What is Bitcoin?
What is Bitcoin (BTC)? - Bitcoin Crypto Betting on Stake
Bitcoin is the world’s most popular cryptocurrency, a unique digital asset that can be used to send and receive money anywhere in the world. Since it was first introduced, Bitcoin has revolutionised the world of finance and led to the popularisation of crypto gambling. It’s possible to use it for deposits, betting and withdrawals at Stake.com. Find out how in this guide.
What is Bitcoin (BTC) & How Does it Work?
Bitcoin (BTC) is a type of digital currency that uses a technology known as the blockchain to record and verify transactions. Blockchain technology stores information. However, unlike a conventional database, it’s completely decentralised. This means it’s not stored in a single location or controlled by an organisation.
The decentralised aspect of cryptocurrencies such as Bitcoin is what has helped make them so unique and valuable. Digital assets that are centralised are prone to manipulation from financial institutions, making them unfair to use. With Bitcoin, the network is controlled by its users rather than a central bank. All transactions are verified by a process known as proof of work.
Each time a user sends money using Bitcoin, the transaction is recorded on a block of the blockchain. To create a new block, powerful computers must solve cryptographic puzzles known as hashes in a process referred to as Bitcoin mining. When a block of transactions is created, Bitcoin is released as a reward, and any transactions added can’t be undone.
The blockchain is shared between all devices on the network and can be viewed by anyone. This system allows the Bitcoin network to operate without the need to trust a third party or middleman service. As a result, financial transactions are fast, cheap and legitimate.
What is the Bitcoin Price Chart?
The price of Bitcoin is driven by speculation by traders and investors, meaning the value of this digital money can be quite volatile. You can check the Bitcoin price chart to find a live view of the current price to stay up to date.
How to Bet on Stake Casino Games & Sports with BTC?
To start playing casino games at Stake using Bitcoin, all you have to do is follow these steps:
Log into your Stake account or create one if you haven’t already.
Check your account balance and make a deposit using BTC if needed.
Choose from any of the available casino games, checking the RTP rate and guides on how to play.
Using the Stake Smart calculator, create a responsible gambling budget and ensure you don’t bet more than you can afford to lose.
It’s easy to start betting on sports using crypto too. All you have to do is follow these steps:
Log into your Stake account and open the Sportsbook.
Check that you have a sufficient balance and deposit BTC if needed.
Select a sport or use the search bar to find specific upcoming matches.
Look through the live betting section to find odds on games currently taking place.
Select an event to see all the available stats, markets and live stream if available.
Choose a betting market such as moneyline, spread, total, prop, handicap or parlay.
Check the odds, enter your stake and confirm your bet.
How to Deposit & Withdraw Bitcoin on Stake?
Deposit
Add Bitcoin to your Stake account by following these steps:
Log into your account and open the wallet.
Choose Deposit or Buy Crypto.
If you own BTC already, you can copy the address, paste it into your digital wallet and enter the amount you want to send within the deposit limit .
Alternatively, purchase BTC at cryptocurrency exchanges and platforms such as Mesh, and send it directly from there.
It’s also possible to use Moonpay and Swapped.com to purchase BTC with local currency by using any of the accepted payment methods.
Withdraw
Withdrawing Bitcoin from Stake is simple too. Just follow these steps:
Open your wallet and check you have enough funds to cover the minimum withdrawal.
Paste your personal wallet address and verify that it’s correct.
Enter the amount you want to withdraw within the limits and then confirm.
If you have any issues trying to make Bitcoin payments at Stake, you can get in touch with our helpful customer support team.
Best Slots & Sports to Bet on with BTC & Tips
All of the exciting games at Stake are available to play using Bitcoin including slots, table games and live dealer tables. Our huge selection of online slots includes lots of different themes, creative bonus features, high paylines and much more. All of the games we offer are provided by top software developers, and we have exclusive titles for you to play too.
If you prefer to bet on sports, we’ve got you covered. Our sportsbook features thousands of events you can bet on, with odds available on a huge range of sports. You can bet on the latest action in soccer, basketball, cricket, motorsport, rugby, Esports and more. Both live and pre-live betting is available, and there are even free live streams to watch.
How does Bitcoin Compare to other Crypto Coins?
Bitcoin is the world’s most popular cryptocurrency but it’s not the only option you can use to deposit, withdraw and place bets at Stake. We accept lots of different digital assets, including Tron, Ethereum, EOS, Litecoin, DOGE, Solana and Tether. Simply choose your preferred crypto when making a deposit.
As the very first decentralised cryptocurrency, Bitcoin is the most widely used and most valuable. Although it is suitable for online transfers and crypto gambling, Bitcoin does have its drawbacks compared to other crypto assets. Perhaps most importantly, BTC can be slow to transfer when compared to LTC and ETH.
The BTC network isn’t currently capable of handling as many transactions per second as the Ethereum and Litecoin networks, although payments are still normally quicker than conventional bank transfers. Aside from being slower than other cryptos, Bitcoin transactions can come with higher transaction fees.
Although the price volatility of Bitcoin makes it attractive for investors and traders, it can make it difficult for users who are trying to spend it as a virtual currency. The total value of your coins can vary depending on the state of the market, and this can be frustrating. If you find the volatility difficult, using a stablecoin such as Tether is a good way to avoid this.
Security & Advantages of Bitcoin
There are lots of advantages to using Bitcoin for secure deposits and withdrawals at Stake:
Secure payments – You don’t need to enter your bank or card details to make deposits and withdrawals using BTC.
Extra security with the vault – You can store Bitcoin safely using an offline cold wallet or our vault. This protects your coins from harm while you’re not using them.
Price increases – The price of Bitcoin has increased significantly over time despite regular market crashes. While investing is risky, it could possibly bring great returns, giving you more to play with.
Transfer anywhere – Bitcoin is decentralised and isn’t affected by borders, so you can send it anywhere in the world, and you won’t have to worry about conversion fees associated with traditional currencies.
Easy to purchase – Bitcoin is incredibly easy to purchase, either through crypto exchanges like Binance or using a service like Moonpay or Swapped.com.
Crypto Promotions, VIP Club & Responsible Gambling
Crypto gambling is more accessible and more exciting than ever thanks to Stake. We’ve made it incredibly easy to get started, and our promotions ensure you’ll always have fun. Make the most of our casino offers and sports promotions when you place your bets, and check out our VIP Club if you want to earn regular rewards.
There are monthly bonuses, weekly giveaways and challenges to take part in, and as a VIP, you’ll be able to increase your rank and earn rakeback, reloads and even your own VIP host. Make sure you bet responsibly, following our Stake Smart guidelines and staying within your budget.
