Betting Crypto Coin
Posted : admin On 3/28/2022Disadvantages of crypto betting. As a responsible comparison site, it is also our duty to point out that there are disadvantages to crypto betting. These are the two main aspects to consider: Relatively Small Number Of Crypto Sportsbooks On Offer; There are far more fiat money sportsbooks than crypto sportsbooks. Gambling with crypto is not only a solid use of the digital currency for entertainment but also a good way to hedge your bets when it comes to fluctuations. You always win or lose the same amount, but how much that will be worth tomorrow is also important. Crypto Sports Betting 2021 The explosion of cryptocurrency sports betting and has wholly modernized and transformed online betting to the point where it is fast becoming the preferred bitcoin sports betting currency. It seems that more and more people are seeking out the use of cryptocurrency to have a better and more varied gaming experience.
2020 has been a busy and encouraging year for cryptocurrency investors. The top-performing assets in the market withstood the worst of the economic crash, as well as anybody could have hoped, causing many to reassess Bitcoin and others as safe havens akin to gold. And, as we inch closer towards the end of the year, these same assets are only looking more encouraging. Bitcoin approaching $16,000 marks one of its strongest runs since the end of 2017, when, as many remember, it nearly reached the $20,000-threshold.
Naturally, this performance has helped many investors. It has protected some people’s money during a difficult time for other markets, and it has netted others significant gains. But, along the way, the strong year has undoubtedly led more people to consider cryptocurrencies as investments too. A much-discussed prediction by Fortune that Bitcoin would “go mainstream” in 2020 didn’t really come to fruition with regard to the regular, practical use of digital currency. But, it may well be borne out in more people buying in for investment purposes. As people see cryptos withstanding crashes and gaining value, it’s understandable that more will want to capitalize on them.
What ends up holding some of these people back though is a certain discomfort with actually owning cryptos. For those new to the market, a crypto-wallet can seem intimidating, and exchanges can be confusing; it’s still a brand new asset class and one that many seem as being more trouble than it’s worth. Such skeptics don’t need to avoid crypto-investments altogether anymore though because there are other, simplified ways of profiting off of the market. One such way is spread betting, which is what we want to dive into here.
What is Spread Betting?
To explore why this is an interesting option for those who are curious about cryptocurrency investing but skeptical of crypto-ownership, it’s necessary to first explain what exactly it is. To that point, FXCM’s definition of spread betting is perhaps the most helpful – This is a “form of derivatives trade centered on speculation pertaining to the future pricing volatilities facing a specific asset class.” That asset class can be a currency, cryptocurrency, or a number of other things, but the idea is the same. Spread betting means speculating on value, rather than buying at value.
To break down the idea a little bit more, spread betting involves a straightforward wager on an asset’s price moving up or down. To bet on the asset going up, you choose the “buy” or “bid” price for the said asset, select the amount you want to wager per unit of growth, and collect that amount if and when the asset gains value. To bet on the asset going down, you do the same with the “sell” or “ask” price being listed. So, if Bitcoin sits at $15,000 and you want to wager $100 per unit on a rise in value — and we say that a unit is $5 (which may vary), you will stand to gain $100 for every $5 Bitcoin rise, without ever actually owning any of it.
Spread Betting and Cryptocurrency
As mentioned, spread betting can be applied to a number of different markets. There are more and more platforms that do allow for crypto-trading via spread betting though. For the most part, these platforms host activity relating to the biggest and most commonly traded assets in the crypto market — such as Bitcoin, Ethereum, and XRP. It stands to reason though that in time, more cryptocurrencies will be available for spread betting (unless the market unexpectedly consolidates at some point and only a few mainstream cryptos remain).
Blue Coin Betting
Other than a potentially limited selection of cryptos to trade though, spread betting on cryptocurrencies looks and works the same as it does in any other financial sector.
Advantages of Spread Betting Cryptocurrency
The main advantage of spread betting cryptocurrencies for the purposes of our discussion here is that it removes the need to purchase and store crypto-coins — which can be daunting particularly for newcomers to the market. Even beyond the issue of wallets and exchanges being complicated for some, a piece on fear and cryptocurrency by Entrepreneur highlighted some other reasons some may not want to buy them – A general lack of understanding, a fear of extreme volatility, and an overwhelming selection. Spread betting essentially offers a means of trading that erases or at least mitigates concerns like these.
More generally though, people often turn to spread betting for benefits such as tax-free profits, commission-free trades, leveraged trading, and the ability to trade price movement in both directions.
Conclusion
Spread betting on cryptocurrency values can still be a difficult process. Crypto-markets remain volatile, and profits are by no means guaranteed. It can be a more appealing trading method for curious crypto-newcomers though, and there are certain advantages to it that make it worth considering.
With well over $400 billion of wagers placed in the United States alone on a yearly basis, the sports betting industry is taking over. It is exhilarating to be watching your favorite sports team and know that you could win $100 if your team covers the spread.
Many sports investors see this as a place to find a higher return while waiting for the cryptocurrencies to go up in value. With diligence, bank roll management, and some solid research… you might just double your money in no time!
Differences between cryptocurrency and fiat currency sports betting
At first, it is quite confusing to constantly calculate the value of USD (or any other fiat currency) to cryptocurrency while placing your wager. After performing the calculation the first few times, you start to get comfortable with a certain amount and generally use the same number. There are also conversion calculators that will help you out.
Bitcoin
Security and privacy
Fiat currency sportsbooks have the most amount of risk as far as security and privacy are concerned. Your privacy is out in the open with a fiat currency sportsbook.
It is mandatory you give them your full name, address, and date of birth. Many times, they even want a picture of your government identification card. All it would take to have your identity stolen is for that sportsbook to be hacked, your information is completely out there. (Not to mention, some companies may knowingly choose to sell your personal information.)
With cryptocurrency sportsbooks, you can generally get away with just a username and an email address. Sometimes, not even an email address is necessary! Your information is not floating around in space, which will help you stay comfortable while gambling on the internet.
Deposit & Withdrawal Times and Limits
Fiat sportsbooks usually have maximums as low as $2,000 on deposit and withdrawals. However, cryptocurrency only sportsbooks generally have no maximum deposit amounts or withdrawal amounts. They will generally limit the amount allowed to receive bonuses on, but that is not a big deal if you space deposits out long enough.
The time limit on receiving your funds varies dramatically. Generally, fiat sportsbooks offer payout options that as seen are limited and can take weeks to receive!
Occasionally, you can transfer the money via Western Union but most use the cash out option. This forces you to wake generally 2-4 weeks to receive a prepaid card in the mail.
Online Crypto Gambling
With cryptocurrency sportsbooks, the withdrawal generally takes 2-4 hours to receive sometimes even faster. Less information is needed to withdrawal as you only need to enter a wallet address/ID.
Sports Betting Odds Compared to Fiat Currency Betting Odds
Sports betting with cryptocurrencies is very new. The online sportsbooks already accepting fiat currency have been doing this for over 10+ years. They have the lines fine-tuned and adjust them frequently. Generally, cryptocurrency-based sportsbooks will give you even better odds.
Betting Crypto Coin Game
Where can I Bet with Cryptocurrencies?
The first step is to find a solid sportsbook to make your deposit. Do not just go with random google search selection. Some sportsbooks don’t really pay out. Watch out for cryptocurrency scams!
The most diverse, secure crypto sports book I have found is BetCoin.
BetCoin is known for fast pay outs, a great community, and an overall easy website to operate. Very simple sign up with minimal information asked. They accept Bitcoin, Ethereum and Litecoin.
They offer a 100% match (up to 1 BTC) with your first deposit as well as a 50% match on your next. Also, they track a bonus system based on deposits and how many bets are placed. These bonuses can add up as you go up the ranks. Bettors start to earn a percentage of losses back as free play.
Registration on the site is very easy. Just create a username and type your email address. Once logged in you can generate wallet ids and make your deposit.
For all of you concerned with the Bitcoin Hard Fork. Nearly every Bitcoin and gambling affiliated site was halted due to it. However, BetCoin released the following statement: “We will not be suspending service in any way, deposits or withdrawals and will continue to run in full to provide you a great service.” This should bring comfort to fellow sports bettors.
If you are a poker player, don’t be alarmed BetCoin also caters to you! They have a full poker platform and a large community to play with. BetCoin offers multiple card games and a full casino as well.
In Conclusion
Overall gambling can be incredibly rewarding if you properly manage a bank roll. However, it can also be very addicting. Make sure that you do the appropriate research and view it as an investment. This is the best way to maximize the value of your money and truly win.
Sports betting has the best odds of any casino in Las Vegas. If you can master that and study sports, it is easy to create a comfortable additional stream of income.
Crypto Coin Charts
Daily Cryptocurrency may receive a small commission for users who create an account through the links above (which will we probably gamble away anyway!). You may also use this link to visit Betcoin without a referral link.