Using cryptocurrency to bet on the sports betting sites is fast, and most of the software sportsbook offer free deposits. The bookmakers that still use the traditional currencies take time to process the transaction, but with cryptocurrency, the software sportsbook can make the settlement almost instantaneously. It is the primary benefit of using cryptocurrency for those who bet on sports because they need funds in their account to place another bet. Since the cryptocurrency transactions happen quickly, the sports betters always have the money to place big bets.
Be it deposit or withdrawal, both the transactions are secure with cryptocurrency. Most sportsbook today offer to its players a wide range of payment options, but they need some time to process the transaction. Because cryptocurrency transactions happen in real-time, the only waiting time is for the book to confirm the transfer. Since it hardly takes time for the approval, you get your money quickly. It also attracts a lower fee.
To use cryptocurrency to wager on the betting sites, you need a 2FA or two-factor authentications. It gives your money an added layer of protection. It takes you to a higher security step, and thus you are assured that your account does not get accessed by someone else.
Drawbacks of betting with cryptocurrency
Now that you are aware of the benefits of trading using cryptocurrency, it is also essential to be mindful of some of its disadvantages. There are two sides to everything, and the same applies to cryptocurrency as well. The first problem with betting with cryptocurrency is that the cryptic prices are highly volatile, and thus, because of the price fluctuations, you are bound to see changes in the value of money that you hold. The cryptocurrency trades 24/7, and this means that your account balance will change every minute. It could be something not accepted by many because they may not like the idea that their account value may change even when they are not betting. However, for those who understand the cryptocurrency market they may be ready to take on this risk and make extra money because of the price fluctuations.
You need to check if the sportsbook converts cryptocurrency to your desired currency. If the sportsbook converts the currency then you sportsbook account will not end in flux. If your book, however, keeps the funds in cryptocurrency, then this means that your money will keep changing along with the e-wallet fund.
Another hurdle that sports betters face is that they are not sure and have no knowledge about cryptocurrency. They are not aware of how to use the currency to place trades, and thus, they are hesitant to find more about it or try it out. Especially since it involves money, people are not comfortable to try out something new. The unfamiliarity is something that scares many from trying out this new option. Again it is essential that you study about the cryptocurrencies and understand it well before you start to gamble with it.