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How to Use Cryptocurrency Sports Betting

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crypto sports betting

The advent of cryptocurrencies revolutionized virtually every industry, including online gambling. Although the cryptos were initially volatile and a reserve for high-risk takers and speculators, they have stabilized and are now trusted for everyday business transactions. For instance, unofficial statistics reveal that about 60% of bitcoin transactions are related to betting. However, what are the advantages and disadvantages of crypto sports betting? How do you bet with crypto? How do you choose the right cryptocurrency bookmaker? Here is everything you need to know about it and the best crypto sport betting bookmakers

Advantages of Bitcoin and Cryptocurrency Sports Betting

  • The anonymity of the user during wallet transfers and account creation among some bookmakers which shelters one from government bans on betting in some countries and some taxes
  • Higher betting limits due to the instability of bitcoin and other cryptocurrencies
  • Fast and easy deposits and withdrawals because it is decentralized cash with no intermediaries
  • Lower fees that are almost negligible as compared to other deposit and withdrawal options
  • Makes it possible for a user to exchange their crypto that may be or will be banned in their country
  • Accessibility of the bookmakers globally by surpassing local gambling laws
  • More significant offers with some sites offering as much as 5 Bitcoins

Disadvantages of Bitcoin and Cryptocurrency Sports Betting

  • Fluctuations in cryptocurrency value mean that the returns depend on not only bet results but also the crypto exchange rate
  • Reliability of the crypto sports betting bookmakers that are relatively new is less than the traditional bookmakers
  • Most bookmakers don’t accept bitcoin, and therefore a user has fewer options to choose from

However, the crypto sports betting industry is rapidly evolving as cryptos become more and more stable, which will reduce the price fluctuations. Nevertheless, if a user is observant enough, they can even make more money from the fluctuations. As more and more bookmakers start accepting crypto, the options will increase, and reliability will become better too.

How to Bet with Cryptocurrency

Even though people think of crypto sports betting as a complicated process, it is as easy as betting with cash. You only have to follow the following three steps:

  1. Find a betting site that accepts cryptocurrency and set up your account
  2. Create an e-wallet for your cryptocurrency on sites like Coinbase and buy crypto
  3. Link your e-wallet to your bookmaker account and transfer cryptocurrency to it which allows you to place bets the usual way

How to Choose the Right Crypto Sports Bookmaker

A quick search will reveal quite a vast number of bookmakers who accept cryptocurrency. However, one may end up having issues with deposits or withdrawals if not careful. The worst scenario is losing the cryptocurrency or being conned. Here are some factors to consider before settling for a bookmaker:

  1. Security

The first is the security of the money. How secure is the site? A company that takes the security of its users’ money will be obvious. Check out their reviews on sites like smartbettingguide.com to establish how secure they are for you. Establish its legitimacy before you think about betting with them.

  1. Banking Options

A site that accepts the kind of cryptocurrency you have is the best choice when it comes to this factor. Bitcoin is the most common cryptocurrency option. However, there is Etherium and many other cryptocurrencies that you can use. Some sites have PayPal, MasterCard, and other bank transfer options.

  1. Bet Markets

Ensure a bookmaker has the bet market you enjoy betting in, or else you may end up betting on sports about which you have no idea—the more varied the markets, the better the bookmaker. The best bookmakers have a vast number of bet markets to allow their users to bet all year round without having to wait for a particular season to begin.

  1. Offers

Finally, the kind of offers available is a good determinant of what to go for when choosing a crypto bookmaker. There are welcome bonuses, deposit bonuses, and many other offers to enjoy when you opt for the right site.

Top 5 Bitcoin Crypto Sports Betting Bookmakers

Nitrogen Sports

One of the perfectly designed betting sites that accept crypto is Nitrogen Sports that offers users convenience and ease of use. Here’s is a quick summary of their pros and cons:

Pros

  • Anonymous account for your ultimate privacy while gambling
  • Wide range of betting markets with up to 25 disciplines
  • A user-friendly mobile version
  • Has the NFL “survivor pool” event
  • High odds

Cons

  • Only accepts Bitcoin

Stake

A neat user interface and variety in markets and cryptocurrency options make Stake.com one of the most popular options available today.

Pros

  • Anonymous needing only a username, password, and an email address
  • Seven cryptocurrencies: BTC, BCH, ETH, LTC, DOGE, TRX and XRP
  • Many bet markets with over 20 disciplines
  • Social betting with an active public chat and ability to make a bet public
  • Perfect mobile version
  • High bets

Cons

  • No welcome bonus
  • Unavailable for punters in the US, Australia, and the Czech Republic

1XBET

You probably have heard about the site that has become increasingly popular over the recent past. It offers many banking options, including cryptocurrency.

Pros

  • Very high odds
  • Many bonuses and promotions
  • Variety of bet markets is huge
  • Many deposit and withdrawal options

Cons

  • Outdated interface

22BET

Another bookmaker that has been rapidly growing internationally is 22BET. Its variety when it comes to betting is the reason behind its popularity.

Pros

  • Wide range of betting markets
  • Has an impressive live betting section
  • High odds
  • The deposits and withdrawals are quick
  • Rapidly growing

Cons

  • It is not as easy to use as some bookmakers

SportsBet

The final bookmaker in the list is SportsBet, which is well known for its excellence from a legal standpoint. Here is a summary of its pros and cons:

Pros

  • Great user experience
  • Wide range of bet markets including eSports betting and water polo
  • Accepts many currencies including BTC, ETH, LTC, SOC, USD, CAD, EUR, INR
  • Variety of payment options

Cons

  • Players from Australia, the US and Estonia cannot use it

Conclusion

Cryptocurrency sports’ betting has changed online gambling by offering enormous advantages for both the punter and the bookmaker. It is an easy way to bet and allows you to enjoy anonymity, higher bet limits, quick deposit, and withdrawals, and lower fees besides other benefits. Nitrogen Sports, Stake.com, 1XBET, 22BET, and SportsBet, are some of the best bitcoin and other crypto sports betting bookmakers.

Image by bianca-stock-photos from Pixabay

Crypto Apps

Sylo launches game-changing solution Oya and announces integration with Tezos

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Software development company Sylo has officially launched Oya today – a complete reimagining of its backend architecture. The company said the new product “leads the way for mainstream decentralization.” Sylo’s goal is to democratize access to communication and financial capabilities, without sacrificing privacy, personal data and user experience. Additionally, Sylo has deployed wallet support for public blockchain Tezos in their multi-chain wallet-messenger decentralized app, the Sylo Smart Wallet, which currently has over 250,000 users around the world.  

“We’ve solved the hard issues of scalability, performance and fair-reward in a decentralised setting, allowing developers to build apps with a real competitive advantage. The launch of Oya brings our vision of a future worth looking forward to, a whole lot closer and we’re really excited about what can be built on this new decentralised foundation,” said Ben Jordan, Sylo Co-Founder and Product Director, in a statement.

“The Oya Launch opens the door to a plethora of new features and business opportunities, many of which we will be unveiling over the next two quarters,” said Dorian Johannink, Sylo Co-Founder and Business Director.

The Tezos blockchain supporting firm TZ APAC is advising Sylo on technical integration of Tezos, to improve developer experience and increase adoption of the Sylo wallet in…

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Bridge Mutual Closes Gap Between Traditional Finance and Digital Finance Insurance

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One of the biggest problems standing in the way of widespread crypto adoption is lack of trust, particularly when it comes to assets on centralized exchanges or complex exploits on decentralized protocols. While it is true that cryptocurrency blockchains are difficult to tamper or manipulate, other services in the space still experience multiple large-scale hacks per month. 

Centralized exchanges are prone to having their funds hacked, stolen, or lost. From the infamous Mt. Gox and FCoin hacks to the most recent KuCoin heist, dark clouds have been cast over the industry for centralized exchanges. These frequent incidents, in addition to the frantically volatile nature of crypto markets, have stopped cryptocurrency from gaining momentum. 

That’s where Bridge Mutual comes in to offer insurance. It aims to give institutional crypto investors a reliable way to offset their investment risks by issuing discretionary insurance against exchange hacks, smart contract attacks, and stablecoin crashes.

How does Bridge Mutual work?

The funds used to insure Bridge Mutual’s policy holders come from stakers who are able to select the stablecoin, exchange, or smart contract that they want to insure. After funds are locked in, they enjoy passive income from investment yields and profit sharing in the system. 

Likewise, the process for purchasing insurance through Bridge Mutual is just as simple as stakeholding.…

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Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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