Most people will probably be aware of the fact that Bitcoin has become a massive buzzword in recent years. It’s become a popular way for people to pay for anything from sandwiches to coffee, and we’ve also seen many examples of people using Bitcoin for esports betting.
As Counter-Strike: Global Offensive is one of the world’s most popular esports, it’s no surprise to find that there is a healthy demand for CSGO betting sites that allow customers to try some CSGO Bitcoin betting.
So we are going to take a look at CSGO betting with Bitcoin to see whether it’s safe and what advantages it might have over using traditional payment methods.
What is Bitcoin?
Bitcoin emerged in 2009 and it was the first kind of digital money to be labeled as a cryptocurrency. It was created with the aim of being completely decentralized and out of control of governments and banking institutions.
By using blockchain technology to record payment transaction, it is able to use the cryptographic encryption to make secure transactions and to control how many new Bitcoins are produced.
As soon as you buy Bitcoin, you can use it like you would use normal money to buy goods, services and even try some Bitcoin betting on esports. Whilst the rise of this new cryptocurrency has frequently hit the headlines as a result of its use on the Dark Web as well as its price volatility, it’s clear that it has become hugely popular in the esports betting realm.
What are the advantages of CSGO betting with Bitcoin?
There appear to be a handful of decent reasons why many people are starting to try CSGO Bitcoin betting. So here are four facts that might tempt you into CSGO betting with Bitcoin.
One of the main reasons is the fact that Bitcoin generally enjoys much quicker processing times when compared to credit and debit cards as well as e-wallets.
This means that you should be able to make your deposits much quicker, and also get your hands on your winnings much faster too.
Whilst all of the best esports betting sites implement a rigorous authentication process for signing up, you can often just use an email address to make an account at a Bitcoin betting site. This means that you have much greater privacy and there’s less chance of your personal details falling into the wrong hands.
Unlike credit cards, debit cards and some e-wallets, Bitcoin isn’t accompanied by any annoying payment processing costs. This means that you stand to make a better profit on your Bitcoin esports betting, and it eliminates the risk of credit card fraud too.
Finally, as you have complete control of your Bitcoin wallet, it means that your money won’t be at the mercy of banking institutions that are frequently the subject of major security breaches.
Are there any disadvantages to CSGO Bitcoin betting?
Despite the obvious advantages of Bitcoin betting on esports, it’s evident that many traditional online bookmakers aren’t ready to accept the cryptocurrency just yet. Here are a few of the reasons why Bitcoin has yet to hit the CSGO betting mainstream.
Limited betting options
As there aren’t many CSGO betting sites that take Bitcoin, you’ll suffer from a limited range of odds when placing your Bitcoin bets. We all know how you can only use the best CSGO betting strategies if you have a decent selection of odds. So if you want to make the most of your CSGO bets, it’s best to stick with real money betting for now.
Many rogue Bitcoin betting sites
The rise of Bitcoin betting has unfortunately meant that there has been a wave of rogue esports betting sites that are unregulated and unlicensed. This means that you have nothing in the way of legal protection in case anything goes wrong, and there will be nothing to stop you losing your Bitcoin deposits.
The constantly changing value of Bitcoin is perhaps its biggest obstacle to overcome if it wants to truly enter the mainstream. Whilst the price of Bitcoin has been rising since it first emerged, it has suffered some catastrophic falls and has caused many people to avoid buying the cryptocurrency. So until Bitcoin’s volatility settles, it’s unlikely to become more widespread.
The technology is too new
As Bitcoin has been around for less than a decade, it’s evident that it might not yet be safe and secure enough to completely trust. Whilst traditional payment methods are legitimately controlled by governmental institutions to protect individuals, the Bitcoin realm still feels a little like the Wild West and its risky nature has proven off-putting to many people.
Which websites allow CSGO betting with Bitcoin?
Despite the risks associated with Bitcoin betting, there have been a few CSGO betting websites that offer a relatively safe way to make a bet with the cryptocurrency.
Arcanebet are a good example of one of the new generation of Bitcoin betting sites who allow you to make deposits with the cryptocurrency. And as they licensed are by the Government of Curacao they should be able to give you a relatively safe place to make your CSGO bets.
However, it’s worthwhile remembering that you can’t yet make Bitcoin deposits to qualify for the Arcanebet bonus offer, so it seems that this cryptocurrency is only just getting started.
What alternatives are there to CSGO Bitcoin betting?
If you’re not ready to jump on the Bitcoin bandwagon, then there are plenty of other ways to make your deposits and pick up your winnings at CSGO betting websites.
Credit and debit cards
There’s always something reassuring about using credit and debit cards to place your bets. All reputable CSGO betting sites will accept payments from brands like Visa, MasterCard, Visa Electron and Maestro. And as deposits with these payment methods usually count towards your welcome bonus, its clear that credit and debit cards are here to stay.
Many people also like the convenience of using e-wallets like Skrill, Neteller and PayPal. Whilst these methods won’t always allow you to get the best bonus offers, they are a good way to keep your betting budget separate from your bank account.
Finally, there are more people who use prepaid cards like Paysafecard to manage their betting budgets and ensure that they don’t go over their wagering limits. And whilst this method has its drawbacks, it’s certainly safer than trying CSGO skin gambling.
Should you try CSGO betting with Bitcoin?
Bitcoin has many great things going for it. The lack of transaction fees, speedy processing times and high levels of privacy has meant that we expect to see many more CSGO gambling sites allowing the use of the cryptocurrency in the future.
However, it seems that it is still early days for Bitcoin as its ongoing price volatility and negative reputation has meant that it is yet to feature on the most reputable esports betting websites. But with Bitcoin showing no signs of going away, it looks like it will play an increasingly important role in CSGO betting.