Pros and Cons of Using Bitcoin in Online Sports Betting
The online sports betting industry has witnessed some groundbreaking
technological advancements. Firstly, the emergence of the latest technologies
allowed sports betting app development companies to innovate and create
fantastic and seamless platforms that provide reliable sports betting services.
The advent of cryptocurrencies once again revolutionalised the sports betting
industry by allowing users to place bets and wagers via crypto like Bitcoin.
Bitcoin was introduced to the world a decade ago and now it is the most widely
known cryptocurrency in the world. It is widely accepted on online betting
platforms and is now the preferred mode of payment by online gamblers. Moreover,
to facilitate Bitcoin transactions, betting platforms now offer exciting offers
and deposit bonuses when making payments with cryptocurrencies.
In this article, we will highlight the pros and cons of using Bitcoin in online
sports betting platforms. So without further delay, let's get started.
Advantages and Disadvantages of Using Bitcoin in Online Sports BettingThere are many benefits of using Bitcoin to bet on sports. However, we have
decided to focus on the best and most useful benefits users can take advantage
Advantages of Using Bitcoin in Sports BettingComplete Anonymity
Sportsbooks and online betting platforms usually have a ton of payment options
to choose from including credit or debit cards, PayPal, Google Pay, etc.
However, these options are not completely anonymous and require the user to
share their personal data with the casino operator or the payment gateway. But,
Bitcoin transactions are completely anonymous and don't require users to share
any personal information.
This is probably the biggest advantage of Bitcoin transactions as they can't be
traced and you can bet on sports while maintaining your anonymity. The only time
you will have to share your credentials is if you purchase Bitcoin with your
credit card. Even though, that information is not shared by the betting site
operator. Crypto facilitates anonymous payments and provides privacy that is not
available in fiat currency methods.
Offers & PromotionsOnline sports betting platforms now offer additional offers and deposit bonuses
if you make payments using Bitcoin. Most betting platforms offer exciting
deposit and withdrawal bonuses to encourage crypto transactions. Users can take
advantage of the offers and bonuses to win hefty amounts on betting platforms.
Some websites even provide a 100% bonus on cryptocurrencies, meaning you can
double your crypto deposit and start betting right away.
These offers are generally better than fiat currency promotions. Make sure to
check with your sports betting provider about cryptocurrency promotions so you
can avail a great deal to help you start on a betting platform.
Faster TransactionsOne of the most annoying features of a sports betting platform is sluggish
payments. Most payment options take over 5 to 7 business days to complete a
transaction. One of the most frustrating things is to wait because your payment
hasn't gone through yet. However, Bitcoin is based on a decentralized blockchain
system which allows seamless and fast transactions that usually don't take more
than 10 minutes to process completely.
Some cryptocurrencies like Litecoin provides even faster transactions which can
be completed in over 3 minutes. It is around 10x faster than Bitcoin.
Cryptocurrencies have evolved substantially and the development of faster and
more reliable cryptocurrencies has allowed faster transaction methods in sports
Decentralised SystemOne of the best features of cryptocurrencies like Bitcoin is that they are
decentralised. This means that it is not regulated by any central regulatory
authority. A decentralized system means that the user has true ownership of
It is not associated with any banking authority or financial institution, so you
don't have to worry about any economic crash, pandemic, or government
regulations. The absence of a central regulatory authority allows users to take
ownership of their own assets and transactions.
Disadvantages of Using Bitcoin in Sports BettingVolatile Currency
A quite prominent disadvantage of Bitcoin is that it is volatile in nature. Its
prices fluctuate up and down because there are a limited number of Bitcoins and
there is an increased demand for this cryptocurrency. In April 2022, the value
of a single Bitcoin was $64,000. Previously, the last time Bitcoin peaked was in
2017 when it was valued at around $20,000. Although it is a great mode of
payment, it is not recommended to keep significant savings in the form of
Not Accepted on Every Betting Platform
Although a very popular payment method in online casinos and sports betting
platforms, Bitcoin support is not present in every betting platform. Bitcoin has
managed to penetrate the majority of the market but is still a work in progress.
It is still not considered a household payment method because it takes extra
resources and effort for bitcoin wallet app development and many sports betting
providers decide to opt-out of it to save the development cost.
However, Bitcoin adoption is constantly growing especially in modern online
casinos and betting platforms but there is still some time before it can be
considered a viable payment option.
Although Bitcoin's anonymity is also listed as a benefit, it can also be
associated with criminal activity and fraud. The anonymity allows scammers and
hackers to easily get away with fraud and makes tracing difficult. However,
reliable security protocols can help minimise fraudulent activity and make
betting a safe and secure activity.
Bitcoin was created and capped at 21 million by its founder Satoshi Nakamoto.
The maximum number of Bitcoins that can be mined is capped at 21 million. As of
now, there are around 19.1 million Bitcoins in existence and when it reaches its
upper limit, no additional bitcoin can be generated or mined. Miners will most
probably earn income only from transaction fees.
The popularity of cryptocurrencies has skyrocketed in recent years and they will
slowly become the norm. They are already widely accepted in online casinos and
betting websites. Sports betting app development companies make it a priority to
integrate crypto support in their development solutions to attract crypto
enthusiasts to their platforms. Bitcoin wallet app development is in full force
right now and more and more online platforms are being developed with integrated
The bottom line is that you have to decide if cryptocurrency is the right choice
for you. If you plan to make it your primary payment method, make sure to avail
the various offers and promotions these gambling sites provide.
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