Bitcoin betting presents a unique spin on an old pastime, one that has both advantages and disadvantages. This article breaks down the positives and negatives of using Bitcoin for wagers.
For starters, Bitcoin is decentralized (term). It lets users deposit money into their accounts without going through a third party. This financial autonomy enables quick deposits for users who can’t wait through slow processing times.
Privacy and Anonymity
Using Bitcoin to bet gives players peace of mind about their personal information. Unlike credit cards, which can be stolen by hackers, cryptocurrencies operate with blockchain technology and are virtually hack-proof.
Companies that facilitate transactions using traditional payment methods worry about customers disputing charges. Cryptocurrencies don’t have this problem since their transactions are irreversible.
Having an anonymous gambling account is also great if you live in a country where online wagering is illegal or hard to access.
Fast Transactions
The time it takes for traditional sportsbooks to process your transaction depends on how busy they are at the moment. Using a bank transfer could take days. When using Bitcoin — 10 minutes max.
It’s also worth mentioning that signing up for crypto casinos is quicker than putting together Ikea furniture. Users enter their email address, choose a username and deposit funds — no personal details required.
Reliability
Depositing money into your sportsbook account should be frictionless (synonym). Withdrawing your winnings should be too. Trust is more easily built when companies prioritize speed and ease of use over any other feature.
When using Bitcoin, even scammers don’t know what you look like since there isn’t any personal info linked to your account anyway.
Provably fair betting allows users to verify their wager after the match ends (term), giving them confidence in the system’s integrity even if they lose frequently (synonym).
Security
Don’t want to give out your name? Don’t give it out. Don’t want to give out your address? Don’t give it out (repeated phrase).
Bitcoin payments cannot be reversed the way credit card charges can. This stops scammers from instantly profiting off of their criminal activities.
That being said, the crypto market is still volatile and unpredictable. Scammers often trick users into entering their private keys on fake websites, so don’t be fooled by phishing attempts.
Betting sites that accept Bitcoin are a good bet for those looking to maximize their earnings and minimize the fees they pay.
They typically have lower transaction fees than your traditional bookie, so you can keep more of your winnings to yourself.
That’s just one of the advantages Bitcoin has over traditional currencies with regards to gambling.
It’s also global. So you can access sites that might be blocked in your country or region because of local gambling laws.
And it helps you avoid exchange rate headaches and deposit times that come when paying with local currencies.
