Crypto Betting Platforms Are Becoming Extremely Popular

There are now thousands of different cryptocurrencies and the introduction of new token coins does not look like it will slow down anytime soon. Cryptocurrency is hugely popular around the world as many want to revolt against the banking system that has caused major financial depressions around the globe fueled by greed. The main transactions carried out using crypto are gambling-related and new breakthrough decentralized betting platforms are reaping the benefits of the consumer switch.

What Makes The Best Crypto Betting Platforms

A better payment system is only a small benefit compared with the others that truly decentralized crypto betting platforms offer. If you use a traditional online bookmaker that accepts cryptocurrency you may get a faster payout and zero-fee attached but that is where the benefits stop. The best blockchain-based dApps offer far more great advantages which are:

 

1. Anonymous Betting – One of the major benefits of using crypto betting platforms is the enhanced privacy and security they offer as many allow complete anonymity.
2. Decentralization Means No Tampering Is Possible – Because there is no single owner of the crypto betting platform it means that no one can alter the random number generated for games or the outcome of bets.
3. Redistribution Of Betting Profits – One of the biggest breakthroughs that will have the multi-billionaire owners that currently dominate the gambling industry extremely worried is that blockchain betting platforms can redistribute the profits. They can do this as the blockchain can create shared ownership for all that buy the proprietary tokens that run the platform and then will receive automated payments via smart contract protocol built into the system.

Risks Attached To Crypto Sport Betting

While there are many major benefits that you can receive by making the change to cryptocurrency sports betting on the blockchain, you also need to be aware of the risks attached to such a form of gambling. Below are the top 3 risks that you need to take into consideration before you take part in crypto gambling online.

 

1. Many Crypto Gambling Platforms Fail – Blockchain development is still in its early stages and while concepts may work on paper, in the real world they can fail. Cryptocurrency gambling is a new model so there will be many bugs along the way which is why you need to be extra safe when using a brand-new crypto-based gambling platform.
2. Beware Of Scam Crypto Platforms – There have been many scams online that have involved cryptocurrency which is why you need to carry out extensive research before taking the plunge. 
3. Price Volatility Of Cryptocurrencies – One of the most volatile marketplaces in the world is the cryptocurrency marketplace. Prices can rise or drop by staggering amounts each day so unless you keep a close eye on your holdings, you may suffer a large loss. Only invest what you can afford and remember nothing is a sure thing apart from dying. 

Other Cryptocurrency Gambling Advantages

If you enjoy playing traditional table games such as poker or blackjack you will be pleased to know that there is now a blockchain version for most types of casino games. What makes these superior is the SHA-2 hash algorithms that produce the random number generated. It guarantees the fairness of the games along with providing all the data publically so that anyone can check that the algorithm is working correctly.

Final Thoughts

All of the different crypto betting platforms have different benefits attached to using their decentralized systems to place bets. Make sure to read our blockchain casino reviews to discover the best available such as WAGERR and YOUnited which offer groundbreaking solutions to the industry.