How to bet live on cryptocurrency
Even in ancient Greece, bets were made during the Olympiads and battles of gladiators, the history of bookmakers began a long time ago, and they are still in demand. Only now bookmakers have moved to the Internet and are using modern technologies.
Thus, it is convenient, profitable and safe to use digital coins in betting. Let’s take a look at the difference between bookmakers with cryptocurrency support and how they work.
Cryptocurrencies and bookmakers, two types of companies
Altcoins continue to conquer the electronic currency market. Their users receive anonymity, low fees, and secure transactions. The same advantages, respectively, are received by the clients of bookmakers that support cryptocurrencies. They are divided into two types, and this is very important:
- Bookmakers with deposits and withdrawals in cryptocurrency are not much different from ordinary bookmakers. Their developers periodically add new ways to deposit and withdraw funds. At the same time, the service remains centralized and all the problems of similar platforms remain.
- BC on the blockchain – the project is created on the blockchain or through a popular platform, which guarantees the fairness of transactions. The decentralized system improves security. Nobody controls the clients’ funds, and they receive the winnings through smart contracts that guarantee their receipt.
The second option is preferable. Blockchain technology helps to avoid false accusations from the administration and long claims for winnings on your balance sheet.
Why are bookmakers with cryptocurrency bets so attractive?
Of course, increased security. When the BC is based on the blockchain, funds are distributed through smart contracts. When you open a bet, a contract is created, according to which all conditions are set in advance, and depending on the outcome, the client either wins and receives a win, or loses. Nobody can interfere with their execution.
There is a certain nuance associated with high volatility. There is always a possibility that after replenishing the balance, the coins will fall in value, and some of the funds will be lost. However, in recent years they have been adding to the rate, so this nuance can still be regarded as an advantage.
- deposits and withdrawals are carried out anonymously, it is almost impossible to track transactions;
- all transactions are carried out instantly. There is no hold, as soon as the event is completed, the winners are immediately determined, and the winnings are sent to their accounts;
- BC clients on the blockchain are guaranteed to receive payments, this is included in smart contracts;
- cryptocurrencies are gradually becoming more expensive, their rates are growing, and their holders are getting richer. As long as you spin coins on bets, your bank will automatically increase;
- the lowest fees in cryptocurrency networks.
Decentralization, on the one hand, is an undeniable advantage, but it also has negative sides. For example, support that is not always immediately available and may not be available at all.
Now, about 1% of bets on sports are made in cryptocurrencies, of which more than 80% are taken by the share of bets in Bitcoin, Ethereum and Litecoin. The indicator is not small, and experts are sure that the numbers will change dramatically in the coming years.
Rating criteria are formed based on the following parameters:
- Availability of permits, licenses.
- History, customer reviews on the Internet – on forums and social networks, reputation.
- Line, coefficients.
- Site functionality, simple interface, usability.
- Payment methods, the number of cryptocurrencies, instant transfers.
- Bonuses and promotions, loyalty programs.
- Choice of sports.
Bitcoin rate betting
Fluctuations in the price of bitcoin cause no less excitement, and predicting its ups and downs can also be a way of earning.
Players place a bet on the direction in which the Bitcoin exchange rate against the dollar will change over a given period of time, and the essence of the game is simple:
- The first player bets on the rate increases.
- The second player makes a similar bet on the depreciation.
- If after a given period of time the Bitcoin rate has increased, then the first player takes the winnings, which are the sum of the two bets made, taking into account the deduction of the service commission. If the rate falls, then the loot goes to the second player.
An unlimited number of players can participate in bets. The total amount of bets will be distributed among all participants who were able to correctly determine the movement of the course in the calculated proportions to the amount of their bets.
The course 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 for the bet, then the game is automatically canceled, and the bets are returned to the owners. The same measures are taken if the cost of the course has not changed.
Services that allow you to place bets on the Bitcoin rate:
- Bitcoin Betting;
You can also make one-time bets on the growth of Bitcoin, when the bet is made for a long period of time and is tied to some significant date. For example, the Bitcoin exchange rate as of December 31, 2021