The Pros and Cons of Bitcoin Gambling

[ReiMomo]

The biggest advantage of gambling with Bitcoin is that it is private and tax free. The government cannot benefit from your money. However, the biggest disadvantage is; its value is constantly changing. You must calculate the amount you use according to at least 3% variability. Otherwise, you may lose a little while trying to make a profit.

While I agree that the volatility can be a pain when you gamble as you could have earned a lot of bitcoin during a session only to find out that you lost in terms of fiat when the market crashed, this is something in which we had years to learn how to handle.

Personally when that happens I think about it in the same way I think about my bitcoin investment, maybe its fiat value is down but in the future it will go up, besides we are gambling with satoshis and not with fiat so as long as I got more bitcoin in my wallet I think of it as a win.

I don't mind if the bitcoin dumps as long as i am holding my winnings in bitcoin.
The main problem in gambling is that you have a lot of risk of losing your money. I have seen people invest their savings and hard earned money in bitcoins and later they lost all the money in gambling.
So its not mainly about your portfolio value in terms of dollars but also the risk involved in gambling is a big con for bitcoin gambling.

I feel, when bitcoin is used for gambling then yes, trading and gambling dont differ much when it comes to earnings. As bitcoin / crypto market is volatile, as long as you hold the coin earned from gambling and trading, the benefits will be more. Yes, there will be pain when Bitcoin earned in bull market winning in gambling and later the value goes down at bearish market.   

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[ultrloa]

But sometimes the phase will be different if you start to cashout your money on gambling site. For sure this crash affect even if your old timer because you will possibly look at the value especially when you bought yours at expensive rate. But if you mean upon gaming surely gamblers will ignore that because what mostly gamblers aim is to enjoy and try to win their games.

That's a different story now since that person badly needs to cash out.

Price volatility has nothing to do with that as we are the one who needs to adjust.

For me, bitcoin being crashed or not won't impact those gamblers since I think that's even an advantage to them as they will have more Bitcoin in return if they will purchase it by cash. Since they are playing with Bitcoin currency on the gambling site, it means more bankroll to them that they can use in the long run.

When it comes to cashing out, if it was really necessary to do, whether the trend is uptrend or downtrend, these guys will convert their Bitcoin to whatever price.

Each gambler have different personal view towards it and no right or even wrong answer with this but actually if you are a whale you will surely feel the pain of bear market condition because the value of your balances decrease a lot and for sure gambling whales feel the bear market to. But also many think that this is paper loss only and they will not lose any dime if they not sell their stash.

[n0ne]

But sometimes the phase will be different if you start to cashout your money on gambling site. For sure this crash affect even if your old timer because you will possibly look at the value especially when you bought yours at expensive rate. But if you mean upon gaming surely gamblers will ignore that because what mostly gamblers aim is to enjoy and try to win their games.

That's a different story now since that person badly needs to cash out.

Price volatility has nothing to do with that as we are the one who needs to adjust.

For me, bitcoin being crashed or not won't impact those gamblers since I think that's even an advantage to them as they will have more Bitcoin in return if they will purchase it by cash. Since they are playing with Bitcoin currency on the gambling site, it means more bankroll to them that they can use in the long run.

When it comes to cashing out, if it was really necessary to do, whether the trend is uptrend or downtrend, these guys will convert their Bitcoin to whatever price.

Each gambler have different personal view towards it and no right or even wrong answer with this but actually if you are a whale you will surely feel the pain of bear market condition because the value of your balances decrease a lot and for sure gambling whales feel the bear market to. But also many think that this is paper loss only and they will not lose any dime if they not sell their stash.

Whales always spend in terms of bitcoin than in terms of USD. Whether the market is bullish or bearish doesn't count, if he spends 0.1BTC in gambling when the price is $40k same will be spend when the price is $20k. So, here if we calculate in terms of USD what he risked and what he earned/lost might vary. Most of the whale gamblers were hodlers, so this profits them long term.

[Google+]

Each gambler have different personal view towards it and no right or even wrong answer with this but actually if you are a whale you will surely feel the pain of bear market condition because the value of your balances decrease a lot and for sure gambling whales feel the bear market to. But also many think that this is paper loss only and they will not lose any dime if they not sell their stash.

Everyone has different thoughts and has different judgments in today's market conditions. but in gambling there is always 1+1 is 2 isn't this what happens in gambling games meaning they only bet and get the win no matter what the current market price is. maybe 80% of gamblers are not holders because when they get a win of course they will switch to fiat. so market conditions don't affect crypto gambling players at all because price volatility is not a big problem for active gamblers.

[TopT3ns]

Each gambler have different personal view towards it and no right or even wrong answer with this but actually if you are a whale you will surely feel the pain of bear market condition because the value of your balances decrease a lot and for sure gambling whales feel the bear market to. But also many think that this is paper loss only and they will not lose any dime if they not sell their stash.

Everyone has different thoughts and has different judgments in today's market conditions. but in gambling there is always 1+1 is 2 isn't this what happens in gambling games meaning they only bet and get the win no matter what the current market price is. maybe 80% of gamblers are not holders because when they get a win of course they will switch to fiat. so market conditions don't affect crypto gambling players at all because price volatility is not a big problem for active gamblers.

I don't think gamblers can't have an influence on cryptocurrency price movements but rather they can't, because in gambling places there are many choices of what coin they want to use if they want to gamble, I think they prefer to use altcoins because the exchange rate is still very cheap, it doesn't make Gamblers feel lost when they lose.

[Distinctin]

The biggest advantage of gambling with Bitcoin is that it is private and tax free. The government cannot benefit from your money. However, the biggest disadvantage is; its value is constantly changing. You must calculate the amount you use according to at least 3% variability. Otherwise, you may lose a little while trying to make a profit.

While I agree that the volatility can be a pain when you gamble as you could have earned a lot of bitcoin during a session only to find out that you lost in terms of fiat when the market crashed, this is something in which we had years to learn how to handle.

Personally when that happens I think about it in the same way I think about my bitcoin investment, maybe its fiat value is down but in the future it will go up, besides we are gambling with satoshis and not with fiat so as long as I got more bitcoin in my wallet I think of it as a win.

I don't mind if the bitcoin dumps as long as i am holding my winnings in bitcoin.
The main problem in gambling is that you have a lot of risk of losing your money. I have seen people invest their savings and hard earned money in bitcoins and later they lost all the money in gambling.
So its not mainly about your portfolio value in terms of dollars but also the risk involved in gambling is a big con for bitcoin gambling.

I feel, when bitcoin is used for gambling then yes, trading and gambling dont differ much when it comes to earnings. As bitcoin / crypto market is volatile, as long as you hold the coin earned from gambling and trading, the benefits will be more. Yes, there will be pain when Bitcoin earned in bull market winning in gambling and later the value goes down at bearish market.   

Yup, you're right about that. That would surely hurt us if our winnings will depreciate sometime later when the market suddenly turns bearish. We can't really do something about it as we already know that the market is volatile so its movement is really unpredictable at all, yes, we can speculate before making a move but that's not a guarantee. But, gambler will still find way even the market situation's not good.

[mirakal]

Each gambler have different personal view towards it and no right or even wrong answer with this but actually if you are a whale you will surely feel the pain of bear market condition because the value of your balances decrease a lot and for sure gambling whales feel the bear market to. But also many think that this is paper loss only and they will not lose any dime if they not sell their stash.

Everyone has different thoughts and has different judgments in today's market conditions. but in gambling there is always 1+1 is 2 isn't this what happens in gambling games meaning they only bet and get the win no matter what the current market price is. maybe 80% of gamblers are not holders because when they get a win of course they will switch to fiat. so market conditions don't affect crypto gambling players at all because price volatility is not a big problem for active gamblers.

I don't think gamblers can't have an influence on cryptocurrency price movements but rather they can't, because in gambling places there are many choices of what coin they want to use if they want to gamble, I think they prefer to use altcoins because the exchange rate is still very cheap, it doesn't make Gamblers feel lost when they lose.

Exactly! As a gambler, we will surely want to choose a coin that is much cheaper and its volatility wouldn't surely hurt us that much if it will suddenly inclines or declines, and surely wouldn't mind thinking if they could influence such coin movement. I believe that on average gamblers are not using bitcoins upon betting in their favorite sports book or casino game.

[darkangel11]

For me the biggest pro and con of bitcoin gambling is the same thing: its high value and high price appreciation. Bitcoin is constantly going up in value if you look at the lows over a 2-3 year period so it';s the best coin for saving money and holding for the long run. If you gamble it away and it gains value next year you're going to feel the hurt. The same thing is also a positive feature because if you can win some and hold it you're going to be very happy after the next halving.

If you know what you're doing and usually win, bet whatever you like. If not, choose a cheap altcoin especially one of those that you can get for free

[RealMalatesta]

As a gambler, we will surely want to choose a coin that is much cheaper and its volatility wouldn't surely hurt us that much if it will suddenly inclines or declines, and surely wouldn't mind thinking if they could influence such coin movement. I believe that on average gamblers are not using bitcoins upon betting in their favorite sports book or casino game.

This is why people preferred doge before all of this Elon stuff happened. We loved Doge for the fact that it was cheap, fast, and usually not volatile. It was accepted in most casinos, and it was like a joke money where you throw in 5k of it, 10k of it whatever, if you are rich enough then millions.

This is why it was such a good thing and now because of Elon Musk it became something that is a bit more volatile and because of that it became a bit more problematic. Of course there are still some coins which are low in price and you could send them with little cost, but they became not so great because of all the volatility in the market these days hence why not used.

[Sarah Azhari]

Exactly! As a gambler, we will surely want to choose a coin that is much cheaper and its volatility wouldn't surely hurt us that much if it will suddenly inclines or declines, and surely wouldn't mind thinking if they could influence such coin movement. I believe that on average gamblers are not using bitcoins upon betting in their favorite sports book or casino game.

because of cheap, we can buy doge with not lot of money, we can buy doge with only $1 in the pocket and transfer it to gambling site with low fee and multiple it 100x, I did it past.

[Boristhecat]

This is why people preferred doge before all of this Elon stuff happened. We loved Doge for the fact that it was cheap, fast, and usually not volatile. It was accepted in most casinos, and it was like a joke money where you throw in 5k of it, 10k of it whatever, if you are rich enough then millions.

This is why it was such a good thing and now because of Elon Musk it became something that is a bit more volatile and because of that it became a bit more problematic. Of course there are still some coins which are low in price and you could send them with little cost, but they became not so great because of all the volatility in the market these days hence why not used.

For this reason, casinos initially came up with chips - it is psychologically easier for a person to part with a chip than with a bill of real money. Now it's time for cryptocurrencies and, above all, bitcoin - a significant part of the players perceive it as real money and a great opportunity in the future, so they use either altcoins or stablecoins.

[_act_]

I don't mind if the bitcoin dumps as long as i am holding my winnings in bitcoin.
The main problem in gambling is that you have a lot of risk of losing your money. I have seen people invest their savings and hard earned money in bitcoins and later they lost all the money in gambling.
So its not mainly about your portfolio value in terms of dollars but also the risk involved in gambling is a big con for bitcoin gambling.

You may not that care having your money in bitcoin but come to think of it, like some weeks ago when bitcoin was at $40000, bitcoin dropped back to $19000 today, anyone having like $250 bitcoin on a betting online platform will have less than $250 by now. We all have different opinions about this but it is very annoying for people to lose money, in reality, it is not easy at all. I have preferred to use USDT on any gambling site I use, I will only buy bitcoin back in 2023 when I know the crypto market can not go down much further.

[Vaculin]

I don't mind if the bitcoin dumps as long as i am holding my winnings in bitcoin.
The main problem in gambling is that you have a lot of risk of losing your money. I have seen people invest their savings and hard earned money in bitcoins and later they lost all the money in gambling.
So its not mainly about your portfolio value in terms of dollars but also the risk involved in gambling is a big con for bitcoin gambling.

You may not that care having your money in bitcoin but come to think of it, like some weeks ago when bitcoin was at $40000, bitcoin dropped back to $19000 today, anyone having like $250 bitcoin on a betting online platform will have less than $250 by now. We all have different opinions about this but it is very annoying for people to lose money, in reality, it is not easy at all. I have preferred to use USDT on any gambling site I use, I will only buy bitcoin back in 2023 when I know the crypto market can not go down much further.

If you don't want to risk the volatility of the assets, you can choose USDT to gamble. However, volatility is not negative at all, sometimes it also gives positive results especially if the market is bullish, right now it's bearish so it's not good to gamble with volatile assets especially if you want to withdraw it right away after you gamble.

[madnessteat]

I don't mind if the bitcoin dumps as long as i am holding my winnings in bitcoin.
The main problem in gambling is that you have a lot of risk of losing your money. I have seen people invest their savings and hard earned money in bitcoins and later they lost all the money in gambling.
So its not mainly about your portfolio value in terms of dollars but also the risk involved in gambling is a big con for bitcoin gambling.

You may not that care having your money in bitcoin but come to think of it, like some weeks ago when bitcoin was at $40000, bitcoin dropped back to $19000 today, anyone having like $250 bitcoin on a betting online platform will have less than $250 by now. We all have different opinions about this but it is very annoying for people to lose money, in reality, it is not easy at all. I have preferred to use USDT on any gambling site I use, I will only buy bitcoin back in 2023 when I know the crypto market can not go down much further.

I also prefer stablecoins for gambling because it guarantees the safety of asset value.

If you are a long-term investor, it is best to buy Bitcoin at a time when fear reigns in the market. For example, like now, but you should not buy with all your available funds at once, but in portions. For example, buy Bitcoin every month despite the price by 5-7% of your deposit intended for investments in cryptocurrencies.

[yazher]

If you don't want to risk the volatility of the assets, you can choose USDT to gamble. However, volatility is not negative at all, sometimes it also gives positive results especially if the market is bullish, right now it's bearish so it's not good to gamble with volatile assets especially if you want to withdraw it right away after you gamble.

That's what I'm doing every time I got some big amount of rewards from bounties back in the days because I was scared of the volatility hitting my current crypto -50%. But one day I forgot to convert it to stablecoins and some rare event happen that day and when I look at the price it raises and that's the best forgetfulness I ever had because I gained a decent amount of money from that event.

[noormcs5]

I feel, when bitcoin is used for gambling then yes, trading and gambling dont differ much when it comes to earnings. As bitcoin / crypto market is volatile, as long as you hold the coin earned from gambling and trading, the benefits will be more. Yes, there will be pain when Bitcoin earned in bull market winning in gambling and later the value goes down at bearish market.   

I think you are confusing between trading and gambling.

With trading, yes you can buy, hold and wait for the profits. Even if you are not an active trader, buying low and selling high will give you good returns (however you may have to wait many months in bearish markets)

On the other hand, gambling is a game that you play and can win and lose instantly. Gambling is more risker than trading and the motive of gambling is not only to earn money but also to have fun in leisure time.

[Zilon]

Now that all of us have an idea about the Pros and cons according to the source link,  I'd like to ask something to anyone here in the forum.

- Is it convenient to play in the Bitcoin Gambling?

Bitcoin gambling has brought more convenience to the gambling sector curbing the challenge of fiat exchange rates across different countries. Since Bitcoin can be accessed from any part of the world it has made deposit and withdrawals more convinient.

- How does Bitcoin gambling work?
- Does Bitcoin Gambling can give a good opportunity to everyone?

Bitcoin gambling works just the same as fiat gambling does the only peculiar difference is in the ease to withdrawal from any part of the world and also the benefit of having your profit either appreciate or depreciate depending on the state of the market trend

- if you become addicted to gambling can it be said that it is a good result even though there is an advantage if you play in the Bitcoin
  gambling

 Bitcoin gambling for me is just a matter of Fun or amusement in accordance with my insight with this.
Hope every one can give other tips on this matter..

Addiction is a big problem that has high chances of causing suicide. Gambling remains what it is no matter what currency you choose to gamble with be it fiat or crypto. Been responsible enough to know when to take a break and when to stop is what makes gambling fun

[mirakal]

As a gambler, we will surely want to choose a coin that is much cheaper and its volatility wouldn't surely hurt us that much if it will suddenly inclines or declines, and surely wouldn't mind thinking if they could influence such coin movement. I believe that on average gamblers are not using bitcoins upon betting in their favorite sports book or casino game.

This is why people preferred doge before all of this Elon stuff happened. We loved Doge for the fact that it was cheap, fast, and usually not volatile. It was accepted in most casinos, and it was like a joke money where you throw in 5k of it, 10k of it whatever, if you are rich enough then millions.

This is why it was such a good thing and now because of Elon Musk it became something that is a bit more volatile and because of that it became a bit more problematic. Of course there are still some coins which are low in price and you could send them with little cost, but they became not so great because of all the volatility in the market these days hence why not used.

Dogecoin is classified as sh*tcoin because it almost has no utility but gambler/investor still loves to spend it, especially when it comes to gambling activities as their prices don't move that much. I agree that Elon Musk has changed dogecoin but there are so many people who have been successful enough to duplicate Elon's actions before dogecoin dipped again. But that's fine, as a gambler, we always find ways what specific coin is good for gambling purposes.

[Fatunad]

As a gambler, we will surely want to choose a coin that is much cheaper and its volatility wouldn't surely hurt us that much if it will suddenly inclines or declines, and surely wouldn't mind thinking if they could influence such coin movement. I believe that on average gamblers are not using bitcoins upon betting in their favorite sports book or casino game.

This is why people preferred doge before all of this Elon stuff happened. We loved Doge for the fact that it was cheap, fast, and usually not volatile. It was accepted in most casinos, and it was like a joke money where you throw in 5k of it, 10k of it whatever, if you are rich enough then millions.

This is why it was such a good thing and now because of Elon Musk it became something that is a bit more volatile and because of that it became a bit more problematic. Of course there are still some coins which are low in price and you could send them with little cost, but they became not so great because of all the volatility in the market these days hence why not used.

Dogecoin is classified as sh*tcoin because it almost has no utility but gambler/investor still loves to spend it, especially when it comes to gambling activities as their prices don't move that much. I agree that Elon Musk has changed dogecoin but there are so many people who have been successful enough to duplicate Elon's actions before dogecoin dipped again. But that's fine, as a gambler, we always find ways what specific coin is good for gambling purposes.

Some do mind off on a coin which does have lesser volatility and some do find on something that does have potential to increase its price on wide range which in short this do really talks about
preference and not all would really be that having the likes on dealing with meme coins and been directly been using Bitcoin as their main coin to deal off with gambling.Some do mind about
accumulating bitcoin as much as they could and some doesnt really mind or simply deals on it since its been the most or the common currency or coin which majority of
casinos that do accept which you could find it almost everywhere.

[gunhell16]

For me the biggest pro and con of bitcoin gambling is the same thing: its high value and high price appreciation. Bitcoin is constantly going up in value if you look at the lows over a 2-3 year period so it';s the best coin for saving money and holding for the long run. If you gamble it away and it gains value next year you're going to feel the hurt. The same thing is also a positive feature because if you can win some and hold it you're going to be very happy after the next halving.

If you know what you're doing and usually win, bet whatever you like. If not, choose a cheap altcoin especially one of those that you can get for free

In my own opinion, I also believe that when we do the right thing in gambling, the results will definitely be good, so if we know that we have won many times, we must always learn to have so-called self-control and self-discipline.

Exactly! As a gambler, we will surely want to choose a coin that is much cheaper and its volatility wouldn't surely hurt us that much if it will suddenly inclines or declines, and surely wouldn't mind thinking if they could influence such coin movement. I believe that on average gamblers are not using bitcoins upon betting in their favorite sports book or casino game.

because of cheap, we can buy doge with not lot of money, we can buy doge with only $1 in the pocket and transfer it to gambling site with low fee and multiple it 100x, I did it past.

If that's the situation, I can say that this is a good opportunity for you to gamble where your capital can grow a little if you use the right gambling method and what's even better is that the Dogecoin charge you choose is very low if you use in gambling.