Is it worth using cryptocurrencies for real-time betting?
The cryptocurrency market in 2023 is huge, and most bettors know it. Almost all major live betting platforms accept bitcoins, lightcoins, etherium, and other coins for deposits and withdrawals. To make an informed choice of payment method, you need to know all the advantages and disadvantages of cryptocurrencies.
Advantages of
To better understand the reason for the popularity of cryptocurrencies, it is important to know the advantages they offer to the user. In this section, we will give a brief overview of the main advantages offered by BTC, LTC, ETH and other coins.
Payments around the world.
The first and main advantage of cryptocurrencies is the ability to transfer money internationally. With conventional payment methods, there is always at least some bureaucracy, but with cryptocurrencies, all you have to do is click a few buttons. This allows you to sign up with best betting sites in Kenya in real time and enjoy betting the bets of your choice.
Higher limits.
Bookmakers are actively encouraging users to use cryptocurrencies, and one way to do this is to impose higher deposit and withdrawal limits. This benefit is especially relevant for high rollers who find the terms of conventional payment methods too restrictive.
Information Security
There is a common misconception that cryptocurrencies are anonymous. In fact, all bitcoin transactions are stored in the public domain. However, your bitcoin wallet will not be linked to any of your personal information, making it nearly impossible to track you. This is important for security-conscious users and those who prefer to play international sports betting.
Faster Withdrawals
With conventional payment methods, withdrawals usually take up to 5 business days. However, with cryptocurrencies, there is no need to wait more than 48 hours. Some sports betting process cryptocurrency withdrawals even faster, making transaction processing extremely convenient.
Disadvantages
If cryptocurrencies were perfect, everyone would be using them by now. There are some important disadvantages of the crypto experience that every user should know before considering bitcoins or other coins.
Taxes and fees
Even though most online betting platforms do not charge for deposits and withdrawals, you will still have to pay what is known as a gas tax. This is essentially a flat fee for each cryptocurrency transaction. Commissions also vary for different cryptocurrencies. For some of them, the fees fluctuate, but they are usually independent of the size of the transaction. This web page is all about what every beginner should know about betting on soccer spreads.
Difficult to set up
Getting started with cryptocurrencies is exceptionally difficult compared to other payment methods. First, you need to create a cryptocurrency wallet. Wallets come in two types: hot and cold. One involves storing cryptocurrencies on a physical drive and the other involves creating an online wallet. These online wallets are similar to regular e-wallets.
Next, you need to get hold of the cryptocurrency itself. Unlike e-wallets, you can't just top up your balance using a convenient payment method. Instead, you need to find an exchange platform, buy the coins, and transfer them to your wallet.
Non-urgent transactions
Because transactions have to be processed via blockchain, you'll have to wait up to twenty minutes for each transaction to complete. That's not much, but it's an eternity compared to other payment methods that offer instant transaction processing.