Esports, a term coined for electronic sports, is a growing phenomenon in the digital era that is redefining the classic concept of “sports.” This genre involves millions of participants and spectators globally who delve into virtual games as individuals or teams. The popularity surge in esports is overwhelming to the point that many are starting to consider it as a conventional sport.
But what makes esports even more interesting is the advent of bitcoin and its application to esports betting. So, with interest piqued, how does one begin with esports betting using Bitcoin? With many newbies wanting to venture into this realm, we bring you a comprehensive guide to esports betting with Bitcoin.
Understanding Esports
Before delving into esports betting, let’s get a firm understanding of the esports landscape. Esports refers to competitive video gaming at a professional level, where players compete against each other individually or in teams. Games can range from action, first-person shooter (FPS), multi-player online battle arena (MOBA), Strategy, Fighting, Sports, Racing to Battle Royale. Some popular example includes League of Legends, Call of Duty, Dota 2, Fortnite, and CS: GO.
What is Esports Betting?
Esports betting can be equated to traditional sports betting, where bets are placed on the outcome of a game or tournament. Bettors make predictions on who they think will win the game or event. These bets are usually placed on esports betting sites that provide odds for each game or event.
Introduction to Bitcoin
Bitcoin is a digital currency that operates on Blockchain technology. Bitcoin, introduced to the world in 2008 by an anonymous person (or group) known as Satoshi Nakamoto, has revolutionized many industries, including betting. Its decentralized feature allows for rapid transactions without intermediaries, offering users a greater sense of financial freedom, not to mention lower transaction fees and improved anonymity.
Why Bet on Esports with Bitcoin?
By melding esports with Bitcoin, a new gate of opportunity opens for players worldwide. With Bitcoin, bettors do not have to worry about traditional banking systems and their constraints only allowing specific withdrawal times and high fees. Also, Bitcoin provides an added layer of privacy, a factor of utmost importance for many online bettors.
Thus, betting on esports with Bitcoin combines the entertainment factor of competitive gaming, the thrill of betting, and the liberating nature of Bitcoin into a single, exhilarating experience.
How to Get Started
1. Procuring Bitcoin
Before placing bets with Bitcoin, one needs to obtain it. This process would typically involve purchasing Bitcoin from a trustworthy cryptocurrency exchange using fiat currency. One could also acquire Bitcoin by accepting it as a payment for goods or services, through mining, or receiving it as a gift or grant.
2. Setting up a Bitcoin Wallet
Once procured, the Bitcoin requires storage in a digital wallet. This wallet allows you to manage your Bitcoins. It enables you to send, receive and store your Bitcoin in a secure environment. Wallets come in several types – online wallets, mobile wallets, desktop wallets and hardware wallets. Each has its unique features, offering varying degrees of comfort and security.
3. Selecting an Esports Betting Site
The next step involves choosing an esports betting site that accepts Bitcoin. This procedure must be approached with caution since fraudulent platforms exist. Checking the gambling licence, the reputation, the availability of games and tournaments, the value of odds, and customer service quality can be crucial in selecting a reliable betting site.
4. Depositing Bitcoin
After settling on a betting site, the next course of action involves depositing Bitcoin into your betting account. This process often involves copying the betting site’s Bitcoin address and pasting it on the ‘send’ section of your Bitcoin wallet. Once transferred, it takes a few minutes for the Bitcoin to reflect on your betting account.
5. Placing Bets
Having funded your account, you are now ready to bet on your preferred esports. Understanding the mechanics of the games and gaining insight into the participating teams and their strategies raise the chances of making winning bets.
Bottom Line
While betting on esports with Bitcoin may seem complex initially, with knowledge and experience, it gets significantly easier. The process, like traditional sports betting, thrives on understanding the games and taking calculated risks. Remember betting should be fun and entertain, never bet more than you can afford to lose.
