Cryptocurrencies are trending: importance for sports betting
If a bookmaker has Bitcoin & Co in its program, then it usually offers a wide range and convinces with fast transactions. What should be considered when betting with bitcoins? The following guide has a lot of important information and an overview on this topic.
The market capitalization or market value of cryptocurrencies is calculated by multiplying the total value of all coins created up to that point by the current market price. Bitcoin, or BTC for short, is the market leader. It is the oldest cryptocurrency with a market capitalization of around $838.33 billion as of 2022. The peak was on November 8, 2021. Along with Ethereum in second place, it holds over 65% of the market capitalization of the crypto market. Ethereum, abbreviated as ETH, has a market capitalization of $376.8 billion. This makes ETH three times larger than the next largest cryptocurrency. Tether, or USDT for short, is in third place. It is a stablecoin that is pegged to the US dollar. This means that it has low volatility, which should provide investors with more security. The non-transparent company is not as convincing here as the publisher and connection to the Bitfinex exchange, which causes skepticism with addresses in the Caribbean. The market capitalization is 78.7 billion US dollars. In fourth place is Binance Coin, abbreviated as BNB. Its market capitalization is $71.2 billion. He maintains his own cryptocurrency platform that wants to create a sustainable ecosystem. Fifth place is occupied by USD Coin, USDC for short. Its market capitalization is $52.6 billion. It is a stablecoin pegged to the US dollar. He's pretty stable. Data from 16.2.
If you want to use a bookmaker with a German license, you cannot fund your account with cryptocurrencies. If you are looking for a bookmaker where you can deposit, bet and pay out cryptocurrencies, you must use a bookmaker that does not have a license from Europe. Transactions result in commission fees, which are usually not borne by the bookmaker. The sports betting itself with bitcoin works in the same way as it does for bookmakers that have a German license. Often you can also bet on esports with a betting provider that has cryptocurrencies in the payment range. You don't have to go without different bonuses when betting with a bitcoin provider, the offers are often even better than those of regular betting providers, and you can also bet on sports without a social security number.
If you want to bet legally in Germany, you need a bookmaker with a European or German license. Bitcoin betting providers are licensed from, for example, Montenegro, Cyprus or Curacao. Curaçao is definitely not in Europe, but belongs to the Netherlands and is therefore allowed to operate as a betting provider in Europe. Even if countries like Cyprus or Montenegro have a special status in the EU, they belong to the EU and you can take advantage of the offer in Germany. Most providers are considered reputable. Many tests on the Internet confirm this. What is often criticized is the lack of service. Contact persons are often difficult to find or only speak English. When using cryptocurrencies, you cannot send a request to the bank in case of problems, but you can check the transaction ID to see how many confirmations the transaction has. Numerous confirmations make negative influence impossible.
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