The launch of bitcoin in 2009 changed everything we knew back then about currencies as well as the overall financial system. Crypto currencies presented us with a totally new financial world, one that resides in the digital context and has nothing to do with the traditional system, being vastly different in many ways. Since then, cryptos have grown so big that we are now talking about these digital assets in our everyday lives, we get to use them for our transactions, we make investments, we buy things, we store them, exchange them or even bet with them.
This last one – betting with cryptos – has in fact gotten much attention from crypto users lately, as online casinos and gambling platforms all across the web have been heavily promoting it, trying to attract their customers’ interest. And all over the world, online gambling establishments are continuously working on incorporating crypto currencies into their operations and become ideal ‘places’ to gamble with cryptos, such as the best bitcoin casino sites in Germany.
To help you make your decision on whether to use cryptos in sports betting, we have prepared a simple and comprehensive review of the main pros and cons.
The pros of using cryptos for sports betting
One of the main benefits in using cryptos for sports betting comes from the speed of transactions and the fact that you are able to quickly deposit, withdraw money, make payments and complete transfers. The speed is impressive, since we are talking about things being done instantly (well in some cases it takes some minutes) and this is often a critical factor that may affect your betting decisions and in the end your chances of winning.
A second equally important advantage of cryptos in sports betting concerns the confidentiality, which comes from the anonymity linked to crypto usage. As crypto users you are not required to associate your personal information or private data with the digital assets. So, when you are making bets using cryptos for transactions you are actually able to remain anonymous and maintain your privacy – something that is literally impossible with the usual methods of payments such as cards, online wallets or bank transfers. No one gets to have your data, no one gets to know if, where and what you bet and no one gets to know whether and how much you lose or win.
One other strong advantage of using cryptos in sports betting is the cost. It costs much less to make payments and transactions in cryptos than in typical, traditional government-issued currencies. Cryptos are decentralized and they are not governed by any institution, they are not charged (in most cases) with excessive fees and thus they are cheaper for you to handle. And since we are talking about the cost benefit, consider also that crypto gambling winnings are often taxed differently and more favorably – which also gives an additional plus to the users.
The cons of using cryptos for sports betting
In order to be able to make a good decision, one needs to acknowledge and understand the disadvantages or limitations that are associated with using cryptos in betting.
One critical disadvantage comes from the risk of cryptos’ high volatility. You have probably heard that cryptos are highly volatile and this is a very important limitation when you use cryptos for investments or for betting. Your winnings withdrawn for example can change value so quickly that you might not even be able to track it down.
And then there is also the risk of falling into scams particularly if bettors are crypto newbies or if crypto users are betting newbies! The combination of cryptos with betting is explosive in both good and bad ways. Just think that there can be several crypto casinos and crypto betting sites that are scams, especially as in many cases there are no requirements for licensing, and they will only try to lure users into putting their money. Lack of experience and lack of knowledge either over cryptos or over betting can make users more vulnerable to the risks of scams. For this alone, it is imperative that all people who want to bet using cryptos, find only trusted and reputed sports betting platforms.