What is Bitcoin in the context of betting
Cryptocurrency itself is also a payment instrument, like the dollar, euro and ruble. Or like a VISA system. However, unlike all fiat money in the world, crypt is expressed only in digital equivalent – that is, it cannot be physically touched or put into a trouser pocket . Bitcoin is one of the many cryptocurrencies, simply the most popular and traded in the world. This is the narrow meaning of the concept. In a broad sense, bitcoin is a whole payment system like Visa, Mastercard or Webmoney, but without a single control center.
Speaking of crypto betting, we mean both the method of depositing funds and the currency of betting directly. In 2021, the bitcoin rate breaks its own records and exceeded 40 thousand dollars apiece . At the same time, the new currency is decentralized: it does not belong to any state, and its value is determined only by market supply and demand.
Why Bitcoin is gaining popularity in betting
More and more bookmakers are starting to use cryptocurrency, and players are switching to it. In fact, there are quite reasonable grounds for this trend.
- Anonymity. The cryptocurrency is secured with confidentiality, the user does not indicate his personal data anywhere.
- Almost no commission. For depositing and withdrawing funds, the commission is charged only within the blockchains themselves. There is no commission from the bookmaker at all. Litectoin and Dogecoin have the lowest commissions among popular cryptocurrencies.
- High limits for deposit / withdrawal of funds . The bookmaker will not reduce the deposit / withdrawal limit to 15,000 rubles, as is the case with ordinary payments.
- I / O speed. Since the work of Bitcoin does not imply the participation of banks or other intermediaries, it is possible to deposit and withdraw money instantly.
An unobvious, but still a plus for the user, includes an increased priority for players with cryptocurrency: technical support responds faster to you, the odds on outcomes are slightly higher due to savings on payments, etc. And also thanks to the anonymity of everything that happens, you do not pay taxes on your winnings. Although this plus is very dubious.
Disadvantages of using Bitcoin
Any progress has a downside. Disadvantages of cryptocurrencies and bitcoin in terms of rates:
- Since cryptocurrency is a new thing in itself, the bitcoin rate is subject to strong volatility . The rate jumps with great leverage, so at any time your winnings can be leveled out due to the fall in the value of bitcoin.
- Again, conversion . When you load a certain amount of crypto to a bookmaker account, the exchange for fiat takes place at the rate set by the office itself, and not at the official rate of the bank, exchange or other regulator. In general, here all the costs will have to be borne by yourself.
- The anonymity of the work and the irreversibility of operations will turn against the player. If a disputable situation arises regarding funds, then how can an unauthorized user defend his rights and prove that the money belongs to himself? The question remains open.
- The development of fraud. Cryptocurrency has not yet become a full-fledged participant in global economic relations, therefore, bitcoin fraud in the field of bookmaking is a ubiquitous story. Dummy companies, fake exchangers, in general, everything are created to distract the attention of a newbie in betting and seize his capital.