Cryptocurrencies might as well be one of the most innovative financial tools currently available, but as an asset class, they are still in their infancy. This affects crypto sports betting too. Regulatory clarity for cryptocurrency transactions and investments has not yet been achieved, and certain gambling jurisdictions do not recognize these digital coins as a legitimate payment option.
Furthermore, crypto transactions do not forgive any mistake, and their technical complexity requires users to inform themselves of new technological and financial developments consistently. Let’s dive a little deeper into these arguments.
Unstable Legal Framework
Just a few years ago, the crypto landscape was like the Wild West. Everyone could do whatever he pleased, as there were no regulations around. Only just recently, with the huge influx of billions into the crypto ecosystem, did governments, central banks and international institutions get alarmed. As of now, crypto regulations differ in each country, and most of them do not have a solid framework. The future is yet unknown, so keep that in mind before investing in a crypto gambling bankroll.
The crypto space is full of buzzwords and technical jargon. Staking, liquidity pools, Dex, Cex, dApp, yield farming and so on. And every day, something new appears. Of course, all this is not needed to simply deposit & withdraw cryptocurrencies from crypto betting sites, but it is recommended to follow the scene closely. Moreover, the independent nature of crypto transactions means increased responsibility from the user’s side.
A single mistype of an address may result in complete loss of funds, and nobody will be able to help you recover them. Exchanges & wallets have limited support capabilities, and many opportunists are ready to take advantage of unsuspecting newbies. Not everybody likes this side of cryptocurrencies, so it is up to you if you are willing to take the risk.