In recent years the popularity of esports has risen to such extent that tournament pool prizes of some games rival sports like tennis and golf. According to some recent estimations, the total esports audience is around 450 million and there is no stopping. On the same page, esports betting on games like Dota 2 and CS:GO are also rising consequently. As per some estimation, in 2016 almost $5.5 billion was staked on esports and the estimation people have concluded that it will reach up to $13 billion at the end of 2020.
Cryptocurrency is virtual money, it consists of several currencies including Bitcoin. It all started in 2009 based on blockchain technology. Bitcoin has gained much popularity in recent years and in recent years it has become more accepted. Bitcoin has received popularity in esports as well, as they are well suited to each other. There are hundreds of websites that now allow Bitcoins to be used as a means for withdrawing and depositing funds in esports gambling.
In this article you will learn about several cryptocurrencies, how to buy them, and what the advantages of using these cryptocurrencies in CSGO Gambling.
Bitcoin (BTC)
Bitcoin was first created in 2009, this was the first among other currencies to be labeled as cryptocurrency. The main purpose behind creating this digital money was to decentralized and make it out of the control of government and banks. As mentioned above, it uses blockchain technology to keep a record of the payment transaction, this technology uses cryptographic encryption to make the transactions secure and to control over the production of new bitcoins.
When you buy a bitcoin, you can use it for whatever you want. You can use it as normal money, you can buy goods, you can buy services and even you can use it for skin gambling and esports betting. Because of Bitcoin’s price volatility, the use of this currency on the dark web has increased and frequently hit headlines. So it is clear that it has become popular in the esports betting realm.
Bitcoincash (Bcash)
Another digital money that is similar to Bitcoin, created in mid of 2017, from a fork of bitcoin. This division allows an increase in the size of the blocks, which means more transactions can be done and processed. In November 2018, the cryptocurrency underwent another fork, splitting it into two versions; Bitcoin Cash ABC and Cash SV. It is called Bitcoin Cash because it uses the original Bitcoin Cash buyer.
Making things more clear, Bitcoincash is useful as a decentralized method of payment. It doesn’t matter in which part of the world you are from, you are welcome and can take benefit of this digital currency according to your needs. As the influence of cryptocurrency is growing in our daily lives, it is important to understand their use and should get aware of their qualities. People often confuse Bitcoin cash with Bitcoin, the original is a bit different from it and has several advantages of its own. Bitcoin cash is the increased block size of the classic bitcoin to accommodate more transactions in the given time.
This currency improvises and improves the number of transactions processed and not only this but it gives a number of opportunities for newbie miners to make a profit from it. Bitcoin is now widely used in gambling as well, if you want to place wagers on Crypto gambling sites, using this currency is rather a good choice instead of using skins or real money.
Ethereum (ETH)
Ethereum was created and launched in 2015, this currency uses a decentralized, blockchain-based open-source platform for its own cryptocurrency i.e. ether. It enables ĐApps (distributed applications) and SmartContracts to be built without control, fraud, downtime, or any kind of prying from a third party.
Additionally, Ethereum is also a programming language based on blockchain that helps and assists developers to create and publish applications and software. Furthermore, apart from the above, Ethereum is also a speedy way of betting in esports. To be precise, this not helps in placing bets but this platform helps you to deposit the currency into your preferable sportsbook and taking it out.
Depositing money is instantly done so that you can start placing your CSGO bets. Withdrawing your money doesn’t take more than 20 minutes, as everyone wants their money back as soon as possible. Also if you are worried about getting charged extra for depositing or withdrawing money, you don’t have to worry about this when you are using Ethereum as there are usually no charges while using this platform but if there are some they are usually minor. This is one great advantage of using this platform and its currency for CSGO gambling.
Litecoin
After two years of Bitcoins, Litecoins were introduced as an alternative cryptocurrency. Litecoin is an open-source and decentralized payment network that differs from Bitcoin in some aspects like quicker block generation and use of scrypt to be used as a proof of work scheme. Litecoin have gained popularity since the time of inception. This is a peer-to-peer digital currency. It is a global payment network, open-source with no center. This was introduced in the market to overcome the shortcomings of Bitcoin and since the launch, it has gained a lot of support, liquidity, and trade volume.
Apart from the market value, Litecoin is now incorporated with a lot of online gambling sites as a good payment method and betting option. Since it is combined with esports betting sites, you can use it for placing bets on CSGO. When placing wagers on CSGO, using Litecoin is a better option as using this is relatively easy as compared to other cryptocurrencies. Like everything else, it has its own pros and cons. Using this will benefit you in many ways and you may find some cons using it.
How does Cryptocurrencies in CSGO Gambling Works?
Games like CS:GO (Counter Strike: Global Offensive) and Dota 2 are very popular for battles between different players and these battles are also streamed online so that anyone can watch them on websites like Twitch or YouTube. Some third-party websites promote battles that will take place in the near future and let players bet on the outcome by wagering their skins in their Steam library.
As long as the game is live, players can bet as many skins as they like. These skins are taken out of the player’s Steam library and are locked. The person who wins the bet gets to keep the skins which he wagered as well as the skins that the opposing player wagered. CS:GO Skins become an ultimate virtual currency when players get annoyed about the fact that their Steam credits, which have gone up by winning gambles on gambling websites, cannot be cashed out for real money.
This fact leads to the growth of CSGO marketplace sites and trading sites, which allow players to trade their Steam credits for money which will be put into their credit/debit card via PayPal. When people get acquainted with this trading strategy, skins become a very intriguing virtual currency with a cash exchange value which changes according to the demand of each skin.
Nowadays, skins are used as currency to bet on public pot games of chance, like roulette and coinflip. Sites like CSGORoll, CSGOEmpire and CSGO500 run roulette spins every 30 seconds. Skins in which players deposit are converted into jewels or coins consisting of different values. These coins are then used just like chips at a casino to place bets on games of chance. There is no age verification on these sites and as a result, there is nothing in place to prevent children from gambling skins worth hundreds or even thousands of pounds. If a player is to win, he will get more chips but if he loses, his balance will go down. The jewels can either be used to place more bets or purchase more skins.
Players can also gamble by using coins, which can be traded for cash. Coins can be purchased by exchanging skins for their value in coins (Value is determined by the Steam market) or they can be bought by a debit/credit card.
How to buy Cryptocurrency?
In order to buy cryptocurrency, you need an exchange account (eq. Coinbase or Binance) so that you can buy and sell via an exchange and store cryptocurrency in your “Digital Wallet”. On the other hand, if you simply want to trade cryptocurrency, you will need a brokerage account. In a brokerage account, a broker will be exposed to the market on your behalf. This is rather quick and easy to set up.
Decide which cryptocurrencies you want to buy and sell
A word of truth? You won’t be able to trade all 1500 cryptocurrencies in the world. Although, you should be able to trade all the popular currencies like bitcoin, litecoin, bitcoin cash, XRP, Ripple, etc. New cryptocurrencies are being added all the time around the world. With so many currencies in your reach, it is better to choose the one you know something about rather than taking a broad-brush approach.
Decide on your trading strategy
For you to keep earning, you need to know and understand the market properly. The price determination of cryptocurrencies depends upon a ton of different factors. In the previous year alone, the prices have been influenced by multiple government regulations, fortunes of the US Dollar and media coverage as well as by the statements of some government ministers and several influential businessmen. More and more people are getting involved in cryptocurrencies and as a result, these factors are becoming more influential.
Apply your strategy by placing trades
After you have considered your trading strategy, it is time to put your strategy to test in the real market. But before you go and rack those trades, you need to define your “close conditions” that point where you will exit a trade. Doing this can sometimes save a lot of money. It can also be an important discipline.
Cryptocurrencies are always volatile and running large positions is very risky. As soon as you have reached your maximum loss or a position has reached your target, you will need to immediately close out your position. Starting with small amounts or practicing with a demo account can greatly help you get the knowledge about how these markets work and which factors influence them the most.
Advantages of using cryptocurrency
There are multiple definite advantages of betting cryptos in CSGO Gambling. Some of these advantages are:
- Remaining Anonymous: Most of the esports betting sites have an unusually strict registration requirements in order to authenticate new users. Bettors can register using a single email address on a Bitcoin betting site. Due to this, users can preserve their anonymity.
- Economical: There are little to none user fees associated with Bitcoin. Most of the debit cards, credit cards, and e-wallets have some processing fees. Less expense means more profit.
- Personal Control: The Bitcoin wallet is totally under the user’s control. The user does not depend upon any bank or company in order to complete any transactions.
- Speed: Transactions in Bitcoin are faster than those using e-wallets as well as debit or credit cards because it is all digital currency. There won’t be all the delays associated with other methods such as deposit and withdrawal. There is not a single person on Earth who wants a long delay when it comes to collect his earnings.
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