Bitcoin Betting Exchanges Revolutionize The House

Bitcoin online gambling proponents celebrate how, when the two controversial industries are combined, players avoid high friction and costs of traditional online gambling platforms.

“Things like operators geoblocking users from certain countries or requiring ID verification from users which is inconvenient, insecure, causes identity theft and protects nobody,” James Canning, webmaster of BitEdge, told me for Steemit. “These are the things bitcoin-based gamblers don’t worry about.”

Betting exchanges provide players with a new betting experience with both fiat currency and Bitcoin. Instead of the house setting the odds, players themselves set the bets with the odds of their choosing. In the world of betting exchanges, there are no betting limits and you bet against other players like you. Bitcoin Betting exchanges offer a variety of bets - from sports to dice. On betting exchanges, moreover, players can “Back” or “Lay.”

“This means that you are not playing against the house so the chances of your gains, stakes, funds being limited, reduced, seized are null,” a representative from leading bitcoin-based betting exchange BetBTC, which is based in Costa Rica in 2014 and claims 100% anonymity for its players, told Steemit.Bitcoin online gambling proponents celebrate how, when the two controversial industries are combined, players avoid high friction and costs of traditional online gambling platforms.

“Things like operators geoblocking users from certain countries or requiring ID verification from users which is inconvenient, insecure, causes identity theft and protects nobody,” James Canning, webmaster of BitEdge, told Steemit. “These are the things bitcoin-based gamblers don’t worry about.”

Betting exchanges provide players with a new betting experience with both fiat currency and Bitcoin. Instead of the house setting the odds, players themselves set the bets with the odds of their choosing. In the world of betting exchanges, there are no betting limits and you bet against other players like you. Bitcoin Betting exchanges offer a variety of bets - from sports to dice. On betting exchanges, moreover, players can “Back” or “Lay.”

“This means that you are not playing against the house so the chances of your gains, stakes, funds being limited, reduced, seized are null,” a representative from leading bitcoin-based betting exchange BetBTC, which is based in Costa Rica in 2014 and claims 100% anonymity for its players, told me.

Another Bitcoin betting exchange, Fairlay, has been in operation since 2014. The Bitcoin betting exchange and prediction market, based in Germany, first enabled users to create their own markets in May.

With nearly 60 bets, "Is Craig Wright the creator of Bitcoin" was Fairlay’s first peer to peer prediction market.
Betting exchanges, bitcoin or traditional, profit with player winnings. BetBTC and Fairlay profit like other betting exchanges. “So we are not expecting your loss like regular bookmakers do. We act as a middleman, so our only concern is to secure the funds of both parties and not the outcome of each match,” the BetBTC rep said.

Betting exchanges operate with fiat currency, too, such as at Betfair and MatchBook. But, Bitcoin adds a new dimension to the betting exchange insofar as the site’s can bypass traditional payment methods. This means lower spreads thanks to smaller transaction fees and improved service. Deposits and withdrawals can be made almost instantly without high fees.
When you back a bet, you are betting on a selection. When you lay a bet, you are betting against a selection. On betting exchanges, matched bets occur when two different users agree on their bets.

So if you want Spain to win the Eurocup, instead of betting against a sportsbook, you bet on an exchange, against other players, who bet Spain will lose.

The option to Lay enables players to trade or hedge bets. A player can bet against their original bet to reduce risk.
Unlike with a sportsbook, it makes no difference to a betting exchange if players win or lose, since they’re playing each other, not the house.

Why are Bitcoin betting exchanges important? “Because bitcoin is censorship resistant so a bitcoin betting exchange can be accessible to anyone,” Canning said.“A government currency betting exchanges can only be accessed if the user has permission from their government.”

Another Bitcoin betting exchange, Fairlay, has been in operation since 2014. The Bitcoin betting exchange and prediction market, based in Germany, first enabled users to create their own markets in May.

With nearly 60 bets, "Is Craig Wright the creator of Bitcoin" was Fairlay’s first peer to peer prediction market.
Betting exchanges, bitcoin or traditional, profit with player winnings. BetBTC and Fairlay profit like other betting exchanges. “So we are not expecting your loss like regular bookmakers do. We act as a middleman, so our only concern is to secure the funds of both parties and not the outcome of each match,” the BetBTC rep said.

Betting exchanges operate with fiat currency, too, such as at Betfair and MatchBook. But, Bitcoin adds a new dimension to the betting exchange insofar as the site’s can bypass traditional payment methods. This means lower spreads thanks to smaller transaction fees and improved service. Deposits and withdrawals can be made almost instantly without high fees.

When you back a bet, you are betting on a selection. When you lay a bet, you are betting against a selection. On betting exchanges, matched bets occur when two different users agree on their bets.

So if you want Spain to win the Eurocup, instead of betting against a sportsbook, you bet on an exchange, against other players, who bet Spain will lose.

The option to Lay enables players to trade or hedge bets. A player can bet against their original bet to reduce risk.
Unlike with a sportsbook, it makes no difference to a betting exchange if players win or lose, since they’re playing each other, not the house.

Why are Bitcoin betting exchanges important? “Because bitcoin is censorship resistant so a bitcoin betting exchange can be accessible to anyone,” Canning said.“A government currency betting exchanges can only be accessed if the user has permission from their government.”