Cryptocurrencies have offered some kind of exciting trends, and it has proven to be a good way to make money online. Therefore, many people consider entering the crypto space, but the problem has always been how. Fortunately for bettors, they can easily place bets using their coins, and that way, they can grow the value and make more money.
Many sportsbooks allow punters to select cryptocurrency as a payment option, and in that case, it is much more instant and easy to use once you get the hang of it. So, for instance, if you want to bet on MLB, you can do that without much hassle. But the question remains, given the risk associated with sports betting, should you place bets with your cryptocurrencies? Keep reading to find out what we think.
Cryptocurrencies Offer Secure Payment
One of the benefits of cryptocurrencies is that you will enjoy secure payment when you use them to fund your account. The digital assets are built on blockchain technology that ensures permissionless transactions, meaning that there is no central control to disrupt a transaction. Aside from that, every node in the transaction can verify the transaction.
In addition to that, the transaction information is available online. Therefore, both parties can see it to ensure that there is no mistake. As long as you follow the instructions provided by the sports betting site, you should have no issue funding your account or cashing out your funds. As it is secure, cryptocurrency payments are also instant.
The Bonuses are Bigger and Better with Cryptocurrencies
With cryptocurrencies, sports betting sites and casinos online now offer better bonuses to players. The ones with limits can now extend their limits to accommodate high rollers. So, in that case, you can claim bigger bonus cash that you can use to start your gambling journey at the betting site.
In addition, when you deposit with Bitcoin or any popular cryptocurrency, you will have access to some exclusive bonuses, including more cash rewards or other kinds of offers. In that case, you might want to look at the betting site before you decide to create an account. As a result, you’ll know what you stand to gain when claiming any bonus.
Little to No Deposit and Withdrawal Limits
Many sports betting sites have deposit limits for punters, limiting players who want to place bets with a big bankroll. You’ll not have to worry about these deposit limits with cryptocurrencies because they are usually not applicable when you pay with crypto. Also, if there is one, it would be accommodating.
There are usually limits, even when you want to cash out with cryptocurrencies when it comes to withdrawals. However, in this case, it is much higher than when you do it with regular payment options. For instance, you might have a limit, say $10,000 monthly for regular options, and 5 BTC for crypto options. Based on the current value, 5BTC is way higher than $10,000.
Cryptocurrencies offer the chance to place bets anonymously. Since there is no need to provide any personal details when you want to deposit or withdraw using the option, you can bet anonymously. In addition, some sports betting sites do not require KYC when you make payment with Bitcoin or other accepted payment options.
Other than that, fully decentralized sports betting sites allow you to place bets by simply connecting your MetaMask wallet to your bet account. You can bet using a pseudo or nickname at these sites, and you won’t have to verify your identity when you want to cash out your wins.
Since it is easy to trace every transaction on the blockchain, resolving payment issues at top sports betting sites is easy. Once there is a complaint, both parties can look at the ledger on the network to see where the issue was. And in no time, the payment issue would be resolved, and the guilty party would’ve to make amends.
Undoubtedly, there are risks to playing with cryptocurrencies online. If you send the money to the wrong address, there is no way to get the money back. In addition to that, if you provide the wrong address when you want to cash out after your bet on MLB matches is successful, you can’t get your money. The reason is that transactions on the blockchain are irreversible. So, be careful whenever you want to initiate a transaction.