Sports betting is not just gambling passion of the fans, but the whole industry with its own rules. For a long time all bets passed through the bookmakers and specialized exchange, and batters were a relatively small group of people. However, the development of digital technologies has brought online betting to a new level.
With the advent of betting, anyone can bet on a particular outcome of the game from the comfort of home. The digital currency made the process even easier. Cryptocurrency payments attract users with its decentralization, anonymity, absence of big commissions and speed.
Today betting platform work with different cryptocurrencies, however, the main means of payment in sports betting is still bitcoin. According to one of the largest gambling sites 1xBit, more than 80% of all cryptocurrency rates are in bitcoin, only 6% in Ethereum, 4% in Litecoin. The remaining 9% is distributed between Cash Bitcoin, Dogecoin, anonymous Dash coins, Monero, zcash for and other digital asset in which the platform runs.
Why is the first cryptocurrency not simply become on a par with traditional means of payment, but used in rates more frequently than other digital assets? Of course, one of the main advantages of bitcoin — its historical primacy. The fact that bitcoin is the first cryptocurrency with the highest market capitalization already causes users a lot more confidence than even the most popular altcoins.
In addition, the use of bitcoin says and a high level of reliability of its network. This point is clearly indicated by the Bitcoin Core developer Jimmy song, who said:
“Their safety B.train proved the single best thing: time. All other coins are much younger and yet are unable to show the same level of security.”
Safety tools is one of the primary roles for any user, investor, entrepreneur, and the first cryptocurrency outperforms other digital assets.
Another important advantage of bitcoin is its rapid spread as a payment tool. With bitcoin you can purchase quite a variety of things, from plane tickets to real estate. This means that, in case of a successful bet, the winnings can be spent, without time-consuming conversion to Fiat. Unfortunately, the majority of altcoins in practice can be used far not everywhere. Of course, the degree of adoption of bitcoin in this respect, too, is far from Fiat money, but every month the first cryptocurrency is increasingly expanding its horizons as a means of payment.
Using the first cryptocurrency to bet on a sport still associated with one, but a significant disadvantage is a relatively high degree of volatility of bitcoin prices. And if in the cryptocurrency community there are disputes about whether this is a disadvantage, many punters may be unpleasantly surprised by the fact that the sum of their yesterday’s gain against the dollar tomorrow may be much lower.
With the end of 2017 the price of bitcoin fell by almost four times and at the moment, market analysts there is no consensus, continue their decline. Of course, it may happen the opposite — per night the price of bitcoin may rise to several percent, so will increase the winning amount.
In addition, betting platform, taking into account this feature of cryptocurrency, often offer a variety of options, how to make cryptocurrency bets profitable in the first place for the batters. For example, 1xBit to the world Cup holds a tournament BitCup, except where the normal rate of the platform users can also participate in daily sweepstakes of cryptocurrencies and other bonuses.
Thus, bitcoin as a means of payment, among other digital assets in sports betting has a number of advantages, which explains his unconditional leader among batters. However, one should not neglect the risks that could face any player who has not studied sufficiently the nature of digital currencies and the overall market. In this betting world is fairly similar to the world of cryptocurrency — both require members of analytical skills, engagement in the processes and, of course, the present interest in this field.
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