In recent years, bitcoins have appeared everywhere, even in the world of gambling. It became a hit for all areas of entertainment because now customers can be sure of the safety of their data. But each user should understand how it works.
The main step: opening the e-wallet
To use bitcoin for any purpose, and especially for e-sports, the user needs special software called a wallet. Since BTC coins do not exist in physical form, they technically cannot be stored anywhere.
Different forms of Bitcoin wallets differ in terms of security, convenience, and other criteria:
They are downloaded and installed on a computer, store private keys on the hard disk. The user must independently ensure the safety of the keys!
For those who make and receive many transactions every day, a wallet in the form of a mobile phone application is ideal. But there is a risk that attackers will use the means to gain access to the mobile device itself!
They store secret keys on a server that is constantly connected to the Internet. Often they have desktop or mobile counterparts, the data from which is synchronized. They are considered convenient, but not the safest option!
Public and private keys are printed on paper, usually in the form of QR codes!
For the first time, if a gambler plans to actively take into circulation only a small amount of BTC, he can choose a mobile, web, or desktop wallet.
Then users need to make a purchase of electronic currency by selecting the desired amount in advance and pay online from any bank card or electronic wallet.
Benefits of using crypto in esport?
Since its inception, the esports and bitcoin industries have been touted as the perfect mix. Portable ownership of in-game items, easy payment options, anti-cheat measures, and proven fair play with transparent recording are just a few of the benefits that Bitcoin promises to the esports market.
Bitcoin esports betting sites are changing the industry and bookmakers are starting to accept other digital currencies like Ethereum. Casinos are now using a system of contracts for anonymity and automatic payments, and many others continue to be introduced into esports betting. This allows fans to bet during live broadcasts on Dota 2, League of Legends, CS:GO, and other popular games.
Fake matches have been a major problem in the esports market over the past few years, as some managers force players to deliberately merge games. This is due to the high dependence of players on managers and organizations because organizing tournaments cost a lot of money. Fortunately, blockchain technology gives players more control with:
- Reducing the cost of opening and managing an eSports venue;
- Cutting costs for organizing and promoting competitions;
- Guarantee of non-interference by tournament organizers, since transactions using the blockchain, is transparent;
- The openness of agreements for everyone, because smart contracts are available as open-source codes!