Is it safe to bet with cryptocurrencies? This quick guide will reveal to you everything behind cryptocurrency betting.
Is it safe to bet with cryptocurrencies like bitcoin? Sports betting can be one of the most fun and addictive types of gambling, but what happens when cryptocurrencies mix?
Cryptocurrencies are becoming an important part of people's lives, and gambling is doing the same: there was never any doubt that they would meet. But is it safe? In today's article, we analyze whether it is safe to bet on football and sports in general with cryptocurrencies.
Is it safe to bet on football with cryptocurrencies?
In short: yes! Betting on football or sports in general with cryptocurrencies is just as safe as using real money, but in some cases, the bet (and winnings) can be adjusted because you are betting on the value of the cryptocurrency and not on the balance in the US dollars. GBP even though you see it in your bankroll.
What are Cryptocurrency Sports Betting Sites?
Crypto sports betting sites (or bookmakers for short) are casinos/sports libraries where you can bet on sports matches such as football, hockey or tennis. The only difference between crypto sports betting and typical sports betting such as https://asian-bookies.net/online-sports-betting-thailand/ is that crypto sports betting accepts and rewards players with cryptocurrencies rather than fiat balances such as, for example, pounds sterling, US dollars, or Euro.
Are there any downsides to sports betting with cryptocurrencies?
While there are benefits to betting with cryptocurrencies such as Ethereum and Bitcoin, there are also some disadvantages to betting with cryptocurrencies. One of the main ones is the cost of the cryptocurrency. When you bet on sports and win, even if you see $10 or $10, you are betting $10 or $10 in the currency in which you placed it. For example, if a bitcoin is equal to 100 pounds and you bet 10 pounds, you bet 0.1 bitcoin. If it was a 2x win, you would receive 0.2 bitcoin. However, if bitcoin rises to £200 after the bet is placed, you will still have 0.2 BTC but the value will double from £10-20 (after winning) to £40.
While this is a positive aspect, the flip side is that the value is depreciated and some of the intended initial gains are lost. This phenomenon is typical for cryptocurrencies, but it should not differ much depending on the bet amount. Read all the details of the Juve-Kostic deal in this article. Read our guide on how to get more money in Asian Casino.
Are there any advantages to sports betting with cryptocurrencies?
Although we have already said that the price of a cryptocurrency can be both positive and negative, for the most part, the rates with cryptocurrencies are about the same as with regular currencies. The only difference is that crypto can make you more money even if your bet doesn't.
Another key benefit of using cryptocurrencies for sports betting is that you can be completely anonymous. While not common, you may have someone working at the casino you play at, or you may have a public profile with other people who can see what you are betting on.
If you use sports crypto and cryptocurrencies like BTC, ETH or LTC to bet, cover your tracks so people don't know who you are or what you're betting on. This can be useful if you want to bet against your favorite teams but don't want people to know about it!
Should I use cryptocurrencies for sports betting?
In short, the answer should be yes. Cryptocurrencies can be useful in some cases, but not so much in others. Cryptocurrencies in general are a good idea for gambling because of the anonymity, privacy, and speed differences compared to conventional currencies.
So in the general scheme of sports betting and casinos, there are more benefits to using cryptocurrencies than if you didn't use them, which is why we think you should give it a try! There are many crypto-only casinos that only use cryptocurrencies with their players, and a few land-based casinos have started accepting this form of payment, so we are confident that you can find someone to suit you.