Wednesday, 3 June 2020

Stablecoins Sports Betting

Stablecoins sports betting is an alternative to betting with volatile cryptocurrencies such as Bitcoin or Ether. 

Stablecoins betting works the same as betting with fiat, because in the end, at the bookmaker account it only represents a digital record of money. The betting process is such that you exchange your money to Stablecoin (digital form of money) and then deposit to the selected crypto Stablecoin bookmaker. A list of crypto bookmakers that have Stablecoin as a payment option can be found at Best Stablecoin Bookmakers

The best place where you can buy various cryptocurrencies is Binance, where you can buy them with VISA or MasterCard, or by bank transfer. You can buy USDT (tether stablecoin) directly by card, and other Stablecoins by buying Bitcoin and exchanging it on the Binance exchange. For direct card or bank purchase, it is necessary to pass the Binance verification. 

Anonymous option for buying Stablecoins is to buy Bitcoin at ATMs, exchange to Stablecoin (USDT, USDC, TUSD, PAX) at Binance (anonymously up to 2 BTC/24h), and then transfer to the crypto bookmakers. Some ATMs offer Stablecoins for direct buy, a list can be found on Coinatmradar. Other way to buy and sell bitcoins anonymously is on peer-to-peer marketplace like Paxful.  

What is Stablecoin? 

Stablecoin is the name for all cryptocurrencies whose value is tied to some real, physical value like the dollar, euro or gold, while the digital form of Stablecoin allows the value to be transferred quickly and cheaply across the world. Imagine the situation and the complexity of transferring a ton of gold from one side of the world to the other. Stablecoin tied to the value of gold solves it in seconds with the cost of transfer in cents. 

Cryptocurrencies like Bitcoin and Ether do not have the physical value tied to them, their price depends on the market law of supply and demand, and is therefore very volatile. Everybody in crypto community knows that one Bitcoin was worth as much as $20k at one point, and a year later it dropped to just over $3k, and then rose again to over $10k. Such price volatility is not ideal for any online payments, and this is where the stability of Stablecoins comes into play. 

Picture clearly shows the stability of USDT stablecoin vs BTC

stablecoins sports betting
Stablecoins Sports Betting

There are different types of Stablecoins, some tied to fiat currencies like the dollar or the euro, some tied to gold, and some through smart contracts to other cryptocurrencies. You can read more about the different types, advantages and disadvantages on wikipedia.