The number of people who use cryptocurrencies all across the world is growing at an incredibly fast rate. Thanks to the growth of internet usage, the development of new digital technologies and of course the extension of uses and applications of crypto currencies, people are now more familiar and more acquainted with what was totally unknown to them two decades ago.
Cryptos are now used for a number of purposes ranging from trading and investments to making online purchases of goods and services. But one of the most frequent uses of digital assets is gambling and sports betting. By now the popularity of using cryptos for sports betting is actually surging, explaining the impressive growth of this specific segment and the increase in the number of crypto bookmakers operating in the global market.
It’s more than certain that you have come across crypto betting sites or crypto gambling platforms, if you are somebody who likes to wagers on both traditional sports and more modern eSports. And if you have hesitated in doing so or have had second thoughts about adopting cryptos for your betting needs, then we have the absolute analysis of the basic rewards and risks, so that you can more effectively make your choice.
The rewards of using cryptos for sports betting
Betting with cryptos like Litecoin, Bitcoin, Ethereum or any other digital asset simply means that your transactions and payments are not done in fiat currencies. This, however, has implications on a number of issues, which present significant benefits to the users. Let’s see them.
Private and anonymous transactions
To bet with cryptos you only need to have a crypto wallet. No need to register with your personal data, no need to provide personal information and no need to have any third party institution – such as the bank – know what you deposit, what you withdraw or any other transaction for that matter. It’s only you and your cryptos!
Betting online is feared by many punters simply because they believe the online environment to be a less safe and secure place to make transactions. But with cryptocurrencies this is hardly the case. The entire cryptocurrency ecosystem is based on blockchain technology and the transactions made are totally transparent and at the same totally immutable. So, both safety and security are optimized. Generally you are running much lower risks of being stolen when you transact with cryptos compared to fiat currencies.
Transcended borders: global access
If you decide to bet with cryptos then you get to have access to all crypto bookmakers and crypto betting sites, regardless of their location or your location. When you are betting with digital assets, the only thing that you need to have is a crypto wallet. The place you live in or the place you are at the moment does not matter at all. Cryptos give you a global access to sports betting services, since they essentially transcend borders. Geographical restrictions and regulations simply don’t apply here!
These three are the basic rewards of betting with cryptos, but don’t be mistaken, there’s more to it. Crypto transactions are really fast – in many cases overshadowing the speed of transactions of fiat currencies between betting sites and banking institutions. They are in most cases cheaper to handle, whereas all too frequently money transactions have considerable fees charged by the sportsbooks. And also, they usually come with no betting limits, since bookmakers don’t generally put boundaries on the bets when these are made with cryptos.
The risks of using cryptos for sports betting
Although the rewards of using cryptos for sports betting prevail, there are some risks that ought to be acknowledged and factored in before you make your decision.
Betting with cryptos implies that you own cryptos and owning cryptos means that you are subject to the volatility of these digital assets. The volatility of cryptos is actually considered to be the number one disadvantage when we evaluate them and this can put the value of your possessions at risk or even can make your winnings from betting fluctuate constantly.
Scam and fraud risks
Cryptocurrencies remain a largely unregulated market in many parts of the world and this might expose you to risks of scam or fraud. While there are several efforts being made to prevent crypto owners from such scams, there still remains a risk for anyone who owns and transacts with digital assets.