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Bitcoin Poker and How to Fund it With DeFi
The best Bitcoin poker games are those you win, right? But it takes time to get the skills honed enough to win … especially when you can’t read your opponent and find their “tell” because the game is on a Bitcoin poker site.
One of the ways to get better through practice is by not stressing a lot. Having a clear and level head goes a long way towards seeing the right cards to play at the right time.
But how can you reduce your stress when you’re betting your hard-earned money?
One way could be by bankrolling your betting book with DeFi.
Decentralized Finance Interest Earned
DeFi is the hot new innovation in the cryptocurrency space. It uses smart contracts to cut out the middleman when someone wants to borrow or lend money to someone else.
DeFi also allows you to earn money by locking up your cryptocurrencies. The DeFi platform will then use your cryptocurrencies as collateral to fund someone else who wants to borrow money for various expenses.
You can earn an APR of anywhere from 3% to 20% or more.
One idea is to then use that interest you’re earning to bankroll your Bitcoin Poker games. Instead of risking money that you worked 9-to-5 to earn — and which might be seen as risky by your spouse or friends — you can instead put the money from the interest earned by your crypto assets.
These types of possibilities are highlighted by Binance Academy:
“Decentralized finance brings numerous benefits when compared to traditional financial services. Through the use of smart contracts and distributed systems, deploying a financial application or product becomes much less complex and secure. For instance, many dApps are being developed on top of the Ethereum blockchain, which provides reduced operational costs and lower entry barriers.”
DeFi Borrowing
One of the ways to keep honing your Poker skills is to keep reinvesting your winnings into more games. But what if you’ve thought about cashing out to pay for other things?
If you cash out your winnings, you’ll incur fees for transferring (paid to the crypto miners), possibly taxes, and other fees. But if you keep the winnings on the site and use them to win more games — you’ll improve your skills. Or, who knows, you might lose everything. Your choice.
Nevertheless, if the choice is to keep the winnings in the pot for more or bigger games — what can you do to pay for other things in fiat?
DeFi has the option to borrow funds. You use cryptocurrency as collateral to secure the loan and get paid in USD, Euro, or other major fiat currencies depending on where you live and which fiat currency you may need.
The rates to borrow start from 5% and go up depending on the term length of the loan, how much loan-to-value ratio you’ll be putting in, and a few other factors that depend on your country of residence.
DeFi Basics
If these ideas are at all interesting then there are a few basics worth covering before you head off to do deeper research.
1. Earning interest
To earn interest you’ll need to put up cryptocurrency and lock them up. Some DeFi platforms are very flexible with your lockup periods and will let you deposit and withdraw at any time. Other DeFi platforms will require a lockup that cannot be broken and will last a month to a year.
Make sure you understand the lockup period terms before you decide to earn interest from your crypto. That way you’ll be free to take out your funds when you want.
2. Borrowing funds
Borrowing funds will always require you to put some of your cryptocurrency up as collateral. This locks up your crypto and it does not get unlocked until you pay off the loan — or the value of the collateral falls close to or below your loan amount.
When your collateral falls close to the amount you borrowed — the DeFi platform may “margin call” your collateral and sell it on the open market in order to cover your loan.
This is a safety feature designed so you don’t need to submit your credit report to qualify for the loan — since the DeFi platform doesn’t need to take your word for your ability to repay but will instead have real collateral to sell in case of default or price volatility.
If you are okay with your loan being paid off through margin call, then there’s nothing to worry about. Your loan will simply be paid off sooner than you thought.
However, if you’re worried about losing your crypto to the market and its sudden price fluctuations — then you can protect yourself by having more crypto waiting on the sidelines.
When the DeFi platforms emails you to say “hey your loan value is reaching close to a margin call,” then you should have the chance to deposit more cryptocurrency in order to raise the value of your collateral and prevent getting margin called.
These are the basics of DeFi and how they could help you play poker (with Bitcoin) better. Think it through and, if interested, get on Google for deeper research.
Thanks for reading and best of luck on the card draws.
Blockchain
Kore Digital Mining Ltd Announces Additional 14 PH/s Bitcoin Mining Capacity
Kore Digital Mining Ltd, a UK based Bitcoin mining company, announces that effective 1st May 2024, an additional 14 PH/s mining capacity will be added to its existing infrastructure.
This additional capacity will be provided by a major Bitcoin mining corporation and will be operational until 30th June 2024.
Derek Nisbet, Kore’s Founder & CEO, said – “We are pleased to work with a leading Bitcoin Miner in securing a large amount of mining capacity, for a 2 month trial period. We look forward to hopefully extending this period and engaging more with major mining corporations offering Bitcoin hashing opportunities, in the future.”
This additional 14PH/s Bitcoin mining capacity adds to the existing 2 PH/s currently operational with Kore’s own infrastructure and an additional 4 PH/s is due to be added over the next quarter, totalling 20 PH/s.
Latest News
The Benefits of Playing at EU Casinos
There are many EU casinos that not only attract players from Europe itself but also from countries around the world, including the US, UK, and even those from countries where online gambling isn’t permitted. So why is it that EU casinos are so popular? What drives the online gambling community to these casinos?
Well, that’s what we’re going to be looking at today. What’s so attractive about EU casinos to people who are looking for an immersive and entertaining online casino experience? Why do people in the USA, the home of Las Vegas, go outside of the USA to play at online casinos?
Benefits of EU casinos
Online gambling is by far one of the most popular methods of gambling online. Throughout Europe, specific laws in each country can vary, so access to land-based casinos can sometimes be few and far between. Thus, going online to enjoy a casino experience has become a more preferable option. And so why EU casinos? Well, for those who are joining EU casinos from outside Europe and not from the UK or the US, the English-based support and customer service are very attractive. A lot of people who play at EU casinos access it using a VPN or from a country where they don’t have any domestic online casinos, and most of the time English is their first language or one that they can understand.
The next attractive factor regarding EU online casinos is safety and security. Each online casino in the EU is strictly regulated and licensed. It’s this reassurance that a lot of players look for when choosing an online casino to go to and play at. They are held to the same strict and high standards as those of their British counterparts in the UK, which are upheld and monitored by the UK Gambling Commission. In the EU, a lot of the casinos are also regulated by either the Malta Gaming Authority or the Curacao Gaming Licence Authority. All of which share the same standards and expectations as other authorities across theglobe,e which ensures that all players playing online at EU casino websites.
The casinos that are available online in the EU are also very open to a lot of different payment methods. There are even some crypto casinos where you can play casino games online with cryptocurrency. This openness to accepting a lot of different payment methods means a lot to people who like to play at online casinos. The vast majority of them also pride themselves on providing very quick withdrawals, which are measured in hours rather than days. After all, there is nothing more frustrating than having a big win and then having to wait days to get your hard-fought winnings.
And lastly, bonuses and promotions. The vast majority of EU online casinos will have a wide range of different bonuses and promotions that you can sign up for and take advantage of. There are certain countries, such as Sweden, where the online casinos are strictly limited to one bonus or one promotion; however, the vast majority of EU casinos are not subject to such restrictions and offer a great online casino experience.
When it comes to the popularity of EU online casinos, it is growing year on year. There is plenty going in their favour and more people than ever before are shifting to online casinos rather than having to go down to the casino themselves. The fact that they can access these EU casinos from their smartphones, wherever they are, means it’s easier than ever before to win big at a casino online and have a good time.
Latest News
William Hill Announced as Official Betting Partner of Qipco Guineas Festival
Leading bookmaker becomes official betting partner of first UK Classic meeting of 2024
William Hill has been announced as the new official betting partner of the Qipco Guineas Festival, the first UK Classic meeting of the season.
It’s the latest addition to William Hill’s spring racing roster, following sponsorship of The Lincoln Handicap at Doncaster, the Punchestown Champion Chase and its status as official betting partner of the Randox Grand National Festival.
The 2,000 and 1,000 Guineas headline the three-day meeting and the leading bookmaker will sponsor 15 races across the weekend with the Jockey Club Stakes, Palace House and Dahlia Stakes among the races now featuring the William Hill title.
Aidan O’Brien’s unbeaten superstar City of Troy is still all the rage for the 2,000 Guineas at 4/6 whereas Karl Burke’s Fallen Angel heads a competitive looking 1,000 Guineas market at 7/2.
“We’re delighted to become the official betting partner of the Qipco Guineas Festival, strengthening our relationship with The Jockey Club on the back of a fantastic Grand National Festival,” a spokesperson for William Hill, Lee Phelps, said. “It’s brilliant for William Hill to be associated directly with such a prestigious event at Newmarket, the home of the thoroughbred, for this season’s first two Classics. The company has a close connection with the history of the 2,000 Guineas as William Hill himself bred the 1949 winner, Nimbus, who then went on to win the Derby.
“We’re excited to be involved at racing’s key meetings and see the Qipco Guineas Festival as the perfect sponsorship as the British flat season kicks into gear.”
Newmarket – 2,000 Guineas: May 4, 2024
City Of Troy | 4/6 |
Rosallion | 4/1 |
Notable Speech | 12/1 |
Henry Longfellow | 12/1 |
Night Raider | 16/1 |
Alyanaabi | 16/1 |
Ancient Wisdom | 16/1 |
Task Force | 16/1 |
Ghostwriter | 16/1 |
Iberian | 20/1 |
BAR | 25/1 |
Newmarket – 1,000 Guineas: May 5, 2024
Fallen Angel | 7/2 |
Ylang Ylang | 4/1 |
Dance Sequence | 5/1 |
Ramatuelle | 10/1 |
See The Fire | 12/1 |
Content | 12/1 |
One Look | 14/1 |
Pretty Crystal | 14/1 |
Buttons | 20/1 |
Purple Lily | 20/1 |
Porta Fortuna | 20/1 |
Star Style | 20/1 |
BAR | 25/1 |
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