“Your keys, your crypto” is a phrase you may have heard quite a bit lately. This is because with all the failed crypto exchanges, including most famously FTX, people have learned the hard way that unless they are the sole possessor of their keys, they can lose their crypto. Key for those of you who dont know are a series of passwords in a specific order than unlock access to your crypto which is on the blockchain.
It’s hard wired in people to keep their money in institutions where they can log-in and see it earning interest. These people aren’t greedy, they simply want a little return on their investment. They did not deserve to have their money stolen by a huckster. Scumsuckers like Sam Bankman-Fried will continue to pop up like weeds to try and separate people from their money. With little regulation in this industry, its buyer beware and users of crypto are responsible for their own due diligence.
It should be known that you can have your crypto on a hard wallet and it will be safe with you. Also, there are online wallets which allow you to store your crypto there and only you have access to the account. Only you have the keys.
The future of cryptocurrency regarding sports betting will see the use of BTC dwindle somewhat and other, faster coins be used more often. According to recent reports BTC makes up about 72% of sportsbook crypto transaction. Ethereum makes up about 13% and Litecoin makes up around 6%. The remaining balance is comprised of alt coins and privacy coins like Monero.
Stablecoins will also be used more often. These coins are pegged to the U.S. dollar which makes many people feel more comfortable about owning and storing the coin, even though the value of the dollar has dropped dramatically the last two years.
One prime example of sportsbooks wanting to shift away from BTC is that sportsbook affiliate companies are switching their payouts to stablecoins. This way they can avoid all the questions about why the payout amount does not match the USD amount when it was sent.
BTC Not Going Anywhere
90% of all online offshore sportsbooks transactions are done with cryptocurrency. BTC is tied into most other coins and is uses as the backup currency for many exchanges. This is why when BTC drops you usually see the other coins drop as well and vice versa. The granddaddy of all crypto coins will continue to be traded and uses as a store of value and investment. They are only minting 22 million of them and I believe 20+ million have already been minted.
Currently, the average BTC transaction takes around 14 minutes to complete. The developers of BTC will need to decrease this waiting time dramatically if they want their coin to stay competitive. With BTC currently trading at about $17K per coin, many believe that now is the time to buy. A year ago the coin was worth over $60K. It won’t be long before people start pouring money back into the granddaddy.