How do Bitcoin Bettin work?

Posted by markwahlbarg on February 15th, 2019

While Bitcoin and Co. were initially ridiculed, with Bitcoin Betting, it is now clear that so-called cryptocurrencies are not short-lived fads. Therefore, it is not surprising that more and more bookmakers offer this payment option and sports betting with Bitcoin are trendy. But how does virtual currency betting work? What exactly are Bitcoins?

What are bitcoins actually?

Bitcoin was founded in 2008 and has been open to the public since 2009. It is a decentralized digital monetary system based on a peer-to-peer network which is the so-called blockchain. All later emerging cryptocurrencies, the so-called Bitcoins are based on a similar principle.

The underlying idea was to create a currency that works independently of banks, government institutions, and other regulators. Without going too much into the very complex details, you have to think of Bitcoin as a set of computed data. The cryptocurrency does not exist in the physical sense, you cannot touch it.

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