Bitcoin has grown in use over the years, and one of the reasons behind its growing influence is that it offers many features that the fiat currency lacks.
One of the most popular uses of Bitcoin today is its use on sport betting platforms. Using Bitcoin and other cryptocurrencies for sports betting is a badass move causing a big wave in the online betting industry. Also our free MLB picks offer a way to partake in the advantages of Bitcoin sports betting.
Pros of Bitcoin Sports Betting
Anonymity
Online sport betting platforms offer many payment options, all of which pose some security risks. But with Bitcoin, those risks are entirely neutralized. Bitcoin does not require users to share personal information with the host website.
Anonymity is the most significant advantage Bitcoin offers, ensuring that transactions can not be traced back to the user.
Privacy and Security
With Bitcoin, sensitive information like credit card details, user’s location, and bank details are secured. This is because Bitcoins are protected in a digital wallet backed by a blockchain, which protects hackers from accessing the user’s money.
With Bitcoin, no third party has access to a user’s transaction. All fraudulent activities are prevented by two-factor authentication and 128-bit SSL encryption, which keep the user’s wallet safe.
Decentralization
Cryptocurrency transactions are decentralized; that is, any central regulatory bodies do not regulate cryptocurrency transactions. Unlike fiat currencies, Bitcoin is not associated with banking or financial institutions, which absolves it from economic recession and governmental policies.
Decentralization gives users sole ownership and management of their digital assets and transactions.
Faster Transactions
Convenient cash deposit and withdrawal in Bitcoin sports betting are among its most prominent features. Users have access to seamless/hitch-free transactions at the speed of light.
Transactions with fiat currencies are often time-consuming and prone to fail, which would require 3 to 5 working days to resolve at the local bank.
Low Transaction Fee
Sport betting sites charge users a token for using their services; with Bitcoin sports betting, users are charged less on each transaction.
Also, crypto betting is more transparent than the use of fiat currencies, which often contain some hidden charges.
No Geo-Location Restrictions
Gambling is a criminal offense in some parts of the world, which places some restrictions on users from those areas.
Bitcoin betting allows users to bypass such restrictions. Users have access to gambling websites from any part of the world.
Cons of Bitcoin Sport Betting
Slow Transactions
Bitcoin transactions are faster than fiat currency transactions, but they can also be slow in some cases. Some platforms process withdrawals manually, which is part of security measures. However, this can lead to a slow transaction, and users may have to wait several days before their request is completed.
Cryptocurrencies are Volatile
Bitcoin is volatile, and the price can change swiftly at any moment. The change in the value of Bitcoin can lead to a loss or profit. This can make it hard for a user to say what the value of their bet is and consequently complicates effective bankroll management.
The fluctuations can increase the value of a user’s bet, which is a good effect of the fluctuation, but the risk it poses must not be underestimated.
Cryptocurrency Restrictions
The adoption of cryptocurrency is far-reaching, and even with its numerous advantages over fiat currency, countries like Saudi Arabia and China impose restrictions on its use.
These countries banned the use of cryptocurrency for any financial deals, violations of which can lead to a prison sentence or heavy fines.
Also, some betting platforms do not support cryptocurrencies because of the extra resources required to include the features.
Anonymity
The anonymous nature of Bitcoin makes it hard to trace the source of fraudulent and criminal activities. Scammers and fraudsters use this feature to commit crimes and get away with it.
However, users can implement adequate security measures to protect their digital assets further and reduce the risk of falling victim to scammers.