Everyone would agree that bitcoin has been a virtual form of currency for online betting around the globe since 2008. Researchers have revealed that more than 50% of transactions using bitcoins come from gambling. This means that bitcoin gambling has contributed to the tremendous rise in bitcoin popularity. Let’s have a look at the benefits, betting sites and disadvantages of bitcoin gambling;
Benefits of Bitcoin betting
Many people gamble to get money. The traditional gambling sites usually have a transaction fee attached to them. This means that players must pay the fee either to the sites or banks before they can gamble. With the bitcoin, you can play with your money without paying anything. This is by far convenient.
Fast and secure
Bitcoin has given a convenient way of depositing funds to online casinos within minutes. This is unlike the traditional gambling where a player had to take days/ weeks to make deposits to online casinos. Funds can be withdrawn or deposited at any convenient time of the day.
Bitcoin betting is unique because it does not ask for personal details of the players when they are subscribing to the gambling sites. Moreover, bitcoin betting sites make payouts within a short period of time.
Most betting sites can be restrictive to players of some regions. They only accept players from a certain region or offer bonuses to people who come from a certain region. With the bitcoin, players are accepted from all parts of the world regardless of where they come from.
Cons of Bitcoin betting
- Bitcoin cannot be trusted with big investments. This is because the bitcoin value is not constant and if there is a drop in value, you may lose more than you invested.
- Bitcoin betting is a new trend and it has not gained the favor of many betting enthusiasts and betting sites. For this reason, some sites do not accept this form of currency.
Bitcoin drop in value
Players need to know that the value of bitcoin is on a downward motion. The amount of a single bitcoin changes from time to time. A gambler needs to be aware about the current value of the bitcoin before they play with them.
Many people have predicted that the bitcoin will eventually rule the betting industry due to the million benefits enjoyed by the users. Will the predictions come to pass or the bitcoin is in its last days? Time will tell. The world only needs to stay calm and watch. Meanwhile, we can say that it is a superb method of betting.