Cryptocurrencies and bookmakers, two kinds of companies
Altcoins continue to conquer the market of electronic currencies. Their users get anonymity, low commissions and secure transactions. These same advantages, respectively, are received by customers of betting shops that support cryptocurrencies. They are divided into two types, and this is very important:
- BCs with cryptocurrency deposits and withdrawals are not much different from regular bookmakers. Their developers periodically add new deposit and withdrawal methods. At the same time, the service remains centralized and all the problems of similar platforms remain.
- Blockchain-based BC – the project is created on blockchain or through a popular platform, which guarantees the integrity of transactions. A decentralized system increases security. Customers’ funds are not managed by anyone, and they receive their winnings through smart contracts, which guarantee their receipt.
The second option is preferable. Blockchain technology helps to avoid false accusations from the administration and long demands for winnings on one’s balance.
How attractive are bookmakers with cryptocurrency betting?
Of course, increased security. When blockchain is at the core of a BC, funds are distributed through smart contracts. When a bet is opened, a contract is created in which all the conditions are set in advance, and depending on the outcome, the client either wins and receives a win or loses. No one can interfere with their performance.
There is a certain nuance associated with high volatility. There is always the possibility that after a deposit, the coins will fall in value and some of the money will be lost. However, they have been gaining in value in recent years, so this nuance can be seen as an advantage for now.
Other advantages:
- deposits and withdrawals are anonymous, it is almost impossible to trace transactions;
- all transactions are instantaneous. There is no hold, as soon as the event happens, the winners are immediately identified and the winnings are sent to their accounts;
- blockchain-based BC clients are guaranteed to receive payouts, this is embedded in smart contracts;
- cryptocurrencies gradually become more expensive, their exchange rates go up, and their holders get richer. As you scroll through the coins on bets, your bank automatically increases;
- cryptocurrency networks have the lowest commissions.
Decentralization, on the one hand, is an undeniable advantage, but it also has disadvantages. For example, support, which is not always available immediately, and it may not be available at all.
Currently, about 1% of sports betting is done in cryptocurrencies, of which more than 80% is the share of bets in Bitcoin, Ethereum and Litecoin. The figure is not small, and experts believe that the numbers will change dramatically in the coming years.
Betting on bitcoin rates
Bitcoin value fluctuations are just as exciting, and predicting its ups and downs can also be a way to make money.
Players are betting on which way Bitcoin will change against the dollar over a given period of time, and the essence of the game is simple:
The first player bets on the rate going up.
The second player makes a similar bet to decrease the rate.
If the Bitcoin rate goes up after the set period of time, the first player takes the winnings, which is the sum of the two bets made, taking into account the deduction of the service fee. If the rate falls, the second player gets the winnings.
An unlimited number of players can participate in bets. The total amount of bets will be distributed among all participants, who managed to correctly determine the movement of the rate in the calculated proportions to the sum of their bets.
The rate can only move in two directions. For cryptocurrency experts, this is an opportunity to increase their capital by 100% or more with a risk of 50%.
If all players have chosen the same rate to bet, the game is automatically canceled and bets are returned to the owners. The same measures are taken if the value of the rate has not changed.
It is also possible to make one-time bets on the growth of Bitcoin, when the bet is made for a long period of time and is tied to a significant date.
Advantages and disadvantages of Bitcoin betting
| Benefits | Disadvantages |
| A convenient and easy way to make money | Requires analytical skills and constant monitoring of the field |
| The right bet can multiply the investment in a short time | At a high rate of Bitcoin with the risk of a sharp collapse, it is more profitable to bet in local currency |
| Potential opportunity to make money on the increase in the rate of Bitcoin | Not all online services have betting licenses |
| Anonymity of payments and security of transactions | |
| Instant deposit and withdrawal of funds (even large amounts) | |
| Small commissions | |
| Blockchain technology security | |
| A wide range of games |
Conclusion
Betting on sports can generate a lot of income in a short period of time, and it is an alternative method of earning cryptocurrency. Bets should be made relying on match and game analytics, conducted on the basis of statistics, trends and expert opinions.
The main tool of a professional player is a bookmaker’s office. Choose it carefully, giving preference to services that pay a stable profit, with a good reputation and licensed activities.
Do not bet everything on the outcome of one match. It is better to make several bets with different possible outcomes. Then, even in the case of an incorrect prediction, you will be able to recoup your investment. Bitcoin betting is a method that makes the game as simple and secure as possible, and in the long run is also a way to increase your winnings.