Lots of Options When Wagering on eSports

Cryptocurrency has its advantages and disadvantages, but one thing is certain – it doesn’t look like it’s going away anytime soon. More and more online companies are beginning to accept cryptocurrency as a method of payment for purchasing every day items.

Until all the big sites get on board, it might be a while before we see this currency rise even further, but for now, it’s moving along at a pretty good pace. And its use in eSports betting is also on the rise.

The most common cryptocurrency is obviously bitcoin, created by Japanese developer Satoshi Nakamoto in 2009. It is easily the most popular and easily identified name in all of cryptocurrency. The thing about Bitcoin is that it’s not a specific resources restricted to a specific organization. You really do need to think about it as money. Your money can go into any bank you want, just like your Bitcoin can go into any cryptocurrency wallet you want.

Before getting online with your bitcoin, you’ll need to establish that Bitcoin wallet, which is as easy getting started with any number of online Bitcoin retailers. Once you purchase or earn some Bitcoins, they will be added to your wallet.

On eSports betting sites that allow cryptocurrency, you will need to attach a Bitcoin wallet to make your bets and get your payouts. Again, don’t be scared by this, as it’s no different than adding a credit card to an account, or even a better example, linking up your PayPal account. It’s easy, it’s generally secure depending on the Bitcoin wallet you have, and limits can be set in most, reputable cases.

Using cryptocurrency has many advantages over traditional payment options. Because of the long string of words required to open and use your Bitcoin wallet, transactions are actually very secure. I’ve personally had my PayPal account hacked on a few occasions – at no fault of my own I might add – but have never had issues with my cryptocurrency wallet. This gives you a piece of mind that your transactions are secure.

Further, Bitcoin transfers are completed on a block chain, which requires all networks to be in sync to make a transfer which makes it very safe. There is a downside, however. If you don’t input your wallet information correctly when attempting to cash out, there is a potential that money will be sent to the wrong account.

Unlike banks or online money programs like PayPal, there really aren’t any avenues to track down that transfer and get it back, which leads us to our next positive.

Cryptocurrency wallets are actually quite private. In fact, after you have your word phrases, there isn’t a whole lot more you need. Adding personal information or even a unique username are all very optional, which makes signing up for this service, and using this service, very private.

So there you have it. There are many positives and a few negatives to using cryptocurrency for eSports betting. It’s good to see that it is an option!