Bitcoin Is Reaching for Stars This Year, Crypto Sports Betting Market Follows Suit

Updated on Mar 6, 2020 at 9:09 am UTC by CoinSpeaker Staff · 5 min read
Bitcoin Is Reaching for Stars This Year, Crypto Sports Betting Market Follows Suit
Photo: QuoteInspector

Today, more than 60% of global transactions involving Bitcoin have a connection with the gambling industry. One of the main factors that can be used to explain this popularity is the anonymity that crypto offers to the network participants.

In a business running on estimation and predictions, observation and critical analysis of trends – of past, present, and future – play the central role. All the profits and losses incurred by its participants depend entirely on this object of detail and immense complexity. Such is the market of crypto sports betting that requires one to get a hang of multiple factors, from gauging sports team quality to consistently predicting the value of the cryptocurrency that they are dealing in.

Crypto Sports Betting has been a recent entrant on blockchain business network, but quite an explosive one with the form of reception it has been experiencing since the time it kicked off. The novel market has been drawing public interest with its neoteric features promising a varied gaming experience to bettors everywhere. To start betting using cryptocurrency is a simple process.

First, one needs to find a bookmaker that accepts their kind of cryptocurrency and set up an account with them. And second, open up an e-wallet to carry out the to and fro transfer of funds during bettings. The fund transfers on crypto betting sites function like any other traditional money transfer that takes place online. However, Bitcoin comes into the loop with certain added advantages. Currency conversion into Bitcoin carries no fees, irrespective of the users’ geographical location. This is a feature absent in the traditional betting sphere. Further, the funds are instantly credited to the users’ bookmaker account allowing them to start betting immediately as and when they wish. All the transactions on crypto sports betting sites are instant, transparent and immutable.

Crypto and Gambling

Today, more than 60% of global transactions involving Bitcoin have a connection with the gambling industry. The crypto betting landscape is proving especially enticing owing to the factor of anonymity that it renders its participants with. No personal details apart from the financial funds are tagged to a user’s account, making their transactions impossible to trace back. While the conventional bookmakers take a considerable amount of time to process the payments, it is fast, almost instant with crypto bookmakers. There are no charges incurred, leave the nominal transaction fees. Crypto sports betting sites are usually short term openings, thus relaying good conditions to new users at any point in time. The sites also offer lucrative bonuses and promotions that are much better than any traditional sports betting platform. The betting limits that bitcoin bookmakers have to offer are quite high as well.

Nevertheless, one must not undermine the care that goes into making informed and profitable bets in the gambling industry. Crypto sports betting is a chimerical field susceptible to extreme consequences and only an adept currency speculator can blend adequately into its culture. The returns received in crypto betting depend greatly on the value of cryptocurrency which is fluctuating by nature. Besides, since the market is new and yet to climb up the graph of maturity, it stands affected by the presence of unreliable bookmakers that might rip novice bettors of a huge amount of their money all at once. Keen observation and follow up is the key to survival in the crypto sports betting industry.

Bitcoin in 2020

Nonetheless, cryptocurrency, by itself, has been doing great on the global front with more and more operational spheres warming up to this new offspring of technology. Bitcoin, that has come 10 years rocking in the crib of significant fluctuations, is seeing the day of light and in full glaze. The market performance of this leading cryptocurrency is quite promising at the moment. Smart Betting Guide, an all-encompassing platform for amateur bettors to learn and get acquainted with the betting culture, has released the Smart Betting Guide Bitcoin Prediction for the year 2020 on its official website. It goes by summarising the Bitcoin price trend during 2019 that has been a series of rising and falls while still touching its highest every value of $13,000 in July. This remarkable feat has set prospects high for Bitcoin to fare well in the following year. 2020 is also the year for Bitcoin halving, which adds to the anticipations of Bitcoin analysts worldwide.

The year also marks a considerable threat to Bitcoin’s run, which may be accompanied by the launch of Facebook’s Libra that is on the calendar. Libra, being from the Facebook lineage, which itself is host to 2.4 billion users across the world, may prove a steady competition to Bitcoin that has harmoniously been going on the top since its inception. Libra is to be a decentralized digital asset but operationally tied with other stable currencies like Dollar, Euro, Yen, and bonds. This feature, unlike Bitcoin and other cryptocurrencies which function independently of fiat and other physical assets, may contribute to a timely establishment of the “trust” factor in cryptocurrency that has been lacking among commoners for years.

Despite Libra, Smart Betting Guide Bitcoin Prediction to continue its sunny streak and go on to enjoy the status of a safe haven for the gambling industry. With a reliable framework, customer service in multiple languages, best odds, successful and long working conditions and other features of the like, crypto bookmakers have conveyed an intricately designed platform for bettors to tread on. So much as the crypto weather indicates, Crypto Sports Betting market is up and here to stay, so it Bitcoin.

Altcoins, Bitcoin, Blockchain, Cryptocurrency news, News
CoinSpeaker Staff
Author: CoinSpeaker Staff

Please check out latest news, expert comments and industry insights from Coinspeaker's contributors.

Share this article

Related Articles