Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.
Bitcoin betting is becoming more popular today. Read this article to find out more reasons why as well as some pros and cons of using this cryptocurrency for iGaming.
Cryptocurrencies may still have many people asking questions about credibility and safety, but for millions around the globe, they are becoming a normal way of making payments in many different areas of life. One of those areas is certainly iGaming and British players have become extremely savvy with using Bitcoin to make their sports bets and play casino games online.
There are many different benefits that get people involved with Bitcoin and other cryptos, but convenience and anonymity fall into the top bracket of reasons to use them. Today, there are numerous UK friendly sites, and players can find the best Bitcoin betting sites all listed on one web page for absolute convenience.
But, before you go ahead and register with any Bitcoin betting site, let’s have a look at some of the reasons so many Brits are getting involved with Bitcoin and weigh the pros and cons for you.
Anonymity and Ease of Use
Since the day it appeared on the market, Bitcoin has been synonymous with the word anonymity. The popular cryptocurrency allows players to make deposits online without sharing any banking details whatsoever as a simple virtual transfer allows you to make a deposit and keep 100% safe online. This is certainly one of the advantages of Bitcoin as a currency.
The odds of your transaction being intercepted or stolen in any way are almost non-existent with Bitcoin and players who don’t feel comfortable sharing credit card numbers or using e-wallets can easily use it to make their transactions safer.
Bitcoin is also becoming increasingly easy to use, with online wallets now allowing people to buy and sell cryptocurrencies in just seconds at the going rate.
Playing at International Bookies
UK based bookmakers are all licensed by the UKGC and that means they impose some pretty strict rules and regulations as to how players and operators must behave. On the other hand, there are plenty of international bookmakers who are not licensed in the UK but that still accept British players.
Since it is technically not illegal to play with these offshore bookmakers, many British players choose such sites and pick Bitcoin as an ideal way to finance such accounts in complete anonymity and without any scrutiny from local banks and financial institutions that could impact credit ratings and other parts of one’s life. Bitcoin’s secretive nature is the best thing about it for many users.
Volatile Nature of Bitcoin
The one negative side, at least for some users, is the volatility of Bitcoin. Unlike fiat currencies whose value will barely move for months or years, the value of Bitcoin has a tendency to jump up and down quite significantly. This can result in both negative and positive results for those who own Bitcoin, and many are using the currency with the sole intention to trade it back and forth.
For sports bettors, however, the volatility of Bitcoin can be a gamble in itself. While those who are very risk-prone may love this added segment of extra risk, for some it’s simply too much and not worth it. Each player must decide for himself if the risk is something worth taking for the benefits in the end.
Massive Bitcoin Bonuses
The last, but certainly not the least reason for the rising popularity of Bitcoin, are certainly the massive bonuses that players who decide to bet with Bitcoin can get from various bookmakers. With the value of Bitcoin being so high and some bookies issuing bonuses worth one or two Bitcoin, this is significantly higher than regular bookies give away.
However, keep in mind that Bitcoin betting sites are mostly located outside of the UK and are not licensed. Once you send your Bitcoin away, it is impossible to legally recover and some sites that use Bitcoin are absolute scams. Before you invest your Bitcoin with any betting site, read the reviews and make sure you are dealing with a legitimate operator.