Cryptocurrencies have been growing in popularity continuously, and even in 2020, which turned out to be a strange year, the trend continues.
The technology underlying digital assets, the blockchain, has various real-life applications, and the more are implemented, the closer the crypto industry gets towards the mass adoption of digital assets and the blockchain.
One of the industries that can benefit the most from integrating crypto in online gambling and sports enthusiasts who have also become crypto supporters already know this.
There are various gambling sites, and you can easily check out the best crypto sports sites to betting in 2020 and make your best pick according to your preferences and needs.
It’s believed that cryptos and betting have a lot in common; that’s why this mix is the ideal choice for a lot of enthusiasts – probably the most visible connection between the two is risk-taking, and this appeals to both Bitcoin and crypto traders and players who love to bet.
Pros and cons of crypto betting
There are various pros and cons of betting cryptos, and below, we’re listing the most important ones.
This is the main advantage of betting cryptos, and the high level of anonymity allows online gamblers to keeps things as private as possible.
Fairness and transparency
The nature of blockchain guarantees that the play is a fair one because every user has the ability to check out if the outcome of the game has been determined using random numbers or if this has been tampered by other players or the casino itself.
Getting instant and independent verification of each one of the bets that are placed is an easy thing to do – you just have to enter the bet ID number and more details to check if everything’s ok.
It’s really important to check whether the crypto casino has control of the outcome of your bets.
Better odds for players
Bitcoin, Monero, or Litecoin sports betting offers better odds for players.
There’s a fixed built-in profit on every bet that a client is making, and crypto casinos offer the lowest level of house edge ever – this is important in the long run.
This varies, but it’s shown openly by the casino. This way, players know their exact chances of winning.
Lack of legal restrictions
Another advantage of crypto sports betting and gambling, in general, is the fact that in a lot of countries, online gambling has no legal restrictions.
A lot of American institutions, for instance, will not approve online gambling, but crypto-based betting websites are an ideal option.
It’s important to highlight the fact that the transactions are not processed by any third parties and, in other words, this means that players will not have to link their credit cards to their accounts and pay transaction fees to their particular banks.
What are the downsides?
Playing at online crypto casinos is an activity that comes with its own downsides, and these are definitely also worth highlighting.
For instance, the very first disadvantage is the fact that cryptos are incredibly volatile, and this means that their value varies in stability. Another issue is the low transaction processing speed.
You may wonder why is this an issue since crypto transactions are supposed to be faster than fiat money ones. But, the players have reported that this is not always the case.
These are the two main downsides of crypto betting, but the advantages truly make it worth a try.
As a conclusion, crypto-based online betting websites have various advantages compared to the traditional ones, and you can also check out in-depth data for a deeper understanding of crypto betting as well.