Pros and cons of Crypto gambling, is it worth it?

February 2, 2021 6 min

Hand holding crypto coins

You get to see cryptocurrencies more frequently as depositing and withdrawing methods on online betting sites. You may be wondering if these digital currencies are worth using or not. If you are unfamiliar with them, you may think that they are not fast when processing payments or that they must charge high additional fees when making transactions.

Those are some of the doubts that come across the minds of most players when they see these innovative currency systems on their preferred online casinos and sportsbooks.

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Here are the pros and cons of using cryptocurrencies on betting sites, so you have a clear idea of what they can offer you as a banking platform:

Pros

Transparency

You may feel insecure when providing your personal information on a betting site. Despite the fact that you are investing your real money to multiply it and then withdraw it, you still do not feel safe enough knowing that the betting site’s staff is able to know something about you. This is something that does not happen when you set up a cryptocurrency as your banking platform on a betting site.

This is because cryptocurrencies allow you to make transfers anonymously. There is no need to provide your name, address or any other personal data to the person and/or business you are transferring to. The fact that you can go anonymous does not mean that cryptocurrencies are unreliable. Cryptocurrencies are completely secure from beginning to end. You have nothing to worry about because all of the transactions made with cryptocurrencies are stored on the blockchain, a space where every single user is able to see the transfers that have been made, allowing you to have proof in case the person you were transferring to decide to lie and say that you never made the transaction.

Instant transactions and 24-hour accessibility

It is certain that as a player, you must have gone through those stressful moments where you bet on a game or sports event and win some money, but you have to wait for more than 2 days to see those hard-fought earnings on your account balance. You feel frustrated, annoyed, and helpless among other horrible emotions. With cryptocurrencies, that does not happen.

The transactions made with cryptocurrencies are processed within seconds. You do not have to wait for long to see your earnings on your wallet at any time. You just request the deposit or withdrawal and the processing time is practically none. No more waiting anxiously for the money to be available on your account. With cryptocurrencies you have the money instantly.

Decentralization

Cryptocurrencies are digital currency systems that are not following the parameters or orders from governments or any private organization. They are all led by an open ledger called the blockchain. This means that the cryptocurrencies are never going to lose value over time because of certain economic phenomena like inflation, allowing you to save up your funds on the wallets for as long as you want. They work better than savings accounts for sure. Cryptocurrencies are the closest platforms to a free economic system where the users are the only ones that matter.

Cons

They may be difficult to comprehend for some players

After all the years that banking platforms have existed, it is clear that most people are used to the different methods and parameters that have to be followed when making transfers, so it is really difficult to adjust to a whole new system where everything is managed differently.

This may be the biggest barrier that the players have to face when thinking of using cryptocurrencies as their methods for depositing and withdrawing on the betting sites. Adjusting to new trends and changes is always difficult and when there is money at stake, most people are not willing to take their chances that easily. The players that are still struggling to understand technology would definitely have the hardest time transitioning to these new digital currencies.

Lack of opportunities to exchange them

Even though cryptocurrencies are turning into the hottest trend economically speaking, there are still plenty of stores, companies and other businesses that have not taken the step of immersing into the whole new world of cryptocurrencies. This may be one of the biggest downsides for the players since some of them are hoping to multiply their earnings so that they can purchase some particular items on a specific store or place, and it is possible that they do not accept cryptocurrencies just yet.

Even though there are several sites and organizations that offer the opportunity to exchange your cryptocurrency balance for other currencies, some players are not willing to take the risks for various reasons, including the lack of trust on the exchanger or additional charges that they may perceive as unfair. Cryptocurrencies are growing in society for sure, but the whole world has not adjusted to them just yet. It may take some more years to see these innovative digital currencies take over the world.

Those were some of the advantages and disadvantages you may face when deciding to use a cryptocurrency as your banking platform on a betting site. Every player is unique and has his own opinion on the subject, so it is unclear to state if cryptocurrencies are the right choice for you or not. In any case, it is certain that cryptocurrencies are going to be seen more frequently on the betting sites as time passes by.

These digital currencies are becoming the most used platforms for investing nowadays, so it is never wrong to take some time to study these interesting currencies and discover all the different uses you can give them to increase your earnings on the betting sites you are part of. In case you decide to take the step into the future and start using cryptocurrencies, some of the most popular ones up to this day are:

  • Bitcoin
  • Litecoin
  • Ripple
  • Ethereum
  • Bitcoin Cash
  • TRON
  • Dash
  • Monero
  • NEM
  • Zcash
  • Dogecoin
  • NEO
  • IOTA

 

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