Popular cryptocurrencies can now be used to send funds between betting sites and punters. The advent of cryptocurrency for conventional monetary transactions has drastically altered the sports betting landscape. Such sites and platforms that use these currencies are collectively known as crypto-betting sites.
Bettors who have access to Bitcoin or other cryptocurrencies can use them to fund their bets and enjoy their favorite games. While there are a lot of write-ups about the benefits of using BTC betting sites, we’ll be considering the downsides of using them. This is so that you can better understand what to expect when using these sites.
5 Major Disadvantages of BTC Betting Sites
It’s important to understand that the disadvantages of using BTC betting sites aren’t significant enough to overshadow the benefits. Still, it is worth knowing the problems you may encounter when wagering with BTC. Some of the problems crypto users may have when making sports wagers include the following:
- Fluctuation of Value
BTC’s value can swing wildly in either direction in a matter of minutes due to the extreme volatility of the crypto market. In an unstable market, you may obtain fewer BTC and spend more than you intended.
It’s also conceivable for Bitcoin’s value to rise. However, its volatility has been flagged as a drawback because it’s so difficult to predict. A sudden change in value can be caused by a number of factors, and you may not have much time to react.
- Slow Transactions
This may appear at odds with claims that crypto transactions are far faster than conventional payment methods. Nonetheless, this isn’t always the case. In comparison to other payment methods, such as e-wallets or credit/debit cards, crypto transactions can take a little longer.
This is an issue mostly when making deposits because certain exchanges and wallets prefer to handle BTC withdrawals by hand. This is typically done for security reasons, but it can cause you to wait several days for your Bitcoin withdrawal to reflect on your account.
It’s no secret that punters appreciate fast payments and withdrawals, and it’s unpleasant when either takes more time. While this isn’t likely to happen frequently, it’s important to know that crypto transactions may occasionally take longer than a typical withdrawal.
- Digital Currency Issues
The benefits of the Internet are abundant. Nonetheless, it may fail in a heartbeat, which means it can crash. Due to Bitcoin’s digital nature, it could experience a collapse of its own.
In reality, there have been multiple predictions that Bitcoin would fail. You only need to examine the dramatic decreases in price that occurred at various points throughout its history to grasp this.
For this and other reasons, keeping Bitcoins in an offline wallet is the best option. However, this isn’t an option when depositing money into an online gaming account.
So, let’s say you’ve made a deposit and played several hands in a game. You’re getting much better at maintaining equilibrium.
Then what happens if the crypto betting site folds or if the Bitcoin network fails? Is there a way to get back any digital money you accidentally lost? Since it’s not an actual item, this currency is considered virtual.
Bitcoin’s blockchain could fail for a variety of reasons, potentially rendering the currency worthless. This is a major strike against crypto, so keep that in mind if you consider buying some.
- Extra Fees for Currency Conversion
It’s true that making a deposit with crypto and using it to bet are two separate activities. This is because certain exchanges permit both crypto deposits and withdrawals while others do not.
When you make crypto deposits and do not wager with them, the cryptocurrency will be transformed into fiat money. However, you’ll be subject to conversion costs if you buy Bitcoin through an exchange before making a deposit at a crypto betting site. Also, if you want to turn your Bitcoin back into conventional currency, you should expect to pay some charges.
An additional cost is associated with using the crypto option. Nevertheless, the amount will vary depending on the conversion service you choose or the betting sites you play at.
- Unlicensed crypto Betting Sites
Someone will always be waiting to take advantage of a situation where a scam could be perpetrated. As a result, there are many websites accessible online that aren’t licensed and, consequently, operate illegally. Since Bitcoin transactions are private, online casinos that accept cryptocurrency as a deposit method can do business in the same way. Your Bitcoin currency is in jeopardy if you deposit at unlicensed betting sites.
People may also be scammed on platforms that use traditional currencies, so Bitcoin fraud isn’t special. You should avoid falling for fake BTC betting sites by finding a reputable one. Instead of signing up for the first crypto betting site you see, be sure it has a solid reputation in the industry.
Why Bet With Bitcoin?
There are lots of reasons to bet with crypto. However, the two major advantages are that BTC offers anonymous and private transactions. While no financial method is entirely foolproof, crypto-based sports betting offers a reasonable amount of protection. Thanks to the higher level of encryption used in BTC’s creation, it’s the most secure cryptocurrency currently in circulation.
In contrast to fiat currency, cryptocurrency can’t be tracked, giving the bettor anonymity and security. Bets can be placed on these BTC betting sites with complete anonymity and obscurity.
The pros and cons of betting with crypto are similar to betting with fiat currency. Therefore, it must be up to the individual player to decide whether or not they choose to use cryptocurrency. You can make a well-informed choice by knowing the benefits and drawbacks of using BTC to bet on sports events.