It’s no secret that the cryptocurrency space is on a tear. The price has fallen but remains much higher than it was just two years ago. Bitcoin is not alone either.
Nearly all cryptocurrencies are seeing their value soar in recent months. This is while simultaneously gaining more legitimacy as accepted forms of currency. That includes online crypto betting sites which have been accepting cryptocurrency payments in increasing numbers over the past few years. Also, it stands to gain greatly by doing so.
In this post, we’ll explain the trend toward cryptocurrency betting and why it’s likely to continue its upward trajectory into 2024 and beyond.
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More online betting sites are accepting cryptocurrency
Using cryptocurrency, you can now bet on sports, casino games, and online poker. This makes the process of paying for these things a lot easier. This is because you don’t have to deal with credit card companies or banks. Some websites don’t even accept traditional payment methods anymore.
It’s important to note that not all online betting sites are accepting cryptocurrency payments yet. However, it’s clear that they will soon enough.
Pros of using cryptocurrency at online betting sites
There are many advantages to using crypto for betting. First and foremost, all transactions are anonymous. This is because you don’t need to provide your personal information or credit card details.
You simply have a public address where you can send the funds. Moreover, no one needs to know who it belongs to unless they see it with their own eyes. Alternatively, ask someone else if they know who owns that address.
Additionally, transactions are much faster than traditional methods. This is because no third party is involved in verifying them. Hence, there isn’t anyone slowing things down. This also means that withdrawals happen faster. Moreover, as soon as network confirmations on blockchain technology platforms confirm them.
This includes Ethereum or Waves Platforms, allowing users to withdraw their winnings directly into their wallets. This is without having them held up in limbo. Alternatively, waiting for the casino operator’s approval after winning big bets later on down the line.
Cons of using cryptocurrency at online betting sites
Cryptocurrency has the potential to make your betting experience much more secure and anonymous. However, there are several drawbacks that you should be aware of before using it.
Cryptocurrency is not widely accepted
Not many online betting sites accept cryptocurrency as payment. If you want to use your crypto-earned winnings to pay for something else, you’ll have to convert it back into fiat currency first.
This means that if the value of your crypto tokens goes down after a while, you’ll be able to buy fewer goods with them than if you had just kept them in exchange for fiat money.
Any government does not back cryptocurrency
Governments regulate traditional currencies like USD so that people can trust their value won’t suddenly fluctuate wildly or disappear altogether due to some catastrophic event such as war or natural disaster affecting where the currency was printed or stored
Conclusion
There are numerous pros and cons of using cryptocurrency for online betting. The main advantage is that it allows for more privacy during transactions and provides an extra layer of security when making deposits or withdrawals with offshore betting sites.
