Advantages and Disadvantages use cryptocurrency like Bitcoin for online gambling

[ikydesu]

*Looks like there's no thread discuss this.

Bitcoin and Online gambling.
Both of them growing faster, since it created at first place the popularity become mainstream.
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 also become mainstream at 1990s, when first time real money online gambling game was played in 1996 and at 1994 an online gambling licence applied. Recorded $10 billion were wagered using mobile device in 2013.
Online gambling will became the dominant form of gambling, considering an innovative form has been created.

Advantages and Disadvantages use cryptocurrency for online gambling.
Advantages

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/

Disadvantages

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.

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.

What your thought?

Source:
https://www.cryptocoinsnews.com/cryptocurrency-online-casinos-match-made-heaven/
https://blog.cex.io/bitcoin-talks/bitcoin-gambling-12113

[1715212737]

1715212737

[1715212737]

1715212737

[smho_16]

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.

[FLoving]

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.

[ikydesu]

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.

The disadvantages is not have much mentioned, and you right the disadvantages can avoid by doing a research. but unfortunately other people not like you, they too lazy to doing a research first, just want an instant money, greedy and too much daydreaming.

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.

And unbeknownst of the family or wife/girlfriend

[erikalui]

Gambling being anonymous is the best advantage for people and many bitcoiners use it as well but their identity is not completely hidden even if they use third-party wallets. There are methods to track users with the help of nodes and their IP addresses.

Many online gambling sites that accept bitcoins have turned scam where they introduce huge bonuses and when they get bankrupt, they run away with the investments. There have been many past incidents and no site can be trusted due to this.


The fast withdrawals and deposits don't happen often. There are many complaints from users who need to wait for their transactions to get confirmed and sometimes there are delays from websites too where their account is not updated in time.

[DimensionZ]

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.

[milewilda]

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.

This is what i actually want to say regarding on bitcoin and online gambling which you already mentioned and you are right bitcoin do really have lower odds compare to those traditional fiat gambling sites it may have disadvantages though regarding on regulation but still we must choose up the most reputable and long operating gambling sites. They really differ on management though.

[ipanks]

i am agree with the quote from cex.io blogs for the advantages of bitcoin. the anonymity giving privilege for us to stay behind the wall and keep our identity for secretly and for me i don't want to show to other people if i am playing gambling in online site because its so risk and it can makes me to go to jail.

for the disadvantages, i think the slow for the confirmation of transaction is my problem when i want to make deposit and i think other bitcoin user will agree with this. beside that, i don't think that to buy bitcoin is really cheap because we need to change our money into bitcoin and then we can make deposit into gambling site but i think is fine for other people to do this. and i am agree that the other disadvantages is after we make deposit into gambling site, the owner can run away with the money of the gamblers without we can track who is the real owner and where the owner live.

beside that, the other disadvantages is i can not make a big winning in online gambling like other gamblers as i am not pro gamblers, its just my personally case and not for the other gamblers. i am sure that many gamblers can winning big money in online gambling.

[Herbert2020]

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.

- 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.

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

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 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.

[ikydesu]

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.

- 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.

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

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 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.

Yes, the price rise at first introduced until late 2013, but after that the price become volatile, although it not touch down at first time price. This clearly if bitcoin become get a lot attention from people who investing and they make sell wall after that.

About online gambling regulation, that's already done in 1994 at small island nation of Antigua and Barbuda. But there's no bitcoin online gambling which already done with the regulation AFAIK (CMIIW).

[BTCLovingDude]

Disadvantages

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.

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.

[Nahl]

advantages for gambling using cryptocurrency is anonymity and everybody has knows that and i think the real gamblers was never care with what are you mentioned above for disadvantages gambling using cryptocurrency because as long as they could gamble without provide their personal info most of gamblers will still gambling although bitcoin price is volatility or very vulnerable to be hacked and the latest prove is plenty online gambling sites has players active and they willing to spend a lot of bitcoin during their gambling activities

[ajaxmoor]

For me initially it was the legality issue, since I was unable to play poker in the US on any other sites using the normal deposit methods. But with bitcoin, that was a perfect option to. However a lot of sites have now started accepting bitcoin. But even then the biggest advantage is the quick transfers and withdrawals from the casino as compared to any other payment methods.

[ikydesu]

Disadvantages

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.

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.

You right, about volatile, the reason is not just amount changed, but the price itself, which means my view is when we bet with $20 in btc, then win $25 in btc at price $1000/coin, then suddenly sell wall coming, it could be you get back $20/less, this means we don't know the price direction, unless you have capability to predict it.

Yes nowadays online casino have automatic withdrawal, like you said, probably with huge amount when the house don't have an amount to pay it, it will take some moment to house gather funds.

Hacking is never separate to online activity, that's why we need to protect our self.

The addiction to gamble using crptocurrency is have more chance, when you freely spending your amount to take a bets.

[maxhor]

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.

[milewilda]

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.

This is true thats why the popularity of bitcoin more increases or grows together with gambling online casinos because of its payment options.As you said theres no need  for documents and you dont compromise already your identity and anytime you could able to play gambling with your convenience in just a few clicks away you could transfer with ease.

[daringdiscovered]

The advantage of bitcoin gambling is the convenience of it. Anywhere you are, you can gamble. All you need is internet, smartphone or laptop, and bitcoin to use for gambling. The disadvantage of it is the fact that you can gamble conveniently with bitcoin, the more you can be addicted to it.

[JariKriting]

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

[TheGodFather]

advantages that ireally want in bitcoin for online gambling was i can play all the features of the games that i want to play without any id verification or other process just to play gambling and with the use of crypto currency we can actually redeem our prize in just a snap and it will also be recorded on the block chain on hows the transaction going thats what i like about bitcoin.

[molsewid]

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.