Multiple betting operators nowadays provide an option to make bets using crypto. But it’s not easy to track them because you’ll understand if there’s a choice to top up your wallet with Bitcoins or Ethereum only on checkup. Thankfully, there are services like https://bookmaker-ratings.com/ to check all the options bookmakers provide, read reviews on the operators and understand if they are trustworthy or not. Let’s get to the pros and cons of betting with cryptocurrencies:
Despite the voices of people, who are still certain that bitcoin is a “financial bubble”, and the crush is inevitable, this currency is stronger than ever. The users respect it because of the two main attributes it always delivers: anonymity/privacy and transaction safety.
Since there’s no need to print any banknotes, thus nobody can trace the physical transaction: no fingerprints, no serial numbers. It’s much harder to disguise the deal online, though. Here’s where cryptocurrency comes to the scene.
Blockchain technology makes it almost impossible to track the person who owns the crypto wallet and made the purchase. The security is so high that even banks can’t match it. The human error factor is still a thing, so let’s not devalue that and call the tech “ideal”, but it’s close to that for the fans of anonymity on the web.
Pro: Fast Transactions
The decentralization of the system gives a lot of advantages to the bettors around the world. For example, it’s hard to freeze a crypto account since there’s no central regulator. Hence only the owner controls the money in the wallet and all the transactions.
The players who understand betting know that deposit is the easiest part of the whole experience. Withdrawal occasionally differs, and verified users have to wait for quite some time after sending the online request.
Blockchain sizably improves on that, and the speed of the transaction to your wallet reduces to ten minutes on average.
Con: Value Fluctuations
For sports fans who aren’t into how the market works, cryptocurrency bets might be tricky. Bitcoin price isn’t dependent on one exact country’s economy, which is good, but the decentralized status makes this currency fluctuate if something happens in the world. Be it some social, economic or political news.
Granted, your deposit might grow, but it also can go down significantly by the moment you choose to convert the winnings back to the currency of your choice.
Con: Still Under Development
The technology, although very modern, is still a work in progress. The note mostly applies to the mediators: sites work on perfecting the security of the transactions. There are a lot of providers who allow users to buy, sell or convert currency. Most of them aren’t flawless, and this link is usually the weakest: a lot of mistakes and hacks comes from there.
It’s hard to say if these incidents happen mostly because of users’ cluelessness, the novelty of the tech or the actual errors in the program procedure. Sometimes players stumble on location restrictions of crypto betting and think that it’s an operator’s fault, not the regulator.
Technology has a long way to go, but rest assured that it’s here to stay.