Cryptocurrency and Sports Betting
Today's society is a copycat society. If somebody sees something they like, or if they see someone do something they approve of, chances of them replicating -- or at least trying to replicate - what they saw is high. For example, people follow fashion trends like their lives depend on it regardless if it involves wearing something that looks completely ridiculous. In the music world, every passing year features some sort of theme that gives us a bunch of songs that sound the same or have lyrics referring to the same thing. In the sports world, teams try to mimic each other, especially if they see something is working. Look no further than the 2008 Miami Dolphins' season. That year, they implemented the wildcat formation and caught the league off guard. The wildcat formation produced five touchdowns in a 38-13 upset win over the New England Patriots. Teams quickly took note of its success and implemented (as best they could) it into their own game plan.
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That same copycat mentality can be found within the cryptocurrency world. Bitcoin (BTC), which we know all too well , started out in 2010 and was merely a penny stock that has no buzz or any interest whatsoever. Seven years later, and at a value of $14,000 per Bitcoin (BTC), it has paved the way for numerous competitors to take their shot at dethroning the real O.G. Unfortunately for those competitors, trying to replicate the success of an already massive and well-known entity is a losing proposition. Sure, there will always be some people who side with the competitors, but the footmark that Bitcoin (BTC) and the Dolphins' 2008 wildcat escapades left behind are just far too great for people to look past. The original of anything - whether that be movies, songs, games, or even currencies - will always be better than what's trying to replicate it.
There are about 500 difference cryptocurrencies in the market today. And while I can't touch on every single one of them, I will talk about the three biggest ones below. Keep in mind, each of these digital currencies were launched after Bitcoin, which makes them copycats. None of them have gotten even half of the notoriety or mainstream media coverage as Bitcoin (BTC), which puts them at a disadvantage to succeed. And lastly, none of these cryptocurrencies are as widely accepted in the consumer market (places like Amazon, Expedia, Shopify, Online Sportsbook) as Bitcoin (BTC) is.
Different Types of Cryptocurrency
At this time last year, Bitcoin (BTC) made up 87 percent of the crypto market. Today, Bitcoins' (BTC) share of the market has dropped to just 36 percent thanks to a number of copycat cryptocurrencies that are popping up seemingly every other week.
One of the biggest competitors to the Bitcoin (BTC) market is called "Litecoin" (LTC). This digital currency launched in 2011 and was often referred to as "silver to Bitcoins' gold". It is very similar to Bitcoin in many ways, but perhaps the most important difference is the faster block generation, which in turn produces faster transaction confirmation. The number of merchants who accept Litecoin is growing, but there is still not enough of them to warrant making the jump from BTC to LTC in order to get in on the cryptocurrency wave. One LTC currently sells for $252 per piece.
Ethereum (ETH) is arguably the biggest competitor to the Bitcoin (BTC) market. This digital currency launched in 2015 with the ability to run without any downtime, fraud, control or interference from a third party. It has since been split up into two different sectors whichare Ethereum (ETH) and Ethereum Classic (ETC) -- how original. The latest evaluation of this cryptocurrency is that it has a $106 billion market capitalization, which is second only to Bitcoin (BTC). Unfortunately, (ETH) or (ETC) has no real place amongst daily consumers outside of app developers. Ethereum is currently selling for $1,208 per token.
The latest cryptocurrency to take the stage is something called Ripple (XRP). This digital currency is a real-time global settlement network that offers instant, and low-cost, international payments. Unlike Bitcoin - which isn't centralized by any type of bank - Ripple enables those institutions to use its product and settle cross-border payments in real-time and with end-to-end transparency. As far as the market share goes, (XRP) is gaining steam, but it is still miles back of the aforementionedLitecoin (LTC) and Ethereum (ETH) currencies. (XRP) is currently selling at $2.51 per token with a market cap of 97 billion.
Are Any of These Currencies Usable for Sports Betting?
To make a long story short - no. None of the aforementioned cryptocurrencies are useable for making deposits into your sports betting account. Bitcoin (BTC) is the only accepted digital currency at many of our featured sportsbooks , which is why you should get in on the market now. When a great thing is invented, there will always be several competitors trying to get in on the market and capitalize on the excitement. Fortunately for Bitcoin (BTC), neither Ripple, Ethereum or Litecoin have the predicted trajectory Bitcoin has, nor the amount of media attention drawn towards it. Bitcoin is simply a class above all other cryptocurrencies in today's market, and I expect it to stay like that for the foreseeable future.
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