The first cryptocurrency, Bitcoin, was unveiled to the public in 2009. Although it was met with skepticism, the cryptocurrency scene has developed to the point they’re used in (Bitcoin) BTC betting sites.
Accordingly, many online casinos now accept cryptocurrency wagers, with some centered around cryptocurrency. However, while some people are warming up to using cryptocurrency in betting, many more are unsure of steps to take. As such, I will show you the various benefits and disadvantages of using BTC betting sites.
- 1 Pros of Bitcoin Betting Sites
- 2 Cons of BTC Betting Sites
- 3 Conclusion
Pros of Bitcoin Betting Sites
There’s a reason why many punters hitch on the bandwagon of cryptocurrency gaming, and these reasons are explained below.
Cryptocurrency Suffers No Legal Restrictions
There’s nothing more gut-wrenching for a gamer than being denied their duly gotten wealth. Unfortunately, this sometimes happens when you gamble out of your geographical region or engage in a country where punting is unsupported.
Governmental regulatory bodies oversee cash flow online, and they can freeze this cash if they suspect its sources. This, in turn, could take weeks or even months to straighten out.; which can be somewhat discomforting.
Nobody likes waiting that long to withdraw their money, which explains why most people support cryptocurrency betting sites. Furthermore, the government doesn’t regulate or control cryptocurrency, so you can conduct transactions as you wish.
Cryptocurrency Transactions Are Secure
Cryptocurrency runs on a blockchain, with blockchain technology authenticating and confirming each transaction before acceptance. Every cryptocurrency transaction is also
immutable, which means no one can change a done transaction.
One of the fears of inputting payment information online is that someone’s logging your keystrokes or the account’s getting hacked. Unfortunately, these fears are valid when depositing thousands of dollars into an online casino account.
Notwithstanding, with BTC betting sites, these fears are a thing of the past. No one can hack a blockchain since it’s not one computer that’s targeted but thousands. This has made it one of the safest methods of conducting transactions on the web.
Anonymity Is Assured
Although betting’s a respectable pastime and career option, no one can deny that much of society looks down on players. The actions of drunk and obsessive betters have made most of society detest gamblers over the years. As such, there is a certain stigma attached to being a punter, especially when you’re from a conservative home.
BTC betting sites are a good option for people that would like to keep their loved ones in the
dark. There are no credit alerts, no personal information given to the casino, and no paper trail. These betting sites are the best option for those that value their privacy.
BTC Betting Sites Are Fair
You’ve probably heard about the Absolute Poker Casino debacle. This is a situation where an online casino that’s supposed to be fair was accused of running a ‘Superuser Account.’ This Superuser Account allowed some high-class players to read their opponents’ cards during online poker games.
The worst part about this was that it was all proven to be true, with the casino paying a fine of $500,000. Such stories reduce people’s trust in online casinos, with many more believing that their losses were manipulated.
BTC betting sites are fair, and the very nature of the blockchain makes it so. The decentralized nature of the blockchain ensures that tampering or hacking is impossible. So,
there’s no fear that the online casino could be cheating you or manipulating the scores behind the scenes.
Cryptocurrency Betting Sites Offer Awesome Bonuses
Although this isn’t a feature peculiar to BTC betting sites, there’s no denying that it’s a benefit. Sign-up bonuses are awash in the cryptocurrency betting scene: you get free spins and free Bitcoin to gamble with. There are even some sites that offer weekly rewards as well.
Cons of BTC Betting Sites
It’s not all sunshine and rainbows on the cryptocurrency betting scene, and there are
reasons why people avoid such sites.
Cryptocurrency Is Unstable
Many people see the purchase of cryptocurrency as an investment since its value could increase in the future. While this is a good thing, there’s no doubting that it could fall as well.
If you look at the history of cryptocurrency, you’ll notice that its prices are hardly stable. This is because there’s no way to predict with 100% certainty the value that a digital currency could hold in the future.
So, the Bitcoin that you bought for $500 last week could be worth $200 today. This is a scenario that many people are hoping to avoid.
Transactions Rates Are Slow
Contrary to what you might expect, cryptocurrency transactions aren’t always fast. Although they aren’t burdened by a regulatory body, the miners determine the speed of the transactions.
So, there’s every chance that you could be waiting for minutes before your transactions are
confirmed. This time could even extend to hours if the transaction is conducted
during a peak period.
BTC Betting Sites Could Perpetuate Criminality
The anonymous nature of payments at cryptocurrency betting sites works both ways. Although this enables punters to hide their identity while betting, it can also help criminals spend their ill-gotten wealth.
Unlike regular cash or credit card payments, cryptocurrency transactions don’t leave a
paper trail. So, there’s no way the government can track if stolen money is
being spent somewhere. Since the money cannot be tracked, no one would know
where it came from and who paid it.
BTC Betting Is a Work in Progress
Unlike its fiat currency cousins, which have been used for years and perfected over that period, BTC betting is relatively new. As such, it’s unavoidable that there will be a few hiccups in some transactions. Although professionals are working tirelessly to stabilize things, it’s many years before it can be as stable as fiat currency.
So, from the above, you’d understand that BTC betting is safe, secure, and far beyond legal litigation. However, this doesn’t mean it has no caveats, as some of these benefits also work against it. So, as long as you can manage its few cons, there’s no reason you shouldn’t try your hand at BTC betting.