We at TopBet couldn’t be more excited to announce that we’ve officially added the Bitcoin payment option to our arsenal!
We’re sure you’d agree, it’s always easier when you can make transactions person to person rather than person to bank to person. Bitcoin (BTC) takes the middle man out of the equation by providing added convenience, security and no added fees.
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Bitcoin is an online only currency. It can be accessed through any mobile or internet capable device.
Bitcoin is a limited edition currency. At the moment there are roughly 10.5 million BTC in the world. That number will be cut in half every four years and then that number will be the latest batch availed to the public. For example, half of 10.5 million is 5.25 million. That will become available after four years. Then four years later, another 2.625 million BTC will be released. With that, the exchange rate is always changing.
At the moment, BTC’s can be sold for less than their buying price. Like a stock, both cash rates are always moving up and down. You can keep up to date with BTC’s latest rate here.
Don’t worry, you don’t need to spend your Bitcoin all at once either. It can actually be broken down to up to eight decimal places (for example: 0.00000001).
Each transaction will be kept in a ledger for public record (see below)
The entire site has a public source code as well. This is to help promote trust within the ranks of the stakeholders.
Now how does it work at TopBet? Well, let’s find out.
How Bitcoin Operates at TopBet
Inserting your Bitcoin, betting and taking out your winnings is as easy as 1-2-3.
1 – Deposit
First, deposit your Bitcoin into your account. All possible bonuses and promotions will still apply if applicable, however rather than a set dollar amount, you’ll recieve that amount in Bitcoin currency.
2 – Betting
Betting is the same with Bitcoin as it is with any other currency. Once you’ve inserted your Bitcoin and bet with it, your balance will show in USD. Now, of course, it could be made up of straight BTC or it could involve both. To make things easier on you though, we’ll calculate the total balance in the currency you’ve known since you were a baby.
3 – Payout
Finally, once you’ve won your dough, you withdraw it. When you take out your Bitcoin, it will withdraw at that day’s BTC exchange rate. So, really, you could earn more money investing it into TopBet, than otherwise – should the exchange rate be higher than when you initially made the deposit.
How to Purchase Bitcoin
It’s not complicated but you will likely have questions. No problem. We’ll do our best to keep it clear and concise.
Person A purchases a BTC from Person B. A then gets a Pubic Key code and can review the history of that Bitcoin. That history ledger is called the Block Chain.
For the transaction to complete a few steps need to be taken called Mining. Bitcoin owners/stakeholders have an opportunity to make even more BTC through this process, even though they’ll have little to nothing to do with the actual switching hands of dough. Bitcoin needs to proces s their transactions, like the banks, but less the giant servers. So it will use your computer (if you sign up and allow it to, see below) to power the transaction. This is why each one usually takes a few minutes to complete.
In other words, if you’re the one spending the BTC or purchasing the currency, you’ll have to initiate the exchange and that’s it. You can then wait for the Miners to do their work and just moments later, you can reap the rewards.
Peace of Mind
Everything done through Bitcoin and with the currency is kept in a chronicled ledger. Your money is your money but there is a record of who owns the Bitcoin and its past transactions. So rather than hoping your bank history will show you a transaction, BTC has their own ledger to keep track of your statements – a ledger that archives everything!
It tracks it all so you don’t have to worry about it. Peace of Mind at its finest!
