Bitcoin & Cryptocurrency
5 stars based on
73 reviews
The increase in attention on Bitcoin in society and the media has led to many different industries adopting this technology to suit their own needs.
One industry this article will focus on is esport betting bitcoin stocks Betting Industry. Bitcoin is a form of digital currency, created and held electronically. Satoshis idea was to create a decentralized currency independent of any central authority, which means a bank had no control over your money. The original Bitcoin whitepaper can be read here. Miners are computers running software problems to solve mathematical formulas. When these problems are esport betting bitcoin stocks, the Miners are awarded Bitcoins.
The secondary task of the Miners is to support the Bitcoin network — the awards give the Miners an incentive to exist. There is a cap on how many Bitcoins can be produced — only 21 million to be exact. Bitcoin is completely decentralized, which means a ledger of transactions needs to be held and distributed across all members of the network.
This is called a Blockchain. It is a continuously growing list of records, stored in Blocks. In order to alter the Blockchain retroactively, you would need a collusion of the majority of the network — something which is very difficult with a network of Bitcoins size. Blockchain technology is vastly popular, with a large number of financial institutions now investigating how this can be incorporated within their current systems.
Bitcoin made its name with illegitimate use. When the Silk Road black market on the darknet got shutdown inthe Bitcoin brand had been tarnished because a very large proportion of goods on Silk Road were purchased using Bitcoin. That is still a problem today, but it has become more steadily adopted across legitimate industries.
Microsoft added Bitcoin as a global payment option inDell started accepting Bitcoin in Julyand my personal favourite, Honest Brew — a UK-based online beer platform also accepts Bitcoin. I will not go into too much detail in this article, but you can see a breakdown of Altcoins by Market Capitalisation on the coinmarketcap website. The second highest Cryptocurrency in terms of market cap is named Ethereum, and it will be mentioned a few more times in this article.
An Initial Coin Offering, also commonly referred to as an ICO, is a fundraising mechanism in which new projects sell their underlying crypto tokens in exchange for fiat currencies or bitcoin and ether. ICOs are a fairly new phenomenon in this space, but have dominated the esport betting bitcoin stocks recently. Many view ICOs as unregulated securities that allow founders to raise an unjustified amount esport betting bitcoin stocks capital, which has led to China declaring them as illegal in September this year.
Bitcoin has been used to gamble since about Ina gambling website called SatoshiDice was the leading Bitcoin gambling website in terms of amounts wagered. The platform has encountered a lot of issues since then, but it laid the foundations for people thinking esport betting bitcoin stocks gambling with Cryptocurrency.
BetKing opened in Apriland by had the most wagered of all crowdfunded gambling sites. There are many others available, but people have now started this idea even further. There is no legal reason why Bitcoin cannot be used to fund a UK-based sportsbook account. I can only assume that the reasons why this has esport betting bitcoin stocks been widely adopted is for technological reasons, the fear of no regulation, and the volatility in the Bitcoin market price.
As Bitcoin gains attention in the media, and becomes more widely esport betting bitcoin stocks, this landscape may change. That being said, a few online bookmakers do accept Bitcoin — such as CloudBet. Another example is NitrogenSports — esport betting bitcoin stocks allow you to create an anonymous account, something unheard of in mainstream Sportsbooks. It is a platform in its early stages, but it could have a huge impact on the industry. The platform allows other applications to develop on the PeerPlays Blockchain.
An example of one of these applications is Bookie. Bookie is a global, decentralized sports betting exchange, which means it is freely available to all sports bettors, with no geographical restrictions.
The exchange offers low commission rates, and esport betting bitcoin stocks does not penalize bettors who are able to earn long-term profits. I think the jury is out on whether or not this will be widely used, due to the high barriers of entry to the industry.
Over the past decade, fantasy sports have massively risen in popularity with key players like DraftKings monetising the space. You can read their whitepaper here. The esport betting bitcoin stocks is an interesting one — the No Limit Fantasy Sports produces boasts a much lower rake than the US-based competitors, but again the high barriers to entry make mass adoption questionable. Another rapidly growing area in the betting industry at the moment is eSports. Unikoin Gold is a decentralised eSports betting token, based upon the Ethereum blockchain.
You can read the whitepaper here. The currency was developed by Unikrn, an eSports betting platform founded in which claims to be the most technologically advanced eSports betting platform. They created the Unikoin token inand have now released its own cryptocurrency Unikoin Gold. The company wants to make Unikoin Gold the be all and end all cryptocurrency in eSports betting. This is a rapidly evolving technology, and as more industries begin to adopt it en masse, the betting industry will follow suit.
Moreover, if Unikrn can become the market leader in eSports betting, the fact they are built esport betting bitcoin stocks a blockchain proves there is a huge use-case for this technology.
