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Pros and Cons of Bitcoin in Sports Betting

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Source: James Geibler via Twitter

The popularity of bitcoin and cryptocurrencies have opened up a new world of payments online, which has even spread into sports betting markets. New online betting companies are readily available, offering a wide variety of odds on almost every sporting event across the globe.

The new companies still have a long way to go before challenging the traditional payment forms of sports betting, who are firmly entrenched at the top of the market. Both have their benefits and their disadvantages, and we’ll now break down the reasons why the traditional forms of sports betting companies will continue to enjoy a stranglehold at the top of the market for a while yet.

Stability

Although the price of traditional currency can vary from day-to-day, month-to-month, and year-to-year, the movement in their value is minute compared to cryptocurrencies. For example, the British pound dropped significantly against the US dollar and the euro after the Brexit vote in 2016.

The value plummeted as low as 10% against the dollar and 7% against the euro. However, over time, the markets were able to stabilize; since then, there has been no notable difference in day-to-day life.

Volatility

Source: Michael39352078 via Twitter

On the other hand, Bitcoin enjoyed a boom over the last five years, sending its share price soaring.  In 2018, it suffered a dramatic decline. In 2017, 1 BTC was worth 19,772.59 CAD, compared to the end of last year when the same amount of bitcoin could be purchased for only $5,255.21 CAD. This volatility can be troublesome for online bookmakers pricing their odds and also for customers seeking to find the best exchange rates.

A huge win on a bitcoin sports betting service could be nullified by a poor rate of exchange when attempting to seek a transfer for traditional currency. Even the simple rewards structure highlights the issue; for example, when using Oddschecker to bet on odds from SkyBet or another service, bettors can receive a £5 free bet, compared to the 0.001906 BTC that would be gained in the cryptocurrency.

Security

Traditional betting companies do enjoy excellent security, although as proven by the number of high-profile institutions that have endured lapses – no business is 100% safe from data loss. When the data include credit, debit, or even personal information, it can be dangerous for customers.

Although occurrences of data loss are rare, the concept of bitcoin and cryptocurrency provides a firmer form of security given that only the transaction code is maintained when a bet is made, keeping personal information out of harm’s way. It could be the draw that helps swing customers into their path in the future.

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Morgan Creek CEO predicts bitcoin to touch $500,000 in ten years

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In an interview with Business Insider, CEO of Morgan Creek Capital Management, Mark Yusko said that bitcoin will reach $100,000 by the end of 2021 and $500,000 in the next ten years. He also said Bitcoin will soon overpower the gold’s market capitalization.

“Bitcoin network is becoming more invaluable as adoption increases.”

The CEO of the investment management firm, Morgan Creek, said, “The key to bitcoin is the network…It grows in proportion to the inverse of the sum of the squares of the number of participants.” He further opined that the Bitcoin network is becoming more invaluable as adoption increases. According to Mark Yusko, Bitcoin will reach $100,000 between now and 2021, and Bitcoin may touch $250,000 by 2025, and by 2030, the digital currency could touch $400,000 or $500,000.

Bitcoin struggles to break above $8,000

At the time of writing bitcoin is trading at just above the crucial mark of $7,000. From the last few weeks, the price of bitcoin has struggled to touch $8,000, and many analysts have predicted that it might go below $7,000 in the short term. The bitcoin halving is scheduled to take place in May next year, and crypto enthusiasts believe that the price of the cryptocurrency will go up and break its previous all-time high sometime after the halving event.

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Peter Schiff Says Bitcoin Is Running Out of Buyers to ‘Keep Ponzi Going’

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Peter Schiff thinks Bitcoin is a Ponzi scheme that struggles to find new buyers to inject fresh money into it Euro Pacific Capital CEO Peter Schiff is not getting tired of lambasting Bitcoin. This time around, he calls the biggest cryptocurrency a “Ponzi” that is running of buyers. 👉MUST READ

Schiff hurls new insults at Bitcoin

The prominent gold bug recently lashed out at Morgan Creek Digital founder Anthony Pompliano who claims that Bitcoin is intended to serve the people, unlike fiat money that only serves governments that create them. 

In his new Twitter tirade, Schiff pointed to the fact that Bitcoin is yet to reach mainstream adoption as a currency, which makes Pompliano’s “irrelevant and premature.”

When Pompliano replied that Bitcoin is now a more popular currency than gold, Schiff reiterated his earlier words that BTC can only be considered a speculative asset, not a real currency.

Moreover, the relentless Bitcoin hater said that the popularity of the top cryptocurrency was waining, and it was struggling to find new buyers “to keep the Ponzi going.”

As reported by U.Today, Schiff is certain that Bitcoin is “a pump-and-dump scheme”, and deep-pocketed whales are the ones who pull all the strings.        👉MUST READ

Bitcoin’s third decade

VanEck’s digital asset director Gabor Gurbacs confronted Schiff, saying that his argument would have been valid if Bitcoin had existed for thousands of years. However, according to Schiff, Bitcoin is unlikely to survive the next decade.      

Schiff’s view on the future of Bitcoin is diametrically opposite to that of Deutsche Bank analyst Jim Reid. In his “Imagine 2030” study, Reid opined that crypto was on the verge of its breakout decade as fiat currencies were becoming more “fragile.”

Schiff’s view on the future of Bitcoin is diametrically opposite to that of Deutsche Bank analyst Jim Reid. In his “Imagine 2030” study, Reid opined that crypto was on the verge of its breakout decade as fiat currencies were becoming more “fragile.”

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Bull Cycles Will Likely Propel BTC to $400,000: Morgan Creek CEO – Bitcoin, XRP, Ripple, Cardano Updates

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From a six-figure Bitcoin prediction to a potentially game-changing prototype for Cardano, here’s a look at some of the stories breaking in the world of crypto.

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The CEO of Morgan Creek Capital Management says he believes Bitcoin’s fundamentals will fuel explosive growth for the leading cryptocurrency over the next 10 years.

In a new interview with Business Insider, Mark Yusko says the number of users on the network and the rising number of Bitcoin wallets is key. According to Blockchain.com, the number of BTC wallets rose sharply in 2019, from 31,422,703 at the start of the year to 44,207,970 at time of publishing.

Yusko also says he believes Bitcoin is a viable alternative to fiat currency, comparing its total supply of 21 million coins to the seemingly endless printing of money by governments around the world.

In the long run, Yusko predicts a new parabolic rally for Bitcoin by 2021, and says that number could increase by a factor of four or five by 2030.

“Between now and 2021, we’re likely to see $100,000 Bitcoin.

By 2025, we’re likely to see $250,000 Bitcoin, and then sometime out 2030 we could see $400,000 or $500,000 Bitcoin as it reaches gold equivalence.”

Morgan Creek Capital currently has $1.5 billion in assets under management.

The company launched Morgan Creek Digital in 2018 to offer institutional investors a way to gain exposure to cryptocurrencies and invest in enterprises that are building on crypto and blockchain technology.

Ripple and XRP

The cryptocurrency trading platform Luno is exploring the addition of XRP in Malaysia.

The company’s general manager of Southeast Asia, David Low, says the third-largest cryptocurrency by market cap could debut on the exchange as early as next year, reports The Malaysian Reserve. He also cites Ripple’s efforts to use the crypto asset to power cross-border remittances.

It is definitely a possibility we are exploring. However, it is not yet listed on Luno…

Ripple also has a remittance use case which we are excited about. That’s why we want to introduce it to Malaysians, as it allows people on the platform to access and learn about it, and figure out new ways to use this technology for their benefits.”

Luno is one of three exchanges that has been approved to sell crypto assets in the country.

Cardano

Cardano creator Charles Hoskinson is promoting a new low-power prototype that he says could help power the network using a small amount of energy.

The Cardano Rock is designed to give people a way to run staking nodes on Cardano. It runs on the Linux operating system and uses about $30 of electricity per year.

Hoskinson says the device highlights the energy efficient nature of the Cardano blockchain.

“10 kilowatts of power to run a global social operating system with billions of users and transactions. That’s the power of Cardano.”

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