The crypto currency was created especially for the NoLimit Fantasy Sports platform.
The coin is required as a bet. NoLimit uses a proof-of-stake algorithm to transfer the block chain.
When a user sets NoLimit Coins, a node is generated in the network that transmits the block chain.
The user receives 4% of the coins generated by this node as a bonus. They are generated by the blockchain and credited to the user’s wallet.
NoLimit offers a desktop, web and Android wallet. NoLimit coins can meanwhile be purchased on almost all common stock exchanges.
NoLimit Coin in figures – as of December 2017
NoLimit’s market capital is US$ 28 million. They have a daily trading volume of around US$ 128,660.
There are currently 203,746,178 NoLimit coins in circulation, and there is no upper limit for the above-mentioned reason.
What are the advantages of the system?
The use of a cryptocurrency instead of Fiat currencies has the advantage that the restrictive gambling laws of the different countries can be circumvented.
And because virtually any currency can be exchanged for NoLimit Coin, it’s easier for players around the world to access.
Up to now, fantasy sports betting providers have mostly only accepted US $.
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The cryptocurrency rises faster in value compared to Fiat currencies.
Accordingly, the more popular the platform becomes, the more popular it becomes, all potential profits will multiply in value.
On other Fantasy sports betting platforms, up to 500 squad members can enter decisions.
This allows people to use bots to manipulate competition in their favor. The normal player then has almost no chance of winning.
No Limit Fantasy Sports, on the other hand, is a platform for gambling purists. A maximum of ten management decisions are permitted.
This eliminates the need for bots, so the average player has a fair chance of winning.
A further advantage compared to the conventional Fantasy sports betting providers are the cheaper prices.
Check out our guide on the next big cryptocurrency.
Up to now there has been a monopoly on fantasy sports betting, forcing players to accept 10% rake.
However, NoLimit only wants 5% of the stake, or only 2.5% for head-to-head games.
What are the forecasts for NoLimit Coin?
For Europeans, the world of fantasy sports betting is still relatively unknown because the market has hardly been tapped.
Here still dominate the “real” sports betting. But in the USA, however, billions of dollars are turned over every year with fantasy sports betting alone.
The number of players on the NoLimit platform continues to grow as more people learn about it.
It is therefore not surprising that FanDuel and DraftKings, the two largest fantasy sports betting platforms in the USA, have already tried to buy NoLimit.
So far, however, those responsible have rejected the merger offers.
After the launch of football and American football, NoLimit Coin is currently working on adding more sports.
In October, the Fantasy Hockey League will go online next. In the next 6 months there will be basketball, mixed martial arts and cricket.
So there should be something for every sports betting fan and further boost the value of the NoLimit coin.
You can’t buy it directly for fiat on any exchange. You can choose the best crypto exchange for your region and buy BTC there, then trade it for NLC2 on exchanges. Read here how you can quickly convert other coins to bitcoin and the other way around.
Our recommendation is always check if Coinbase is available for your country and buy there – as it is by far the safest and best regulated bitcoin exchange. Coinbase has acceptable fees and is secure bitcoin service.
If Coinbase doesn’t support your country, use Cex.io – read about Cex.io here – it is another safe place to buy bitcoins. Coinmama is also legit exchange for buying cryptocurrencies – click here to visit Coinmama.
If your country is not available on Coinbase – check for exchanges that are good Coinbase alternatives (such as Cexio and Indacoin – see here Indacoin review) and buy BTC on one of those exchanges. You can always exchange your coins on Changelly (see if Changelly is safe and legit), instantly and directly to BTC.
Best and safest option to store your coins is to download an official coin wallet and store it on a hardware wallet – our recommendation is just go and buy Ledger Nano S, it is the safest option.You can read our article on how to use Ledger Nano S wallet and what cryptocurrencies it supports or check out other best hardware crypto wallets here. You can also create a paper wallet – learn here more about cryptocurrency wallets.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com