Advantages and Disadvantages
Bitcoin uses strong encryption methods to make transactions. This means there is a high level of security associated with Bitcoin transactions, and in turn, there is anonymity. You can bet using Bitcoin and nobody will be able to tell that it was you or where the money came from.
Because of the anonymity of Bitcoin, a lot of betting sites will not require you to enter basic personal information such as your name or home address. If you are wanting to keep your betting to yourself, this is definitely one of the best ways to do it. However, you might still have to provide ID or other information to some betting sites in order to make a withdrawal.
Another key advantage of Bitcoin betting is that there are near-instant deposits and Bitcoin withdrawal. This is very useful, as a lot of betting sites will impose limits or periods of time where you are unable to withdraw your funds. Having more control over your money is always a good thing.
One of the more betting specific advantages of using Bitcoin bookmaker is the huge welcome bonuses that many have on offer. They can be available for several Bitcoins, which is substantially more than your average welcome bonus on a betting site in terms of normal currency.
There are some disadvantages to Bitcoin betting, and the main one is the fact that there is a lack of regulation with online betting sites that use Bitcoin. Bettors have to choose sites that allow Bitcoin betting in the first place, and due to the lack of identity and information requirements associated with Bitcoin betting, it usually means these sites are not well regulated.
The value of Bitcoin is also much more volatile than fiat currency, and so your deposit value can change by the day without you even placing a bet. Bitcoin is also just not regulated itself, and so depending on where you deposit and withdraw your funds, you are at the mercy of those running the Bitcoin exchanges. They can often disappear with all of your funds, and there is nobody to call if you make a mistake.
With these disadvantages in mind, you must consider whether or not you want to dive into the world of Bitcoin betting.