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Pros and Cons of Bitcoin in Sports Betting

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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Craig Wright now claims Bitcoin is his intellectual property

Craig Wright claimed that Bitcoin is his intellectual property and that all of those that infringed on it (i.e. Bitcoin Core developers) are about to be legally prosecuted. The self-proclaimed Satoshi Nakamoto outlined other equally ridiculous ideas in his blog post, including that all nodes and miners in the Bitcoin network are his personal agents.

Wright puts Bitcoin Core and Bitcoin Cash developers on notice

Craig Wright is back in the news again, but this time it isn’t connected to his ongoing trial with Ira Kleiman. Instead, the self-proclaimed Satoshi Nakamoto is making headlines for his blog post, in which he threatened to sue the developers of Bitcoin Core and Bitcoin Cash.

In a Feb. 13 post on his website, Wright discussed, in length, his “original vision” for Bitcoin and how its forks have strayed from it. According to the post, as the “sole creator” of Bitcoin, he owns the full rights to the Bitcoin registry. That means that the software can be forked and alternative versions of it created as long as the underlying database is left intact, he explained.

Wright then went on to say that both Bitcoin and Bitcoin Cash, which he called Bitcoin Core (Core) and Bitcoin ABC (ABC), have sought to use his database without permission.

This, he said, is about to come to an end.}“Those involved with the copied systems that are passing themselves off as Bitcoin, namely BTC or CoreCoin and BCH or BCash, are hereby put on notice,” he said in the post. “Please trust me when I say that I’m far nicer before the lawyers get involved.”

Bitcoin’s decentralization claim is “cherry-picked out of context”

In a bid to provide backing to his ridiculous claim over the ownership of Bitcoin, Wright said that Bitcoin’s centralization is oversold. According to him, the abstract of the Bitcoin whitepaper, the one he claims to have written, is “cherry-picked out of context” and often leads to a false view—one that Bitcoin is a completely decentralized system with no point of ownership.

What Bitcoin is, he alleges, is a distributed registry whose property rights belong solely to him. Code, if you were to believe Wright, isn’t the law after all.

Screengrab showing the abstract of the Bitcoin whitepaper
Screengrab showing the abstract of the Bitcoin whitepaper

Throughout the blog post, Wright kept implying that the only ownership over the network was his. The nChain scientist quoted section 15 of the U.K. Databases Regulations of 1997, which said that the maker of a database is the first owner of a database, not its subsequent members. As such, he explained, miners and nodes have no rights.

“Nodes and miners are thus subcontracting in accordance with the initially constructed set of rules that I created. That is, they are following a set of rules and acting as my agents,” he wrote.

We are yet to see whether Wright goes ahead with the lawsuits against Bitcoin Core and Bitcoin

Cash developers. Having previously seen several of his lawsuits dismissed due to lack of jurisdiction, Wright seemed to have explored this issue in depth. He noted in the blog post that as senior partners in the Bitcoin Core and Bitcoin Cash “partnerships” reside within Europe and the U.K., which presents the opportunity to incorporate them in the lawsuit without any “jurisdictional challenges.

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Bitcoin moves toward 10K again but this time to the downside

  • Bitcoin trades 4% higher abut has just met some resistance.
  • The price moved higher as the US traders came back to market following Presidents Day on Monday.

BTC/USD 1-Hour Chart

Bitcoin trades 4% higher on a good day for cryptos.

Now BTC/USD has met some resistance just ahead of 10,300.00.

There could be some intraday support at 10,100.00 as it has been used in the past.

If that breaks then the next level on the downside is 9,700.00.

The buy-side volume has been good but the selling volume on this last candle is growing at the time of writing.

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Additional Levels

BTC/USD

OVERVIEW
Today last price10156.94
Today Daily Change456.97
Today Daily Change %4.71
Today daily open9699.97
TRENDS
Daily SMA209755.69
Daily SMA508816.25
Daily SMA1008188.37
Daily SMA2008884.61
LEVELS
Previous Daily High9966.66
Previous Daily Low9469.94
Previous Weekly High10511.86
Previous Weekly Low9707.96
Previous Monthly High9568.13
Previous Monthly Low6856.63
Daily Fibonacci 38.2%9659.69
Daily Fibonacci 61.8%9776.91
Daily Pivot Point S19457.72
Daily Pivot Point S29215.47
Daily Pivot Point S38961
Daily Pivot Point R19954.44
Daily Pivot Point R210208.91
Daily Pivot Point R310451.16

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Bitcoin to Secure Bullish Rally as Candlestick Pattern Confirms

While seeing the technical chart, bitcoin cross is building up that foreshadows the bullish season for Bitcoin.

Bitcoin cannot stable is itself above the key level- $10,000- for a long time but plunged back. BTC performed opposite the claim of many maximalists as they predicted about the price value breaking the resistance level of $10,500. However, the technical analysis of the coin shows the formation of the golden cross- that may end up in the long-term bullish rally.

Last week, Bitcoin witnessed a great move and touched the figure of $10,500- the highest since the start of the year. But it started retracing back and recorded a 10% down in value. On the contrary, the analysts are obsessive with bullish predictions for the next coming days.

Formation of Golden Cross- Bullish Pattern

While seeing the technical chart, bitcoin cross is building up that foreshadows the bullish season for Bitcoin. Bitcoin cross usually makes when the short term moving average crosses the long-term moving average in an upward direction. Currently, it is clearly seen on the one-day BTC chart where 50-day MA is approaching the 200-days MA.

The speculation following the golden cross is not hypothetical but is pertaining to the past data. In April 2019, the BTC value was surged by almost 170% in three months after the formation o f the bullish pattern- the golden cross.

Not everyone is inspired by the particular candlesticks pattern as the crypto trader Shitcoin Riddler believes that we cannot predict whether it will pump the price or not as there are 55% chances for such happening.

He said:

‘’If we take the past odds and project it into the future, there is a 55% chance for $BTC to act as “expected” on the golden cross event. golden/death cross events don’t have a significant impact on bitcoin‘s price. People just try to fit coincidence in their bias

Bitcoin has outperformed major traditional assets as there is a disruption in the world economic markets due to Coronavirus outbreak but the digital gold is going up with other cryptocurrencies. According to many analysts, it is due to the interest of investors who are turning to bitcoin to experiment with their assets.

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