2018 seems to have been the year that consensus was reached around the world that Bitcoin, is here to stay.
It’s been a wild ride for the cryptocurrency in the last few years. But having gained a serious foothold in industries like online betting, and having slowly edged its way into the mainstream consciousness, we can expect Bitcoin to be around for a long time to come.
In fact, it’s likely to get a lot bigger in the coming years. Regardless of the future, we can say with certainty that Bitcoin is ‘trending’ in some sectors, one of which is eSports betting.
You can bet using Bitcoin on games such as:
● Counter-Strike: Global Offensive
● Starcraft 2 – Wings of Liberty
● League of Legends
If you’re interested in betting on CS: GO check out esportbets.se.
Betting on Bitcoin isn’t a lot different than betting with any other currency. In essence, you bet at set odds on given outcomes, and you either win or lose.
However, there are some pros and cons, or you could call them risks and rewards, to betting on eSports with Bitcoin. Let’s take a look at those now.
The Risks of Betting with Bitcoin
(1) Sending Money to the Wrong Address
If you haven’t already used Bitcoin before, there’s definitely a learning curve involved. It actually turns out to be easier than using traditional payment methods, but it can seem strange at the start.
To deposit in an eSports betting site, you’ll have to send Bitcoins to the Bitcoin wallet belonging to the betting site. This will be an ugly-looking series of letters and numbers.
Some people have sent Bitcoins to the wrong address due to a typo or error. They can be difficult to retrieve and it’s a major headache, to say the least.
(2) The Price Can Fluctuate Wildly
Bitcoin is infamous for its volatility. In fact, it’s these wild swings in price that have so many people mystified by Bitcoin. While some see this as an investment opportunity in and of itself, others are understandably put off.
Realistically, you could deposit $1,000 of Bitcoin on a Friday and it might only be worth $600 if you wanted to cash it out the following Monday. That’s without even betting it!
Of course, it could also increase in value, but the point is there’s just no telling. Some say betting with Bitcoin is double dipping, since holding Bitcoin is sort of like betting in and of itself.
A few scary stories have been printed in the media over the last few years about Bitcoin being stolen by hackers.
Hackers are pretty clever, but most of the time these stories leave out the fact that the coins weren’t stored securely, to begin with.
Keep your Bitcoins on a hardware wallet, or at least a desktop wallet, will significantly reduce your chances of losing them. If you do this, and never give your private keys to anyone, it’s almost impossible for anyone to steal them.
The Rewards Of Betting With Bitcoin
(1) Faster, Cheaper Transactions
Some betting sites take fees, and some credit cards, debit cards, and banks slap on extra fees when you make deposits at online betting sites.
Bitcoin is an open-source network. You don’t need permission to use it and no extra fees apply to certain spending categories. There’s a flat fee per transaction, but this will be minuscule when compared to the percentages card providers might take.
This also works when it comes time to make a withdrawal. Bitcoin transactions take around 30 minutes and that is when the network is busy.
(2) Bitcoin – No Permission Required
It doesn’t matter where you are in the world, you can use Bitcoin. You don’t need to fill in an application form to get a Bitcoin wallet, and you don’t need permission from anyone.
This makes it handy when you want to circumvent certain restrictive regulations. It’s really important to keep things legal, but there are some grey areas and Bitcoin can help in those cases.
(3) The Price Can Fluctuate Wildly
Wait, what? Did you just experience Deja Vu? Didn’t I say that this was a potential negative to using Bitcoin?
Yes, I did, and the truth is it’s both a risk and a potential reward. While the price could nosedive, it could also skyrocket, leaving you with a lot more currency when you cash out your Bitcoin than you paid for it.
Whether or not you feel the risks outweigh the rewards or vice versa, we’ll no doubt continue to see Bitcoin making its presence felt across various industries, eSports included.
Whatever you decide to do, may lady luck be with you, and remember – if you do bet on eSports with Bitcoin, always do so responsibly!