Using Bitcoin (BTC) for Sports Betting in the US - Global Coin Report
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Using Bitcoin (BTC) for Sports Betting in the US

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Sports betting has been around for as long as sports themselves, and this activity has been a large part of many cultures around the world. When it comes to the US, however, sports betting has had a long and complicated history. A lot of states have proclaimed sports betting an illegal activity due to fear that it would lead to degradation of society.

Even so, a significant number of states still allow betting on sports, including Nevada, Delaware, New Jersey, Pennsylvania, West Virginia, Rhode Island, as well as Mississippi. There are also a few states where betting isn’t exactly made illegal, but the laws are not as clear as to say that making bets is perfectly acceptable. The state of New York is the best representative here.

Some states tried to bring bills that would legalize sports betting, but these bills have yet to become official laws. These include Michigan, California, Connecticut, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Missouri, Ohio, Oklahoma, and South Carolina.

And, finally, there are states where betting is illegal and no attempts to change that have been made to this day. Those are Washington, D.C., Alabama, Alaska, Arizona, Arkansas, Colorado, Florida, Georgia, Hawaii, Maine, Idaho, Massachusetts, Montana, Minnesota, Nebraska, New Hampshire, New Mexico, North Dakota, North Carolina, Oregon, South Dakota, Texas, Tennessee, Utah, Virginia, Vermont, Washington, Wyoming, and Wisconsin.

While it is obvious that a large part of the US has not taken action to make sports betting a legal activity, the rest of the states have either legalized it or attempted to do so. This is due to the fact that the point of view regarding this activity is changing. A lot of states are having economic and financial troubles, and sports betting could make a large difference. Since it is not legal in a lot of countries, betters have been known to turn to illegal betting, with this market being worth around $150 billion per year. If this money were to go to the states instead of those who are organizing illegal betting in the US, things would have been a lot different for some of these states.

Bitcoin and sports betting

Despite the fact that a lot of states do not support betting, new ways of making bets are emerging all the time. With the appearance and constant progress that the cryptos are making, they were bound to infiltrate this branch of business sooner or later. However, this is not necessarily a bad thing.

Sports betting can often be a shady business, which is why so many states are against it. However, a lot of cryptocurrencies are known for their decentralization and transparency, which might almost guarantee that the shady part can be eliminated from the process. This might be a real game changer when it comes to the legalization of these activities, and the online betting has changed a lot since cryptos were introduced. The interest in betting has started to grow again, and even the Supreme Court ruling has shown interest in connecting cryptos to betting activities.

While this technology is still limited when it comes to real-world use cases, many bookmakers have already started to accept it. Slowly but surely, Bitcoin is transforming, and in a lot of ways revolutionizing, the world of sports betting. There are already numerous sports betting websites that allow the creation of anonymous accounts from any part of the US, and even the world.

Bitcoin’s nature allows for instant processing of deposits and withdrawals and betters no longer have to wait for weeks to get their money. Various fees are also reduced, which leaves more money for the better.

So, thanks to Bitcoin, betting can become decentralized and transparent, fast, anonymous, cheap, and instantly available. With the right guidance, this can make a lot of money that can go to improving the conditions in some of the US states, which is why many are hoping that betting will spread even more and that it will pull cryptos into the mainstream with it.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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As Global Tensions Grow, Bitcoin Price May Go Higher

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BTC Surged Again as A Safe Haven Asset During Global Tensions

  • India – China Border Conflict

After weeks of squabbling and brawling along their long-disputed border, hundreds of Indian and Chinese soldiers engaged in a deadly clash Monday in a river valley that’s part of the region of Ladakh last week. Troops had massed on both sides of the border in recent months in the northern India region of Ladakh and the southwestern Chinese region of Aksai Chin, causing global concerns of a potential escalation between the two.

  • North and South Korea Clash

Last Tuesday, North Korea destroyed the liaison office it jointly operates with South Korea in the city of Kaesong, just north of the demilitarized zone that separates the two countries. 

North Korea also said it would send troops to now-shuttered joint cooperation sites on its territory, reinstall guard posts and resume military drills at front-line areas in a violation of separate 2018 deals with South Korea. Jeong said South Korea will take “immediate, swift and corresponding” steps to any North Korean provocation.

The tensions grown in Asia and the potential “second wave” of coronavirus in the United States may add more difficulties to the global economic recovery. Thus, Bitcoin, as a safe haven asset, attracts more investors to…

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CoinFlip Continues to Dominate the U.S. Cryptocurrency ATM Market

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Although cryptocurrency has brought in a lot of traders seeking the dream of overnight wealth, cryptocurrency is a lot more than just striking it rich.  Cryptocurrency is about creating a new market with companies that are building cutting edge technology in an effort to continue elevating our way of life.  As the crypto market continues to expand, several companies are involved in creating ways for more people to participate.  One such company that appears to be making all the right moves is CoinFlip.

CoinFlip is the world’s leading cryptocurrency ATM operator that currently allows users to buy and sell 10 different cryptocurrencies including BTC, ETH, LTC, DASH, TRX, KMD, LINK, BNB, XLM, and USDC.  Due to the company’s quick growth, CoinFlip has quickly gained a reputation of being the place to go for all crypto ATM transactions.  In addition to its massive geographic coverage, there are four advantages that CoinFlip currently offers over its competitors:

  • Lowest fees of any cryptocurrency ATM in the world
  • Lightning-fast transactions that are typically completed between 10 and 30 minutes
  • Extremely easy customer verification
  • 24/7 customer support through phone, text, and chat

Given the global pandemic currently facing us, many companies have been struggling just to survive.  CoinFlip, on the other hand, is not only surviving but thriving.  The company has had an exciting few months and has even bigger plans…

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Cryptocurrency Fraud is Evolving; Bitcoin ATMs Mitigate Risk 

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Cryptocurrency Fraud is Evolving
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In one of the more overlooked aspects of the crypto ecosystem, it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams.

CipherTrace, the crypto-surveillance, and analysis firm released a report at the end of Q4 2019 that revealed hacks and thefts had decreased by 66 percent in 2019 while fraud and misappropriation of funds surged by 533 percent. And beneath the COVID-19 hysteria of 2020, hacks in the crypto sector have been eerily isolated. 

Outside of a few exploited flaws in P2P exchanges and DeFi flash loan vulnerabilities, the headline-grabbing hacks of exchanges for hundreds of millions of dollars have been absent so far this year. Is the industry due for another massive hack, or are stringent KYC/AML processes, regulatory crackdowns, better security practices, and blockchain surveillance working? 

KYC/AML Improvements Are Reducing the Appeal of Crypto Exchange Laundering 

2020 is far removed from the no-KYC wild west days of the early-mid 2010s where anonymous altcoin casinos preponderated and the Dark Underbelly of Cryptocurrency Markets thrived. 

Today, bitcoin and the crypto ecosystem is becoming institutionalized with a surfeit of derivatives (e.g., options, futures, perp swaps, etc.) available on…

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