Cryptocurrencies have become very popular in the last few years and many businesses around the world are taking the full benefit of cryptocurrencies and the gambling industry is no exception. In this guide, we will tell you what are the benefits and disadvantages of Bitcoin Sportsbooks. Let’s get into it.
Advantages of using Bitcoin for Betting
Following are some of the advantages of using Bitcoin for Betting.
- The best thing about the Bitcoin and other cryptocurrencies is that there are almost zero fees on their conversion and you can convert your traditional currency into cryptocurrency. The same is the case when you convert your cryptocurrency into traditional currency.
- The transactions on the Bitcoin network is much faster than transactions using traditional currencies. Transactions on blockchain only take few minutes to approve where transactions on traditional banking networks take up to 3-5 business days to complete the transactions.
- Using Bitcoin for Betting not only make it faster but also much safer. You can have instant withdrawal with your BTC and move it to your crypto wallet.
- Another great thing about the cryptocurrencies is that they are not regulated by any central authority which means there is no restriction on using it. It is also anonymous which mean you can do the transactions without any need to provide any personal information. The activity on the blockchain network can be tracked but there is no way to associate with the owner except tracking the IP Address for which you can use the VPN to hide your IP Address.
- The biggest disadvantage of using Bitcoin or any other cryptocurrency for Betting is that cryptocurrencies are highly volatile in nature and this may affect you in a positive or negative way depending on the circumstances. There is a possibility that the value of certain cryptocurrency may rise during the investment period and you can get up to 20% or 30% profit. Similarly crash in price could also lose your profits.
Disadvantages of using Bitcoin for Betting
- The biggest disadvantage of using Bitcoin or any other cryptocurrency for Betting is that cryptocurrencies are highly volatile in nature and this may affect you in a positive or negative way depending on the circumstances. There is a possibility that the value of certain cryptocurrency may rise during the investment period and you can get up to 20% or 30% profit. Similarly crash in price could also lose your profits
The Gambling industry is embracing the cryptocurrencies because they are not regulated by any central authority and there are also no taxes on transactions using the cryptocurrencies. Betting with Bitcoin may seem risky but bitcoin is the most valuable cryptocurrency in the world and its value has grown exponentially in the last few years.
The BetBit is a Bitcoin Casino and Sportsbook platform which allows you to bet on all major sports leagues including Soccer, Football, E-Sports, Tennis, Golf and Basketball leagues. The platform also offers multiple incentives on betting with Bitcoin including First Deposit Bonus where you can get 50% first deposit bonus on up to 1 Bitcoin. You also get re-deposit of 25% up to 1 bitcoin on 2nd thought 5th deposit.
The BetBit also offer 15% Monthly CashBack on all month long deposits. The Platform allows you to deposit using all major cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, Monero, Litecoin and more. You can learn more about the BetBit by visiting their official website https://www.betbit.com/.