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As you may have noticed there are quite a number of establishments nowadays that will let you place bets using cryptocurrencies. Some are reputable bookmakers that have started to support cryptocurrency payments, while others are exclusively crypto sports betting sites and online casinos that are built using blockchain technology.
Does placing bets using cryptocurrencies sound attractive? If you want you can head over to SmartBettingGuide.com to find out more. However the most important thing that you need to understand is that there are both pros and cons involved when you bet with cryptocurrencies.
Pros of Betting with Cryptocurrency
Cryptocurrencies and gambling are a good fit for a number of reasons. The main benefits that you gain by using them are:
Fees are low or non-existent
Unlike banks and most other deposit options, there are no fees when you transfer cryptocurrencies. As such most online casinos or bookmakers will not charge any fees either – or at very most may charge a low processing fee.
Transactions are fast
Compared to other payment options, cryptocurrency transactions are fast. They do not need to go through any third-party and it is simply a case of transferring the sum between two parties.
In most cases the transactions should take just a couple of minutes, unless the casino or bookmaker has their own review process that slow it down.
As private as possible
Cryptocurrencies have the potential to be extremely private, and aside from your wallet address there is really no need for any other personal information. That being said many casinos and bookmakers (especially more reputable ones) may gather such details to comply with regulations in their jurisdiction.
Aside from these benefits, cryptocurrency-exclusive casinos and bookmakers may be able to provide others as well. For example their odds and payouts may be better, and they may be able to provide more transparency.
Cons of Betting with Cryptocurrency
As much as betting with cryptocurrencies has many benefits, there are several drawbacks too. It is important that you are aware of them, so that you know what you’re getting into:
Transactions are irreversible
When you transfer funds to or from a cryptocurrency, it cannot be reversed unlike bank transfers or credit card payments. If you happen to accidentally use the wrong wallet code in the transfer, you may end up losing quite a bit of money. The good news is that this is easy enough to avoid – as long as you’re careful and make sure that you don’t make any mistakes.
Cryptocurrencies are volatile
Fiat currencies are a lot more stable than cryptocurrencies – which can fluctuate wildly at times. That can affect the profits or losses that you make in ways that you cannot predict.
For example if you happen to win big but the value of cryptocurrencies take a dive, you may end up with less than you started with when you convert it back to a fiat currency.
There are lots of scam sites out there
Due to the popularity of cryptocurrencies and the versatility it provides, many new ‘scam’ online casinos and bookmakers have started to crop up. In general it is best if you play it safe and stick to websites that are more established and have a good track record.
Now that you know both the benefits and the drawbacks of betting with cryptocurrencies, it is up to you whether or not you want to pursue it further. All in all it is definitely an attractive option, but you need to make sure that you avoid the risks that are involved if you do choose to try it out.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.