Bitcoin and the invasion of crypto in almost every area of our lives and industries are becoming unbelievable. Except for the internet, there has never been any technology growing as rampant globally as the cryptocurrency technology is going. The online betting and generally, the gambling industry is, however, getting its own fair share of the stake.
In a million ways, it’s way more seamless to gamble with crypto coins considering the great features of security, fast processing, and openness that the Blockchain technology as its backbone has given it. Betting with cryptocurrency ensures that the data of the players is made secure in a decentralized platform and as such cannot be leaked in any way and at any time.
The reason why much of the online sports bettors migrated to the internet for their activity is to enjoy the anonymity that comes with playing online. No one gets to know you won or lost $500k the last night. The introduction of cryptocurrency further seals the user’s anonymity.
A crypto-infused online gambling platform also ensures that the contracts between the sides of the players and the online gambling company is binding through the use of smart contracts. Smart contracts are digitally binding legal agreement which enforces a contract between parties. Payouts are made almost instantaneously without having to speak to customer care.
As a current bitcoin and cryptocurrency holder, it means that you are familiar with the basics of crypto currency trading. Figuring out what the best options for your gambling activities are becomes even easier. For non-crypto gamblers who want to take advantage of the crypto wealth, it is advisable to learn the basics of cryptocurrency and understand what it really entails. It is also notable for new users to gauge their appetite for risk before joining the crypto gambling network. Here are a few advantages and disadvantages of making use of cryptocurrency in online gambling.
Advantages of playing at an Online betting sites that accepts Bitcoin payments
- Users’ personal data and transaction history are all safe and secured with the help of blockchain technology.
- Gamblers have access to the “provably fair” gambling technology.
- Deposits and payouts are made easy and streamlined to the preference of the users. Users can deposit in Bitcoin and withdraw in Litecoin.
Disadvantages
- The instability of the value possessed by Bitcoin, Ripple, Ethereum or any other cryptocurrencies makes it risky for players to keep earnings in cryptocurrency.
- Players might not have all the gambling games available on the online platform or infuse with cryptocurrency.
- The unclear propositions that the government might impose on crypto activities since it is decentralized.
- Provably fair gambling is a nouveau method of gambling that rose with the invention of cryptocurrency. The primary function is to create a fair playing ground for gamblers by using high-end algorithms and hash functions to analyze gambling games as they are played and stores them securely to ensure no one can alternate any of the chains of gambling activities.
Our Verdict: Play only in most trusted online sportsbooks and casinos
While it is seamless and secure to gamble online, it will be futile to make your cryptocurrency gaming transactions on a fake website. Website squatting is one of the most effective tools internet scammers use to harvest user data and possible dwindle a few tokens off them. This shouldn’t, however, deter you from gambling, as everything is a risk. Simply make sure you do your due diligence before laying yourself bare on any platform. Check out our recommended list of top online casinos and sportsbooks.
