Have you heard of cryptocurrencies? Throughout the years, there have been more and more new cryptocurrencies that have been developed or “discovered” by people, and the crypto market had grown from being insignificant and close to being non-existent to the big thing that it is right now.

Cryptocurrencies are now also being used even in online sports betting. In fact, more bookies are now offering bonuses for people depending on the payment type they are using.

You can read more about these bonuses offered by various online sports bookmarks on this page, as well as bonus codes you can use for select bookmakers.

Here are the tops reasons why cryptocurrency is something that you should consider using in online sports betting.

You can be anonymous


Perhaps one of the top reasons why someone would choose to use a cryptocurrency such as Bitcoin in managing their funds for online sports betting is the privacy and the security it offers.

When using a cryptocurrency wallet, you don’t need to provide any other banking or financial information to the bookmaker site or app. All you need to provide is the unique wallet ID or code for your specific cryptocurrency, and you are good to go.

While you cannot escape verifying your identity to your online bookie (since this is the part of the security process known as “know your customer”), you can at least have the peace of mind that your financial information is safe and is no way in the risk of being compromised.

It is safer (mostly)


Make no mistake here--cryptocurrencies like Bitcoin or Etherium are being questioned up until now as to its security and on whether money invested on it are safe. In a general sense, it can be hard to say how safe or unsafe your crypto is.

Since everything about it is based on the internet, it also means that it can be hacked and accessed by anyone with the wrong intentions and the right set of skills.

However, Bitcoin is still safe--or at least, it is as safe as your chosen wallet is. This is why it is important only to create a wallet under a trusted provider.

In this way, you are sure that your wallet is under a legitimate provider, and thus, you are secured from losing your money, at the very least.

It cans serve more purposes than just betting


You probably know this already or at least read something about it, but did you know that Bitcoin can be more than a simple payment method? You can also use Bitcoin to make more money for yourself.

There are two ways to earn money by using Bitcoin. One is just to let it sit still and see if it will eventually grow in value. This is the slower process but calls for the least effort on your part.

On the other hand, you can also actively trade in the blockchain industry using the crypto that you already have.

The catch


Along with all the good things about Bitcoin, there are also risks in using it. For one, there is no way to recover money lost in the blockchain.

Notice how a Bitcoin wallet is identified with a unique set of numbers and letters? Always make sure that you type that in correct all of the times.

If you make a mistake in your wallet and someone sends you money to it, the money would either go to a wrong wallet or if the wrong wallet address does not exist, the money would be unrecoverable and would forever be lost in the blockchain.