Since it is a decentralized virtual currency, Bitcoin offers a lot of benefits as well as challenges in terms of sports betting.
In this article, we'll delve into the pros and cons in using Bitcoin all in an attempt to help you make an educated decision whether or not you should partake in this type of wagering.
The Pros of Using Bitcoin in Sports Betting
Here is a list of the pros of using Bitcoin in sports betting.
Anonymity and Privacy
Since privacy is becoming the center of conversation when it comes to any online activity, including sports betting, Bitcoin quickly addresses these types of issues because of its high level of anonymity.
Traditional betting platforms would have you provide extensive personal information and sensitive data, but Bitcoin generally relies on transactions that have no need for confidential information, so its enhanced privacy protection system protects users from any potential security risks.
Reduced Transaction Costs
Hefty transaction fees generally plague traditional payment methods, especially with hidden fees and maintenance costs from credit cards and bank transfers, which devastates the bettor's potential earnings. However, with Bitcoin, the transactions are typically lower compared to conventional methods, which can then allow more earnings from the users.
A slow system is an obsolete system in the modern age, and that's why using Bitcoin can significantly increase the speed in which transactions take to process, especially when dealing internationally.
Because of Bitcoin's peer-to-peer network, the need for intermediaries is eliminated, which can then ensure faster transaction times. As such, you can expect swift depositing of funds into accounts.
Global accessibility is among the most positive aspects of using Bitcoin because it revolutionizes the world of sports betting. For example, traditional currencies are tied to certain countries and based on exchange rates. However, Bitcoin is not like that as it is borderless and can be accessed worldwide.
This proves to be very beneficial for sports bettors in particular regions that have strict gambling laws or have limited access to betting platforms.
Provably Fair Betting
Blockchain technology has introduced numerous beneficial systems that can be employed for enhanced gaming experience. One of them is the concept of provably fair betting, which is that each and every bet can be independently verified.
This particular feature ensures that there is complete transparency and fairness for all parties, which can be also found in alternative cryptocurrencies such as Litecoin casino games wherein it has all the specifications and security measures you would expect from blockchain technology that can undoubtedly provide the best gaming experience yet.
As such, the main aim of using blockchain technology is to instill trust among its users, especially in betting processes, which can eradicate doubts of legitimacy.
Bonuses and Promotions
With the goal of attracting more users to adopt Bitcoin in sports betting, there are some online sports betting platforms that will offer exclusive bonuses and promotions for Bitcoin users. As with any betting activity, it is important to leverage all the bonuses you can find as this may increase your chances of winning.
These incentives can boost your bankroll, which is an exciting and enticing prospect in and of itself.
The Cons of Using Bitcoin in Sports Betting
Here is the list of the cons of using Bitcoin in sports betting.
As with any market, you can expect a certain degree of volatility in Bitcoin's price. However, you must take note that it has experienced remarkable growth over time, but it is among the most volatile markets in the modern age.
In an instant, the value of Bitcoin can change within short periods, which can negatively impact the overall value of the bettor.
This means you are at the beck and call of Bitcoin's volatile market, so you should ensure you take extra caution when using Bitcoin. With its value changing at a moment's notice, you have less time to decide to withdraw your winnings at an increased potential loss.
Going into cryptocurrencies is easier said than done because of the tremendous amounts of research you need to undergo first before you dive in.
Having no familiarity with crypto is certainly a challenging aspect since you have to study the ins and outs of the industry first before you can substantially invest in it. Otherwise, you'll be burning money on things you don't understand.
The learning curve is steep for studying cryptocurrencies as they involve setting up Bitcoin wallet, managing private keys, making secure transactions, and more. However, the good news is because of the increasing global accessibility and availability of user-friendly wallets and informational resources, the barrier is gradually disappearing.
Despite the global popularity of Bitcoin skyrocketing, it is not a widely accepted form of payment in the sports betting industry. As such, most established platforms are not yet leveraging the power of Bitcoin due to its limited adoption, so this may dampen the bettors' choices when selecting platforms that accept Bitcoin.
The crypto regulatory environment varies greatly from country to country as some governments oppose the use of Bitcoin while others are embracing it steadily for betting purposes, so this may limit the availability and legality of Bitcoin sports betting in specific regions.
As such, as a bettor, you must be aware of the legal aspects and implications associated with using Bitcoin.
Lack of Chargebacks
Although there is much to be had for adopting Bitcoin, it has a very negative aspect to it, which is unlike traditional payment methods, Bitcoin transactions are irreplaceable and irreversible. This means that when a bettor sends Bitcoin to a betting platform, they will be unable to initiate chargeback as they would do with credit cards.
This can only mean that if there are disputes over payments or unauthorized transactions, it will prove difficult to retrieve the funds.
Using Bitcoin has its pros and cons from its privacy to global accessibility making it an appealing choice to its price volatility to regulatory concerns presenting deep challenges that users should consider.
As such, before diving into Bitcoin sports betting, you must conduct your own extensive research, choosing only reputable and trustworthy platforms that associates with a certain cryptocurrency.
Of course, with the right knowledge and safety precautions, Bitcoin is a great way to participate in the world of sports betting as it can open up new opportunities for bettors. You just have to be careful with what you do in terms of anything online.