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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 Betting

There 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 of.

Advantages of Using Bitcoin in Sports Betting

Complete 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 & Promotions

Online 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 Transactions

One 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 betting platforms.

Decentralised System

One 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 digital assets.

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 Betting

Volatile 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 Bitcoin.

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.

Limited Currency
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.

Final Words
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 crypto support.

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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