Cryptocurrency is a form of payment that is slowly taking the world by storm. The global adoption appears to be on the rise, with some of the richest people on the planet endorsing it (think Elon Musk and others). Moreover, entire countries like El Salvador are beginning to adopt it as a viable currency. Given everything, cryptocurrencies are unlikely to be forgotten anytime soon.

They have also made a splash in the world of online gaming and gambling, especially sports betting like football betting, basketball betting, bicycling betting, and others as there are benefits to betting with crypto despite the shortcomings. In this article we will be going over some of the pros and cons of using cryptocurrency to wager on your favorite games to give you a balanced view of what it represents.

The Pros 

Privacy

Due to how crypto wallet addresses are structured, cryptocurrencies pretty much always tend to be a more privacy-focused paying solution compared to traditional currencies, where there is always at least a certain degree of personal information required for the payment to go through.

Higher wagers 

Certain, but not all betting platforms, will allow higher limits on the wagers you make with cryptocurrencies. However, one should always be aware of the fluctuating prices of crypto.

Faster transactions 

While bank transfer specifics may depend on your country and bank of choice, Bitcoin transactions run on a decentralized blockchain that takes the middleman out of the equation, so crypto transactions take less time to complete.

Low fees

The fees for certain crypto coins can be minuscule and no middleman can charge you extra since they operate on a decentralized blockchain – in other words, it’s the network congestion that sets the costs of transactions.

The only thing you should be aware of is that certain cryptocurrencies like Ethereum tend to have high fees. On the other hand, cryptocurrencies like Zcash have lower transaction fees in comparison, so make sure you do your research beforehand.

The Coins

Volatility

As previously mentioned, the price of Bitcoin is fluctuating due to the limited number of coins in circulation and the constantly changing market outlook. While this cannot be avoided with cryptocurrency, one should always make sure to analyze the fluctuating market prices at least to a certain extent and make an informed decision regarding when to enter.

Still a long way to go

While Bitcoin adoption is constantly growing, especially in countries where local inflation is making it impractical to do business using fiat currencies, cryptocurrencies still have a long way to go before being globally accepted as a means of payment.

Privacy

You might be wondering why we decided to list privacy in the cons section as well, so let’s elaborate on that. The issue with most crypto coins is that they are pseudo anonymous, meaning that the level of privacy you’re going to get with them partially depends on your actions in relation to your wallets and accounts. If there’s a trail that somehow links your real-world identity with your crypto wallet, it won’t grant you the anonymity you might be looking for.

Although cryptocurrencies have fast transaction speeds in general, certain crypto coins tend to have higher transaction costs compared to others.
Source: Pixabay.com

Conclusion

In the last couple of years, cryptocurrencies have been on the rise, and a growing number of betting platforms that support cycling and other sports are integrating them as a means of payment. Nevertheless, there are certain risks to be aware of; as with everything new, make sure to always do your due diligence and know what you’re getting into.

The post The Pros and Cons of Betting on Cycling With Crypto appeared first on CoinChapter.

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Filed under: Bitcoin - @ February 6, 2023 2:31 pm