Since gaining popularity, cryptocurrency, Bitcoin in particular, has been adopted by many sectors in India. And the gambling sector was one of the first to begin implementing this digital payment system into online transactions. Despite being one of the most significant innovations in financial payments, there have been several arguments for and against the use of digital currencies for betting. So what are the good and bad of Bitcoin payments for betting in India? This article provides a comprehensive take.
Pros of Bitcoin for betting
The benefits of Bitcoin as a betting payment method are inherent to its nature as a decentralised currency powered by blockchain technology. Here are itâs main draws:
Privacy
Privacy has become a key talking point in todayâs world, where digital footprints and information trails can be left online. Bitcoin assures anonymity of all your betting transactions. Only your email address is needed for your BTC wallet, and when transacting with these coins, you donât need to present any of your personal information.
Bitcoin provides you with the privacy that is lacking when using traditional fiat payment methods, which gives financial institutions and third-party payment providers access to your transactional data.
Fast transaction times
Transaction speed is another advantage of using digital currencies like Bitcoin over traditional fiat currency. Because crypto is decentralised and based on a peer-to-peer system, itâs almost instantaneous, unlike conventional payment systems, which are subject to third-party approval. When betting, this is even more significant as the last thing you want is to be unable to place a bet quickly because funds take too long to reflect.
Enhanced security
Bitcoin offers an extra layer of protection from fraud and other dubious activities possible with traditional payment systems. As long as your wallet keys are kept private, you are assured the safety of funds. Betting platforms also benefit from the extra security as issues like fraudulent chargebacks are nullified. Itâs no wonder that Bitcoin payments are not supported at several of the biggest sportsbooks on a global scale. The recommended selection on Sportytrader is not just a list of big names but also the safest places to bet.
Lower transaction cost
With traditional fiat payment systems passing through several parties before approval, it usually comes with significant transaction fees. Lower fees characterise Bitcoin transactions, on the other hand. Due to the decentralised system, no middleman besides you and the betting site are involved.
Cons of Bitcoin for betting
The pitfalls of Bitcoin as a betting payment method include the following:
High volatility
A major disadvantage of Bitcoin and cryptocurrency in general is volatility. Due to their not being regulated by anyone or financial institutions, their values are prone to fluctuations. This can lead to profit if the market hits a bull run. However, a slump in value before you withdraw winnings can result in financial loss.
Regulatory uncertainty
The ever-changing stance of crypto can be a disadvantage. Cryptocurrency isnât regulated in India, and trading and usage are at the ownerâs risk. However, this can be changed or adjusted at any time, which might have specific financial and legal ramifications.
Requires technical know-how
Using Bitcoin and crypto-related systems requires a degree of tech savviness. It is essential to understand how to create a wallet, transact with cryptocurrency exchanges, etc. Any mistake made during a transaction can result in permanent loss of funds, unlike traditional payment methods, which are basic and more straightforward.
Not all gambling sites support Bitcoin and altcoins yet. However, the use of Bitcoin in betting will continue to grow as crypto acceptance continues to gain traction. Some benefits come with using this digital asset as a form of payment, such as speed, privacy and security. It is, however, not without its downside, including its volatility and constantly changing stance. Regardless, bitcoin as a financial solution seems to be here for the long haul.
The post The pros and cons of using Bitcoin for betting appeared first on CoinChapter.
