How to Buy Bitcoins
If you’re ready to wager on League of Legends (LoL) matches, it’s time you learn how to buy bitcoins. But if you’re still skeptical because there are online betting sites that accept fiat currencies and credit cards, learning what is Bitcoin and what are its advantages compared to other competitors will convince you otherwise.
Before anything else, sign-up to a Bitcoin wallet service and learn how to store bitcoins. Your “digital wealth” needs a storage. You can’t just buy Bitcoin using your desktop or mobile phones, although you could use them as a medium once you’re registered to the system. Bitcoin wallets can be in the form of software, online, hardware, or paper. The private keys and addresses on these wallets make sending and receiving Bitcoins possible.
Once you have a wallet, choose the most convenient method for you to buy Bitcoin. Learn where and how to buy bitcoins here:
- Bitcoin ATMs
- Search the map for the nearest Bitcoin ATMs
- Accomplish the machine’s verification process
- Provide the Bitcoin address of your wallet for the deposit
- Insert your money into the machine
- Wait for the confirmation
Remember that there some Bitcoin ATM machines charge a fee of 5-10%. You can only pay for Bitcoins on ATMs using cash.
- Bitcoin Exchange Sites or Apps
- Look for the most-trusted apps and pages that allow buying and selling of Bitcoins.
- Register, activate your account and provide your Bitcoin wallet address
- Select the number of coins you want to buy
- Bargain or meet the specified price
- Pay via bank transfer, credit card or debit card, and any other payment methods provided by the seller
Remember that trading markets for Bitcoins are everywhere, so you have to be cautious about making transactions. Make sure you know how to sell bitcoins and buy some to ensure seamless deals. If possible, also check the ratings. Some sites, apps, or brokers require identity verification.
MINING AS AN ALTERNATIVE
You already know how to buy bitcoins, you can now bet on your favorite LoL team. But do you know that there’s another way to get one and it’s as challenging as playing or betting on LoL?
Mining is a process where new bitcoins are created and it’s the next best alternative to acquiring bitcoins. “Miners” who validate and secure Bitcoin transactions on the public ledger called the blockchain receive Bitcoins as payment.