The world of cryptocurrencies is continually expanding at a rate many people are struggling to keep up with. Due to the Bitcoin boom, the popularity of cryptocurrencies is continuing to grow, and with implementation into new areas, it’s highly likely that Bitcoin and other tokens are going to make an impact in numerous new areas. With more bettors opting to play at a Bitcoin casino in order to enjoy their favourite casino games and even place bets on their favourite sporting events, more individuals are turning to the benefits of the cryptocurrency in order to see if making the switch is worth their while. Here, we’re taking a closer look at why you should consider cryptocurrencies when it comes to placing bets on your favourite sporting events, to help you to decide whether or not you want to make the switch.
A key benefit to betting on sports events with cryptocurrencies is the privacy that you can enjoy. Due to the pseudonymity of the blockchain network behind cryptocurrencies, players do not have to upload any form of personal document or ID in order to open an account and begin depositing funds. While with fiat online casinos this is designed to protect the user from identity fraud in the event that somebody can login to the account when they are not supposed to, personal documents being stored on an online casino can be somewhat worrying for many players.
With a cryptocurrency casino or sportsbook however, you only need to create a username and a password in order to start depositing. Even if someone was able to hack into this account, they will only be able to access any funds which are left contained on the site and would be unable to access the Bitcoin wallet which the funds are going to. With an online casino however, even those with high end encryption technology are at risk of a personal data breach (including card details, address, age, and name) should a hacker be able to access the site’s accounts.
Cryptocurrencies offer a whole new world for sports betting, with the majority of deposits and withdrawals being almost instant. This is something that many fiat online casinos actually struggle with, with a long-winded approval process (many of which do not operate over the weekends which is when the majority of major sporting events, in particular football, take place) slowing down the entire process. This can leave bettors waiting a number of days, if not longer, for their funds to reach their accounts. When placing bets with cryptocurrencies on the other hand, bettors can deposit the amount they would like to wager to their account instantly and withdraw from the account quickly too.
Minimal Fees On Withdrawals
Another downside to regular fiat online casinos is the charges they need to impose on credit and debit card transactions, and even on eWallet transactions. When it comes to cryptocurrencies however, there are minimal fees, meaning players are not charged for any of the winnings that they are lucky enough to obtain. These minimal fees are a major benefit to cryptocurrency casinos and sportsbooks and is one of the reasons why many bettors are quickly making the switch to this innovative new technology.