In April, a Reddit user posted about losing 2.3 Bitcoin, then valued at about $150,000, after making payments to a relatively obscure crypto casino that overnight disappeared.
This increasingly typical situation underscores the dangers that permeate the broad, rapidly changing crypto gambling landscape.
The Booming Crypto Casino Economy
The cryptocurrency gambling sector has grown by about 70% since 2020, building a $250 billion industry that still lures players with the assurances of privacy and convenience.
The growth has spawned hundreds of new sites, but the line between legitimate operators and elaborate scams gets more and more ambiguous.
“People are attracted to crypto gambling due to the anonymity and the potentially reduced house edges,” a digital currency security expert elucidates. “But the same anonymity provides the ideal setting for fraud.”
How Your Crypto Disappears
When depositing cryptocurrency to unverified casinos, there are a number of disastrous situations:
Exit Scams
Most fraud websites are temporary, and they accept deposits up to a certain amount before vanishing into thin air. Such operations usually rebrand and relaunch under new names, targeting another cryptocurrency community.
Rigged Games
Lacking regulation, unverified casinos can rig game results with opaque algorithms. Participants may enjoy wins in the beginning to invite greater deposits before the odds somehow change.
Wallet Redirection
Certain advanced scams use wallet address change malware that changes the casino deposit address to the scammer’s wallet address during the transaction.
Frozen Withdrawals
A classic tactic is to add impossible withdrawal conditions when accepting deposits. Players can be told they have to wager their deposit 50x before withdrawal or face unknown “security checks” that are never resolved.
Finding Safe Harbor: Verification Matters
Verification procedures are in place to save players from such predatory practices. Reputable crypto casinos generally provide:
Licensing from highly reputable jurisdictions such as Curaçao, Malta, or the Isle of Man
Clear ownership information with identifiable members
Third-party audited random number generators
Provably fair gaming algorithms
Established presence within the crypto gambling community
But how do players safely distinguish the legitimate from the scams? That question has spawned an industry of websites that specialize in reviewing crypto gambling websites.
These websites audit security protocols, test withdrawal procedures, and compile player experiences to provide overall safety ratings.
Red Flags That Must Stop You Cold
Several warning signs suggest that a crypto casino might not refund your coins:
Unrealistic Promotions: Promotions such as 500% deposit bonuses with minimal wagering requirements usually mask withdrawal impossibilities.
Anonymous Operators: Legitimate firms don’t hide who owns them.
Missing License Information: Large casinos state their licensing jurisdiction and license numbers prominently.
Limited Deposit Choices But Numerous Withdrawal Limitations: This kind of disequilibrium always suggests a one-way cash flow structure.
No Community Footprint: The older sites possess discussion threads, reviews, and social media presence spanning months or years.
Guarding Your Virtual Assets
When venturing into crypto gambling, several precautionary steps can significantly reduce risk:
Research prior to depositing. One option is to check review sites to see casino legitimacy from various sources. Also, test with small amounts.
Initially, only deposit what you’re comfortable losing completely, perhaps 0.001 BTC or equivalent, just to test the withdrawal system.
Confirming addresses manually can be a solution. Manually confirm deposit addresses instead of depending on copy-paste features.
Always verify cold storage policies. Trustworthy platforms hold 95 % of funds in cold storage and maintain publicly transparent reserve verification.
And last but not least, look for fair technology. This enables you to confirm that game outcomes weren’t manipulated.
The Regulatory Horizon
The crypto gambling industry operates in a regulatory grey area that’s ever more coming into clarity. Authorities like Curaçao have developed bespoke licensing regimes for crypto gambling operations, while others have prohibited such ventures outright.
Websites that operate under these new regulatory frameworks tend to have more protections than their completely unregulated cousins, but they are still not subject to the same general oversight as traditional gambling.
The promise of crypto gambling, convenience, possibly more favorable odds, and anonymity, warrants a huge risk when dealing with untested sites.
By doing your homework on casinos, playing with small deposits first, and watching out for red flags, you’ll mostly eliminate the risk of your crypto vanishing into the ether.
Keep in mind that there is no “undo” in crypto transactions and no central authority to call upon in case something goes wrong. Your security relies on you taking the time to verify.
https://www.honestbettingreviews.com/wp-content/uploads/Bitcoin-image-2.png466700Danhttps://www.honestbettingreviews.com/wp-content/uploads/hbr-logo-new-300x145.pngDan2025-05-01 18:19:062025-05-01 18:19:06When Crypto Disappears: The Real Risks of Sending Coins to Unverified Casinos
Crypto gambling is taking the online gaming world by storm, with digital currencies shaking up the casino scene.
With perks like quick transactions and more privacy, it’s easy to see why players are ditching traditional payment methods for crypto.
But here’s the catch: the legal side of things is a bit of a mess. Some countries support this form of gaming, while others are still debating or banning it.
In places where it’s allowed, crypto slots have quickly become a favorite, but operators have to keep up with rapidly changing laws to stay compliant.
What Crypto Gambling Is and Why It’s Popular
Crypto gambling means betting or playing casino games using digital currencies like Bitcoin instead of traditional money. Its popularity stems from several key benefits:
Faster transactions: Crypto deposits and withdrawals are processed much quicker than traditional banking methods. This allows players to access their winnings almost instantly.
Lower fees: Unlike credit cards that often chip away at your balance with hefty charges, virtual currency transactions typically come with minimal costs.
Global access: Crypto gambling sites are available everywhere and skip past the usual banking and currency rules. This allows players from around the world to join in on the action.
High level of privacy: Since digital currency transactions don’t need a lot of personal info, players get to enjoy more privacy than in traditional casinos.
Moreover, many casinos that accept virtual currencies offer provably fair games, which use blockchain technology.
This system lets you verify the fairness of outcomes and gives you confidence in the game’s integrity.
Is Crypto Gambling Legal?
The legality depends on two main factors: whether online gambling is allowed and whether digital currency use is permitted in a country.
In regions where internet casinos are banned or crypto use is restricted (e.g., Iraq, Qatar, Bangladesh), it is illegal.
In countries where both online gambling and virtual currencies are legal, this form of gaming can be considered lawful.
However, many regions are still in a legal gray area, with no clear regulations on crypto casinos. This uncertainty means operators and potential players need to stay updated on any legal changes.
The legal status of crypto casinos is highly fragmented. Federal law doesn’t regulate them directly and leaves the issue to individual states. New Jersey, Nevada, and Michigan have legalized internet gambling sites, though not all explicitly permit virtual currency use.
Others, like Maryland, allow onlinesports betting but ban online casinos, while Utah and Hawaii prohibit all forms of gambling.
In states where crypto platforms are prohibited, many players turn to offshore sites. However, they operate outside U.S. jurisdiction, which means there are no legal protections if disputes arise.
United Kingdom
The United Kingdom Gambling Commission is responsible for regulating all forms of gambling, including online platforms. In 2017, it clarified that crypto used in casinos should be treated like traditional money.
While the commission doesn’t specifically regulate this form of entertainment, it permits licensed operators to accept crypto deposits, provided they comply with strict anti-money laundering (AML) and Know Your Customer (KYC) requirements.
Operators must verify the source of crypto funds and convert them to fiat currency in player accounts to mitigate risks related to volatility.
Canada
Gambling is regulated at the provincial level, with provinces like Ontario actively supporting it. Although digital currency isn’t considered legal tender, Canada has been a leader in its regulation.
It was the first country to approve a Bitcoin exchange-traded fund (ETF), now listed on the Toronto Stock Exchange.
Canadians can legally use digital currencies on licensed provincial platforms or reputable offshore sites for betting.
However, only government-run casinos can offer online gambling services. Operators face strict restrictions, but players can access foreign platforms as long as companies comply with AML/CFT and KYC regulations.
European Union
Malta stands out as a global hub, offering licenses to crypto casinos with strict AML and KYC requirements. The Malta Gaming Authority (MGA), a pioneer in crypto regulation, established a Blockchain Sandbox Framework for testing virtual currency gambling products.
In contrast, countries like Germany and France impose stricter controls, with some banning digital currencies as a payment option in casinos.
Italy, though one of the first to regulate online gaming establishments, doesn’t yet have specific rules for crypto gambling. It leaves the activity unregulated but not explicitly prohibited.
Asia
This continent has a diverse approach to crypto casinos. China enforces strict bans on both digital currencies and gambling, with exceptions in Macau, while Japan allows this type of virtual money but tightly regulates gaming platforms.
South Korea allows foreigners to play on platforms that accept BTC but bans local citizens from any form of gambling. In contrast, the Philippines has regulated online casinos that accept digital currencies and is particularly crypto-friendly.
Risks and Challenges in Crypto Gambling Regulation
The lack of standardized regulations is one of the main risks. Inconsistent laws across jurisdictions create confusion for both operators and players. This complicates cross-border operations and weakens consumer protection.
Another major challenge is AML and KYC compliance. The pseudonymous nature of cryptocurrencies makes it difficult to verify user identities and monitor transactions. This increases the risk of illicit activity and regulatory violations.
Lastly, overregulation may suppress innovation and push businesses toward unregulated platforms, which would harm legal markets.
Cryptocurrency has changed online betting forever with faster transactions, more privacy and often better odds than traditional bookmakers.
If you’re looking for the best crypto sportsbook in 2025 you’ve come to the right place.
In this guide we’ll cover the top betting sites that accept Bitcoin and other cryptocurrencies, what makes a great crypto sportsbook and how to get started.
Why Choose a Crypto Sportsbook?
Traditional sportsbooks have their benefits but crypto betting platforms bring unique advantages:
Fast Transactions – Deposits and withdrawals are almost instant compared to traditional banking.
Privacy and Anonymity – Many crypto sportsbooks require minimal personal information.
Better Odds and Lower Fees – Crypto betting platforms often provide better odds and lower transaction costs.
Global Access – No restrictions on location since cryptocurrencies operate globally.
Provably Fair Gaming – Many sportsbooks use blockchain technology to ensure fairness.
With these benefits it’s no wonder more people are switching to crypto sportsbooks.
Top Crypto Sportsbooks in 2025
Okay, let’s have a look at the top crypto sportsbooks available in 2025. Here is our top six in descending order:
1. bet105
bet105 has rapidly emerged as a leading crypto sportsbook, offering bettors competitive odds and a seamless betting experience.
The platform operates exclusively with cryptocurrencies, including Bitcoin, Ethereum, USDT, and USDC, allowing for swift transactions and enhanced privacy. bet105 is renowned for its reduced juice model, providing better value for punters compared to traditional sportsbooks.
The platform covers a wide array of sports, from major leagues like the NFL and NBA to international soccer competitions and esports.
Additionally, bet105 offers a dynamic live betting platform with no limits, welcoming both casual and professional bettors.
Key Features:
Cryptocurrency Transactions:Supports Bitcoin, Ethereum, USDT, and USDC for both deposits and withdrawals.
Competitive Odds:Reduced juice model offering better value.
Wide Sports Coverage:Includes NFL, NBA, international soccer, tennis, MMA, boxing, and esports.
Live Betting:User-friendly platform with real-time updates and no betting limits.
Fast Withdrawals:Majority of withdrawals processed automatically within hours.
Stake.com has made a name for itself as one of the most popular crypto sportsbooks. With a clean interface, extensive sports coverage and exclusive promotions it’s a favourite among crypto bettors.
Key Features:
Supports Bitcoin, Ethereum, Litecoin and more.
Extensive markets on football, tennis, basketball and esports.
Regular promotions and bonuses for crypto users.
Fast withdrawals with low fees.
3. Cloudbet
Launched in 2013 Cloudbet is one of the original Bitcoin betting sites. It’s known for high betting limits, a huge selection of sports and a top notch live betting experience.
Key Features:
Accepts Bitcoin, Bitcoin Cash, Ethereum and more.
High betting limits especially for Bitcoin users.
Great live betting platform.
Generous welcome bonuses.
4. BC.Game
BC.Game is a new player in the crypto sportsbook scene. With a fast, interactive platform and a wide range of betting options it’s for both casual and serious bettors.
Key Features:
Supports many cryptocurrencies.
Competitive odds and wide range of markets.
Daily promotions and VIP rewards.
Fast, anonymous transactions.
5. Sportsbet.io
Sportsbet.io is known for its user-friendly platform and great betting options. It’s the official betting partner of major football clubs and has a strong mobile experience.
Key Features:
Accepts Bitcoin, Ethereum, Litecoin and more.
VIP program with exclusive rewards.
Fast deposits and withdrawals.
Unique features like “BetBuilder” for customised bets.
6. BetOnline
BetOnline is a hybrid sportsbook that accepts both fiat and crypto transactions. It’s perfect for those transitioning into crypto betting while still having access to traditional payment methods.
Key Features:
Accepts Bitcoin, Ethereum and other altcoins.
Wide range of betting markets including esports.
Competitive odds and early lines.
Great customer support and mobile friendly platform.
Bitcoin Betting Features and Benefits
Bitcoin and other cryptocurrencies offer many advantages for sports bettors making them a preferred choice over traditional payment methods.
Here’s why betting with Bitcoin can be better option in certain instances:
Zero or Minimal Transaction Fees – Traditional sportsbooks often charge high fees for deposits and withdrawals especially when using bank transfers or credit cards. Bitcoin transactions have low fees so you get to keep more of your winnings.
Enhanced Privacy and Security – One of the biggest draws of Bitcoin betting is the level of privacy it offers. Unlike traditional sportsbooks that require a lot of personal and banking details, many crypto sportsbooks allow you to bet with just an email address. And blockchain technology ensures secure and tamper-proof transactions.
Faster Withdrawal Times – With fiat betting withdrawals can take days to process due to bank delays. Bitcoin transactions are processed almost instantly so you can access your winnings sooner.
Higher Betting Limits – Many sportsbooks have lower betting limits on fiat transactions to manage risks. Crypto sportsbooks often have higher betting limits so it’s ideal for high rollers.
Exclusive Crypto-Only Bonuses and Promotions – Many sportsbooks offer exclusive bonuses for users who deposit with Bitcoin. These promotions often include enhanced deposit matches, free bets or cashback rewards that aren’t available to fiat bettors.
No Currency Conversion Fees – For international bettors converting currencies can result in extra costs. With Bitcoin you can deposit and withdraw in the same currency without worrying about conversion fees.
Protection Against Payment Blocking and Regional Restrictions – In some regions, banks and financial institutions block gambling transactions. Bitcoin allows you to bypass these restrictions so you can deposit and withdraw seamlessly no matter where you are.
By making the most of these benefits, crypto bettors can have a more efficient and cost effective betting experience.
How to Get Started with Crypto Betting
If you’re new to crypto betting it may seem intimidating at first but it’s actually easy. Follow these steps to get started safely and efficiently:
Step 1: Set Up a Cryptocurrency Wallet
A cryptocurrency wallet is necessary for managing and storing your Bitcoin or other digital assets. Popular wallets are MetaMask, Trust Wallet, and Ledger. Choose a wallet that balances convenience with security.
Step 2: Purchase Cryptocurrency for Betting
You can buy Bitcoin, Ethereum or other cryptocurrencies from a reputable exchange like Binance, Coinbase or Kraken. Transfer your funds to your personal wallet instead of leaving them on the exchange for better security.
Step 3: Choose a Crypto Sportsbook and Make Your First Deposit
Pick a sportsbook that suits your needs and supports your chosen cryptocurrency. Once registered go to the deposit section, copy the sportsbook’s crypto address and transfer funds from your wallet.
Step 4: Implement Security Best Practices
Use two-factor authentication (2FA) and store your private keys securely. Don’t share your wallet details with anyone.
Step 5: Verify KYC Requirements
Some crypto sportsbooks require KYC (Know Your Customer) verification for withdrawals. Be prepared to provide identification if needed.
Step 6: Convert Winnings Back to Fiat (If Needed)
If you want to withdraw your winnings to traditional currency use a crypto exchange to convert and transfer the funds to your bank account.
Step 7: Consider Tax Implications
Check local tax laws, crypto gambling winnings may be taxed in certain jurisdictions.
Depositing and Withdrawing with Bitcoin
Using Bitcoin for deposits and withdrawals on a sportsbook is usually quick and convenient. Here’s how the process works:
Depositing Funds:
Navigate to the deposit section of your chosen sportsbook.
Copy the provided Bitcoin wallet address.
Send the desired amount from your crypto wallet.
Transactions are usually confirmed within minutes.
Withdrawing Winnings:
Go to the withdrawal section and enter your Bitcoin wallet address.
Specify the amount you wish to withdraw.
Confirm the request and wait for processing.
Crypto withdrawals are typically faster than traditional banking methods.
Alternative Cryptocurrencies to Bitcoin
While Bitcoin is the most widely used cryptocurrency in sports betting, many sportsbooks also accept:
Ethereum (ETH): Faster transaction speeds and lower fees than Bitcoin.
Litecoin (LTC): Known for quick transactions and lower costs.
Tether (USDT): A stablecoin pegged to the US dollar, reducing volatility.
USD Coin (USDC): Another stablecoin ideal for maintaining a consistent betting balance.
Dogecoin (DOGE): A fun, community-driven option with low fees.
Ripple (XRP): Fast and cost-effective transactions.
Binance Coin (BNB): Often used for sportsbook transactions with Binance integration.
Tron (TRX): Low-fee, high-speed blockchain transactions.
Cardano (ADA): A growing option with strong security and scalability.
Dash (DASH): Designed for privacy-focused transactions.
How Do Crypto Sportsbooks Compare to Traditional Sportsbooks?
Crypto sportsbooks offer several advantages over traditional bookmakers:
Speed: Deposits and withdrawals are processed much faster than bank transfers.
Lower Fees: Traditional sportsbooks often charge processing fees, while crypto transactions typically have minimal costs.
Anonymity: Many crypto sportsbooks require minimal personal details, unlike fiat betting sites.
Better Odds: Reduced operational costs often translate into better odds for bettors.
Availability: Crypto sportsbooks are accessible worldwide, whereas traditional sportsbooks may have regional restrictions.
Despite these advantages, some bettors prefer traditional sportsbooks due to regulatory oversight and fiat banking options.
Common Concerns and Issues with Crypto Sportsbooks
While crypto sportsbooks have many benefits there are potential risks and concerns to be aware of:
Regulatory Uncertainty – Crypto betting laws vary by country. Always check the legal status of online gambling in your area.
Volatility Risks – Cryptocurrencies are very volatile. Consider using stablecoins (e.g., USDT) to minimize fluctuations.
Security – Look for sportsbooks with encryption and 2FA.
Red Flags – Avoid sportsbooks with bad reviews, no transparency or unclear terms.
Reputation – Check for platforms with a history of fair play and timely payouts.
Dispute Resolution – Read customer support policies before depositing.
Responsible Gambling Tools – Look for sites with deposit limits and self-exclusion options.
Licensing – some crypto sportsbooks are not licensed by gambling regulators, meaning there is less oversight of matters such as protecting customer funds. Your options should things go wrong may be more limited than with traditional bookmakers. Bear this risk in mind when using a crypto sportsbook.
Now you know what to look out for with crypto sportsbooks. They can be more risky to use than traditional sportsbooks so it’s important to watch out for the red flags.
Betting Responsibly with Crypto Sportsbooks
While crypto sports betting offers many benefits, responsible gambling is crucial:
Set a Budget: Determine how much you can afford to lose and stick to it.
Use Betting Limits: Many sportsbooks offer tools to set deposit and wager limits.
Avoid Chasing Losses: Stay disciplined and don’t try to recover losses with reckless bets.
Take Breaks: Regularly step away from betting to maintain a healthy perspective.
Stay Informed: Learn about the risks of gambling and seek help if needed.
By practising responsible gambling, you can enjoy the benefits of crypto sports betting while maintaining control over your finances.
Conclusion – the Best Crypto Sportsbooks
Crypto sportsbooks are changing the game, offering speed, security and accessibility that traditional bookmakers can’t match.
Whether you’re a seasoned bettor looking for better odds and lower fees or a newcomer wanting to try out crypto betting, there’s never been a better time to get started.
By choosing a good sportsbook, practising responsible gambling and staying up to date with the latest crypto betting news, you can maximise your experience and broaden your betting options.
From bet105’s sleek platform to Stake.com’s vast market coverage, the options are endless for those ready to jump in.
As crypto betting evolves, being ahead of the curve will give you an edge in this fast paced industry.
So whether you’re betting on the Premier League, NBA, esports or niche sports, the best crypto sportsbooks can give a viable alternative to traditional sportsbooks.
Ready to Bet with Crypto? Choose a trusted sportsbook like bet105, make your first deposit and good luck betting with Bitcoin and other cryptocurrencies today!
Please remember to always gamble responsibly and only risk money you can afford to lose.
https://www.honestbettingreviews.com/wp-content/uploads/Crypto-sportsbook-pic-3.png342600Danhttps://www.honestbettingreviews.com/wp-content/uploads/hbr-logo-new-300x145.pngDan2025-03-03 16:02:052025-03-03 16:18:10Best Crypto Sportsbooks: Where to Bet with Bitcoin in 2025
In recent years, the adoption of cryptocurrencies as a payment option for online bookmakers has taken on a whole new dimension.
The increasing acceptance of cryptocurrencies by bookies and players is due to the many benefits they offer. And as the cryptocurrency ecosystem continues to evolve, more cryptocurrencies keep emerging, with each one offering a unique proposition.
If you are interested in using cryptocurrency for online betting, then you want one that is secure yet fast.
So, in this article, we will be elaborating on the top 5 cryptocurrencies to use for online betting and the factors that influence their transaction speed.
Top 5 Secure and Fast Cryptocurrencies to Use for Online Betting
From Bitcoin to Ethereum to Tether, there are thousands of different cryptocurrencies you can use for online betting. But if your focus is to use a cryptocurrency that offers incredible transaction speed, then you must also take into account the security measures that cryptocurrency has in place.
So, below we have wrapped up the top 5 cryptocurrencies that offer a fair combination of security and speed.
Ethereum
Ethereum is one of the best options if you are looking for a cryptocurrency with a mixture of speed and top security. Choosing to use the best Ethereum betting sites offers you great advantages such as alluring bonuses and access to a large game library, plus Ethereum is the second largest cryptocurrency by market cap. With the Ethereum 2.0 version developers are working on, Ethereum could eventually support up to 100,000 transactions per second, address the issue of scalability, and reduce its energy consumption.
Solana
Solana is another excellent fast cryptocurrency to consider because of its high-performance blockchain network. Launched in 2017, Solana is unique in its PoS consensus mechanism that allows it to process up to 3000 transactions per second, or up to 710,000 transactions per second theoretically. The design of the Solana network provides a fast, secure, and low-cost transaction option, making it an excellent option for online betting. It also offers several cool features and tools to support developers, making it an attractive option for developers looking to build decentralized applications that can scale to meet the demands of a growing user base.
Ripple
Ripple is a real-time gross settlement system, remittance network, and currency exchange that allows for near-instantaneous transactions. According to the Ripple website, it uses a Ripple Protocol Consensus Algorithm (RPCA), where transaction settlement on the XRP Ledger takes 3-5 seconds. It is a cryptocurrency designed to be efficient and fast, with a transaction speed of 1,500 transactions per second. Also, Ripple offers low-cost transactions because its transaction fees are based on the amount of XRP used in the transaction and not the value of the transaction itself, making it an attractive option for bettors looking to process payment across borders quickly and efficiently.
Hedera
Hedera Hashgraph, popularly regarded as the next-generation distributed ledger technology, is designed to be a scalable, secure, and fast cryptocurrency. It uses a unique consensus mechanism, hash graph consensus, that allows for efficient and fast validation of transactions. The Hedera network can process up to 10,000 transactions per second, making it one of the fastest blockchains in the market. In addition to its impressive speed, Hedera offers low latency, increased security, stability, and high throughput.
Tron
Tron is a decentralized blockchain platform that offers bettors high speed and low cost on transactions, which comes in handy, especially after cracking the code to win your bets. It uses a Delegated Proof of Stake (DPoF) consensus mechanic that allows for efficient and fast validation of transactions. It is capable of processing over 2000 transactions per second, which is significantly faster than what many blockchain networks are capable of. Furthermore, Tron offers a thriving ecosystem of DeFi and dApp projects and support for multiple programming languages that make it highly scalable.
Factors Influencing the Speed of Blockchain Transactions
A slow blockchain transaction speed may lead to longer wait times for bettors, which can negatively impact their overall user experience.
Blockchain transaction speed can be influenced by several factors, causing it to be slow in processing and confirming your transactions.
If your transactions are taking longer than they ought to, it could be due to one of the following reasons:
Network Congestion
When the number of transactions waiting to be processed exceeds the network’s capacity, it leads to network congestion, which can cause delays. During such times, such as significant market movement or during ICOs, miners tend to prioritize transactions that use congestion algorithms to manage the queue.
Transcation Fees
Another factor that can influence your transaction speed is the amount you set for the fee. You have the luxury of choosing how much you want to set for the transaction fee, but it’s important to note that setting too low a transaction fee may cause delays as miners tend to prioritize transactions with higher fees. Although when there are not many activities on the network, you may be able to get away with setting a low transaction fee and still get your transaction processed on time.
Block Size
When you set a transaction via crypto, it gets transmitted in what is called a block. Depending on the cryptocurrency, each block has a size that determines how much data it can transmit. As such, cryptocurrencies with larger block sizes can process more transactions, making them less prone to congestion or reduced speed. But it’s also worth noting that cryptocurrencies with larger block sizes require more computational resources.
Network Protocol
Furthermore, a cryptocurrency network protocol can influence its speed as it defines how data is transferred on the network. Depending on the cryptocurrency you use, some make use of consensus mechanisms like PoS, PoW, DPoS, and so on. It’s important to know the network protocol of the cryptocurrency you choose to use as it not only influences transaction speed but also scalability.
Transaction Complexity
The complexity of a transaction is another factor that doesn’t get spoken about well enough. When you’re sending cryptocurrencies, you’re essentially sending data; however, not every data is equal. Some are more complex to decode than others, and the harder they are, the more computational resources, or longer it will take, as the case may be. As such, if your transaction type involves complex data, such as one involving a smart contract, it’s best to set high transaction fees to incentivise miners to process it faster.
https://www.honestbettingreviews.com/wp-content/uploads/pexels-rdne-8369770.png448672Danhttps://www.honestbettingreviews.com/wp-content/uploads/hbr-logo-new-300x145.pngDan2024-11-26 13:40:272024-11-26 13:40:27Top 5 Cryptocurrencies for Online Betting: Secure and Fast Options
Town Star is a play-to-earn farming game from Gala Games, similar in style to Farmville. You can check out our full guide on it here.
Whilst things started off promisingly with this game, sadly the inherent weakness of the in-game economy we identified in earlier updates has had the impact we predicted.
In essence the problem is that you have an economy where lots of people are earning significant amounts of the the in-game currency (Town Coin) and then want to sell it to cash in those earnings. However, on the other end there are very few buyers for that Town Coin.
The reason being is that there is very little reason to own the coin, other than to hold it in your wallet – which allows you to…earn more Town Coin!
Leaving aside the fact you can also achieve the same effect by holding Gala Tokens in your wallet instead, you can probably see the issue here. There is little incentive to buy Town Coin other than enabling you to earn more Town Coin (which is itself dilutive of course), meaning the value of the token is bound to drop in these circumstances. And drop it has – all the way from over $2 to $0.09 at the time of writing.
Fundamentally, as we described in previous updates, there needs to be utility for Town Coin. Whether this is in using it to build items in the game, enhance your trading capabilities with other towns or some other use, there has to be a reason for people to want to buy the token and not just sell it.
Until this issue is addressed we don’t see a bottom for Town Coin and it could easily go to zero (or close to zero). In these circumstances there doesn’t seem much point putting in the many hours necessary to play the game when the earnings are virtually zero.
So we will leave this review in abeyance until these issues are addressed and we start to see some actual utility and value for Town Coin.
It seems this issue of in-game “tokenomics” as they are called is not limited to Town Star but is something all play-to-earn games are experiencing. Perhaps if one game developer figures it out then others can follow, but for the time being it is a space we will monitor rather than participate in.
Town Star is a play-to-earn farming game from Gala Games, similar in style to Farmville. You can check out our full guide on it here.
In order to earn tokens in Town Star, you need to own NFTs. These are the farming items that you use in the game like grain storage, water fountains, shops and so on.
We purchased four NFTs and have been playing the game for a few months now.
Each day you can earn the game’s native token, Town Coin (TOWN), by completing a daily challenge. It’s not too difficult at the moment and takes a few hours at the start of the month to build up your town and then around an hour per day to complete.
Since our last update we have earned another 734 Town Coin, which means we have now earned 1734 Town Coin in total.
The problem is that Town Coin has absolutely plummeted in price since our last update. It was $0.56 per coin but is now just $0.18 per coin at the time of writing.
So our net earnings are only worth $312, which is pretty disappointing to be honest considering the cost of the NFTs and the work put in.
As we said last time, for the token to have value they really need to integrate it into the game. Whilst they said last Autumn they plan to do so, we have not heard anything since about what their plans are or when they may do so.
In the meantime we will keep working away to earn Town Coin in the hope that it goes up in value at some point.
If you’ve been following us recently you’ll know we’ve been delving into the world of play-to-earn games. Whilst our focus here is mainly on betting and trading systems, we are always interested in alternative ways to make some extra income and the play-to-earn space looks set to explode this year.
Our first foray in this area was Sorare, which if you’ve been tracking our journey you’ll have seen we’ve been doing very well with over $20,000 in prizes won last year.
Our next venture into this space is with an interesting little game called Town Star from Gala Games.
This is a fun game that is a lot like Farmville if you ever played that game. You can read our full guide on Town Star here.
In order to be able to earn in the game, you have to first purchase some NFTs. These are the farming items that you use in the game like grain storage, water fountains, shops and so on.
We purchased four NFTs:-
Alfa Fountain (OK)
Rare Sugarcane storage
Water Tower
Sugarcane storage
We also received a free Express Depot for becoming a gold Gala member.
Each one of these NFTs pays out a certain number of Town Coin per day if you complete a Daily Challenge, which you can then exchange for other cryptocurrency and then fiat money.
However, unfortunately at the moment we are not able to use all our NFTs. This is because you need to have a certain amount of what is called “Gala Power.” There is a full article explaining it here, but in essence you need a certain amount of Gala tokens and/or Town Coin in your wallet.
At current prices this means spending thousands of dollars to move up the Gala Power levels and use your NFTs, which is far from ideal.
Gala Games say they will allow renting out of NFTs in future (no date confirmed though) and they may adjust the terms of the Power levels to take account of things like account age, number of NFTs etc, but for the time being we are stuck with this situation. The simple advice is it’s better to buy one big NFT than lots of small ones – you only need one Gala token in your wallet to use one NFT.
Anyway, putting that issue aside how has it been going on Town Star?
We have managed to earn Town Coin pretty much every day (apart from the odd day like Christmas Day, for obvious reasons) and so far have earned just over 1,000 Town Coin.
At today’s prices of $0.56 per Town Coin, that equals just over $560.
That’s not bad for a few weeks work and the NFTs we bought have gone up a lot in value. In particular the Rare Sugarcane Storage cost us around $1,200 when we bought it and is now selling for around $3,000.
In this game you are hostage to the price of Town Coin, which has fluctuated quite a lot since we joined the game, from around $0.30 all the way up to over $2.
We imagine when they actually integrate the token into the game itself – which they have said in two blog posts they plan to do – its value could appreciate, although that rests on them bringing lots of new players to the game too.
In any event, the bottom line is our earnings have been pretty good so far even with the price of Town Coin having fallen a lot over the past month. It’s also a fun game to play so we would say we are cautiously optimistic about this one. There is still a lot of work for them to do to bring it to the mainstream but the early signs are encouraging.
If you’ve been following us recently you’ll know we’ve started to get involved in the play-to-earn gaming revolution.
Whilst this isn’t strictly in the “betting category,” we do occasionally like to venture into other fields like forex, crypto and passive income. Anything really that can make an extra bit of income on the side!
So our first foray in the play-to-earn field was Sorare, the fantasy football game that runs on the blockchain. If you’ve been following our journey you’ll have seen it’s been going very well with lots of rewards won.
Our next sortie into the realm of play-to-earn games then is a fun little simulation game called Town Star from Gala Games.
We’ve written a full guide hereon what Town Star is all about and how you can earn from it, but basically it’s a lot like Farmville. You run a small town and have to build it up from scratch by farming goods and then selling them.
In order to earn tokens on it (which you can then sell on exchanges like Coinbase), you have to buy NFTs – or non-fungible tokens. These are the farming/industrial items like wheat storage, water fountains, solar panels and so on. Then you have to complete a daily challenge in the game to earn your tokens.
Another way to earn Town Coin is to finish high up on the leaderboard, although that is very tough so for most people the focus will be on earning the daily Town Coin.
We’ve recently joined the game and will be documenting our journey here, just as we have been doing with Sorare.
So far we have one NFT placed in the game, earning 14 of the game’s tokens, called Town Coin, per day.
At today’s prices of $1.23 per Town Coin, that’s $17 per day in earnings, for just a small amount of time playing the game each day. Some people are already earning over $100 per day from the game.
There is also the potential to move up the levels and be able to place more NFTs in the game, thus earning more Town Coin.
Plus of course the value of Town Coin could go up as well – although it could also go down so you do have to accept the fluctuations in the price of the token and not expect it will necessarily go up.
If more people join the game though, in theory it should drive more adoption of the token.
Just to note that the cheapest NFTs that pay out Town Coin are currently priced at around $730. So at current prices it would take approximately 54 days to earn back the cost of the NFT.
That presumes Town Coin stays at its current price of course, but it gives you a ball park idea of the payback time anyway. You also will own the NFT and they are generally going up in price all the time.
Please note there are a very limited supply of the NFTs though and they are selling out fast. All of the NFT info is covered in our guideso we recommend you read that first before buying any of them.
In any event, given the potential here and the fact it’s quite a fun game to play, we are looking forward to running this review and will update our progress here as usual.
We have been invested in the BitClub Network for over 18 months now and to be frank the writing is on the wall: it looks highly unlikely we will make our money back here so it’s time to wrap up the review.
We originally invested $500 in the scheme back in November 2017 and at the time Bitcoin was rocketing in value and cryptocurrency schemes like this were receiving massive hype.
Just to recap, the BitClub Network is a Bitcoin mining scheme where you can buy shares in their mining operation and receive a portion of the profits as a daily payout.
In the early days it seemed to produce decent daily payouts but over time those payouts have become smaller and smaller. As we have discussedelsewhere, this is primarily due to the fact that as more people enter the mining game, the slice of the cake each one receives gets smaller. And unfortunately a huge number of new operators entered the mining game when cryptocurrency prices took off, leaving a very small slice of the pie for each one.
So all we have to show for our investment so far is 0.00469 BTC, which at today’s prices is worth about $37.
We have received more than that in mining earnings – 0.02146 BTC (or $171) to be precise – but plowed a large portion of that back into buying more mining shares.
In hindsight that was clearly a mistake and we would have been better served just receiving the earnings and then withdrawing them rather than reinvesting.
Our current daily payout is around $0.05, so with 477 days left on our original contract, we can expect to earn around $24 at today’s prices.
Whichever way you look at it then we are due to suffer a substantial loss from this investment, probably a loss of around $450 from our original $500 investment.
If we hadn’t reinvested in more mining shares then the loss would be around $300, but either way it has been extremely disappointing to say the least.
So there isn’t much left to say other than that this receives a big FAILED rating from us and is certainly not a scheme we could recommend (nor any other bitcoin mining scheme for that matter).
Not much change for our BitClub Network investment, with just 0.01745 Bitcoin earned so far in total, which equals around $112 at current prices.
That means we have earned 0.00207 Bitcoin since our last update six weeks ago, which is the equivalent of around $13.
We are now earning less than $1 per day, which is a little disappointing really.
Also slightly worrying is the fact that we have set our account to use our mining earnings to buy more shares, but we haven’t actually repurchased any shares since January as we haven’t made enough to meet the threshold.
So we are kind of stuck in no-man’s land not able to earn enough to increase our mining earnings and not earning enough as it is to make a profit (or it will be a long time anyway until we make a profit).
The only thing left to hope for then is a big rise in the price of Bitcoin, but that seems a remote prospect at the moment.
The BitClub Network is a scheme where you can buy shares in a Bitcoin mining operation and receive daily payouts in Bitcoin in return.
We invested $500 in the scheme back in November last year and so far we have earned 0.01538 Bitcoin, which is equivalent to around $102 at the time of writing.
Since our last update over two months ago we have earned 0.00485 Bitcoin, which is the equivalent of around $32.
So at the current rate of earning about $16 per month, it would take us another two years to make our money back.
That all depends of course on the price of Bitcoin, which hopefully will start increasing at some point after a rotten first half to the year.
At the moment then this isn’t looking like a great investment but things can all change quickly in the world of cryptocurrencies.
Our investment in the BitClub Network continues to chug along without much fanfare. Since our last update a month ago we have mined another 0.00229 Bitcoin, which is currently the equivalent of about $21.
That means we have now mined 0.01053 Bitcoin in total, which is the equivalent of around $94 at the time of writing.
That is from a $500 investment back in November. So it is going to take quite a while at the current rate to make back our original investment. Even though we are reinvesting our earnings into more mining shares, things still aren’t really taking off yet.
Good to see that the price of Bitcoin has picked up over the last week or so though, which of course makes a big difference to the value of our mining earnings. Hopefully the price will continue to rise back up towards the highs we saw before Xmas of $20,000.
The BitClub Network is a scheme where you can invest in shares in their Bitcoin mining operation and then receive daily payouts in Bitcoin in return.
We invested $500 in the scheme back in November last year and so far we have earned 0.00824 Bitcoin, which is equivalent to around $72 at the time of writing.
We have reinvested those earnings back into more mining shares, to increase our return over the long term.
It remains to be seen however how long it will take to recoup our initial investment, which may rest to a large extent on what happens to the Bitcoin price over the coming months and years. We will just have to wait and see on that front.
Our BitClub Network investment continues to move along slowly and steadily.
Just to recap, the BitClub Network is a Bitcoin mining scheme where you can buy shares in their mining operation and receive a portion of the profits.
Since our last update we have earned another 0.00282 Bitcoin from our mining contract, meaning we have now earned 0.00704 Bitcoin in total, which is the equivalent of around $71 at the time of writing. That is from an investment of $500 back in November.
We have reinvested all of our earnings back into new mining shares, although as stated previously that is a slow process because you have to wait 30 days for your new shares to start mining.
Eventually we hope this investment will make some profit, it may take a year or so but with reinvestment it could become quite lucrative in the long term, particularly if the Bitcoin price started increasing again.
Our mining earnings from the BitClub Networkcontinue to move along fairly slowly, with a further 0.00274 in Bitcoin mined since our last update.
That means we have now mined 0.00422 Bitcoin in total, which equates to about $43 at the time of writing. That is from an initial investment of $500 worth of mining shares on 14th November 2017.
So in over two months we have earned less than 10% of our investment back, which is pretty slow going if we’re honest.
Unfortunately the BitClub Network have stopped showing the daily updates for how much we’ve mined, so we can’t do an update to our results spreadsheet.
In terms of our efforts to grow our earnings, so far we have made two reinvestments in further mining shares, equivalent to around 5% each of a full share. Just like the main purchases however, you don’t start earning anything from those shares until 30 days has elapsed.
So the whole thing is rather slow going. Hopefully though over time these reinvestments will start piling up and our mining earnings will increase.
Plus of course the Bitcoin price might start moving upwards again and we are still waiting to hear if the BitClub Network are going to be increasing their mining power.
For the time being though, our earnings from the BitClub Network have been pretty unspectacular.
There has been a bit of a delay in updating the results for the BitClub Network, a Bitcoin mining scheme.
This is because after you purchase a share in one of their mining pools, you have to wait 30 days for them to set up the mining equipment before you start earning any Bitcoin.
So after purchasing a share for $500 on 14th November, nothing happened on our account until 15th December.
We therefore only have 12 days of earnings to report.
For those 12 days, we have earned 0.00148 bitcoin, which equates to around $24 at the time of writing.
Please note that the amount of Bitcoin we have earned is double that on the spreadsheet, as half of our earnings have been reinvested in more mining shares.
At current rates, we would end up with about $750 worth of Bitcoin after a year of mining if we just withdrew all our earnings. Obviously it would be better to just buy Bitcoin and hold it in that scenario.
The $500 of Bitcoin we invested on 14th November would already be worth $1230 if we had just held it rather than investing in the BitClub Network.
That would be more than we will have earned in a year though mining at current rates, so on that basis you could say the BitClub Network hasn’t been a great investment so far.
However, where it can really pay off is if you reinvest all of your earnings for an extended period and allow your mining shares to build up. This can enable your earnings to grow exponentially over time, so that is what we will do.
We have also heard that the BitClub Network will be increasing their mining power and have some other exciting developments planned for 2018, so hopefully we will see things pick up in the near future and some improved earnings.
We reported a few months ago that we were discontinuing our review of the BitClub Network as we were concerned it could be a scam.
That was based primarily on a post from 99 Bitcoins which raised certain concerns about the scheme.
So we felt it wasn’t worth risking our money or you potentially following us in.
However, some significant developments have occurred at the BitClub Network recently that have made us reconsider our position.
These are basically as follows:
– Firstly, there is independent verification that the BitClub Network does indeed own significant Bitcoin mining operations. That can be seen at the blockchain website and is represented in the pie chart below
As you can see, the BitClub Network owns 2.8% of the Bitcoin mining power available (hashrate), so we know the mining is real and given the exceptional growth in Bitcoin’s value, this mining should be very profitable.
– Secondly, we have seen interviews and footage of the BitClub CEO Russ Medlin, so that adds a degree of assurance when the owner of the scheme is prepared to show their face in public.
– Thirdly, they have made adjustments to the mining pool options so that you can now reinvest as much, or as little, as you want. This provides greater flexibility to the investment proposition offered by the BitClub Network, which is welcomed.
– Fourthly, they are making significant investment in upgrading their hashing power over the next few months, which will mean greater profits from the mining pools (although if more people join the mining pools then this could dilute the earnings somewhat).
All in all then it is looking like a much more credible, flexible and potentially profitable venture than it did previously so we will be making an investment here and doing a full in-depth review of the BitClub Network.
The other concern we had previously was that the returns we had seen from investors didn’t look that much better than if they had just bought Bitcoin and held it.
However, Bitcoin has enjoyed incredible growth over the last couple of years and we are not sure that will be maintained over the next couple of years. We may be wrong of course, but we would expect growth rates to be a little more gradual and not quite so exponential as they have been going forward.
That would make an investment in the BitClub Network more attractive if it turned out to be the case vis-a-vis just buying Bitcoin and holding it.
We shall see, but either way it seems worth testing out to see how it gets on. So we will run a live trial and will update our results here regularly.
We are discontinuing our review of BitClub Network, a service that offers to mine Bitcoin for you and share in the proceeds.
The reason for discontinuing the review is that we have been contacted by people warning this could be a scam.
After investigating a little ourselves, we are not sure either way, but there is enough of a risk that it could be a scam to warrant ending our interest in it.
There is a very good post here on a website called 99 Bitcoins outlining the red flags about the scheme and the possibility that it could be a Ponzi scheme.
Now you may ask why we don’t continue our review to discover if it is a scam or not.
Well, as pointed out in the post on 99 Bitcoin, the problem with it is that if it is a scam (and again we are not saying it is or it isn’t) then the whole thing could break down very suddenly, with all investors losing their money.
That is what happens with Ponzi schemes – they can keep going for quite a long time as long as money is coming in from new investors to pay off current investors. But if the influx of new investors stops, you can have a problem if there isn’t enough money being generated from the investment scheme itself.
Websites involving Bitcoin have been known to shut down suddenly without warning and with money invested being lost – and obviously with something like this it is not regulated by the FCA or any body like that, so you have no chance of getting your money back.
So we could run a review for six months, a year, longer even and everything could be running fine, with revenues being generated. At that point we would have to give it a positive rating based on the performance.
But then if things did suddenly collapse and it went bust, it would be too late. It would be no good us turning round and saying “sorry it’s a scam” because your monies would be gone.
So all we can say is have a good look at thepost on 99 Bitcoinsand see what you think.
For us, a point that sticks out is that the kind of returns people are reporting in the comments section of that article could have been achieved just by purchasing some Bitcoin and holding it – without needing to be involved with the Bitclub Network and their mining operation.
That for us makes us wonder what the point in being involved with it is and moreover is a little suspicious.
In any event, as we say either way we cannot be sure if it is a scam. But we feel there are enough doubts raised to make us sound a warning to you so you can make your own mind up.
Over the last few years we have heard a lot about Bitcoin and have often wondered “what the dickens is it all about?”
There seem to be never-ending news stories about how this “cryptocurrency” is changing the world and all sorts of strange things happening around it.
Like many things when they are new and groundbreaking in the way Bitcoin is, there is also often a lot of confusion about what they actually are.
So we recently decided to do some digging and find out what all the fuss is about.
What is Bitcoin?
Well, first up, let’s start with what it is.
Bitcoin is a digital currency that allows people to conduct a transaction directly between themselves without a third party like a bank, Paypal or Western Union.
This has the advantage of meaning the transaction doesn’t have any fees and is direct.
It also allows people in some parts of the world who don’t have bank accounts but do have the internet to potentially trade.
There is a fixed amount of Bitcoin that will be created in a fixed timeframe, which gives it a stable base.
It is also not controlled by any bank, government or corporation.
Why So Much Excitement?
There has been a great deal of excitement around Bitcoin and you may be wondering why.
Well, in addition to the advantages mentioned above about reducing fees for financial transactions and purchases as well as decentralising currency, Bitcoin has been generating excitement for another reason.
That reason has been it’s skyrocketing value!
Just this year, Bitcoin has gone from being worth $997 at the start of January to $2373 at the time of writing.
But that’s nothing compared to its rise since May last year, when it was valued at $237 – so that’s a 1000% increase.
Or go back five years and it was worth just $10 – so that’s a 23,000% increase to today!
Or in other words, if you had bought $1,000 worth five years ago it would be worth $230,000 now.
Here are the gains in chart format:
Chart courtesy of Coindesk.com
It’s pretty insane and in one sense, you might think that getting in now would mean you’ve “missed the boat” so to speak.
But there are some analysts who say the Bitcoin revolution has only just begun and still has plenty of miles to run, claiming that it could be worth many times its current value in ten or fifteen years’ time.
Obviously no-one can say for sure where the value of Bitcoin is ultimately going to end up, but there are opportunities to be part of the revolution around it whatever happens to its value in the long run.
What is BitClub Network?
One such opportunity we heard about recently around the Bitcoin phenomenon piqued our interest.
As the name suggests, it is a club that is involved with taking advantage of the Bitcoin revolution.
Basically they say that as a member there are a number of advantages:
You can receive a share of the benefits of their “mining” of Bitcoin (mining is the backbone that allows Bitcoin to function. New Bitcoins are created as a reward for miners who secure & verify payments in the blockchain).
So by receiving a share of the Bitcoin they mine, you should receive considerably more Bitcoin overall then if you just bought some Bitcoin and held on to it.
Secondly, they are starting to mine other cryptocurrencies that you can take advantage of.
And finally they say they are creating their own currency which members will get the benefits of.
It looks like an interesting enough opportunity to test out, so we are going to join and run a trial of this and see how much we make from it.
The beauty of it is that it’s a completely passive investment so once you have joined and paid up you don’t need to do anything.
It costs $99 to become a member and then you have the choice of investing in shares of their mining pool, starting at $500 and going up to $2000.
Anyway, we will update this page periodically during the trial on how things are going.
It is now a year since we signed up to a contract to mine the cryptocurrency Monero with Genesis Mining and so it’s time to wrap up our review.
Basically Genesis Mining is a company that allows you to “mine” cryptocurrency – or in other words participate in verifying transactions on the blockchain and receive rewards for it. You receive a daily payout and can then transfer the proceeds from your Genesis account to another wallet and convert it to fiat currency (real money).
You can choose to mine a variety of cryptocurrencies but at the time we signed up Monero was the best available so that was the one we chose to mine.
The overall results are as follows:
Amount Invested: $819
Returns to Date: 1.83 Monero (current value = $82)
We still have a year left to run on our contract but even with that we are looking at a substantial loss here. Suffice to say this has been a disaster and one of the worst investments we have ever made.
The main problem in reality has been the crash in the cryptocurrency market that has affected the price of Monero (and just about all other cryptocurrencies).
At one stage, Monero was worth over $400 and at those prices we would have just about recouped our investment by now.
But alas it is currently worth just $45 and the returns have therefore been pitiful.
In terms of the mining itself, it has also been disappointing in that we were projected to receive 6 Monero per year at the start of our contract but have in fact received less than 2 so far.
This is in large part down to increases in the “difficulty” of mining – or in other words more people participating in mining thus reducing the slice of the pie that each person gets.
So there isn’t much left to say other than that this receives an epic FAILED rating from us and is not something we could recommend to anyone.
Looking at the bigger picture, cryptocurrency had an astonishing run last year and those who got in early enough would have made a lot of money, but in reality it is a highly speculative market with most coins having no underlying value and many having no purpose.
It has also been a magnet for scammers and spammers of all kinds which has further tarnished cryptocurrency’s reputation and damaged its long-term prospects.
Will the current slide in the market continue or will cryptocurrency someday recover its lustre?
Who knows, it is anyone’s guess really. But the wild ride experienced over the last couple of years should be a salutary lesson to everyone involved about the risks of participating in an unregulated investment and just how much markets can be driven by hype and hyperbole rather than fundamental value.
No doubt someone will write a book about the whole thing at some point, but for the time being we are definitely out of the crypto markets and anything related to them.
It’s been a while since we updated our ill-fated investment in the cryptocurrency scheme Genesis Mining so we thought high time for an update.
The main news is that we have now mined one Monero in total, which is the equivalent of around $121 at the time of writing. That is from an initial investment of $819.
Last time we reported that Genesis would no longer be able to mine Monero and would be mining other coins instead and converting them to Monero for those of us holding Monero contracts.
Well that all seems to have worked reasonably well, with payouts having resumed and actually increased over the last few days to around 0.006 Monero per day, which is the equivalent of around 2 Monero per year.
However, that is still well below the initial payouts we were receiving when our contract started and nowhere near enough to pay back our initial investment, unless Monero skyrockets in price at some point.
In that case though we would still have been better to just hold Monero originally rather than invest in mining, so either way this is looking like a dead duck and perhaps one of the worst investments we have ever made.
Well our investment in Genesis Mining has descended into farce since our last update.
Firstly, they have set a minimum payout level of 0.4 Monero, in what seems to us a completely arbitrary and unnecessary move. They don’t even show how much Monero we have mined, so we can’t even update our figures here.
Secondly, Monero is undergoing a fork and will switch to a new algorithm, meaning Genesis won’t even be able to mine it anymore. They say it’s ok, they will switch to “mining the best coins available and converting them to Monero for you.” But forgive us if we are a little sceptical.
Finally, the returns from mining have crashed so badly it’s probably all irrelevant anyway.
So the bottom line here is that it looks like we would have been better just buying some Monero at the outset and holding it rather than investing in mining.
We certainly wouldn’t advise anyone to invest in cryptocurrency mining from Genesis or anybody else for the time being, unless things radically change. The bubble has well and truly burst.
We have earned another 0.08 Monero with Genesis Mining since our last update, which means we have now mined 0.81 Monero in total.
Unfortunately they have had problems with recording the payments so we aren’t able to update the daily results.
But the current situation is that we are earning around 0.004 Monero per day, compared to around 0.016 at the outset, so a massive drop.
This is due to the mining difficulty increasing, which is indicative of more and more people entering the mining game, so the mining rewards are shared among a greater number of people.
It’s not surprising really when you have something that’s so profitable and the barriers to entry are as low that every man and his dog wants a piece of the action.
The reality is that if the difficulty keeps increasing then we will end up mining pretty much zero Monero and it will be pointless.
At the moment it is looking like it probably would have been better to just buy six Monero with our $800 at the outset rather than buy a mining contract, because it looks very unlikely we are going to end up with more than six Monero. That is just how the cookie crumbles sometimes though, at the time it looked like a very profitable endeavour.
Anyway, we will keep on monitoring things and see if there is any way to improve our returns going forward.
We have earned another 0.23 Monero from our Genesis Miningcontract, which means we have now mined 0.73 Monero in total since our contract started in November.
For some reason on our Genesis Mining account there are a few days missing, which means the total on our spreadsheet is less than we have actually mined. We have contacted Genesis Mining to ask them why that is the case.
Anyway, the 0.73 Monero we have mined so far would be quite good, apart from the fact that the recent cryptocurrency market crash has meant the price of Monero is back down to just $193 whereas it was over $400 a month ago!
Whilst that is disappointing, at the same time prices may well bounce back over the next few months, so unless you are wanting to cash out your earnings then it shouldn’t really be a problem.
Just a reminder that our original investment was $819, so we are nearly a quarter of the way to recouping our investment already.
As you can see from the results, the amount of Monero we are mining each day has dropped quite a lot since the start of the contract (by about half), but that is just a reflection of the price of Monero having more than doubled in that time, so the difficulty of the mining has increased and the two things pretty much cancel each other out.
Anyway, we are quite pleased with this as a passive income stream and once we have earned enough Monero, we could consider reinvesting it into more mining power to increase our earnings exponentially.
That time is quite a way off so we will have to wait and see what we do then, but it is a case of so far so good withGenesis Mining.
We are a couple of weeks into our investment withGenesis Miningand so far things have been going well.
We have mined 0.218 Monero so far, which equates to around $45 at the time of writing with Monero priced at $205 per coin. Our investment at the start was $819.
If the current rates continued, then we would end up with approximately 11.5 Monero at the end of our 2-year contract, which would be a return of around $2,340.
Things aren’t likely to stay at the same rate in terms of the amount of Monero mined though, because as the price goes up, the mining difficulty also goes up and you end up mining less coin.
Roughly speaking though the two things should even themselves out.
Either way, it’s looking like an excellent passive income investment so far as we haven’t had to do anything – just sit back and watch the Monero roll in. Good stuff.
Here at Honest Betting Review we have recently moved into the cryptocurrency space in the hope of landing some of the phenomenal returns that have been generated in it.
As well as buying some Bitcoin and other cryptocurrencies, we have also participated in ICOs (Initial Coin Offerings) of companies like Electroneum and joined lending platforms such as Bitconnect.
Now we are investing in the mining of cryptocurrencies, another way to potentially profit from the crypto world.
We recently started a review of the BitClub Network and will be mining some Bitcoin through that platform.
And today we are starting a new trial of another mining platform called Genesis Mining.
Just in case you aren’t familiar with the idea of mining crytocurrencies, basically what it entails is using considerable computing power to verify transactions made using Bitcoin and cryptocurrencies and to ensure their smooth functioning.
For providing these services, miners are provided with a share of the coin that is generated. This can be very lucrative if the coin being mined is valuable, for example with Bitcoin being worth over $7,000 currently.
Genesis Mining has been around for three years and is a reputable and well-known mining company. They apparently have over a million members and are the world’s leading cloud mining platform.
They have a level of transparency often absent from the crypto space, with members able to view their mining farms and there are a number of videos showing their mining operations in action.
By investing in a company like Genesis Mining, you are essentially renting the mining hardware for a fixed period for a given fee.
Then however much coin is mined each day is paid directly to you, which you can withdraw, invest in more mining or convert to another cryptocurrency.
Some of the advantages of Genesis Mining are that:
– The mining equipment is already set up so you can start earning straight away
– You can mine a range of cryptocurrencies including Bitcoin, Ethereum, Litecoin, Dash, Monero and Zcash.
– You can choose your payouts in different cryptocurrencies from the one mined in
– You can start mining with as little as $28
– You can pay by credit card so don’t need to go through the complex process of buying a cryptocurrency first
So all in all Genesis Mining looks like a very good offering and one we are looking forward to testing.
Unfortunately at the moment all their Bitcoin mining contracts are sold out, so having done some research we think the next best coin to mine at the moment is Monero.
So we have bought a Monero contract of 1000 H/s for $819.
The H/s is the mining power you are getting – the more powerful, the more coin you will mine.
Using the calculator at cryptocompare it estimates we would receive $825 profit per year, which would work out as a return on investment of over 200% over the 2-year lifetime of the contract.
However, that doesn’t account for the potential increase in the price of Monero over that time, nor for the potential to reinvest some of the earnings into more mining power.
So for example if we mined six Monero coins per year and the price of the coin doubled each year, we would actually receive $4680 worth of Monero and a return on investment of nearly 600%.
Of course, the price of Monero could actually drop and the difficulty of the mining could increase (reducing the amount of coin mined) so these numbers are just rough estimates really, but they give you some guidance as to what is possible anyway.
We will probably look to mine some other coins with Genesis Mining as well. It isn’t clear when Bitcoin will be available again, so we may mine some Ethereum and Litecoin in the meantime.
As we say with all cryptocurrency-related investments, if you are thinking of investing in this please only risk money you can afford to lose. Although Genesis Mining looks about as solid and legitimate as it gets in the crypto world, there is still a risk things could go wrong and you could lose your investment.
Anyway, in terms of th review we will update progress here regularly so you can see how we are doing with our mining.
We reported recently on the CoinPoker ICO – a new poker site that is aiming to bring transparency and trust back to the online poker world through the use of blockchain technology.
Well the ICO closed successfully on 26th January with over 350 million CHP raised. That is the equivalent of around $70 million contributed to the ICO.
The site is already up and running and you can play in live poker tournaments right now by downloading the CoinPoker app.
And to thank the community for their amazing support, Coinpoker are currently giving a portion of the funds raised during the ICO back to the players in massive tournament giveaways.
In fact, they are giving away an astonishing 5 MILLION CHP tokens in tournament giveaways right now.
There are numerous tournaments happening every day with free buy-ins and prizes of 2,000, 2,500 or even 3,000 CHP given away for FREE!
Plus they regularly add in extra CHP tokens to normal buy-in tournaments, so you are constantly getting added value by playing on the CoinPoker platform.
There are also special high-roller events with 10,000 CHP added to the prize pool, although you will need 1,000 CHP to buy in to those special events.
So some great bonuses there, but of course these won’t be around forever, so don’t miss out on all these giveaways.
CoinPokeris a new blockchain-based poker platform that is aiming to revolutionize the way poker is played online.
It is currently having its ICO (Initial Coin Offering) and has raised over $40m so far.
CoinPoker’s aim is to tackle many of the problems of trust and transparency that have dogged the online poker world in recent years.
Here is a video explaining a bit more about CoinPoker and the problems it is trying to solve with its new platform:
One of the key problems with modern poker sites is that confidence in the system has been greatly eroded.
This is a result of:
– Problems with the deposit and withdrawal process, with delays and issues in players being able to withdraw their funds;
– There are increasing KYC (verification) requirements, blocking of transactions and in some cases accounts have been banned and funds frozen or confiscated altogether;
– Rampant manipulation by bots that prey on recreational players and teams colluding by having more than one player at a table.
– Winning accounts are often fueled by rakeback incentives and other loyalty based promotions, further exacerbating their advantage.
Overall, a great deal of trust in the online poker industry has been lost.
CoinPokeraims to change all this by utilizing blockchain technology to create a fully transparent, secure and accountable system. This will include:
– Instant Withdrawals – Coin Poker will have their own coin (CHP) which will be instantly withdrawable via the blockchain, rather than having problems of banks blocking transfers or taking days to process them;
– Fair Play – they will employ systems to eliminate bots and provide fair play on their platform;
– Shuffle will be Correct– random number generators which are used for card distribution will also be placed on the blockchain, thus providing guarantees that the shuffle is fair;
– Security – smart contracts will be used to make sure token holders’ funds are secure and their data is protected.
So all of this should provide players with much greater peace of mind when playing on the CoinPoker platform.
At the same time, they have some massive plans for the platform in terms of prizes and incentives. Already they have given away a Tesla Model S in a competition and much more is planned for when they launch:-
– 15% of the total ICO funds will be returned to the community in prize pools, which is likely to be equivalent to over $5m. This has the potential to be the largest giveaway in poker history!
– Every month, 25% of the total fees and rake collected will be returned to the players, increasing the value and attractiveness of the games.
– Over time, they will develop other types of poker as liquidity builds including 5-Card Omaha, limit games or Open Face Chinese Poker.
All of this should make CoinPokeran attractive place to play poker.
What is really clever though is that there is significant potential for the CoinPoker tokens (CHP) to grow in value over time.
This is because you will need these tokens to play poker on the platform – they are its currency. But there will be a fixed amount of the tokens. If the site grows, so will the price of the CHP coins, which will result in more utility and use on the platform.
Here’s a simple example: there are 1,000 coins in the market spread evenly between 20 players with 50 coins each. Statistically if 5% of poker players are winners in online poker, eventually all the coins will end up in one player’s wallet. So the remaining 19 players will have to buy additional tokens in order to play and this demand will increase the value of all tokens.
This is a very clever idea and could result in a steadily increasing value of the CHP tokens if they are able to exetute their plans and grow the site successfully.
So we think this is a very interesting project and have invested some funds in the ICO.
The downside is that the ICO closes tomorrow 26 January at 10am (GMT).
Disclaimer: we are not financial advisors and the above article should not be taken as financial advice. Please do your own due diligence and research and take professional financial advice before investing. All cryptocurrencies are risky ventures so please only invest money you can afford to lose. Your capital is at risk.
https://www.honestbettingreviews.com/wp-content/uploads/Coinpoker-pic-2.png449997Danhttps://www.honestbettingreviews.com/wp-content/uploads/hbr-logo-new-300x145.pngDan2018-02-07 11:33:172023-08-03 17:08:36CoinPoker – Millions in FREE Giveaways!
We have just come across a new project that enables you to earn income from your predictions on whether shares and cryptocurrencies will go up or down.
The project is called Sharpe Capital and it is currently undergoing an ICO (Initial Coin Offering) where you can buy some of its tokens – called Sharpe Tokens (SHP).
Once you have purchased some tokens, you simply log onto their platform and are given a series of shares with the latest news stories for them, like the one for the company Harley Davidson pictured here:-
You just predict whether you think that share will go up or down over the next week and it will take you onto the next share.
Then at the end of the month you receive a payout based on a combination of:-
– How many predictions you made;
– How accurate your predictions were; and
– How many Sharpe tokens you hold
You can’t lose anything on the platform and you are not risking any funds on it like on a share dealing account (other than obviously having to buy some Sharpe Tokens at the outset). Even if most of your predictions were wrong, you would still get a payout.
But statistically speaking with just random guessing you could well get around 50% right anyway and if you judge things well then could do quite a bit better than that.
They have already paid out the first month’s rewards and the average payout was an amazing $972 per person, although those figures may have been skewed by some big payouts to a few people.
Perhaps more relevantly the average payout per token held was $0.02, reaching up to $0.12 for people who did the most work.
The tokens are currently priced at 1800 SHP per Ethereum, which equates to about $0.55 per token at the time of writing.
So to get a payout of $0.02 – $0.12 per token each month on a token that costs just $0.55 is a fantastic level of return.
Now obviously the returns can vary based on a number of factors including how many people use the platform, how much work you do and so on.
Sharpe Capitalmake the payouts from the revenues they generate and at the moment that revenue comes from their own investment funds. They also plan to sell the prediction data to investment houses and hedge funds which could really grow the revenues substantially.
So there is the potential for the payouts to grow quite considerably over time.
And of course if they do, so should the value of the Sharpe Tokens.
We have invested in Sharpe Capital and started making predictions, so are looking forward to next month’s payout already.
Please note the token sale is selling out fast as news of the great payouts spreads, so if you are thinking of participating in the token sale then we advise doing so soon before they sell out.
Disclaimer: we are not financial advisors and the above article should not be taken as financial advice. Please do your own due diligence and research and take professional financial advice before investing. All cryptocurrencies are risky ventures so please only invest money you can afford to lose.
https://www.honestbettingreviews.com/wp-content/uploads/sharpe-capital-pic-2.png3561050Danhttps://www.honestbettingreviews.com/wp-content/uploads/hbr-logo-new-300x145.pngDan2018-01-23 16:45:572018-02-08 14:33:30Get Paid for Your Predictions on Shares!
Today we are going to take a look at a new ICO calledGlobitex, which is aiming to bring a new and exciting kind of exchange to the world of cryptocurrencies.
Now you may be thinking that the market is already quite saturated with crypto exchanges and there are new ones popping up all the time, not to mention talk of decentralised exchanges, atomic swaps and more.
But Globitex are planning to deliver some elements that no other exchanges offer and to do something that would really add value to the world of Bitcoin. They are thinking BIG.
Basically the major goal for them is to have an exchange where you can trade Bitcoin for real-world commodities like gold, silver, corn and oil.
This will be in addition to the more traditional forms of exchange, with forex, between fiat currencies and cryptocurrencies and between different cryptos. Plus they aim to have Bitcoin futures, swaps and options on the platform, so it will be a pretty comprehensive trading experience.
The team behind it looks very strong and that should give them a good chance of succeeding, but we will have a look at that and the ICO in more detail below.
What Globitex is All About
As we say, Globitex is an exchange that will allow people to trade Bitcoin for a host of other derivatives.
The exchange is already up and running and you can go and test it here. It is high quality and professional with a clean, crisp look to it that is in contrast to a lot of the existing cryptocurrency exchanges. This is not just another bog-standard cryptocurrency exchange but an institutional grade Bitcoin exchange.
At the moment it just has the Bitcoin/Euro and Bitcoin Cash/Euro trading pairs, but there are big plans to add a whole range of other pairs in the future.
Here are the items they intend to add to the exchange and when they estimate these will be added:-
– Q1 2018 – Launch of other cryptocurrency trading pairs
– Q2 2018 – Launch of additional fiat trading pairs (forex)
– Q1 2019 – Bitcoin Settled Commodity Futures
– Q2 2019 – Cryptocurrency futures, swaps and vanilla options
– Q4 2019 – Physically deliverable other commodities
So as you can see, quite an awesome list there in terms of what they plan to add to the trading platform.
The only downside we can see is that some of the more impressive aspects of the roadmap won’t be delivered until 2019, but that is not unusual for an ambitious ICO like this and the main thing is that they deliver it successfully. If they do it will be worth the wait.
Imagine what impact it could have on Bitcoin to have it tradable with physical commodities. It would mean a fundamental economic shift in terms of integrating Bitcoin and other digital currencies into the mainstream financial world. The impact on the cryptocurrency market would be significant and it could act as a real game-changer.
Globitex will also have customizable screens and graphs on their exchange, much like you have for stockmarket platforms such as MT4. They will also have a high quality API for algorithmic traders that will be fast and efficient.
Overall this looks like an awesome project and if they can deliver it not only would it be a tremendous success for Globitex but it would be likely to have a significant impact on Bitcoin’s integration into the wider economy.
ICO Details
The pre-sale has already been completed and was sold out.
The public token sale begins on 10th February 2018 and the hard cap will be €10m.
The standard token price for Globitex Tokens (GBX) will be €0.10.
The minimum contribution will be €10 and the maximum will be €3m.
There is a bonus of 10% for the first 5 million Globitex Tokens sold and a bonus of 5% for the next 10 million.
In terms of the token distribution, 65% will be distributed to participants in the token sale whilst 35% will be maintained for the company.
We understand residents of the USA will not be able to participate in the token sale.
Given the relatively low hard cap and the quality of the project, we expect this token sale to sell out – and possibly fairly quickly.
GBX Tokens will be usable to cover commission payments for the trades made on the Globitex platform.
All registered clients of the Globitex exchange will be able to redeem GBX tokens as payment for commissions.
There will be an initial premium on the tokens of at least 20%, such that if for example one GBX = €0.10, then if you use GBX for trades you will receive GBX 1 = EUR 0.10 + 20%. This bonus is likely to increase over time depending on the project’s success.
You can find more details about the token in the White Paper.
The Globitex Team
As we have said many times, the quality of the team is crucial as to whether a project can be delivered successfully.
Thankfully the Globitexteam looks first class and has exactly the kind of skills we would expect to see for this kind of venture.
Here are the some key members of the team:-
– Liza Aizupiete, Managing Director – executive roles in Asset Management with MTG Capital Group. Previously worked in research and fund management with one of the leading Swiss microfinance institutions – Symbiotics.
– Jon Matonis, Chairman – formerly Executive Director and a Founding Board Member for the Bitcoin Foundation; as well as Managing Director for the Lydia Group; and worked as the CEO and Board Director of Network Inference, and before with Hush Communications.
– Arvis Ermins – previously worked for Deloitte & Touche Latvia and the Constitutional Court of Latvia. Was a founding partner of MTG group.
– Mark O’Byrne – research director of GoldCore which he founded in 2003. He is a leading international gold expert and a respected speaker on precious metals, investments, markets, geo-politics, finance, fintech and money.
There are twelve team members in total listed on the Globitex website and as you can see from the list above, there is an impressive range of skills listed.
Of particular note is the inclusion of Jon Matonis, a huge figure in the crypto world having been a founding board member of the Bitcoin Foundation. Having his presence at the company is a big plus and should give them a good chance of success, alongside the other range of skills they have.
Perhaps it is not the biggest team we have seen in an ICO, but we have the impression it is the right size for the scale of project they are intending to deliver and they will be able to draw upon additional skills and expertise if required and will have the right connections to do so.
Conclusion – An Exchange with a Difference
When we first heard about Globitex, we thought “oh no, not another exchange!” but actually this is an exchange with a difference to all the cryptocurrency exchanges around at the moment.
They are thinking big and want to deliver something that would be quite revolutionary. If you could trade Bitcoin for actual physically deliverable commodities it would be amazing and would make a significant impact on the adoption of Bitcoin into the wider economy.
They will also have a very broad range of pairs tradable on the exchange, with everything from forex to options, futures and of course crypto-to-crypto.
Plus the Globitex platform is a high-quality, institutional grade platform with the kind of tools you expect from the major stockmarket and FX platforms. That is in contrast to the majority of current crypto exchanges which tend to be quite poor in quality.
The only downside is that it will be quite a while until some of their major developments like the Bitcoin to commodities functionality will be available, but it is not unusual to see a long roadmap for an ambitious ICO like this.
The key question is whether they can deliver the roadmap and we believe they have the right skills to be able to do that.
So overall we think this is a really good, professional project and we will be wishing it every success.
Disclaimer: we are not financial advisors and the above article should not be taken as financial advice. Please do your own due diligence and research and take professional financial advice before investing. All cryptocurrencies are risky ventures so please only invest money you can afford to lose. Your capital is at risk.
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