In the world of online sports betting, poker and casinos, most transactions were performed using payment options like credit card and bank deposits. But the rising popularity of Crypto-currencies in recent years has now made them an acceptable medium of exchange for online slots, poker, and online casino sites. This booming acceptance has resulted in the emergence of the popularly dubbed online Cryptocurrency sports betting websites on the internet today.
How Does Cryptocurrency Gambling and Sports Betting Work
Unlike how most UK slots online betting sites handle their business transactions, gambling sites that accept cryptocurrencies pay and receive deposits in digital currencies. This means that all forms of winnings, loses, account funding and withdrawals are made in any cryptocurrency of the betting client’s choice.
However, using a cryptocurrency to fund your next online gambling adventures, such as online slots or poker has its benefits, as well as some drawbacks. Some of these benefits include:
Super-Fast Betting Transactions
Using a cryptocurrency to play online slots, poker and bet on sports mean your transactions (funding or withdrawals) are done in lesser time. This is because there are fewer transaction processes to complete, at least compared to the usual online transaction channels such as credit cards.
Bigger Online Gambling Website Sign Up Bonuses
Most online betting sites offer fantastic signup bonuses, sometimes up to 200% of your initial deposit. This means that the average sign on or deposit bonus granted by the betting website will be higher, than if the deposit were made in fiat currency. Bettors have a greater chance of winning more money while risking less of their own money, at least at the beginning.
A Higher Level of Privacy and Global Access to More Betting Opportunities
If you don’t want other people to know your gambling exploits, extreme privacy is one the biggest benefits of transacting with a cryptocurrency. A lot of cryptocurrency betting sites do not need your personal details or financial information to open an account. In other words, you can fund your account and carry out your betting transactions from anywhere, without risking their identity.
No Bank Charges And Lower Gambling Taxes
Placing bets with cryptocurrencies on sites that allow them incurs far lower transaction fees and most times, no taxes. This is mostly due to the elimination of banking transaction fees or charges by the usual online payment processes.
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Greater Betting Transaction Security
Executing your gambling transactions using crypto-currencies means your funds are more secured, unlike other traditional online payment processors. Your cryptocurrency funds can be accessed if and only if you disclose your cryptocurrency wallet pin to another person.
With the numerous benefits in using cryptocurrencies to fund your online gambling adventures, some imminent disadvantages exist.
- The volatility of cryptocurrency prices worldwide may lead to a sudden drop in the value of such digital currencies.
- Its untraceable nature may encourage criminal activities such as money laundering.
- Some cryptocurrency betting sites may use that as an opportunity to scam their clients.
In spite of all the above caveats, there is no doubt that demand for betting online with cryptocurrencies will continue to grow globally. This trend will continue if the value of Bitcoin, Litecoin, Ethereum, and others continue to exceed fiat money, and remain legally acceptable.