To become a pro in online sports betting, you need betting tips on several things. One is on the best betting sites, this is the backbone of online sports betting. Without a good betting site, you are off to a good start.
Secondly, it is the sports that you can engage in, whether it’s darts, football, horse racing, boxing, basketball, you need to understand them. Understanding these sporting activities does not have to be at the expert level, general knowledge is enough. That is, knowing how it is played, the teams involved, and their performances among other related details.
You also need some knowledge of some of the available payment options. Remember you are into online sports betting to win and when the payment options available in a given bookmaker are not convenient the whole gaming experience loses taste. There are traditional payment methods and contemporary ones, the type that are emerging to give the betting enthusiasts an unrivaled experience.
The use of cryptocurrencies is stretching into online betting and its users are enjoying several benefits. Talk of security and safety provided by the platforms which are built on a blockchain protocol, the privacy and cost-effectiveness that cryptocurrencies provide, users are in for a good experience.
Just as any coin has two sides, cryptocurrency betting sites more so, those that offer cryptos as the exclusive payment option have some downsides. Bettors must get to know both sides so that when they are making decisions do it from a point of information.
Preaching all the good things about available payment options is not just misleading but also puts the users in a bad position when they come expecting more than can be delivered.
Let’s explore the disadvantages of cryptocurrencies as payment options in online sports betting. But not to discourage anyone from using them but rather, to provide a balanced analysis as this allows betting enthusiasts to make a sound decision based on facts.
Some of these disadvantages include:
- The volatility of the cryptocurrency
- They are relatively new
- They are not the household payment methods
- Betting transaction records are untraceable
Let’s delve deeper into these shortfalls and see how you can overcome them to have the best experience as a pro online sports bettor.
Cryptocurrencies are relatively new. You may be surprised to know a huge proportion of the online betting fraternity has not heard about them leave alone their use. However, that is the reality. People get excited when they learn about them to an extent that they engage in massive speculations, something that has led to their volatility.
You will wake up one morning and find that Bitcoin is selling at a certain price only to check the markets a few hours later to find it has increased by ten percent.
As an online betting enthusiast using cryptocurrencies, do not keep a significant amount in form of Bitcoin or any other coin, chances of loss due to price volatility are high. This is part of effective bankroll management, be on the lookout, follow the cryptocurrency market, make swift decisions so that you do not lose money even before you have made a wager.
Work in progress
Cryptocurrencies have only been with us for less than a decade and the scene is evolving daily. Although the betting industry loves changes, it mostly adopts them in a piecemeal approach. Many bookmakers would be hesitant in its adoption, something which is normal as people are not quick to embrace change.
This means that bettors who would like to use cryptocurrencies to bet have few options. However, as the cryptocurrency and whole blockchain technology sphere grows and expands they will become more accessible allowing savvy tech bettors to experience the benefits they present.
Betting sites are also cognizant of the fact that some cryptocurrencies have low transaction rates therefore they may not be ideal in a situation where they get more requests. While there has been an improvement in speed where new coins that have high transaction rates per second are emerging, it will be a matter of time before they become fully embraced in the betting sphere. This means bettors who would like to use cryptocurrencies exclusively cannot yet enjoy the full experience.
Some may like it but others are still skeptical about it. It will not be possible to enjoy the full benefits until a majority of the bettors embrace cryptos as a mainstream means to make payments. Talk of economies of scale and other benefits that come with large numbers. We are yet to reach there but the journey has started, cryptocurrencies are slowly being adopted, it is just a matter of time before they are wholly embraced.
While the untraceable aspect of the cryptocurrency transaction may be good for those who would like to remain anonymous it poses some risks when it comes to criminal activities such as fraud. It is easy for unscrupulous bookmakers to get away with fraud. However, most of the bookmakers who are using cryptocurrencies as payment options have come up with several tools that help in flagging off any suspicious events or fraudulent activities.
With coverage of these disadvantages, a betting enthusiast who is looking to become a pro in online sports betting, more so with bookmakers who are using cryptocurrency now has a chance to dig in and enjoy the benefits. Cryptocurrency betting will offer bettors an experience that may not be available with traditional payment methods. It is only through understanding the pros and cons of this payment option that one can fully enjoy the benefits.