Crypto-currency is becoming increasingly popular in several areas, including Internet gaming. Several sports betting sites have already adopted it as a means of paying bills. However, you need to be well equipped to take proper advantage of these digital currencies. This article gives you the procedure for betting in crypto-currencies.
There are several thousand e-currencies available today. It can therefore be difficult to choose which one to use on sports betting sites. Some criteria are used in the field of economics to say whether or not it is interesting to invest in such a crypto-currency. The most used is the market capitalization of these currencies.
At the beginning of 2021, Bitcoin had a market capitalisation of over 900 Billion Euros and there were 18.6 Million in circulation. Ethereum's market capitalisation is over 170 billion euros and there are 114 million in circulation. As for Ripple, there were 45.4 billion in circulation at the beginning of 2021 with a market capitalisation of over 19 billion euros. In 2017, Bitcoin Cash (BCH) was derived from bitcoin (BTC). In March 2021, its market capitalisation was around €9 billion and there were 18.6 million in circulation. The market capitalisation of Tether (USDT) and Litecoin (LTC) are respectively more than EUR 35 billion and more than EUR 11 billion. At the beginning of 2021, there were 24 Billion Tether in circulation and 66.3 Million Litecoin on the market.
At this stage, you should first be aware that using crypto currencies is generally very risky. That is why it is recommended to diversify as much as possible the currencies you use, not to invest all your money in one virtual currency. In any case, you should favour popular currencies characterised by large market capitalisations.
At present, the most recommended is Bitcoin, the first cryptocurrency to appear on the market. It was created in 2008. It has the largest market capitalisation and is therefore a safe bet. After BTC comes Ethereum (ETH) in terms of market capitalisation. However, the number of users on the ETH blockchain is higher than on the BTC blockchain. Ethereum is aiming to reach another level in the year 2021 and why not, take the place of bitcoin. Whichever crypto asset you plan to adopt, do your research on it and study its price.
First, there are some sites that specialize in this area. They actually act as intermediaries between buyers and sellers of crypto-currencies. They establish the relationship and in return take some commission on the transactions. This is a solution that is well suited to large crypto-currency investors.
Then you can trade crypto assets with a private individual. This is a relatively convenient solution especially since the Blockchain's operating principle does not necessarily require a supervisor when trading cryptos. Here too, you will find a good number of sites facilitating exchanges.
Finally, you have the possibility of entrusting yourself to transaction facilitators who will be happy to advise you and accompany you throughout the process of acquiring your crypto asset.
When you buy bitcoin or other digital currencies, you store them in a virtual wallet. It's not always advisable to leave your crypto assets lying around on a third-party platform. Thus, you decide when you use your cryptos according to the goals you would set for yourself.
In the field of sports betting, crypto currencies have a number of advantages. First, they provide complete anonymity to players. For good reason, the verification process is not necessary with these digital currencies. The punter also does not need to insert any confidential data such as passport data. Anonymity is even more complete when the bookmaker uses blockchain technology.
Another advantage of using cryptos in sports betting is that they make transactions easier. With these virtual currencies, deposits and withdrawals are very fast, much faster than if you were using traditional bank payment methods.
Furthermore, transactions with cryptocurrencies are not subject to high fees. For some of these currencies, there are no transaction fees at all. In terms of security, the use of e-currencies in sports betting guarantees that your winnings will be paid out even if the bookmaker goes out of business. However, when adopting cryptos, you must be careful in your choice of bookmaker as many of them are not licensed, a risk for the player. In addition, the price of virtual currencies is not always constant. This can be seen as an advantage or a disadvantage.
More and more bookmakers are accepting virtual currencies. However, not all these sites are equal. On some sports betting bookmakers, you have the possibility to make your transactions (deposits and withdrawals) directly in bitcoins, Ethereum, Ripple or other cryptocurrencies. Indeed, on these bookmakers you have the possibility to store your crypto-currencies on a personal account. Some sites are able to convert your active cryptos directly into "Fiat". Finally, there are some bookmakers that operate on the basis of Blockchain technology.
Blockchain technology is in fact a reliable and secure technology. Transactions are validated almost instantaneously by miners associated with computers. These are called validation nodes. These bookmakers are the most secure since the blockchain algorithm is such that it cannot be hacked. These bookmakers promise users complete privacy. Several e-currencies work on the basis of the Blockchain, including mainly Bitcoin, the first virtual currency to appear.