Bitcoin Forum

Bitcoin gambling is cheap. Because it doesn’t require transactions such as deposits and withdrawals being handled by any third-party processor, transaction and casino fees are minimized to assure comfort of the users.

Not having a central controlling authority makes Bitcoin easily transferable between peers, while the ownership is preserved and protected. Moreover, everyone can transfer as much as he or she wishes; the sum is very flexible.

One of the greatest advantages of Bitcoin is its complete anonymity. Because gambling is a sensitive area, many players would prefer keeping their personal information private. With Bitcoin, what needs to be validated is one’s payability, not identity, and it is already maintained through private keys.

Casino deposits and withdrawals are done in a quick manner, courtesy of Bitcoin: it takes mere minutes to confirm each transaction, and players experience little or none distractions during the gaming process.

Bitcoin gambling can be viewed as currency non-specific, which offers users the possibility to gamble on websites that would otherwise be inaccessible for the player. This is also the reason it is impossible for the user’s geographic location to define whether he or she wins in that particular casino or not.

https://blog.cex.io/bitcoin-talks/bitcoin-gambling-12113

Cryptocurrencies cannot be counterfeited in the way which credit cards and banknotes can.

Transactions are carried out immediately, whereas with some traditional methods you’d have to wait for longer periods before the amount appears in the account.

Cryptocurrency transactions generally include lower fees compared to traditional transactions.

Everyone with an internet access can take part in cryptocurrency trading.

The identity of the trader is protected as sensitive information is required to complete a cryptocurrency transaction.

https://www.cryptocoinsnews.com/cryptocurrency-online-casinos-match-made-heaven/

Bitcoin’s price is known for its volatility. In comparison to traditional gambling, fluctuating value is only applicable to BTC gambling, since the price of a fiat currency is usually much more stable. Gamblers should follow the price changes in order to gain maximum profit.

While the usual Bitcoin transactions take minutes to be approved, it might not be the case with online casinos that use cryptocurrency. For security reasons some websites process withdrawals manually, which makes the procedure time-consuming.

There is a high possibility of hacking. In order to avoid it, the players have to use extensive security measures or fund protection recommended by the online casinos.

I think we all know the advantages and pretty much they are what they are, anonymity , ease of access, no restriction by country or government and a few others.

However I think you have got it all wrong in the disadvantages of the bitcoin. Price volatility is a thing which can be controlled, people buy btc to gamble when the price is reasonably low (well addicts will buy at any price). Regarding some casinos that do manual withdraw, they are not top of the line, just use a casino with a reputable name like the one in my signature and you will receive your withdraw within seconds, maximum minutes. And regarding the security an experienced bitcoin user (which most gamblers I hope they are) should read daily regarding the security of bitcoin and himself.

So not really disadvantages of bitcoin but disadvantage of third party you have put up.

I agree to the point that there is no any certification in the way of bitcoin payment in the gambling. There we do not need to expose our identity which is playing a major role in bringing the players of every type from every part of the world without any difference of race country etc.

One glaring omission is that Bitcoin sportsbooks offer lower odds than their fiat counterparts and another disadvantage at least for me is that Bitcoin gambling sites have no regular audit checks if any and it's very easy for them to close up shop and vanish in the shadows whenever they want with everyone's money.

Bitcoin, we know this history, in 5 years since first time introduced, the price reach $1000/coin which this boom the popularity, although the price movement can't go flat, it's like rollercoaster, especially bitcoin price is volatile.

Online gambling will became the dominant form of gambling, considering an innovative form has been created.

- bitcoin was introduced in 2008
- first bitcoin transaction was in 2009-1 and trading was mostly hot in mid 2009 leading to the rise in $1000 in late Nov 2013
- and that was clearly a pump and if you exclude that time you can see price is not so volatile but it is rising.


I also believe that online gambling is going to be huge in the near future but anything that grows this fast will bring a lot of attention from government and the tax man :D and if they can not take taxes from online gambling they will ban it and put a stop to it.

anyways i think with introduction of bitcoin gambling the industry has started to be revolutionized and these casinos today are the pioneers of tomorrow which can say "we were the first to open up a bitcoin gambling site" and have their business booming.

Disadvantages

Also, Other Disadvantages is people become easy to being addicted which no one know your gambling activity using cryptocurrency.
This also vulnerable to scammer or suspicious activity which come from house or player itself.

i don't agree with these disadvantages.
- bitcoin price is not changing every second, so although it is volatile but it takes time for it to go up and down and it is not happening every day. and when you gamble you do it for a short time for example less than an hour so you invest the same amount (like $20 and after and hour you still have invested $20.01 or $19.99)

- the withdrawals from casinos have always been instant and automatic for me so i don't see why this is here. maybe it is talking about very huge amounts like 10BTC+?

- hacking is always a problem while online and it is not restricted to bitcoin!

- the addiction is also not related to crypto currencies but it is a gambling thing.

Bitcoin and gambling both are much important for each other, why majority of the people like to play on bitcoin related casino that is very clear there is no need to put any document to get withdrawal, so this kind of freedom making it more popular payment option for gambling and the bitcoin related casinos are growing rapidly at the moment.

disadvantages about bitcoin price is not stable, you can use gamble site is rate use USD but payment still use cryptocoin(bitcoin)
advantage gamble site use bitcoin, stil same bitcoin anonymous, you play without verification ID
so is enjoy and save

even its not stable we cant call it as disadvantages because just like other currency their price is not stable just like bitcoins . on other people thats an advantage for them so they can afford bitcoin in a low price so when the price of bitcoin gets raise again they can make a profit from it just using a small investment mostly trader use that strategy.

One of the advantages is that there is transparency in the form of payment, since all transactions can be checked in the Blockchain. The biggest problem that can occur is the possibility of the user investing into scam websites, which is something common in crypto lately. Another thing that some users may complain about, is the fact that the transactions are irreversible, but it is the responsibility of the user to avoid sending money without being sure about it.

yep you're right about the transparency on the form of payment because any one can check the transactions via blockchain. and the problem you're saying was not bitcoin fault its on the user. why would they send a money on a scamming websites with out doing a proper check on background just like im doing. well we cant blame them because we all know that all of us want to make a higher profit thats why we're risking our btc on a things we're not sure about.

actually im into trading also iknow this strategy im buying a bunch of bitcoins when its price drop just like the old days and now i've already make a profit from it because yesterday i think it hits 800 usd per bitcoin . now i trade my bitcoin for those buyer who want to buy a bitcoins see? its so easy that we can also make aprofit via investing on bitcoin which investing in its self no other requirements just invest on bitcoin you could actually make it grow.

Advantages are you can play in your home, you can play without giving your real identity, you can play using your mobile phone. You can pre roll w/o a bet.

I will say that for the casino owners definitely there is more benefits as they are getting more bets with more people coming there without showing their identity but for the community the disadvantage is that even kids also come to these online casino and they play games for money on these online casino and bet for sports etc.

I can only find positives and advantages while using bitcoin for gambling. i do like the points you have mentioned and bitcoin has influenced many gambling sites to appear in the past few years. Most of the high rollers would not mind about the price of bitcoin as they consider it as tokens because they do have a large number of coins in their hands and other than that if the price keeps on increasing i will find it difficult to gamble with bitcoin.

I also believe that online gambling is going to be huge in the near future but anything that grows this fast will bring a lot of attention from government and the tax man :D and if they can not take taxes from online gambling they will ban it and put a stop to it.

anyways i think with introduction of bitcoin gambling the industry has started to be revolutionized and these casinos today are the pioneers of tomorrow which can say "we were the first to open up a bitcoin gambling site" and have their business booming.

There is also the risk of the sportsbetting site not giving you your money. Since most of the bitcoin gambling sites are operating outside regulatory bodies, it would be easy for them to take your money. In fact I have a withdrawal that has not arrived yet from a bitcoin sportsbetting site. I am still not posting anything at Scam Accusations because I want to give it more time. It may only be me being impatient. The problem is the site said that it has already sent the bitcoins but it has not yet appeared to be sent in the blockchain.

What are the known cases like mine?

That is certainly true, the higher the gambling then the higher growth of the bitcoin. indeed from what I see that growth of the bitcoin it due to the increasing demand for gamblers using bitcoin in any stakes in gambling sites. It's all something of a good thing, but in other respects it is very bad because gambling is not a game or a lucrative job (for those who don't know how to play). so, if you want to use a gambling indeed preferably should be about gambling with the good

Im confused about on the word "gambling with the good", what does it mean actually?:) Gambling sites do really expand because of bitcoin because the saw the demand for it since using bitcoin on gambling is very easy and accessible that most gamblers out there will surely like the convenience that it gives.Gambling is not really a job and there are lots if things not only on gambling sites that spread the adoption of bitcoin.

Gambling is the majority where bitcoins used as at this point, Gambling site uses bitcoin as mode of payment because this coin is perfect for it because of it's anonymity features, easy to transfer without the hassle of disputing and at the same time, It didn't have a tax compared to gambling casino on real world that have many requirements before allowing player to play. A lot of people here just focus on gambling and missed the opportunity to have a good profit on trading and investing on ICO.  :(

I will say that for the casino owners definitely there is more benefits as they are getting more bets with more people coming there without showing their identity but for the community the disadvantage is that even kids also come to these online casino and they play games for money on these online casino and bet for sports etc.

I will say that for the casino owners definitely there is more benefits as they are getting more bets with more people coming there without showing their identity but for the community the disadvantage is that even kids also come to these online casino and they play games for money on these online casino and bet for sports etc.

Almost all know about the advantages  of using cryptocurrency like bitcoin for online gaming but many may not have realized some of the disadvantages like you can't catch the scam casino site if they ran away with investors money and also if they steal few hundreds bitcoin from players account because most of the bitcoin casino run without any license from authority and also most of them hide their owners details.