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Bitcoin Pros and Cons

Sports Betting with Bitcoin: Pros and Cons

As Bitcoin booms and more and more online sportsbooks like BetUS are offering Bitcoin and other cryptocurrencies as deposit and withdrawal options, many questions are raised about what makes Bitcoin such a great option for sports betting.

Bitcoin isn’t for everyone, but we don’t want to deter you from creating your wallet and taking part in the digital currency phenomenon. We simply want to educate you on why Bitcoin is great, and also educate you on why it might not be a good fit for you with a simple pros and cons list.

Understanding how Bitcoin works, and how it might fit in your life and your circumstances is an important consideration before you create a Bitcoin wallet.

Benefits of Using Bitcoin

To start, there are many benefits of using Bitcoin for sports betting, but we decided to only focus on the main and most useful reasons that would be applicable to most people.

The Bonuses

We figured we would start with the biggest benefit of using Bitcoin at our sportsbook first. Sports betting with Bitcoin at BetUS sportsbook allows you to take advantage of numerous crypto deposit and withdrawal bonuses, as well as reload bonuses and more. We have a very healthy assortment of bonuses that will benefit all Bitcoin bettors and allow you to pad your bankroll before you even get started.

You can double your Bitcoin deposits, simply by using our bonus codes or contacting your account manager.

Bitcoin is more accessible and more widely accepted

We believe that Bitcoin is the better currency for sports betting as it is the most used, accepted more widely and allows you more freedom to access, manage and make transactions. You can easily transfer your Bitcoin into USD, and vice versa. The other cryptocurrencies are just a bit younger than Bitcoin and we feel that the more established the cryptocurrency, the more liquidity it has to be able to use freely.

More and more shops, retailers, and other types of businesses are now accepting Bitcoin as a payment method – not just sportsbooks. The more widely accepted Bitcoin gets, the easier it will be to use your Bitcoins to pay for everyday items.

You can make International Transactions

The best part about Bitcoin is you can make international transactions or payments and you won’t be charged a huge amount of fees. Many financial institutions charge you fees on any international transactions going in and out of your account. If you want to pay someone that lives in the UK, you can make a Bitcoin transfer to their wallet with no fees or any additional cost.

Because Bitcoin isn’t owned by any one person or any entity, it doesn’t really know what international would even mean, because it’s everywhere, all over the world.

It’s decentralized

The best part about Bitcoin, in our opinion, is that it is not run or associated with any financial institutions, banks, or governments. You can make transactions freely without worry of what will happen to your money. If the U.S. economy crashes, Bitcoin is totally separated from the banks and financial institutions, so you won’t have to worry about your savings or investments being affected by pandemics or politics.

It’s incredibly safe and secure

Bitcoin is secured by something called Blockchain – which essentially makes all transactions reliant on the one before it. The records and ledgers are all stored in blocks that are all connected together, which makes fraudulent activity or theft extremely difficult.

If one hacker tries to manipulate the coding, it will automatically rewrite based on the other blocks around it. It’s also incredibly easy to trace which block was tampered with and easy to narrow down where the data breach came from.

Downside of Bitcoin (But not deal breakers)

It’s still a virtual currency

The whole aspect of a virtual currency can be intimidating as it’s not like dollar bills or coins you can hold in your hand. Many feel they are just putting money into something that could disappear at any moment. But If you are familiar with stocks – they are worth money, but you can’t hold them or touch them.

There are other cryptocurrencies

With the rise of Bitcoin, and the value skyrocketing in the last twelve years over $735 billion, many others have tried to jump on that opportunity. With Litecoin, Ethereum, Dogecoin – any of them, you have the competition chomping at the bit to become bigger and better than Bitcoin.

We don’t see anyone getting that far, but you never know what the future will hold.

Irreversible Transactions

The main issue people face when making Bitcoin transactions is that there isn’t a way to reverse a transaction or refund a transaction. Every transaction is recorded in the Blockchain, and that’s it. If you sent money to a friend and for some reason ended up sending the wrong amount – you can’t cancel the transaction, but your friend could send back the money.

In some cases, you may not be dealing with a friend, so if you sent money to someone and they didn’t perform the task you agreed upon or didn’t receive the item you purchased, you can’t request a refund.

There is no regulatory body that oversees Bitcoin fraud or any activity of that nature, so it can be risky to send money to someone you don’t know.

There are only so many Bitcoins

Bitcoin was created and it will never go past 21 million Bitcoin. We are currently looking at around 18.5 million Bitcoin currently in circulation – so what does the future of Bitcoin look like when there aren’t any more to acquire? This could be a pro and a con if you own a whole Bitcoin – as it could end up being somewhat of a collector item or rarity worth more than you paid.

In conclusion, you have to decide if Bitcoin is right for you based on your own circumstances. Whether you use Bitcoin for sports betting or casino, you can find great bonuses at BetUS, we will always accept Bitcoin deposits and withdrawals with no fees and offer you plenty of bonuses and promotions to keep your wallet full.

To keep learning about Bitcoin and cryptocurrencies visit our Cryptocurrency Classroom

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