Bitcoin (₿) is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. They can be exchanged for other currencies, products, and services. Bitcoin is by far and large the most valuable cryptocurrency in the world . It is also the most widely accepted as means of payment – so much so that most other cryptocurrencies are indexed and accessible only via bitcoin trading..
There are two ways you can get bitcoin: mining newly minted coins, or buying it in the open market. Mining can be an expensive and complicated process, so it’s recommended that you start by buying your first coins. This will help you start betting
in no time.
Bitcoin Betting is simply betting (or funding to) in Bitcoin at Betting Sites such as Bitpick.co
. Thanks to the Bitcoin’s ability to form instantaneous global transactions in a highly-secure and anonymous way.
The same way the internet was quickly embraced by bookmakers and bettors alike, due to the many advantages if offered over traditional wagering channels, so is bitcoin betting bringing a number of advances that make gambling with crypto an even more streamlined and seamless experience.
Over the years, betting has quickly changed by technology, moving from the exclusive domain of local, back-street shops, and into a global, professional industry of mass entertainment for people from all walks of life and all across the planet.
Bitcoin betting requires no middlemen. Being a peer-to-peer network, the coins go straight from a wallet and into the other, with the only fee being a low transaction fee collected by the miners. No more parasitic percentages eating out your profits, no more waiting for banking hours to send money, and no more waiting for days for the money to clear. Bitcoin transactions are instantly available for everyone to see, and take only a few minutes to clear as they are added to the blockchain .
No more lost transactions – each and every one of them is transparently added to the blockchain, an immutable ledger of all transactions that is open for anyone to audit in real time, at any time
What is Provably fair?
Provably fair is an algorithm which can be analyzed and verified for fairness on the part of the service operator.
In a provably fair gambling system such as Bitpick.co, a player places bets on games offered by the service operator. The service operator will publish a method for verifying each transaction in the game. This is usually by using open source algorithms for random seed generation, hashing, and for the random number generator.
Once a game has been played, the player can use these algorithms to test the game’s response to his in-game decisions and evaluate the outcome by only using the published algorithms, the seeds, hashes, and the events which transpired during the game.