Bitcoin is a new currency that was established in 2009. This currency is not regulated by any central agency, and the transactions are done without any middle channels. This means that there are no banks, there are no charges on transactions, and you need not have your real name or identification to perform the transaction.
Bitcoin is now being used as currency in land-based stores, online merchants and fantasy sports platforms. In this case, you will have a great time as there are no charges tied to the transactions when using Bitcoin that makes the currency favorable for your use.
Bitcoin cannot be printed therefore it’s an electronic currency. You will use the currency to transact electronically similar to conventional euros, yen or dollars. But you need to bear in mind that Bitcoin is decentralized unlike the other conventional currencies.
Before you can proceed on your sports drafts that support Bitcoin, you need to learn the different kinds of Bitcoin wallets you can hold.
The first wallet could be the cloud wallets that are held by third parties on their cloud servers. To backup this wallet, it is pretty easy since most of the cloud wallet providers have the wallets backed up and they offer you the option to back up the wallets yourself.
Software wallets are the other kinds of Bitcoin wallets you come across. These wallets are stored on your computer but require you to back them up manually. These ones are more secure than cloud wallets since they are hard to compromise.
Hardware wallets are the most secure of all. For you to access this wallet you need to have a special kind of software that is usually plugged into your computer via USB. This wallet is also backed up manually just like the software wallet.
With this knowledge on Bitcoin, you are in a position to make your decision on the appropriate fantasy sports that support Bitcoin. If you wish to remain anonymous and not willing to share your personal banking information on any platform and still love playing fantasy football, bitcoin is the currency for you.