January 27, 2023

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Salient Benefits And Drawbacks Of Placing Bets In Bitcoin

Fiat currency has been the primary and only means of processing transactions for a long time. For example, it was the only currency sportsbooks accepted as a payment method on their platforms. However, this limitation significantly affects the growth of betting sites that operate conventionally.

Moreover, various governmental bodies and financial institutions restricted and controlled the use of fiat in many activities.  The appearance of cryptocurrencies in the betting industry brought good things for bettors and bookies alike. Therefore placing bets in crypto is seen as one of the most lucrative ways of betting.

Also, bookies do not face many of the hassles they get from the betting authorities when operating with crypto. Thus this significantly reduced the traffic on fiat currency betting sites. Furthermore, there is now a great battle between these two platforms to attract more customers and best serve them. However, the pendulum has been swinging toward crypto betting sites for a long time.

Placing bets in Bitcoin is more fun and profitable than in fiat currencies. However, it demands focus from the bettor at all times. Therefore, it is best to know all the benefits and drawbacks of placing bets in Bitcoin. Fortunately, this is the primary purpose of this article.

Benefits of Placing bets with Bitcoin

The choice of currency used when betting could be very beneficial to bettors. Either by the rewards attached to the coin or through its nutritional quality.

● Fast Deposits and Withdrawals

Crypto is a very fast digital currency, and transactions done with cash are instantaneous. Therefore, you don’t need to wait hours for your money to appear on your account when betting with crypto. Besides, betting, especially on sporting events, is very time sensitive, so the speed is vital. Therefore, if you want to make a deposit or withdrawal and your wallet address is on the platform, you can do it quickly. Furthermore, the processing speed is quick irrespective of the amount.

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● Transaction Fees are less

Platforms allowing bets in crypto have lower transaction fees than fiat sportsbooks. These platforms may charge a tiny percentage of your transaction or a fixed amount. Compared to the charges demanded by traditional betting sites, Bitcoin is little.

Hence, the reason why many bettors switch to sites that allow Bitcoin. Moreover, these transaction fees depend on bookies as they vary from site to site. Therefore, some platforms do not demand any payment for processing transactions.

● Anonymous Betting

Another benefit you get from placing bets in Bitcoin is that no one knows who you are. Everything transaction with Bitcoin is anonymous; your name and email address do not appear anywhere. Unlike fiat sportsbook, which works with banks that demand you upload your details. So you continue placing bets in Bitcoin without leaving any trace on your bank statements. Furthermore, this anonymous betting could be very beneficial on offshore sites.

● Additional Bonuses and Rewards

You get additional bonuses when you place bets with the Bitcoin currency. These betting, especially those who work with both fiat currency and Bitcoin, have special rewards for their crypto bettors.

Therefore, if you decide to place bets in Bitcoin, you get an extra percentage on your bonuses than fiat bettors. Furthermore, there are bonuses on these sites that solely target their bettors who bet with Bitcoin. And they are usually high in value, with lesser requirements.

● Higher Transaction limits

Many Bitcoin sportsbooks allow bettors to place large bets and process transactions in high amounts. Thus there is no limit on the part of Bitcoin you can stake on a particular game. However, you do have to place your bets with reason and avoid getting lost in the moment, as it could end badly.

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Drawbacks of Placing Bets on Bitcoin

  •  Restricted in some countries

Some countries restrict citizens from buying or trading Bitcoin or another cryptocurrency. At the same time, some are opposed to online gambling of any form. So if you visit any of these countries, you won’t be able to access your account. However, using it in betting sites is legal if your country allows Bitcoin trading and payments. However, all that is needed from you is to adhere to their rules and regulations.

  • Dangers from fake Betting Platforms

The crypto betting market is filled with dangerous sites that could spell harm to newbie bettors. These fake betting sites are in it to scam ignorant bettors and make way with their money. Hence, you must ensure it is not a scam site before placing bets in Bitcoin.

  • No One can track its Transactions.

Once you complete a transaction, no one can track it when betting with Bitcoin. Even financial sectors can’t follow or reverse these transactions. So if you put in the wrong wallet address when withdrawing your profits, there is nothing the crypto site can do to help you. Therefore, avoid doing transactions on a whim and cross-check addresses before requesting payments.

Steps Involved When Placing Bets In Bitcoin

There are a few steps involved to begin placing bets in Bitcoin.

1. Set up a Bitcoin wallet

There are several Bitcoin wallet apps or platforms you can register with to store your Bitcoin. The essence of a crypto wallet is for you to keep your Bitcoin.

2. Establish a Bitcoin exchange account

A crypto exchange account is where you can trade your crypto for fiat currency. There are thousands of other cryptocurrencies which you can also get. The decision to use an exchange account depends on the bettor, as the person-to-person trading option is also present.

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3. Fund your crypto wallet

Fund your crypto wallet with the desired amount you want to bet on the platform from any of your chosen exchange options.

4. Deposit into your crypto betting account

If you want to enjoy placing bets in crypto, the final step is to deposit the currency into your bet account. Then, click on deposits from your profile and copy the site’s wallet address. Then, you can send the crypto to the site’s wallet address from your crypto wallet. After a few seconds, the amount reflects on your account, and you can begin placing bets in crypto.