With the emergence and the advancement of blockchain technology, online betting and gambling have become very common. So it is not a huge surprise that cryptocurrency is being used in sports betting. There is hundred percent transparency because of the use of blockchain technology.
It is a known fact that high-level secrecy is maintained in the betting industry. The blockchain technology has made the online payment transactions completely untraceable. This makes both the deposits and withdrawals as cryptocurrency safer than ever. There are a few sites like bitcoin-conference.eu that provide a great service in online gambling. The crypto wallet owners have two stage authentications which give them complete command over their account and transactions.
Having a clear understanding
In the current odds, sportsbooks experience fluctuations in the exchange rates. But unless or until there is a massive difference it can be neglected. In reality, there are good possibilities that the value of BTC might rise or fall when your bet is in the hands of the sportsbook. It is important that you should not let this come in your way when you measure the odds. The value of BTC has nothing to do with Fiat.
The Pros and Cons
The use of cryptocurrency and betting with them has always been subjected to a lot of criticism and debate.
Highly secure with 2FA security blockchain anonymity
2FA is actually a two-step verification process. This procedure is more like adding an extra layer of protection to an online account. Example of single factor verification is signing into an email account. It just requires a login identification and password. The U2F was designed by Google and Yubico to secure data from the hackers.
Betting can be done universally with the use of multiple digital currencies
There are many countries in the world that are against betting. The penetration of bookies has corrupted the traditional sports betting. With the use of cryptocurrency and blockchain technology, it is absolutely impossible to interfere in the betting process. Especially in countries like the US where betting is legal, the cryptocurrency has made things much easier for sports bettors. It has also provided them with the opportunity to use any type of accepted cryptocurrency.
The instant withdrawals and deposits are one of the main reasons to opt for an online sportsbook site. This is not the case with traditional bookies. They would demand a withdrawal fee along with their commission to get our hands on the money that we won.
All websites are not easy to track
One of the biggest disadvantages when it comes to online betting is the site navigation. The only way to be safe is to thoroughly inspect every aspect of the site which is absolutely impossible without registering in the site.
The volatility of the cryptocurrency
There is a lot of fluctuation in the value of the cryptocurrency, except for the Bitcoin which is a stand-alone cryptocurrency. The difference in the value might go up or down by hundred dollars. Hence it is mandatory for the players on cryptocurrency sportsbook to closely watch where they place their winning. One of the easiest solutions is to use the cryptocurrencies that are stable when compared to others.
There are no refunds
One of the important things everyone should know before using cryptocurrency is that there is no refund. So before betting take enough time and do enough research.