Disadvantages of Using Cryptocurrencies for Betting on Internet Gambling Games

Disadvantages of Using Cryptocurrencies for Betting on Internet Gambling Games

Apart from the several benefits offered by the cryptocurrencies, you would not have undergone the major disadvantages offered by them while playing crypto games. Let us delve on some of the disadvantages of using cryptocurrencies for sports betting needs.

  1. Fluctuations in price

It would be pertinent to mention here that cryptocurrency betting market has been changing with every passing day. You should rest assured that trading is constant, unlike the Stock Market that would shut down and reopen the following day. Therefore, in event of you looking forward to holding any kind of cryptocurrencies, the prices are likely to go up and down with passage of time. For a majority of people, despite they gambling on sports, their currency would be going up and down would be too much a risk for them.

You may have come across several situations where the BTC price rose and bettors holding Bitcoin in wallet or exchange made huge profits with its price hike. It could go the other way as well.

A majority of sports books would be converting deposits instantly into USD. Therefore, after you have deposited, you would not be required to worry about ever changing price. Some kind of crypto using sports book would be holding balances in the BTC or specific cryptocurrency.

Nonetheless, the payout times might not be easy to predict. Once you have received the currency from sports book, the overall value of your coins would reflect the moves of the market. However, there have been several ways around it. Most of the exchanges would be converting the acquired BTC into USD instantly upon deposit. They would be using the same conversion fees, as one was doing it manually. It would be deemed as a great way to insulate oneself from the changing price of cryptocurrencies.

  1. Lacking familiarity

It would be pertinent to mention here that learning to use cryptocurrencies or digital currencies has been relatively simple. It would not be as daunting as it might appear from outside. They would offer you with easy to learn guide for depositing at online sports books with Bitcoin. They would be offering you assistance in event of you being new to cryptocurrencies and look forward to betting on Bitcoin Games.

  1. Need for converting crypto back to USD

In case, you wish to cash out the winnings at sports betting or for that matter, your original deposited money into your own account, you would be required to get cryptocurrency converted to fiat currency. You would be required to pay a specific fee for the conversion done at cryptocurrency exchanges. Most exchanges would be charging up to 5% of conversion fee. However, a majority of others would be providing the service for 0.25%, which would be inclusive of your favorites. It would be pertinent to mention here that transfers made back to your bank are free of charge.

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