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Cryptocurrencies For Sports Betting?

Cryptocurrencies For Sports Betting? - Blockchain24.coCryptocurrencies are excellent for sports betting. The only hitch is to use them safely. Cryptocurrencies have entered into many areas of our lives. The potential of decentralized money is tremendous, and its utilization may lead to many improvements in payment systems. They also apply in the broadly understood gambling industry, especially in sports betting. Bet …

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Cryptocurrencies are excellent for sports betting. The only hitch is to use them safely.

Cryptocurrencies have entered into many areas of our lives. The potential of decentralized money is tremendous, and its utilization may lead to many improvements in payment systems. They also apply in the broadly understood gambling industry, especially in sports betting.

Bet on crypto

People have been betting on results for centuries. This popular branch of gambling is a natural element of our culture. Since more sports rely on rivalry and competition, people think it’s a good idea to bet on their favorite competitors. With the global development of the sports industry, the gambling around it has grown as well.

There are plenty of various sports that are popular betting targets. Although most people focus on football, horse racing, or tennis, literally every competitive activity is suitable for that form of gambling. But today’s scale of the betting industry is much larger than ever before in our history. Because of that, the time of processing payments may be quite long.

And that’s where blockchain technology comes in. Due to their decentralized nature, cryptocurrencies are much more suitable as a means of payment than traditional fiats. The time of both deposits and withdraws is noticeably shorter for crypto transactions, which makes them favorable assets among gamblers.

What is the risk?

In the world of modern sports betting, there are actually quite a lot of available services allowing us to use cryptocurrencies for sports betting. There is only one problem: many of them are not regulated in any possible way, which makes them actually illegal. And whenever it comes to cryptocurrencies, the legal issues should be your first priority. What can irresponsible gambling cause anyway?

First, the lack of legal assurance that the service is registered and approved may lead to the loss of your funds. In such a situation, you can’t be sure that the company offers legal services and that it’s not trying to fool you. Hoaxes and frauds are, unfortunately, still a common thing in the cryptocurrency industry, and the only way to avoid them is to pay attention to the legal status of every company using decentralized assets.

Unregistered services in sports betting may be a source of conflict with the law for you. Any form of gambling is strictly supervised by authorities, and only approved websites are considered safe. When using uncontrolled services, you are always exposed to potential legal problems associated with such sportsbooks. It is especially crucial in the United States, where decentralized currencies are still very debatable.

Guidance for sports enthusiasts

That’s why it is essential to pay attention to the legal status of sports betting services. The lack of information about legal issues in any gambling-related place should always be a major red flag for you. It may suggest that this particular website wasn’t approved by any legal authorities, and it is not licensed to offer sports betting activities.

It is also wise to check the opinions about a particular sportsbook on related forums, discussion groups or subreddits like r/SoccerBetting or r/sports betting. Especially newcomers in this field of gambling should look for advice from more experienced players.

Additional help might be provided by websites focused on creating lists of reliable sportsbooks. Websites like Sportsbook Review or My Top Sportsbook are gathering information about places that provide sports betting and verify the reliability of such services. They check both legal issues and the credibility of operators when it comes to withdraws. Usually, they are also preparing ratings for crypto-friendly sportsbooks, which is especially important in our case.

Sports betting around the world

Since the legal regulations to both cryptocurrencies and sports betting are various around the world, suggesting yourself with lists and rankings is a wise choice if we want to be secure about our betting decisions. If we want to try our forces in sportsbook from different countries, which may follow different law regulations, we should take into the consideration some possible difficulties resulted from it. 

Thankfully, cryptocurrencies are helpful in crossing the borders when it comes to payments. In the case of sports betting, they may also allow you to participate in activities on a worldwide scale, betting on sports results in various countries.

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Source: https://www.blockchain24.co/cryptocurrencies-for-sports-betting/

Blockchain

Indian government cautious about crypto-adoption, CBDC is a possibility

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Indian traders and exchanges might be bullish about the crypto market, but the Indian  government doesn’t seem keen on rushing into the scene. At least, not until studying its homegrown fintech industry and the anti-Bitcoin protests in El Salvador.

Tracking global news

Indian finance minister Nirmala Sitharaman in a recent interview with Hindustan Times explained why the country seemed to be falling behind when it came to crypto adoption.

Though she admitted, El Salvador wasn’t “the best example,” Sitharaman said,

“You’d think common people don’t care about digital currency; but the public took to the streets against the move. It’s not a question of literacy or understanding – it’s also a question of to what extent this is a transparent currency; is it going to be a currency available for everyone?”

Sitharaman referred to CBDCs as a “legitimate” cryptocurrency and admitted there could be a “possibility,” in hat regard. She noted that India held the “strength of the technology” and acknowledged the need to formulate a Cabinet note. However, Sitharaman wondered if India was ready to follow El Salvador’s way.

Facts on the ground

Though accessibility is a pressing concern, more Indians have discovered crypto than perhaps expected.

Nischal Shetty, CEO of the Indian crypto exchange WazirX – a subsidiary of Binance Holdings – has stated that WazirX sign-ups from India’s tier-two and tier-three cities overtook those from tier-one cities this year. Even so, sign-ups from tier-one cities themselves saw a 2,375% rise. Furthermore, WazirX added one million users in April 2021 alone.

Adding to this, the cost of electricity and Internet data in India are relatively cheaper, which could boost both crypto trading and mining in the future. However, at the last count, there was only one Bitcoin ATM in the whole country.

As per data by Useful Tulips, which combined data from Paxful and LocalBitcoins, India saw transfers worth around $4,502,369 in the last two weeks.

Could anti-Bitcoin protests happen in India?

There is evidence to support both sides. India has a strong history of mass protests, with the farmers’ protests against the government’s agricultural laws being one such example. The 2016 demonetization of part of the country’s paper currency still haunts many, and Internet penetration is yet to cross 50%.

However, India also has the largest diaspora in the world, with approximately 18 million people living outside the country. Crypto innovation could lead to hundreds of millions of dollars being saved on remittance charges as money is sent across borders.

But for the time being, it seems India’s urban residents are more bullish about crypto than its government.

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Source: https://ambcrypto.com/indian-government-cautious-about-crypto-adoption-cbdc-is-a-possibility

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A Deep Dive Into The Bitcoin Wallets Of U.S Congress Members, And Why Bitcoiners Are Strongly Against Them

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A Deep Dive Into The Bitcoin Wallets Of U.S Congress Members, And Why Bitcoiners Are Strongly Against Them

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Key takeaways

  • U.S. Congress’ split disposition towards cryptocurrencies raises concerns among market participants.
  • Bitcoin proponent, James Loop goes digging into the financial disclosures of Congress members.
  • His findings revealed only three Congress members have ever disclosed that they hold Bitcoin.

The United States is a key base for innovation and adoption in the cryptocurrency industry. According to data from Crunchbase, there are at least 1,135 organizations founded in the U.S. that provide various cryptocurrency-related services.

Despite the broad adoption of the asset class by the country’s citizens, the government is still divided on opinions about the growing cryptocurrency industry. This can be seen in the U.S. Congress where members of Congress are split between those who support and those who do not support Bitcoin, the most prominent cryptocurrency.

This polarised disposition of Congress has been a pain point for Bitcoiners. Bitcoin market participants have pointed out several issues that emanate from the fact that there are still members of Congress who have not shown themselves to fully understand Bitcoin.

The sentiment is that Congress members who do not fully understand the asset, having not used it, should not be responsible for making laws about it. Additionally, market participants also think it will be a conflict of interest if members of Congress who oppose Bitcoin are found to be holding Bitcoin or if those who support it do not own any. 

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Jameson Lopp, the co-founder, and chief technology officer of Casa – a leading provider of Bitcoin self custody solutions, has gone digging into the United States Senate Financial Disclosures portal. The investigation was carried out to identify Congress members who have declared holdings of cryptocurrencies, and Bitcoin in particular, in their portfolios. 

His findings paint a dismal picture as the majority of the members of Congress who have been vocal in supporting Bitcoin have not held the asset at all according to their financial disclosures for the year ending 2020.

According to his findings, only 3 Congress members have disclosed that they own Bitcoin. The now-retired Representative Bob Goodlatte of Virginia was the first Congressman to disclose the ownership of Bitcoin, doing so in 2017 even before laws were passed to make disclosure mandatory. According to his disclosure, he owned between $1,000 and $15,000 of Bitcoin at the time.

Among currently seated Congress members, only Senators Cynthia Lummis and Pat Toomey have reported Bitcoin holdings in their portfolios in 2020. Senator  Lummis reported owning $100,000 – $250,000 of bitcoin in 2020 making up between 0.6% and 2.75% of her net worth. Similarly, Senator Pat Toomey reported purchasing $1,001 – $15,000 of GBTC in June 2021. The GBTC investment is between 0.01% and 0.7% of his net worth.

The sleuth however concedes that he did not have the time and resources to go through the financial disclosures of all 535 congressional members. Nonetheless, it is telling that of the ones he checked, even members of caucuses in Congress that are affiliated to cryptocurrency and members that have drafted bills that will provide clarity for the industry do not hold Bitcoin or other cryptocurrencies as their financial disclosures show.

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Source: https://zycrypto.com/a-deep-dive-into-the-bitcoin-wallets-of-u-s-congress-members-and-why-bitcoiners-are-strongly-against-them/

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China Again? — Why The Crypto Market Lost Over $300 Billion In Hours And What To Expect

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China Reemphasizes It's Not Yet Done With Clamping Down On Bitcoin

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Key takeaways:

  • Crypto-market records over s$1 billion worth of Crypto liquidations in hours. 
  • Liquidated long positions significantly surpass shorts.
  • Fundamental factors pose serious threat to the market, but the road to recovery is near.

The crypto market has been hit with yet another massive liquidation. Within the last 24hrs, a whopping $1.03 billion worth of long and short positions have been liquidated, as reported by the aggregate derivative exchange platform ByBt.

When traders are long on a particular asset, they are simply gaining exposure to the cryptocurrency in question, in hopes that prices will surge significantly at a later time. It appears that a lot of investors were bullish on crypto for the most part, as long positions were significantly higher than shorts. Precisely $946.10 million worth of crypto was liquidated, while $6.56 million short positions were liquidated.

Liquidations usually take place in the crypto market when a trader’s leveraged position is forcefully sealed by an exchange when the trader’s initial margin is partially or totally lost. Futures and margin trading is usually where liquidation is common.

Many market pundits have warned against over-leverage, which they point to as the case of repeated liquidation. However, despite cryptocurrencies being high-risk due to the intense volatility, leveraging provides an opportunity for investors to generate significant profit. For this reason, liquidations are imminent.

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On a larger spectrum, the question at hand is how the market will be affected going forward. Although no one can accurately predict, recent events hint that the dip could go even deeper, no thanks to fundamental factors like the ongoing Evergrande crisis.

“The Hong Kong stock market plummeted, triggering a decline in global markets and cryptocurrencies. The main reason is Evergrande, China’s largest real estate company with nearly 2 trillion debts.” wrote Chinese journalist Colin Wu.

Thus far, leading assets like Bitcoin, Ether, Solana, Cardano, and many others have dropped in price value and are, at this time, still going downwards. Bitcoin has plummeted to $42,928. While losing more than 7% in value today. Ether, XRP, SOL, DOGE, and Cardano are likewise seeing an extensive decline.

In response to the dip, analysts have responded to their previous sentiments on Bitcoin especially, saying that the expected floor price for this month remains at $42,000 and that a bounce will follow a while later. Altcoin analysts are also keeping their fingers crossed to see how the next 24hrs play out before predicting the market’s trajectory.

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Source: https://zycrypto.com/china-again-why-the-crypto-market-lost-over-300-billion-in-hours-and-what-to-expect/

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