Cryptocurrencies are still new to the online gambling industry. However, they have already started to make a significant impact. There are now several online casinos that accept cryptocurrency as both a deposit and withdrawal method. More and more gamblers are becoming aware of the benefits of betting with cryptocurrency. Thus, the number of online casinos that accept cryptocurrency will undoubtedly increase substantially.
Here is a breakdown of the pros and cons when betting using cryptocurrency
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Pros
There are many benefits to gambling with cryptocurrency. Here is a look at some common pros:
Accessibility
Cryptocurrency is accessible. It allows you to send payments and receive winnings directly from your crypto wallet. This means you will not have to provide any personal or financial information when you deposit or withdraw funds from your casino account.
It is often faster than other conventional banking methods. There are no third parties to deal with and no intermediaries involved in the transaction process. More secured transactions mean that your funds will be credited or debited from your account almost instantly. This is after making a transaction request.
Privacy
With cryptocurrency, you can bet without the fear of anyone looking into your personal financial accounts. You can also avoid taxes. In most cases, there is no way to track or report your winnings with cryptocurrency.
Bitcoin transactions are not linked to a person’s identity is one of the most attractive features of using Bitcoins for many people. However, this feature becomes a disadvantage from the perspective of law enforcement agencies. It makes the investigation of crimes more difficult.
Credibility and Transparency
There is a very dark side to the gambling industry. It’s not wrong to call it a shady industry. The problem of credibility and transparency is a serious one for many bettors. Cryptocurrency exquisitely solves this problem. The blockchain concept ensures the transparency of transactions on an open ledger that is accessible to everyone.
Cons
Despite numerous advantages of using cryptocurrencies for gambling, there are some disadvantages to expect:
Not Accepted by All Casinos
If you’re a fan of casino games and want to bet using cryptocurrency, the only problem is that there are not many casinos that accept this form of payment. You can find out which casinos accept cryptocurrency by reading our article on trusted online casinos.
Fortunately, there are already several online casinos that accept Bitcoin deposits and some other forms of cryptocurrencies like Ethereum or Litecoin. If all goes well and the popularity of cryptocurrencies continues to grow, more online casinos will hopefully start accepting them in the future.
Fluctuations in Value
The price of the cryptocurrency, like any other currency, is subject to significant fluctuations. These can be brought on by many factors, including governmental regulation, mining cost fluctuations, and the release of new coins.
Overall, the value of the cryptocurrency remains volatile. However, generally increasing trends over time. While you might lose a bit of money if the coin drops in value right after you buy it (which is possible). You risk that the coin will drop in value shortly after you make your bet at crypto sports betting sites.
