The wave of skepticism and unjustified criticism of cryptocurrencies seems to have passed, and now more and more people are becoming aware of the benefits of investing in crypto and using this innovative means of payment for various needs. But before investigating the subject at hand, let’s have a quick overview of the concept behind cryptocurrencies.
Cryptocurrency is the form of digital money developed on the basis of an innovative technology called blockchain. The first cryptocurrency – Bitcoin – was created by the anonymous programmer named Satoshi Nakamoto, who launched it in 2009. Hundreds, if not thousands, of new digital currencies have emerged since that time, but BTC still remains the trendsetter. The fundamental characteristics of crypto money are the following: fast and low-fee transactions, almost absolute anonymity, and the absence of strict regulations.
What one can buy with cryptocurrencies
Certainly, cryptocurrencies are still years away from getting mass adoption, but the scope of their use is growing by the day. For instance, if a couple of years ago one had a chance to pay with Bitcoin for only a cup of coffee in some unconventionally innovative cafeteria, now the area of application is much broader.
Leaving aside such trifles as getting pizza, ice cream or gift cards, crypto is now being used for purchasing such serious assets as real estate, vehicles, or precious metals. But this digital currency has made even more significant progress in terms of integration into the industry of sports and gambling. Not to mention that crypto has been gradually turning into a trustworthy investment tool, which can bring substantial benefits if managed correctly.
But the question remains, what is the better way to use cryptocurrencies: to invest in it in hopes of future gains or to use it to fund such activities as gambling?
Investing in crypto: pros and cons
Cryptocurrencies have one main feature that makes them both appealing and dangerous as an investment tool. This feature is called volatility, which is rapid changes in the price that may happen over a short period of time. To put it in layman’s terms, crypto is the thing that can bring significant profits or losses in a matter of hours.
Another pro is that, currently, there is a great variety of cryptocurrencies which present good opportunities for profitable trading. As for the con, crypto still has an ambiguous legal status in many countries which may lead to certain problems with revenue services.
Gambling with crypto: pros and cons
The pros of gambling using cryptocurrencies are closely intertwined with the mentioned characteristics of this type of digital money: anonymity, promptness of transactions, low fees, and improved security. With crypto, the gambler won’t have to pay extra fees to banks or other intermediaries or worry that they might run into some problems when depositing or withdrawing funds. High volatility of crypto and possible regulatory issues can be considered as cons of crypto gambling.
Apart from that, most platforms that afford ground for gambling with crypto offer an array of unique, and quite generous, bonuses and promos, which couldn’t be found on the conventional betting websites. Not to mention various creative tournaments that usually promise very lucrative winnings.
Types of gambling sites that accept cryptocurrencies
As of now, there are three main types of gambling platforms that use cryptocurrencies in their day-to-day operations: sports bettings, online casinos, and poker rooms. However, the majority of well-known sites list crypto only as a supplementary payment option, giving preference to the conventional means of deposit/withdrawal, whilst only a few gambling platforms that built their entire work concept around the all-encompassing use of cryptocurrencies. 1xBit is among the few sites that provide punters with the means for secure gambling with cryptocurrencies.
1xBit is the way to go
Whether you want to invest in crypto or use it for betting purposes, it is necessary to always be aware of all risks described above and choose a reliable platform, such as 1xBit.
1xBit is a credible sportsbook and online casino that incorporated more than 20 cryptocurrencies in its operations. You can place bets on more than a dozen sports and play in an ultra-modern live casino using Bitcoin, Ethereum, Dash, Litecoin, and a host of other cryptocurrencies, deposit/withdraw funds immediately at little to no fees through the partner crypto exchanges.
Moreover, 1xBit offers a very scrumptious 100% welcome bonus as well as a plethora of promos, tournaments, bonuses, and other perks which are provided for users on a regular basis.
1xBit is one of the first-of-its-kind online cryptocurrency casinos that offer punters more freedom and more opportunities to win.
The above is a press release from 1xBit