The pros and cons of using cryptocurrencies for online betting

Whether we like them or not, cryptocurrencies changed how we pay for some of the things we like. Even though most people purchase digital currencies as an investment, this is prone to change in the future because we will probably have to use things like Bitcoin and Ethereum a lot more often.

If you are one of the few people who want to use cryptocurrencies to purchase different things, you probably know that you can use some of them for online betting. Some of the leading online sportsbooks and casinos want to make their platforms as user-friendly as possible, which is why they decided to allow their clients to fund their accounts using some of the most popular cryptocurrencies in the world.

Although these things have their advantages, there are also many problems that you might run into, so let’s take a look at some of the pros and cons.

Pros

One of the primary reasons why Betwinner accepts cryptocurrencies as a form of payment on its website is because these payment options are considered to be safe to use. As you probably know, neither of the digital currencies requires you to have a bank account. This makes them ideal for purchasing different things online because the seller (in this case the bookie/casino) won’t have access to your banking information. In other words, even if the specific gambling website gets hacked, the people who do this won’t be able to avail themselves of your personal info.

In addition to being safe to use, most cryptocurrency payments are fast. This means that bettors can instantly add money into their accounts and start betting on their favorite sports/casino games.

Cons

One of the main disadvantages of using digital currencies for online betting is the fees. Even though the cryptocurrencies themselves won’t require you to pay any fees, most bookies and casinos have decided to add this condition. That’s why you shouldn’t make a deposit before reading the full T&C.

Another problem that you might run into is the minimum deposit and withdrawal requirement. If you check the other payment alternatives, you will see that the minimum amount you need to add or withdraw to and from your account is usually around $10. 

Unfortunately, most cryptocurrencies (even Bitcoin) will probably have a separate minimum requirement, which could be much higher. That’s why most people who use those types of payment options usually make more substantial transactions.

The last thing that we want to point out is not necessarily a disadvantage, but it’s something that you need to keep in mind. As you probably know, Ethereum, Litecoin, Dogecoin, and so on change their price on a daily basis. This means that if you are lucky, your winnings might increase automatically. Unfortunately, the price fluctuation means that you may also lose a lot of money.

Conclusion

If you are not a fan of cryptocurrencies, you can still bet on sports and play casino games because most bookies/casinos have other payment methods. The most popular ones are e-wallets, but you may be able to pay via a bank transfer, cheque, and more.

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