Betting With Bitcoin on Sports or NFTs -- Which is Riskier?
Betting with Bitcoin has arrived in myriad areas from sports to eSports to blackjack and even NFTs. Which is riskier? Which is easier? Which would earn you the most money?
In this article, we’ll try to find answers to these questions -- which seem to be the hottest ones in the Google keyword space.
Betting on Sports or eSports -- Risks and Rewards
Both arenas are enjoying a boom in viewership during 2020 and 2021 -- quite possibly because of Covid keeping people in their homes.
Which one is riskier to bet on with Bitcoin? Which one has the higher rewards?
Business Insider shows this:
“Total esports viewership is expected to grow at a 9% compound annual growth rate (CAGR) between 2019 and 2023, up from 454 million in 2019 to 646 million in 2023, per Insider Intelligence estimates. That puts the esports audience on pace to nearly double over a six-year period, as the 2017 audience stood at 335 million.”
This rate of growth is far higher than traditional sports for obvious reasons: traditional sports viewership has been established. It’s an old market.
eSports streaming truly began to take off in 2016 and has absolutely exploded upwards in viewership since then.
Thanks to Bitcoin, betting on both of these sports types is possible with cryptocurrencies. Nevertheless, there are a few things to watch out for:
The risks of betting with Bitcoin on sports and eSports goes like this:
You can lose your private keys if you don’t back them up
You can get hacked and your crypto funds stolen
The bitcoin betting site might get hacked and your funds stolen along with the funds of many others.
The rewards of betting with Bitcoin on sports and eSports might outweigh the risks, depending on what is most important for you.
Faster times to send and receive funds.
Often better VIP and other rewards for crypto punters.
Anonymity if done right with the correct Bitcoin betting site.
At the end of the day, the risk/reward balance must be calculated by each punter. No question it should be done, though -- since betting with Bitcoin is on the rise and should at least be considered.
Betting on NFTs -- Risks and Rewards
NFTs -- nonfungible tokens -- are all the rage in 2021. It’s not a new phenomenon either; their popularity has been growing since 2018.
NFTs are tokens much like cryptocurrencies. They use the same blockchains as cryptocurrencies, after all. The difference is that they are unique and cannot be interchanged like cryptocurrencies.
In many ways, buying NFTs is similar to betting on sports or eSports with Bitcoin.
When you bet on a team to win or a champion to score X amount of points during a game, you’re placing your hope on a certain outcome that is anything but certain.
NFTs, especially the popular ones, tend to be artwork, virtual land, and other types of digital goods. They do not have tangible value -- they do not exist in the real world.
When you buy an NFT, you’re placing your hope that someone in the future will want to buy that digital artwork or virtual land from you at a higher price -- even though that someone might never show up.
There are other risks and rewards which are similar to betting with Bitcoin on sports and eSports. There are differences too. Let’s take a quick look.
Losing your NFTs after forgetting the private key to your digital wallet
Getting hacked and your NFTs stolen
Buying an NFT that later turns out to be worthless -- like Beanie Babies in the 1990s.
Buying an NFT from an artist who later becomes as famous as Banksy
Being part of the start of a new digital transformation in property and values.
Creating your own NFT artwork, perhaps based on your favorite sport or eSport.
If you’re looking to invest in NFTs and trying to mitigate your risk while still being exposed to potential upside and profit, then you might do what some sports betters do -- follow the experts.
In the case of NFTs, you can “gain exposure to NFTs is through the ONEz NFT bundles.
These bundles are exciting because they are curated by GrowYourBase, which means they are filled with great NFTs. GrowYourBase knows which NFTs to put into these bundles because they are deeply involved in the space. As an “earn and learn” platform, users can sign up to get information on various NFTs and can even earn NFTs through the platform.”
That type of bundle is put together by people who spend their time in the space and (probably) know more about NFTs and the worth than the average person just getting into NFT collecting.
Other options exist. $WHALE and $RARI are examples of tokens based on whole portfolios of NFTs. People buy the token and thus have a stake in the rise and fall of the NFT portfolio. It’s like being able to, instead of betting on a team, buy a share in the whole team -- and win or lose based on the team’s performance as a whole.
Myriad options exist these days to win or lose with sports and NFTs. Pick the one that piques your curiosity the most and try it out.
©Cricket World 2021