Games

Gambling on Crypto Market Prices

There’s gambling on all sorts of things these days. Sports, political events, you name it, there’s quite possibly a market for it if you look on the best offshore sportsbooks. However, one of the ‘soapbox’ and markets that breaks the fourth wall of gambling is betting on currencies and market value. Trading stocks and market value gambling has been around for ages but now the market enters a new crypto age, what’s the appeal?

One Very Popular Market is Spread-Betting

Spread Betting is the term when financial gamblers place a wager on the market volatility. It’s not like a common sportsbook bet where if you win you get the funds, the whole bet evolves over time which can significantly alter your earnings.

You could bet that the currency of Country X will surge, if it goes up a little bit then you’ll get a small return. However, if that market value reaches new heights you’ll end up with a substantial return, so gamblers are rewarded for ‘how right’ they were. Conversely, if you make that call and the opposite happens you’ll lose. Depending on how low the price goes, you could lose more than your original stake. Ouch.

While you can do this in traditional currencies, cryptocurrency functions in the same way with some sites now trading exclusively in crypto.

Bettors in the US can’t actually participate in this type of wager as it’s outlawed. However, the best offshore sportsbooks found here are able to offer such markets to users.

Investing and Selling

Just like real-world currencies, you can invest in a currency at a good price and then simply wait for the value to increase and sell it later. This is a much simpler market as you can just keep the crypto in your digital wallet and act upon it later. Many users pick a currency they like the look of (or have done extensive research on) tuck it away, monitor the price over a period of time, and sell it when the value reaches a desired amount.

Anyone who bought Bitcoin before the 2017 spike and had it stored away would have had a pleasant payday for sure. Whether as people who invested in coins that sorely depreciated in value probably needed a stiff drink to overcome the agony of losing a lot of money.

Contract for Difference

Another really interesting market available to those wanting to bet on crypto value is the Contract for Difference option. Commonly referred to as CFDs, these wagers allow financial investors to essentially make their own bet with a broker instead of solely relying on the pre-existing markets.

Instead, the two parties agree on a set price and then wager just how different it will be at the end of a pre-determined contract duration. While the markets obviously play a part in this, it’s not the totality of the wager as your bet is more focused on the gravity of the change and difference to the price set out by the broker and what you wagered.

While you can let the contract expire and claim/pay up at the end, the majority of brokers offer the opportunity to call time on it earlier. This could be if you’re up on the price and you want to take the profit before it potentially goes down or if you’d like to minimize your losses if the value is nose-diving.

Where can you do this and what are the best cryptocurrencies?

The notion is to remember that there’s no ‘best cryptocurrency’ as these markets are very volatile. While X coin might be high right now, there’s very little evidence to suggest that it will be okay for the foreseeable future. Equally, that brand-new Mongolian coin in the gutter could be the next best thing tomorrow.

The most popular coins for transactions are led by BitCoin as it is recognised as the most relevant and newsworthy. Other coins like BitCoin Cash, Ether, Litecoin, Dogecoin and Shiba are also becoming more well-known, that doesn’t mean however that they’re the best to bet on or invest in.

To get started you’ll need to acquire some of these digital currencies, needing a broker to trade with. In 2023, there are more and more of these cropping up every day. They’ve already entered the mainstream even if you hadn’t noticed them. Etoro, OKX, and Plus500 are three of the most recognizable as they’ve all acquired notable sponsorship deals with large soccer teams within Europe making their brand very visible to large audiences.

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