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Crypto Converter
The options for those looking to begin crypto betting right now are far better than we saw when things started a few years ago. Gone are the days of using Bitcoin betting only to place your bets, now we have a service available where many other cryptocurrencies are accepted by bookmakers.
There are many options available out there for those who are looking to start crypto betting, and one of the options on offer is Chainlink. If you trade in Chainline, or you have invested in the past and are now looking for a way to spend, you can use these funds to place sports bets with bookmakers.
Betting with Chainlink is the same as betting with any other cryptocurrency, simple and easy to do. There are more and more bookmakers coming on board and not only offering Bitcoin betting but also offering other cryptocurrencies to their players. You can take advantage of remaining anonymous when placing your bets, a big deal for many players
You can also use the big bonuses and offers that are open to crypto players too, the perfect way to get your betting off to the best possible start. Those who intend to bet in big amounts should also be aware that generally, the betting limits are higher when using crypto betting, another positive.
Chainlink reviewChainlink (LINK) is a blockchain-based platform and oracle that was created by the San Francisco fintech company, SmartContract, in June 2017. The blockchain was designed to function as a middleware that provides connectivity between smart contracts across blockchains by giving them access to off-chain resources, including data pools, web APIs, as well as bank accounts. The native crypto of the Chainlink ecosystem is LINK. Lets have a look closer to LINK crypto in this Chainlink review.
How Does It Work?The Chainlink network is centered around the use of LINK tokens. Chainlink solutions are currently based on the Ethereum blockchain, but the company plans on extending support to all major smart contract chains.
Current Chainlink price is around $35 and SmartBettingGuide.com team predict that in 2025 Chainlink price will reach $120.
Chainlink cryptocurrency has good future and predictions looks good – 1 LINK in 2030 could worth $200.
You can buy Chainlink coin on variety of crypto exchanges – Binance, Coinbase, Bittrex and etc.
Chainlink is mined by selling off-chain services and data through an API connected to the Chainlink Network to become an oracle node.
You can get free Chainlink by completing surveys, answer some question and get some LINK crypto.
You can stake Chainlink crypto through Ethereum smart contract that working as the nodes wallet address.
To mine Chainlink you need to get 20 confirmations and estimated time for next block is 5 minutes.
Chainlink using blockchain technology and its created to provide a information outside blockchain from other blockchains. It could be banking services transactions, assets tokenizations, weather or sports scores.
Moreover, Chainlink enables smart contracts to access the blockchain network’s (read this – best blockchain sports betting sites 2023) oracles services and use the data from off-chain applications, such as data feeds, APIs, etc. The oracles then deliver the retrieved data on-chain and apply it in the smart contracts. The LINK token is used as a reward for Chainlink node operators when they retrieve external data from other chains, off-chain calculations, making blockchain a readable format, and uptime guarantees.
If someone wants to use smart contracts with a Chainlink node, the node operator fixes the final price based on the demand for the off-chain resource and the supply of similar data and asks for the amount in LINK tokens. In January 2020, the team extended its operations to the Chainlink network, as they launched the first Easy 2 Stake Chainlink node. Easy 2 Stake is a proof of stake provider, and its implementation now enables users to stake LINK for more coins.
Chainlink is the first decentralized oracle service that was designed to connect smart contracts across different blockchains. LINK uses the ERC-20 token protocol, but it has the added functionality of the ERC223 for “transfer and call.” This enables smart contracts to process and receive LINK tokens within a single transaction.
Chainlink Advantages and DisadvantagesLets have a look in this Chainlink crypto review in to the most important advantage of Chainlink is its strong partnerships with reputed companies, such as SWIFT, Signal Capital, Request Network, and the Zeppelin OS. The project is also based on a unique concept of decentralized oracle services and blockchain interoperability.
The chain uses multi-layer Oracle verification to give extra protection to the chain against malicious software or technical bugs. Disadvantage of this LINK coin review is that in spite of its many innovational promises, Chainlink has not made any notable efforts for its adoption and still has a long way to go before they reach their promised functionalities.
How Is It Used for Sport Betting?Online sports betting sites have been adding more and more cryptocurrencies to their list of payment options, some even branching out to include the LINK token. LINK betting is no different than betting with any other crypto. It provides fast transaction times with low latency and fees.
The process of transferring LINK to a bookmaker wallet involves syncing the wallets. This requires that you find and click on the LINK wallet address of the sportsbook, after which you will be taken to a page where you will be able to make the transaction.
From your wallet, you can decide the number of Chainlink tokens you want to transfer to your betting site balance. In no more than a few minutes, you will see the fund deposited into your bookie account, and you will be able to start betting.
Withdrawing LINK from the sports betting site is just as easy. You submit a cashout request from the betting operator to your external Chainlink wallet or even a physical hardware wallet and wait for the request to be confirmed. While there are several crypto bookmakers that accept Chainlink and you can find on this Chain link review rating.
Not many sportsbooks have native support for Chainlink, and the rest that might accept the token actually convert them first into BTC through third-party payment processors when you deposit on the site and then convert them back into LINK upon withdrawal. This will mean that you actually bet using Bitcoin. Conversions incur fees that are taken from the user’s funds.
Is It Safe to Use for Betting?LINK runs on top of Ethereum, and the underlying blockchain and smart contracts operating the Chainlink ecosystem were designed to be just as secure. The problem with using LINK or any other cryptocurrency for betting stems from the legislation of the country you live in. If there are no laws forbidding the use of crypto in sports betting or online payments, then there should be no worries if you are planning on using LINK to place bets.
While some jurisdictions impose bans on online sports betting with fiat, if crypto isn’t recognized as legal tender, then you are probably able to profit from this loophole and betting with LINK. If Bitcoin payments are not considered illegal in your country, then chances are LINK is also considered legal.
How and Where to Get It? Where to Buy Chainlink crypto?You can get LINK by buying the coin with crypto or fiat on a variety of crypto exchanges. There are dozens of platforms that offer LINK trading services, such as Binance, Coinbase Pro, Bittrex, HitBTC, Huobi, Kraken, OKEx, CoinBene, Bitfinex, and many others.
Chainlink is usually paired against cryptos such as BTC (Chainlink to BTC), ETH, USDT, but the coin can also be exchanged for fiat currency, such as EUR, USD (Chainlink to USD), and KRW.
There are 4 EUR options, namely on Kraken, Bitvavo, Litebit.eu, and CoinMetro. USD pairs are found on 4 exchanges: Coinbase Pro, Kraken, Bittrex, and Binance US. Bithumb, Korbit, and ProBit Exchange allow you to trade KRW for LINK.
To be able to buy the coin, you will first have to sign up on an Chainlink exchange that has the LINK pair you are looking for. After creating and verifying your account via the KYC procedure, select which crypto or fiat you want to deposit. Enter what amount of coins you want to buy and complete the transaction. Transfer the LINK coins to your external wallet once you have them in your exchange balance.
ConclusionChainlink is an ambitious project that has strived for cross-chain functionalities, but as crypto for betting online, it is not so ideal, as there are few crypto sportsbooks that have LINK support.
Chainlink Calculator & ConverterUse our Chainlink calculator, where you can easily convert 1 LINK to USD and LINK to EUR. This LINK converter can convert not only LINK to euro, but other 17 most popular currencies in the world.
For today 1 Chainlink to Euro worth 33€, 1 Chainlink to USD worth 40. But prices changes every second and hard to say Chainlink future price, but you can do your math with this Chainlink Calculator on this day price. If you want read not only about LINK crypto review, but other cryptos or to know crypto betting strategy, check the crypto news category.