September 25, 2018 Sports betting using crypto currency is a relatively small market but one that it is rapidly growing as digital currencies themselves become more mainstream. Currently, Bitcoin is one of the only crypto currencies to be accepted with these sportsbooks or online casinos UK but no doubt they will increase the range of coins they allow as their legitimacy rises. Digital currencies possess a number of intrinsic characteristics that make them an attractive fit for use with online betting, along with a few traits that make them undesirable. We will take a look at these pros and cons, as well as some more general points of this exciting and growing aspect of online casino and sports betting UK. What is cryptocurrency? Crypto currency is a piece of digital currency, or asset, designed to be used as a method of exchange in the same way as conventional currencies like pounds, dollars, and Euros are. In that basic core way, they are the same but that is where the similarities end. Whereas conventional money is under the centralised control of banks and governments, cryptocurrency has no such control. It is known as decentralised control and is instead monitored by the community that uses it. Bitcoin is by far the most popular and well known digital currency and has a public ledger known as a blockchain that records every transaction that has ever been made and is completely unchangeable. What makes digital currencies attractive is their anonymity (which can be both good and bad), ease in which it can be used across borders, and the low to zero fees involved in its use. What does this mean for Sports betting? While still relatively early days you will have no problem finding a bitcoin casino, and the benefits of using crypto currencies for sports betting online are becoming ever more apparent. Here are some of the Pros: One of cryptos key features is also a desirable one for sports betting UK or at an online casino UK – its anonymity. Blockchain technology by its very nature maintains the anonymity of its users. What this means for the punter is that if they make a financial transaction in crypto with a casino or sports book then they don’t get personal information from them. The funds used are then unable to be traced back to the punter either. At a bitcoin casino only the bitcoin wallet address needs to be linked which gives the user a far greater level of privacy over traditional payment methods. When someone uses their credit card to make a payment online then these transactions are processed through a third party. By using crypto the middleman is cut out of the picture and payments are made directly between the two parties. In other words, it is like paying cash at a bricks and mortar casino. This leads to the next pro which is that there are usually zero fees when using crypto to make a payment or withdrawal. By removing the middleman, then the middle man’s fees and charges are also eliminated from the process. Along with fewer fees also comes quicker transfer times as no third party has to review the financial transactions. On their own, these benefits may not convince someone to use crypto to gamble online but as a whole – private, fast, free, anonymous transactions are extremely attractive to many people. Here are some of the cons: Because digital currencies haven’t completely crossed over to the mainstream they can be a bit confusing to get a complete understanding of. While no one needs a complete understanding of any technology to use it, it can still be daunting to set up a wallet and buy bitcoins. It is a straightforward process once it has been done once but new users may prefer the familiarity of using traditional methods. The value of bitcoins and cryptocurrencies, in general, are quite volatile. This means that the bitcoins you are using can drop and make their value in Stirling less. The flipside though is that they are just as likely, if not more, to rise meaning that you are actually making more money off them just by using them. Conclusion Hopefully, this article has outlined some of the pros and cons for using digital currencies at a crypto currency casino or sportsbook. If you are still on the fence or feel that the pros outweigh the cons then there are plenty of online providers and sites that will allow you to buy crypto currency from. The best option may be to just give it a go and see if this new way of gambling is the right one for you.