The online betting scene has profited a lot from the emergence of new technologies, and the Bitcoin casinos made their mark. But more than that, crypto-focused betting platforms took a step ahead of the traditional platforms, as you’ll see on https://cryptobetting.org/.
Also, rumors say these sites allow players to win more, lose less, and gain all sorts of advantages and bonuses.
However, these rumors are the perfect indicators to show that not everyone knows what Bitcoin websites are all about. They don’t know that along with these sites’ various advantages, they also come with disadvantages. This article will walk you through all the good and bad that come with crypto betting platforms.
Advantages of Bitcoin Websites
We can say that Bitcoin websites are good for a couple of reasons.
Below, you’ll find some of the benefits of using these platforms, but you’ll also find some of the advantages that have been exaggerated over time.
Independence from Financial Institutions
Long-time online bettors already know how the betting landscape was when banks were the only option to move money around. For these people to play at traditional betting casinos, they had to transfer money from their bank accounts to their accounts. This means that their banks were always aware of their client’s financial habits, reducing privacy.
Of course, as traditional financial institutions are rather picky and control-obsessed with what their clients use the money for, online gambling would often result in frozen credit cards and disapproved loan and mortgage applications.
Crypto betting websites, however, offer alternatives to banks and traditional financial institutions. This means you can avoid the bank banks when you decide to wager on your favorite platforms, taking away their control.
So, you can enjoy a good betting session and go on to apply for a loan the next day. Your mortgage and loan applications would be approved without prejudice, as the banks would never know what you were up to.
In most cases, you’ll need to provide lots of personal information whenever you register on conventional online betting platforms. This means that the websites knew who you were; they knew your name and other personal details. As the Know Your Customer (KYC) process became mandatory, the government and other related institutions are now aware of your financial habits.
Yet, certain Bitcoin betting platforms are a breath of fresh air in this area, as they offer anonymous betting. Even though not all of them do so, some crypto-betting sites only require an email and password. You can register on the platform with just these two details and begin playing your favorite games. Furthermore, some even go so far as to allow you to bet directly from your MetaMask, without needing a formal account.
The payment method on these betting platforms just requires a public key. So, your identity is protected once again.
Deposits at both crypto and traditional platforms have always been relatively fast, with transaction confirmation only taking seconds. Withdrawals, however, are where they differ.
Withdrawals from conventional betting platforms can take from a day to a whole week to get confirmed. Most of the time, this is because of all the checks the financial institution has to do on the transaction. Remember that the transfer often involves an international transaction, and it would go through a sea of escrows and intermediaries before it gets to your account.
As for cryptocurrency betting sites’ withdrawals, they can be just as fast as their deposits. The transaction goes on the blockchain, so the process can take a few seconds, minutes, or hours, depending on network activity.
Bitcoin Casinos Are Decentralised
BTC betting platforms use blockchain technology, a decentralized public ledger, for their transactions. This public ledger is housed in multiple computer nodes rather than one data structure. The decentralized nature of the blockchain makes the need for a central authority pointless.
So, no one controls this system; rather, it’s confirmed and agreed upon by everyone that lends their computers to the system.
And while account-based crypto-gambling websites can still block, ban, and close accounts, the transparency of the funds’ transfer is very high.
Disadvantages of Bitcoin Websites
Bitcoin websites are not as perfect as many people believe. Below are some of these disadvantages, which you have to be aware of if you are going to bet on them.
Cryptocurrency Is Volatile
In 2021, there were times when Bitcoin was worth more than $60,000. Yet, in 2023 BTC began the year around $16,000 and reached around $25,000 by the end of February.
This shows that Bitcoin’s value isn’t steady, just like everything else on the cryptocurrency market.
So, you can never be sure when the price of this digital coin is going to rise or fall even lower. Consequently, this means that your Bitcoins could be worth less on withdrawal than on deposit due to such volatile movements.
Bitcoin Isn’t Accepted Everywhere Yet
Although the cryptocurrency concept has been going strong since 2009, not many countries are prepared to accept it. Even the few countries that have allowed cryptocurrency use do not consider it a legal tender.
Furthermore, there are countries like China where anything crypto-related is considered illegal. As such, visiting a cryptocurrency betting platform will put you on the other side of the law. Even though the acceptance of crypto is growing, it’ll take a long time for them to integrate into society.
Bitcoin Casino Regulations Are Lax
Licensed casinos are online platforms that have a stamp of approval or trust from recognized betting authorities. So, whenever you visit one of them, you can be sure they are the real deal. You can get one of these organizations to mediate when you run into any issues with the platform you are playing at.
Most crypto casinos are unlicensed, so you can’t tell whether you can trust them or not. Although some Bitcoin platforms are licensed, these regulating bodies’ control over them is limited. The most popular cryptocurrency license is the Curacao eGaming license, which is not that reliable either.
Like traditional betting platforms, Bitcoin websites also have their good points and their bad points. While they are seen as a major improvement over conventional online betting, they also have disadvantages to watch out for. So, if you’re going to be betting on such platforms, keep all these points in mind.