BITCOIN and CRYPTOCURRENCY
tutorial

 

Did you know you can now use Bitcoin, Bitcoin Cash, and Ethereum to fund your betting account?

That's right! You can now deposit and withdraw funds instantly from your Betbit account in a matter minutes without the extensive need for gratuitous documents. The innovation of bitcoin deposits and withdraws is a major convenience for players. No longer are there obstacles to withdrawing your winnings.

What is a cryptocurrency?

A cryptocurrency is a form of digital payment method created in 2004 by a who is believed to be called Satoshi Nakamura. His intention was to create a form of digital money that is autonomous from the existing economic institutions. The result of his efforts and many after is bitcoin, a safe and anonymous alternative to the traditional money transfers. Bitcoin, Bitcoin Cash, Ethereum, and Litecoin are the four most popular cryptocurrencies currently available on the market today. All of them have different properties that make it convenient to use.

What are the advantages of using
cryptocurrencies?

There are many, but the top four main reasons to use cryptocurrencies at Betbit are the following:

  • Speed
  • Anonymity
  • Convenience
  • Autonomy

Steps to fund your Betbit account
using Cryptocurrencies

STEP 01

Create your account with the exchange service of your choice

The first step to start using crypto-currencies is to first create an account at a reputable exchange in your jurisdiction. There is a small sample of noteworthy exchanges below. Most will also offer you the ability to purchase not only bitcoin but ethereum and litecoin as well. They also allow you to store these currencies on their service.

We have chosen three e-wallet services for this tutorial: Coinbase, Coinmama, and Bitfinex. You can check Coinbase's list of available countries here:

STEP 02

Fund your
Exchange account

These exchanges allow you to purchase bitcoin and other cryptocurrencies with your bank account or credit card. You will be required to deposit funds into your new e-wallet prior to sending money to your Betbit account. The time it takes to fund your account and convert your funds to bitcoin (or other cryptocurrencies) varies. Some exchanges allow immediate withdraw if you deposit funds using a credit card. If you fund your account with a bank transfer it will take a few days. Typically, using a credit card will limit the number of funds you can convert initially.

Once your account is funded you can convert your funds into the cryptocurrency of your choice. We suggest Bitcoin or Ethereum.

STEP 03

Transfer Your Crypto
to Your Betbit Account

You can now transfer your cryptocurrency of choice (Bitcoin, Ethereum, Litecoin or many others) from your exchange to your Betbit account. Follow the Instructions on the Deposit Page to retrieve your bitcoin address.

Once you make the transfer your account will be credited immediately after 2 confirmations with bitcoin, and less than 2 minutes with other currencies. The funds, regardless of which cryptocurrency it is, will be converted to bitcoin (mBTC). At any moment you are able to withdraw your funds back to your bitcoin account.

How to Sell Bitcoin with your Exchange Account

Selling your bitcoin or other cryptocurrency is very easy. First, you need the login to your exchange and retrieve your bitcoin deposit address. Once you have that, you can log in to the Betbit account page and send your funds to your exchange account. Once the bitcoin is in your exchange, you can exchange it for your local currency. These funds can then be held in your exchange or transferred to your local bank account.

HOW TO BUY AND USE BITCOINS

BITCOIN OVERVIEW

Bitcoin (BTC) is a digital crypto-currency released back in 2009 which later reached the mainstream currency market around 2011. Bitcoin is a decentralized currency, this means the use of Bitcoin does not require third-party services from banks or other financial institutions in order to manage the money. No bank, central authority or government interferes with your Bitcoin profits. The Bitcoin network is public to the world and operated only by those who use it.

People who own Bitcoins interact directly with others who own this form of currency, this includes businesses known to accept the currency. Let’s say you found a clothing store with nice stuff and the store confirms they accept Bitcoins. You can purchase what you want and be charged what the price tag says ignoring additional bank fees since the 2–3% credit card processing fee for using a credit or debit card does not apply. Remember, banks are the ones who offer credit or debit cards. So, if you use Bitcoins you can say goodbye to unnecessary banking fees.

As of 2014, tens of thousands of businesses across the globe accept bitcoins. This includes some of the largest online retailers worldwide, such as multinational computer company Dell and online furniture retailer Overstock.com which are two of the biggest companies currently accepting bitcoins for purchases. Other companies accepting Bitcoin are Expedia, MGM Resorts International, Subway, Quiznos, Burger King, Lamborghini Newport Beach, Land Rover Redwood City, AMC Theatres, NBA Sacramento Kings, NASCAR, WordPress, Timberland, Victoria's Secret and the list goes on.

HOW TO BUY AND USE BITCOINS

Bitcoins can be managed using a computer, tablet or mobile phone device. The first step to get started is creating an online wallet where you can store Bitcoins. The internet offers several online wallet services to choose from. Among the top 5 most solicited are Coinbase, Blockchain, GreenAddress.it, MyCelium and Armory. Below are the URLs for each option mentioned so you can take a look and choose the best option based on your own preference.

There are different ways to acquire bitcoins, a direct purchase is among the easiest methods to start funding your online wallet. This is done throughout trusted online bitcoin exchange services. However, there are other options you may consider as well which allow you to purchase bitcoins such as the following below:

Once you already have a Bitcoin online wallet and an available balance, you can finally move on to making a purchase. Bitcoin transactions are pretty straightforward and simple. When you purchase anything online or at a physical store that accepts Bitcoin, you will be given a “Bitcoin Address” to send the bitcoins to. The Bitcoin address in question is how a Bitcoin wallet is identified, all active Bitcoin users are assigned with a unique “Bitcoin Address” for each online wallet created. All you need to do is access your online wallet and send the desired amount to the address provided.

To deposit Bitcoins in your Betbit Casino account, simply send the amount of your deposit to the “Bitcoin Address” listed on our Cashier page and the deposit will show up in a matter of just a few minutes.