Cryptocurrency in DFS
Odds are you’ve heard of Bitcoin by now, but what is it really, and does it have a roll in daily fantasy sports?
Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed like dollars or euros – people produce them, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
Many sports betting sites have now begun to accept Bitcoin as a form of payment, which I’m guessing won’t surprise you, however, did you know there is a new cryptocurrency just for Fantasy Sports?
What is No Limit Coin?
The platform was created by No Limit Fantasy Sports, LLC. No Limit Coin launched this year with fantasy soccer, then recently added fantasy football to the slate. Other sports are also coming, including fantasy hockey, basketball, and MMA. There are also plans for fantasy cricket and baseball scheduled to launch in 2018.
Interesting Other Notes
- No Limit Coin has a market cap of around $55 million, and the coin is liquid versus bitcoin, making it easy for players to get real value from their fantasy earnings.
- No Limit Coin is a proof of stake coin with an annual reward of 4%.
- Lower Fees: While other fantasy sports platforms charge a rake as high as 10%, No Limit Fantasy Sports costs rakes of 5%, dropping to 2.5% in head to head matchups.
- Fast Withdrawals: Withdrawals take place instantly to your No Limit Coin wallet, and can be processed in under 60 seconds.
But Does Bitcoin or No Limit Coin Have a Role in DFS?
Most people would say no, as they don’t fully understand cryptocurrency and what people don’t understand, they steer clear of. But with the recent skyrocketing success of Bitcoin, I think it won’t be long before people become more interested in the concept.
According to Fortune.com, cryptocurrency like Bitcoin and Ethereum are here to stay. Most people who are enthusiastic about cryptocurrency appear to agree that Bitcoin and its newer rival Ethereum have staying power, though they may be more bullish on one versus the other.
Some believe that there will be thousands of cryptocurrencies all will have a specific purpose. But the interesting thing is not the currency per say, but the technology behind it – blockchain. With blockchain, there are huge fees. It eliminates the need for a trusted 3rd party like a bank and thus lowers friction and cost. This is, how things should be in my opinion. People should have control over their OWN money without having to worry about confiscation or every single transaction being tracked by the government. These are basic rights which should be intrinsic to all people in all countries – the right to have freedom over your own finances, and the right to have sovereignty over your own financial transactions.
I’m sold on the concept of owning any form of cryptocurrency at this point in my life, but I am open to the concept of it, especially in the world of daily fantasy sports.