Gaming Platform Betkurus Launches Instant Bitcoin-to-fiat Deposits

In 2014, DigitalSport Entertainment N.V., a Curacao-based gaming company – launched the Betkurus gaming platform,which offers a variety of online gambling experiences: classic casino games, poker, roulette, blackjack, binary options trading, and an online sportsbook.

CoinMatrix, a online payments gateway based in Hong Kong, has partnered with DigitalSport Entertainment N.V., in order to provide bitcoin functionality to Betkurus. DigitalSports Entertainment has received a $670,000 investment from CoinMatrix to conduct further development of their gaming platform. Betkurus is hopeful it can capture a large slice of the bitcoin gaming market, which is projected to balloon at a very rapid pace in the coming years.

CoinMatrix offers bitcoin-to-fiat conversions in real-time on their exchange platform, allowing users to bet in various currencies without having to do any prior conversions. This kind of functionality is extremely useful to gaming platforms like Betkurus, where clients will now able to enjoy betting with fiat currency without needing a bank account. Most online casino deposits are not made in digital currencies yet, but the instant conversion service offered by CoinMatrix may sway many players towards bitcoin.

“Bitcoin is a perfect fit for online gaming in most grey markets like Turkey, Argentina, Brazil and Columbia hence it is growing in popularity in the global gaming market.”

Betkurus provides access to over 20,000 sports betting events each month, and will now be considered one of the world’s top sports betting venues with bitcoin support. Bitcoin’s legal status is still very unclear in many countries – some nations consider bitcoin a currency, while others think of bitcoin as a commodity. Some prominent bitcoin advocates have predicted that digital currencies will be the preferred option of all online gaming companies within the next few years, due to the anonymity, speed and low transaction fees. DigitalSport Entertainment and Betkurus have positioned themselves very strategically with the CoinMatrix partnership.

Neteller to Accept Bitcoin Deposits

According to PokerStrategy and other media reports, the e-wallet Neteller will soon begin accepting Bitcoin deposits. If you're an avid reader of PokerSoftware, then you know Hold'em Manager began accepting the virtual currency in January and rumors have been flying that PokerStars will soon follow suit. It seems like there's a Bitcoin tidal wave in the software world.

According to PokerStrategy, "This would be the first time poker players would have an indirect opportunity to use Bitcoin currency to deposit onto major poker sites. While they would still not be able to make a direct deposit, now they can do so via a Neteller account, which would then convert the money into cash to deposit onto poker sites." This is pretty historic in general, which is why we're covering it on PokerSoftware.

PokerStrategy explained that there's no fee for depositing with Bitcoin, which makes it even more attractive. Bitcoins have been long embattled as the currency seeks to establish legitimacy. However, there are brick-and-mortar ATMs in Las Vegas for Bitcoin and many mainstream retailers accept it.

When we wrote about Hold'em Manager accepting Bitcoin in late January, there were reports that the software's sister company, PokerTracker, would begin doing so as well. PokerTracker and Hold'em Manager both accepting Bitcoin could prompt plenty of other software companies to follow suit.

The price of Bitcoin has fluctuated wildly, if you haven't been following it. As one poster on PokerStrategy put it, "I remember reading an article about Chris Koch, who bought 5,000 Bitcoins at the beginning for $27, forgot about it, then went to check the account and they were worth $1,010,000."

In related news, Neteller's parent company, Optimal Payments, has agreed to buy rival Skrill for €1.1 billion. As one analyst put it, "We believe the combination of the two wallets will remove the friction created by competition for merchants and customers."

BITCOIN PRICE RETESTING THE MARCH LOWS

Our Trade Recommendation is now status “Pending”. The declining wave had halted just a few pips above our entry level and the indicators show that a move higher is now required. The retracement may see price return to near the level of the 200MA and if our wave count is to be validated, price should not advance above the 200MA and the previous high where it touches the 200MA.

During the recent drop price had fallen through the intersection of a Fib line and a rising channel line – a mechanism that is often employed as a means of crossing strong support/resistance. This fact gives us some confidence that our expectation of a declining wave is on track.

The immediate prospect, of upward retracement, could advance quickly through the intersection while it is still available. If price reverses back down from below the 200MA and falls below $245 and 1520 CNY, then our Trade Recommendation’s condition for opening a sell position will be fulfilled. Until then we have to be mindful of the erratic price patterns that have characterized the sideways consolidation phases.

There is also the possibility that price may not make it through the resistance of the overhead MAs, Fib line and channel line and turn down sooner. Once decline commences, if it does, our Trade Recommendation is ready to catch the wave. We cannot be sure how far it will drop, so be sure to use a dynamic stop loss as discussed in the TR and in the Trading group.

(Price later resumed the downtrend and the xbt.social trade was activated)

Summary

The Bitcoin price chart contains five waves down from yesterday’s high. There had been reverse divergence on the low of wave 3 (red dots in RSI in the chart above) but the instance cleared the way for wave 5 to make a new low, which it did without divergence, and giving us reason to expect another price low. If the yellow support gives way, decline will accelerate. Holding price above it is not yet bullish, but implies strong buying support going into the new week.

Bitfinex Buy/Sell Volume shows the price battle here near the lows.