Crypto eSports Betting Exchanges: The Pros & Cons
Even though the vast majority of people who bet on eSports games often discuss the significant amount of positives involved, there’s a holistic approach you need to take when analyzing eSports betting, which invariably includes some negatives, too. We’re not here to scare you away from the idea of using cryptocurrency and Bitcoin to place your bet, and if there weren’t more negatives than positives, it wouldn’t be experiencing the increase in popularity we’re currently seeing.
The Pros
Cryptocurrency betting has come into a world of its own since the turn of the decade. Companies specializing in Bitcoin and cryptocurrency betting have added many more components that put them on par with traditional online gambling companies. For many gamblers and those people who like to bet on eSports, the emergence of crypto betting is a welcome addition and innovation to the highly creative world of eSports. There are now crypto eSports betting platforms that specialize in using the power of the highly creative digital asset to promote the benefits of Bitcoin.
These companies also provide a base for them to provide a facility whereby gamblers can place bets on their favorite eSports tournaments and games with less hassle. Regardless of whether you enjoy League Of Legends, NFL Madden, or Counter-Strike 2 (CS2), cryptocurrency betting takes some of the most crucial aspects of betting, such as security and convenience, and uses Bitcoin and other digital assets to enhance them. CS2 betting at Thunderpick with Bitcoin and other eSports leagues is a prime example of a gambling company grabbing innovation by the scruff of the neck and exploring fresh ideas with excellent results.
By doubling down on the immense creativity within the industry and using the anonymized, peer-to-peer decentralized assets as the primary payment method to place bets, Thunderpick is assisting you as a customer and providing more security for everybody involved.
Cryptocurrency gambling is more secure because, in a regular casino or sports betting website, you’d have to provide photographic identification and usually tap in your credit card number, expiry date, and date of birth. If this information were to fall into the wrong hands, this would result in a serious breach of confidence in the betting company and could spell serious issues for you in your daily life.
However, if somebody illicitly hacks a betting company, nothing identifies you. Your wallet address is the only financial instrument you have used to place your bet, and that information is publicly available anyway; there’s nothing anybody can do with that information. This heightens the convenience for you and the company in question, not to mention that you connect your wallet directly, removes the need for a bank, and removes the possibility of the payment being stopped – again, adding further convenience.
The Cons
Despite all the positive components, cryptocurrency casinos and sports betting exchanges are still in their infancy. Millions of gamblers worldwide still prefer to use traditional currencies to place their bets. This lack of mass adoption is proving to be a hindrance for cryptocurrency eSports betting exchanges, as they want to bring in new customers and introduce them to the ingenuity of cryptocurrency and eSports gambling. Greater selection results in greater competition and innovation, and while innovation isn’t lacking, the lack of competition and customer pool has begun to stifle the blistering initial growth.
However, the main spine of the issue surrounds Bitcoin and cryptocurrency. The eSports gaming industry has experienced a tremendous boost in popularity, with some of the world’s biggest rappers investing big money into the sector. Despite this, the industry has experienced a bit of a lull overall. While some have played external factors, many remain optimistic about the long-term growth expectation of digital assets and betting exchanges.
But ignoring that adoption has been slow, with cryptocurrencies taking a significant hit over the last 18 months, it will not be as meteoric a rise as people might have initially anticipated.
Conclusion
Weighing up the positives and negatives, there’s still much to be excited about if you’re an operator within this sector. While cryptocurrency might be experiencing a downturn, video gaming is still immensely popular, and there’s nothing to suggest that the number of people playing video games or the number of people who place bets will diminish significantly. Games like Dota 2 continue to break records, and crypto eSports betting markets associated with the record-breaking game are still going strong, even in the face of adversity or the market plateauing.
As this industry has multiple facets, it benefits from not being overly reliant on one area. Therefore, crypto eSports betting exchanges can roll with the punches and continue to progress positively. Just because the cryptocurrency market isn’t doing too well at the minute doesn’t mean that betting exchanges can’t continue to grow. Then once the markets pick back up, companies pioneering in the sector will be hopeful it acts as a catapult and pushes profit further upwards.
