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Secure Bitcoin Storage and Payment Methods

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Secure Bitcoin Storage and Payment Methods

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Bitcoin miners receive a minute slice of every transaction fee as monetary compensation for their contribution to the blockchain network. Typically, the Bitcoin compensation per transaction block amounts to $0.04 and less, which adds another Bitcoin portion to the global cryptocurrency total. Bitcoin’s value lies in the nature of its relative scarcity, with its value further motivated by the small matter of Mr Nakamoto having created it as a finite resource with only 21 million Bitcoin available in the system for mining purposes.

Owning Bitcoin without employing some form of securement system to safeguard your Bitcoin would be similar to leaving cash in a shoebox on a city pavement, in other words not a strongly recommended practice if you wish to retain any of it. This leaves Bitcoin owners with a number of systems of varying convenience and security levels to choose from to provide security and a means whereby they may purchase additional Bitcoin or transact payments and a number of other conveniences.

These systems comprise of:

  • Bank Equivalents – technically no such institution exists as of yet, but OmiseGo and BankEx are both in the process of developing just such decentralised banking solutions. They will however not represent a direct comparison to a traditional bank.
  • Brokerage Equivalents – Kraken, Coinbase, and Bittrex represent only a few of the available companies offering services comparable to those of a stock brokerage account. One important note if you use these types, THEY OWN YOUR BITCOIN YOU DO NOT, so if they go insolvent, you lose everything.
  • Mobile Wallet Equivalents – Venmo and PayPal offer two widely recommended mobile friendly payment methods, in the same vein a fair number of web browser enabled and mobile crypto wallets allowing users to securely store and transact in cryptocurrencies.
  • Self-management Equivalents – Maintaining Bitcoin security and payment systems yourself makes for a number of remarkably interesting propositions. Online finance specialists offer a huge variety of crypto-wallets allowing you to keep your Bitcoin safe yet available at a moment’s notice. They also come in several formats with each offering its own unique qualities, securities, and conveniences, web-wallets, full and thin client, paper wallet, and hardware wallets.

Creating a secure Wallet

While nearly every crypto wallet will work admirably to perform transactions and keep your Bitcoin safe, for the purposes of sports betting, the flexibility and versatility offered by mobile crypto wallets make them an ideal choice. Industry experts consider the following brands as a best-in-kind solution Coinbase – best overall, Trezor – best security, Electrum – best for desktop, – best online, Robinhood – best for buying & selling, Mycelium – best for mobile.

After registering with your virtual wallet of choice, next, you would need to make a stopover at a cryptocurrency exchange such as Coinbase, Bitstamp, or Poloniex to purchase Bitcoin. Once you have secured a sufficient value in Bitcoin its time to choose one of the crypto friendly bookmakers. The easiest method of accomplishing the task is to visit a premier affiliate site like where you will find a treasure trove of honest reviews by independent experts on the best online sportsbook brands, featuring tons of the latest and most valuable sports betting focused promotional bonus offers.

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