Entity betting is the practice of placing bets on the outcome of political and sports events using cryptocurrency. Since its inception in 2018, the concept has skyrocketed in popularity, due mostly to the fact that traditional sports betting can be highly deceptive and prone to manipulation. Indeed, up to 80% of all sports bets are fixed or “lined” (i.e. odds are pre-established). So, while you might think you’re placing a wager on the outcome of a sporting event, in reality, the bookmaker is probably just fixing the result to suit their own needs.
With cryptocurrency, there are no fixed odds or implied outcomes. You place a bet, and it is as good as done. Yes, some cryptocurrencies are more valuable than others, but this is simply a reflection of their market capitalization and has little to do with their functionality.
The Benefits Of Using Cryptocurrency
The rise of cryptocurrency has brought with it a number of advantages, not least of which is the ability to place bets with no risk of theft. Since there are no third parties involved in the transaction, the odds are always in your favor. Moreover, the technology is completely anonymous, meaning you are protected from identity theft and the government can’t come knocking on your door to seize your assets.
More Than Just Sports
While most people associate cryptocurrency with sports bets, the truth is that it can be used to place wagers on virtually any event that you can think of, including political futures, concert tickets, and even movie passes. The possibilities for applications are truly endless.
Not every country welcomes the idea of cryptocurrency, however. Some countries, like China, South Korea, and Japan, have taken a markedly dim view of it, considering it to be an existential threat to their status quo. Nevertheless, as a resident of a country that embraces cryptocurrency, you are free to use it for whatever you please.
A Place To Get Your Wishes Granted
One important thing to note about cryptocurrency is that it facilitates what is known as “fantasy trading”. This is the practice of participating in an investment strategy where you try to make a profit by taking a short position (i.e. guessing the price will decline) in a token or asset that you believe in will rise in value. In most cases, you will be able to find a place that allows you to do that, as cryptocurrency brokers allow for all kinds of financial strategies, including those related to sports and politics, as we’ve already mentioned.
How To Place A Bet
In order to place a bet with cryptocurrency, you will need an online wallet. This is similar to a bank account where you can store and send digital currency, except that unlike a typical bank account, you don’t need to keep your online wallet everpresent in order to make withdrawals. Thanks to the volatility of digital currency, this is made possible through “hot” and “cold” (or private and public) keys.
In its simplest form, just find the cryptocurrency that you will use for the bet, along with the website that you will use to place the wager. Next, you will need to generate a wallet address for the specific token or coin. This is simply a unique string of characters that will act as your login for sending and receiving cryptocurrency. Once you have generated the wallet address, you can proceed to make your wager. In the world of cryptocurrency, a standard betting site will already have the odds prepared for you, so all you need to do is verify your identity and get ready to bet.
Depending on the type of bet that you make, you might also need to select the event that you would like to bet on. If you are placing a casino bet, for example, then you will need to choose which casino you want to place the bet at. In some cases, this might be as simple as selecting a button that says “Online Casino” and then selecting a particular casino in which to place the bet. Alternatively, you might need to click on a link to visit the casino’s website and then make the selection there.
Once you have chosen the site where you will place your wager, you will need to visit their “terms and conditions” page. Here, you will need to check off a box that says “I accept the terms and conditions” and then click on a button that says “I agree”. In most cases, this will be enough in order to verify your identity and get the process going.
Types Of Betting Available
Depending on what kind of bet you want to make, you will need to decide on the odds that you are willing to accept. Most online bookmakers will offer odds from 2X to 1X, which means that you will need to decide whether you are willing to risk 1 or 2 times your investment on the outcome of the event. If you are new to entity betting, start out simple and bet on the favorites first (i.e. the teams and individuals that you think will win). As you get more experienced, you can branch out and place the occasional “longshot” bet (i.e. you think that the odds are against you, but you are willing to take the risk).
Risk Disclosure
While most places that you can place bets with cryptocurrency are completely safe and secure, it is still a practice that is not for every person. Risk disclosure is part of the protocol, and you should expect to see a small pop-up window on your computer screen along with the website that you are using to place your wager. In most cases, this is a simple matter of selecting the option that you are willing to take on the basis of what is written in the tooltip and then clicking “submit”. In some instances, however, this could mean that you are exposing yourself to security risks, especially if you are using an unproven source. Moreover, there are no guarantees that what you are doing is even legal, so you might be opening yourself up to legal challenges and even civil liability if the wrong person discovers what you are up to.
Even if you feel that what you are doing is completely above board and that you are fully aware of the risks, it is still good practice to use a VPN while doing financial transactions related to cryptocurrency. This will help shield you from identity theft and increase your security as you navigate the world of onlinedoings. The best VPNs for cryptocurrency are highly compatible with all types of devices (including mobile phones), and they also offer military-grade encryption, allowing you to be confident that your personal information is secure.
Choosing a VPN means that you are choosing a partner that you can trust, one that is committed to your privacy and safety. Moreover, if you want to play it safe while doing business with cryptocurrency, then using a VPN will also allow you to do so.
The Bottom Line
To summarize, cryptocurrency is a hot topic right now, and for good reason. Not only is it exciting to see such innovation in the financial sector, but it also offers a secure and private way of doing business, one that is not easy to replicate.
As exciting as all of this is, it is still important to do your research and make sure that the site that you are using is legitimate and that you are not being tricked. Moreover, it is essential to make sure that you are aware of the risks, both financial and legal, that you are taking on. If you do your research and use a reputable source, then you will enjoy all of the benefits that cryptocurrency has to offer without any of the risk or legal hassles that come with it.