There are a lot of things we’re betting on this year, including the odds to win March Madness but what about crypto? Come with us as we dissect whether or not cryptocurrency is profitable this March Madness.
What is Cryptocurrency?
To be able to check on the profitability of something, you first need to understand what it is. Cryptocurrency is a digital currency that was widely released to the world in 2009. The idea of cryptocurrency started in 1990 with the release of the first-ever micropayment system called eCash.
eCash was born during the height of online shopping and was meant to help protect the consumer’s personal information.
The system was so amazing that multiple banks wanted to use the technology to protect their customers. Unfortunately, the glory didn’t last long, and in 1998 DigiCash, which was the company used to release eCash, declared bankruptcy. 10 years later, the idea was revisited, and in 2009 the world saw the birth of the first-ever cryptocurrency called Bitcoin.
Cryptocurrency is a digital currency run from a network of computers across the globe. The currency is fully digital, meaning that it doesn’t offer physical notes. Millions of benefits come with using cryptocurrency, including lower transaction fees, quicker transaction times, and many more. There are currently more than one million users of cryptocurrency across the world.
Is Cryptocurrency Profitable For March Madness?
March Madness is an amazing time of year, especially when you’re trying to place your bets at online casinos but is it worth taking the risk using cryptocurrency? Below we take a look at a few factors influencing whether or not you’ll be making the right decision this March Madness.
The Downfall
It’s no secret that cryptocurrency has been going through a lot, especially since 2022. Major cryptocurrencies have taken a major knock due to external factors such as the Ukraine war and major cryptocurrency exchanges shutting down, leaving millions in distress and nervous about the general future of cryptocurrency.
If you’ve been keeping up with crypto, then you’ll know that things haven’t been on the up and up; they’ve gotten a little worse than they were at the beginning of the year. Many had predicted that cryptocurrencies such as Ethereum would make a major rise, but things haven’t changed much since January.
The major question many are asking is whether or not they should take the leap of faith and bet using cryptocurrency. With the value of cryptocurrency going below the water, you might want to think long and hard before investing your finances into sports, especially using cryptocurrency.
The instability of the market could leave you losing your wins and making losses you never planned for.
Can you Make Profits Betting on March Madness using Cryptocurrency?
Yes, making profits is the main reason why you placed your bet in the first place. All you’ll need to make sure of is that your bet is a winning bet and that you haven’t invested all you have into the bet.
Do things such as research and understanding what the odds mean to give you a better chance of winning.
Although crypto isn’t stable, it doesn’t mean you cannot make purchases using the currency. Moving your cryptocurrency into places that could make you a profit could help you majorly towards the end. The more profits you make, the more cryptocurrency you’ll have, and then at the right time, you can shift your crypto and still be able to keep your profits.
Always keep in mind that your profits are based on your bet slip. This means that if you don’t bet on the right odds, you might find yourself in the cold. There are millions of ways to try and ensure that your bets come out tops.
You can do simple things such as joining a community or going to a professional who can help you come up with the perfect bet slip to keep you winning. Never believe that your luck starts and ends with a loss. It might just be that there’s something you’re doing wrong. Remember to always gamble responsibly, especially during March Madness.
