Those who flock to new technology are certainly aware of Bitcoin and the cryptocurrency craze that has captivated some but confused many.
Nevertheless, Bitcoin is here to stay and if you were prescient enough to invest five years ago, even $30 a month or what amounts to a cup of coffee per day, you’d be starting at over $22,000 worth of digital currency at this very moment.
Of course, buying in such a small amount has its hurdles but there is little doubt that Bitcoin has made more than a few savvy tech investors happy they jumped aboard.
Amplifying this point, the January 2020 reports are in and it was a stunning month, one which saw Bitcoin soar over 29 percent and log its best month since 2013 when the big daddy of crypto blazed its way to a whopping 54 percent increase.
The total value rose nearly 40 billion which prompted Nigel Green, CEO of deVere Group, to comment, “The ongoing upward trajectory of the price of Bitcoin correlates to the spread of the coronavirus. The more individual cases that are identified, the more countries around the world that are affected, and the greater the impact on traditional financial markets, the higher the price of Bitcoin has jumped.”
The Halving
For those unaware, Bitcoin rewards “miners” who essentially validate Bitcoin transactions with 12.5 Bitcoin per block that is mined.
In May of 2020 or sooner, that number will drop to 6.25, or half – thus, the halving – which reduces the influx of new Bitcoin flowing into the marketplace. This is expected to bolster an already surging market.
Jehan Chu, the co-founder of Kenetic Capital, remarked,
“The Bitcoin halving, as well as the recent surge fueled by pandemic fears and public market jitters, is yet another reminder that Bitcoin is much less risky and offers potentially outsized returns…” Chu also believes that Bitcoin could reach $15,000 by the middle of the year.
Interest in cryptocurrency is reaching mainstream traders and even buttoned-up brokerage houses. Deutsche Bank, having laid off 18,000 people last year in restructuring and watching their stock tumble to approximately $9 per share after a high of $80 nearly 10 years ago, is both bullish yet cautious about the digital currency, and Bitcoin specifically. Despite the popular opinion that cash money will eventually vanish because of digital currency, the analysts at Deutsche Bank disagree.
However, the steps are taken to make Bitcoin more secure and those of other cryptocurrencies have made an impact, and its benefits compared to credit and debit card transactions are elucidated in the German investment bank’s report,
Under the current global system, people must go through several intermediaries to transfer money. This includes a sending bank, a receiving bank, and a credit-card operator. This system increases transaction costs as each intermediary takes a fee. Because cryptocurrencies are based on cryptography and the decentralized system, transfers operate directly between peers, thus removing various middlemen.
Betting with Bitcoins
Digital currency is getting more widely accepted but few industries have embraced the technology more than online sportsbooks. Yes, betting with bitcoins has not only become commonplace but actually preferred by many bettors, particularly in the United States where banks and financial institutions have deemed transacting with offshore sports gambling sites verboten.
Websites like Sportsbook Review, an industry watchdog in the sports betting world, was quick to capture the essence of Bitcoin and other digital currencies which is why they offer tutorials on how bettors can use Bitcoin to deposit at the top-rated online sportsbooks. New users can log on and view hundreds of forum threads about betting with bitcoins and related topics.
The ease and seamlessness of using Bitcoin to fund accounts at online sportsbooks highlight how accessible it is to the average man or woman who enjoys betting a few bucks on a sporting event every now and then. In addition, professional sports bettors are now routinely using Bitcoin and the obstacles they once faced have been erased by the age of digital currency.
You don’t need to be an expert in blockchain technology to become familiar with cryptocurrency but you do need an open mind and a willingness to learn a little bit about it in order to use it for investment purposes of all kinds…including sports betting!
