges will give you a similar service, and all of them are fast, and secure.
Once you managed to start acquiring, earning and storing your Bitcoin, it is time to choose your Bitcoin sportsbook and start betting with virtual currencies.
Nowadays, there is a large number of quality and reliable Bitcoin sportsbooks that accept Bitcoin and other virtual currencies as a deposit method.
Conclusion
The truth is that there are many advantages of using virtual currencies as a deposit method at sportsbooks nowadays. With this type of deposit method, you don’t need to reveal your personal and financial data, as Bitcoin transactions are completely anonymous.
There are no fees, and transactions are extremely fast. Last but not least, there is no middle man between your Bitcoin wallet and selected sportsbook. Overall, we think that Bitcoin betting is the next big thing in the sports betting industry without any doubt.
FAQ
There are several possible solutions, but the safest ways to store your Bitcoin is to use cold storage (offline storage) and hardware wallets. But, those two methods also have some disadvantages, so there is no perfect solution for Bitcoin storage, yet.
The clod storage is a security precaution, where people store their BTC offline, and that way they control them. Also, this is a good security protocol against hacker attacks or malware.
Every day, Bitcoin is becoming more and more popular deposit method for sports bettors. Many sportsbooks accept BTC and other cryptocurrencies as a deposit method. This deposit method has a lot of advantages, like fast processing time, low fees, and high security.