Betting With Cryptocurrency: How does It Compare to Regular Betting?
Online gambling is a huge sector now that sees many millions of people log on to bet via the internet. The global revenue from this sector is over $40bn each year, which gives an idea of how popular it is. An example of a popular online casino would be BK8, a South Asian online casino that has recently managed to sign top football player, Robin Van Persie, as the BK8 Ambassador.
With the range of games, sheer convenience and fun that online play offers, it is easy to see why so many get involved. When you add in the bonus codes NJ online casinos offer and other promotions like this across America, it gets even more understandable.
As with any tech-based sector though, online gambling is always advancing. This has seen crypto betting become popular with players in recent years. This kind of betting involves using digital cryptocurrencies to bet with, rather than standard currency. Betting with cryptocurrency has really come on lately as more players get used to using currencies such as bitcoin in their normal life and more online casinos allow them to play with it.
But what are the advantages and disadvantages of crypto betting compared to regular betting? Let’s look at the advantages first.
Security and privacy
Perhaps the biggest advantage for many will be the increased level of security and privacy that crypto betting delivers. When you use a cryptocurrency wallet to gamble with at online casinos, only the wallet address is connected to your online profile. This means that no personal banking details are required and none are stored by the casino site. Betting with digital currency is also more secure as the transaction details cannot be tampered with and there is no paper trail of transactions to your bank account for hackers to discover.
Another big plus for this kind of betting is the lack of fees. When it comes to making transactions with bitcoin or other cryptocurrencies, no fees will usually be charged. This is in direct contrast to something like a credit card, where there usually would be. Naturally, this is a big advantage as it means that you keep all of your money and make more from gambling online in the long term.
Fast processing speeds
With crypto-based betting, the deposit and withdrawal times are reduced greatly. They may even be instant in many cases, though sometimes it can be more like 10 minutes. The secret here lies in the decentralized nature of digital currencies. This means that there are no banks in the middle of any transaction slowing it all down! Compared to a bank transfer withdrawal, which can take up to 10 days, betting with crypto is much faster.
Cooler promotions on offer
If you play at an online casino with standard currency, you may get a Welcome Bonus when you sign up. Many will match your first deposit 100%, which means that if you put in $10, the casino adds another $10 for free to play with. If you use a casino that accepts cryptocurrency though, then these rewards can be much better. Let’s say that your casino gives you a bonus of three bitcoins for signing up with them. With one bitcoin being worth thousands of dollars, this is actually a much better bonus to take advantage of.
As you can see, crypto betting does have a number of very interesting advantages. But what about the drawbacks?
Not an option at many online casinos
Perhaps the biggest drawback with crypto betting is that your online casino may not accept it. Indeed, you may struggle to find any well-known ones that do. This means that you either have to trust a new online casino that you do not know or give up on crypto betting altogether. The hope for many in this sector though is that more casinos will begin to accept it and also that more crypto-based casinos will begin to become better known.
Most cryptocurrencies such as bitcoin are volatile in terms of their market price. This can be great when it leaps up huge amounts in a few hours but not so great when the reverse happens. In terms of gambling online, the potential drawback here is that the price of the currency you are using takes a big dive and therefore the coins you have are worth much less when you exchange them.
Crypto betting looks set to soar
Since around 2012, gambling online with digital currencies such as bitcoin has really taken off. This has seen new bitcoin casinos spring up and also new players who are keen to use it. Even some regular casinos now will allow players to fund their account with it. For these reasons, the future of cryptocurrency in online casinos looks bright. If you are thinking of gambling in this way, then hopefully the above information has shed more light on this exciting market.
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