BlogCommunityOnline Betting with Crypto is Now a Thing, But...

Online Betting with Crypto is Now a Thing, But is There a Catch?

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Online betting is becoming quite a trend not only for sports fans but for people who just really love to gamble. It is a great way to make sports events more thrilling and exciting. Online casinos and sportsbooks would even offer odds not only on traditional sports but also on esports and relevant events like politics.

Because of all that, many people are showing interest in online betting including cryptocurrency holders. Today, many online casinos and bookies would process crypto transactions like 10CRIC – the best Bitcoin casino in India. Many gamblers are starting to prefer using cryptocurrencies when gambling online. 

In this article, we’ll have a look at cryptocurrency gambling and why it could be the best payment solution for gambling. 

Rise of Cryptocurrencies

Cryptocurrencies have been around since 2009 and the very first crypto made was Bitcoin. This is why it is labeled as the father of all cryptocurrencies. Bitcoin was created to make online transactions easier during this time. It was developed by an identity or group of people named Satoshi Nakamoto.

Until today, no one knows the real identity of Satoshi. It has already been 11 years ago since Satoshi dropped the last message to the crypto industry which was “There’s more work to do”. Bitcoin has grown so much since then and more cryptocurrencies have also emerged. Some of the most popularly used cryptos right now aside from Bitcoin are Ethereum, Litecoin, Bitcoin Cash, DogeCoin, and Cardano.

Over the last few years, cryptos have gathered so much attention. This is especially when Bitcoin’s value once again reached an all-time high last year. It was in February 2021 when Bitcoin’s value reached 65,000 USD. Because of this, cryptos were hyped up and many started to invest in different coins.

Now that many people have cryptocurrencies, many online businesses have started to adopt their use. Casinos have been one of the first few online businesses that accepted Bitcoin in its early years. But now, since it’s widely used, you can see that even the biggest online betting sites also accept Bitcoins and certain altcoins too.

Advantages of Using Cryptos

There are a few great reasons to use cryptocurrencies when betting online. It’s a safe payment solution but it is also mainly used by people who value privacy so much when transacting online. Whenever sending a crypto payment, players only need a wallet address and/or tag ID. There’s no need to share any other information with the receiver.

This is why anonymous casinos would usually only accept cryptocurrency payments. This is to make sure that they are true to being a website where players can gamble completely anonymously. 

For players, it’s also a great way to avoid gambling-related transactions in their bank accounts. In some places, people with gambling transactions can’t take out a mortgage or loan for a certain period. And so, to avoid that, they would find other means to transact with online casinos. Using cryptocurrencies is a great alternative.

Another advantage of using cryptos when betting online is how fast it could be. Most sportsbooks and casinos that accept Bitcoin can process payouts in just a few minutes. Payouts would usually take as long as 7 days for other options like wire transfers.

These days, gambling with crypto is still generally secure but like with any other payment method, there is still a small possibility of getting hacked if players are not careful. With this, just always be sure to transact with legit casino sites and sportsbooks. Avoid gambling sites that are not licensed.

Are There Any Disadvantages?

Bitcoin or other cryptos aren’t perfect and even if there are more advantages in using them when gambling online, it’s still best to know about its disadvantages.

Bitcoin is extremely volatile and its value would go significantly up and down within the day. This is why it’s only a great option if you are already educated about cryptocurrencies. This way, you get to understand how risky it could be to invest huge money in it. 

Aside from volatility, it’s still not considered as a household payment solution. There are still only a few places that accept cryptos outside the internet. And so, for now, the use of cryptos is still only targeted. 

Is this the Future?

With the advantages of using cryptos in mind, it may be indeed the future of not only online betting but of all online transactions. For now, even if cryptos have been around for over a decade, it’s still in their infancy. It’s also no secret that some are still skeptical about its use.

However, since cryptos are also starting to become popular in gaming, we’ll likely see more gaming companies adopt cryptos. With that, we may also see more online sportsbooks and casinos accept cryptocurrencies. 

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