The online gambling world where people start their own online bookies using crypto currencies has become standard practice. The most popular crypto currency and the one that everyone knows about is Bitcoin.
The reason why these currencies are so popular is because essentially they are unregulated. This means that any transactions are between addresses rather than personal details. As long as you are aware of your online security then because transactions are also extremely secure.
Bitcoin has become our favourite currency by far here at Premier Per Head and is favourite way of sending and receiving money. When we speak with our new clients we always tell them to seriously consider adopting Bitcoin as their method of receiving payments from their customers. Many have now become all crypto based bitcoin sportsbooks.
As you probably well aware when you run a bookies using pay per head software the only thing you need to worry about is collecting payments from customers as well as paying out winnings. Everything else is taken care of. While not everyone has adopted Bitcoin payments is yet, it is certainly going to be more prevalent in the coming years.
That said, Bitcoin and other crypto currencies are extremely volatile currently so understanding the bitcoin price chart is vital as a pay per head operator to know what to do at any one point in time with your balance of crypto currency.
If you click on the link above, you will be able to see the official Bitcoin price chart where you can see the prices of that currency over the last few years. As you will be able to see quite clearly there are extreme highs and extreme lows.
What To Do With Your Bitcoin
the first thing you need to do is decide why you are using Bitcoin. By this we mean that many of our customers run their pay per head bookies as a side venture and any profits investment. Therefore they will put a lot of their profits into Bitcoin cold storage. While storage for the Bitcoin is not like a bank where you get interest paid on a balance the market is very volatile and many believe that the current Bitcoin (BTC) price of $6100 could rise eventually to over $100,000 per coin.
My personal belief is that this is a little bit extreme however I see no reason why they will not rise vastly over the upcoming years.
Of course Bitcoin is officially a currency so there is the risk that the price of the coin could go down further in which case a long-term investment would not be the best thing to do with your Bitcoin’s. Again this is a gamble that you take however there is lots of expert crypto currency advice to be had on the long-term value of Bitcoin.
For those that do not want to invest the money long term you could sell your Bitcoin’s cash through services such as Localbitcoins where people will purchase your bitcoins for cash in your local currency.
The other option is also to consider trading your Bitcoin for other digital currencies (there are over 1600 different crypto currencies). The idea is that you can buy certain digital currencies when there are a low point and beliefs to rise and massive profits can be made. However, we are not currency traders here so we cannot give advice on what you should or shouldn’t do. We do recommend taking a look at Binance which is a currency trading platform and join various Facebook groups where traders and investors alike share their thoughts.
There is no denying that Bitcoin and other crypto currencies are going to be the future for online payments due to the ease of use and security. We strongly recommend that as an online bookmaker you seriously consider adopting crypto as a form of payment from your customers.