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Author Topic: How comfortable do you feel gambling with bitcoin.  (Read 474 times)
Dave1
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Today at 01:15:06 AM
 #41

As a gambler, am not comfortable gambling with bitcoin. I gamble with any other cryptocurrency but not bitcoin. I look at bitcoin as a precious asset that is kept as a store of value and not for gambling.
Bitcoin is the most reliable asset for investment, and everyone wants to have it, and such asset should not be risked while gambling. Considering the challenges gamblers face, most times when we loose our money to gambling, we are not always happy, and gambling is something you don't have a guarantee and when you loose your bitcoin to gambling site, that is another way of loosing your asset or financial future.

BTC=BTC.

So no matter how you look at it, whether we are in the bear market or bull run, it will be the same. And for sure old school gamblers here started with Bitcoin as their main crypto to gamble. And so there could still be most of us here that are comfortable with it.

I know it's the most reliable asset, but in gambling there will always be the risk.

What if you also win? So more Bitcoins for you. If you really wanted to preserved Bitcoin that way then I would suggest not to gamble at all.


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Today at 02:00:45 AM
 #42

Perfectly comfortable. I save bitcoin and also spend it, I use as a store of value and as a currency, which is what it was created for and so I don't face OP's dilemma. The idea that Bitcoin is so valuable that it isn’t worth spending even a single satoshi gained traction a few years ago, largely thanks to people like Michael Saylor, but a currency that isn’t used is a dead currency. And given the returns from the last cycle, it doesn’t seem as though spending a few satoshis would mean missing out on much return.

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Today at 02:31:35 AM
 #43

I think it's just a matter of choice and the way we sees it individually not that it's wrong or a crime gambling with it. Personally I prefer using fiat when ever am gambling because it seem more easy and better to me,  that's my own personal opinion because any other person's can do otherwise and it's cool by them. However I don't just go close to my holdings all because I want to gamble when I can just take some cash from the once I have at home or probably using the point of service next to me. Moreover, I have decided not to touch my Bitcoin investment holdings for any reason till the D day and not even gambling pleasures can make me do that.

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Today at 02:44:34 AM
 #44

Honestly I feel the same too. For me bitcoin is very precious not because of its value but also because of its properties like censorship resistance and decentralization.

But you cant stop the gambler by just showing them this logic. Those who treat bitcoin like an object to play with will always do so until they run out of it. People use bitcoin to play because of its easy to spending and pseudo-anonymity, not showing up anywhere in bills or so.

You should carry this ideal what you feel is correct and leave other gamblers be. Spend what you can afford to lose, not more.

 
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Today at 02:46:48 AM
 #45

Well, I see no reason for that. You can acquire Bitcoin at anytime in order to gamble, the same way you can exchange the Bitcoin you used to gamble into another currency, so even though it's a precious asset, it's also a currency you can acquire and sell without any difficulties. If you adopt a rule where you replace your wallet with the same amount of Bitcoin you lost gambling, you will never be prejudiced by using your coins to gamble.

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Today at 03:05:42 AM
 #46

As a gambler, am not comfortable gambling with bitcoin. I gamble with any other cryptocurrency but not bitcoin. I look at bitcoin as a precious asset that is kept as a store of value and not for gambling.
Bitcoin is the most reliable asset for investment, and everyone wants to have it, and such asset should not be risked while gambling. Considering the challenges gamblers face, most times when we loose our money to gambling, we are not always happy, and gambling is something you don't have a guarantee and when you loose your bitcoin to gambling site, that is another way of loosing your asset or financial future.

Well whatever you do, I wouldnt' gamble with your primary bitcoin wallet, I hope that you would use a secondary wallet dedicated just for gambling funds so that you can not put yourself at risk and gamble your whole stack away by somehow getting hacked in the process! This is something that would always be on my mind when I gamble with any bitcoin on any bitcoin site. Make sure you are being smart and utilize propery security measures to protect yourself.

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Today at 03:47:08 AM
 #47

using bitcoin, altcoins and fiat it's not different. the value of bitcoin at the time you gamble will be the same as using other currencies. let's say you are gamble with BTC with $1 in value, it will have same value when you are buying BTC with fiat. I know for some people they will stay away gambling with BTC to prevented when they are losses. but in other side they still able to re-buying the bitcoin using fiat from exchange, losing $20 in BTC still able to buy $20 for BTC. that simple. in the end, we can't compared using BTC today with using BTC in the future, or when BTC going flash pump/deep correction. that different reason and not the same with losing in gamble.

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Today at 05:00:07 AM
 #48

As a gambler, am not comfortable gambling with bitcoin. I gamble with any other cryptocurrency but not bitcoin.
I get why some users prefer not to use bitcoin for some things, but aren't you supposed to be gambling with the amount you can afford to lose? That usually means we're talking about smaller amounts [in other words, little to no impact], so regardless of its outcome, there shouldn't be any difference between using bitcoin or other cryptocurrencies.

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Today at 05:11:38 AM
 #49

You are free choosing which coin you wants to use to gamble, if you thinks that Bitcoin is the most reliable asset for investment, you can select other coins. I used usdt, ltc, trx, or even doge but mostly I used usdt and rarely using Bitcoin to gamble.

But I know that some gamblers using Bitcoin to gamble. They wants to increase their Bitcoin amount and gambling can be one of that ways. But if you don't wants using Bitcoin, that is not be a problem as we gamble using the coin we wants so free yourself with your choice.

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Today at 05:26:39 AM
 #50

There is a long story behind the use of bitcoin in gambling.
First, you wouldn't gamble with something without value (imagine early days where tokens were exchanged in full amounts and not fractions...). 
Many websites have introduces "new tools" related to bitcoin betting. Just to mention gambling on chain or gambling related blockchain events/ blockchain random selection (1 - 16).

You can read some of early times also here in my topic:
https://bitcointalk.org/index.php?topic=1234109.0
Here there are many years, including the first anonymous gambling competitions.

In general, bitcoin is just like any other currency. Definitely I feel more confident while using bitcoin in general...
The same amount that you will risk could be in fiat or btc. This doesn't change.
Of course with bitcoin there is a different approach likewise some "options" that classic FIAT would not offer.

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Kelward
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Today at 06:26:55 AM
 #51

I don't think that gambling with Bitcoin is common within gamblers because of it's value, we will rather hold it for profit and use other coins to gamble with, another reason is that we don't think know whether we will win so why "waste" the Bitcoin. Most guys that I know including myself prefer to use stablecoins especially USDT because it is stable meaning that the value wouldn't just increase immediately you lose. I believe that most gamblers can only use Bitcoin to gamble during bull run because they are in profit and wouldn't mind to spend some of it.

 
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Today at 06:53:43 AM
 #52

As a gambler, am not comfortable gambling with bitcoin. I gamble with any other cryptocurrency but not bitcoin. I look at bitcoin as a precious asset that is kept as a store of value and not for gambling.
Bitcoin is the most reliable asset for investment, and everyone wants to have it, and such asset should not be risked while gambling. Considering the challenges gamblers face, most times when we loose our money to gambling, we are not always happy, and gambling is something you don't have a guarantee and when you loose your bitcoin to gambling site, that is another way of loosing your asset or financial future.

It’s the same currency just like every altcoin that you can use for gambling.

Those altcoin that you use can be converted to Bitcoin so the main reason why you don’t want to spend your Bitcoin is because it’s your investment. I don’t see the difference between gambling using altcoin and Bitcoin if the money dedicated on it is for gambling purposes.

Let’s say I have 100$ in fiat which I want to gamble, I can choose any currency including Bitcoin to gamble because in the end I will just convert it back to fiat when I’m cashing out.

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Today at 06:59:17 AM
 #53

I would rather play with local fiat or stable coins instead of using my precious Bitcoin. Yes, maybe others treat it differently as they are not concern about their Bitcoin. But come bull run once again, maybe we will have to take a look back and says that we should have save our Bitcoin and not gamble at all. So for others, maybe it's fine for you, but for most of us here, I would tend to agree that altcoins could be a good choice and then save some of our Bitcoin and hold. It's a risk for us to go full Bitcoin in our gambling activity, in my opinion.

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Today at 07:12:16 AM
 #54

Due to its shortness, new coins are made on blockchain at speed of 450 every day, so losing even 0.1 BTC would be same as missing out on huge gains that might go into six numbers within next few years. Nowadays, many people choose to bet using stable-coins or other coins such as Solana since losing it is just short loss, but losing Bitcoin is losing your money future or family gift.
This is most best way to protect your future wealth against sharks and the dangers of luck, in my view.
You are making sure that off day at betting site does not destroy your family wealth by making sure that you keep your Bitcoin in safe offline storage and only risk other items through fun.

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Today at 07:39:45 AM
 #55

I would rather play with local fiat or stable coins instead of using my precious Bitcoin. Yes, maybe others treat it differently as they are not concern about their Bitcoin. But come bull run once again, maybe we will have to take a look back and says that we should have save our Bitcoin and not gamble at all. So for others, maybe it's fine for you, but for most of us here, I would tend to agree that altcoins could be a good choice and then save some of our Bitcoin and hold. It's a risk for us to go full Bitcoin in our gambling activity, in my opinion.

I used to adhere to this approach too, but now that bitcoin's volatility has dropped significantly, I've taken a more relaxed approach to it. I don't think Bitcoin will reach 5x or 10x anytime soon, so if I can afford to bet $10, I can do it in either fiat or bitcoin. In any case, when I gamble, I try to win, and multiplying bitcoin is more profitable than increasing fiat.

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Today at 07:43:59 AM
 #56

As a gambler, am not comfortable gambling with bitcoin. I gamble with any other cryptocurrency but not bitcoin. I look at bitcoin as a precious asset that is kept as a store of value and not for gambling.
Bitcoin is the most reliable asset for investment, and everyone wants to have it, and such asset should not be risked while gambling. Considering the challenges gamblers face, most times when we loose our money to gambling, we are not always happy, and gambling is something you don't have a guarantee and when you loose your bitcoin to gambling site, that is another way of loosing your asset or financial future.
We view gambling differently, so is just a matter of decision because there are many gamblers that are still gambling with Bitcoin, they don't care if they are losing or not. Gamblers are not the same so you will only risk what you can afford to lose because Bitcoin is a great asset which many of us can not afford to lose it anyhow.

Of course as a gambler that knows what gambling is all about will always stick with discipline since luck has the final say so that Incase if anything happens along the way you wouldn't feel it too much.

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Today at 07:51:58 AM
 #57

As a gambler, am not comfortable gambling with bitcoin. I gamble with any other cryptocurrency but not bitcoin. I look at bitcoin as a precious asset that is kept as a store of value and not for gambling.
Bitcoin is the most reliable asset for investment, and everyone wants to have it, and such asset should not be risked while gambling. Considering the challenges gamblers face, most times when we loose our money to gambling, we are not always happy, and gambling is something you don't have a guarantee and when you loose your bitcoin to gambling site, that is another way of loosing your asset or financial future.
I think you're exaggerating. If you have $100, what difference does it make what currency you bet in? Be it dollars, euros, bitcoin, usdt, or some shitcoin? It doesn't matter, because you're betting (your deposit) an amount equivalent to $100. No more, no less.

Another case: if you bet $100 on bitcoin and win $200, you've doubled your bitcoin balance. So, when you win bitcoin on gambling sites, you increase your crypto assets and financial future. Isn't that right? Smiley

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Today at 08:07:14 AM
 #58

As a gambler, am not comfortable gambling with bitcoin. I gamble with any other cryptocurrency but not bitcoin. I look at bitcoin as a precious asset that is kept as a store of value and not for gambling.
Bitcoin is the most reliable asset for investment, and everyone wants to have it, and such asset should not be risked while gambling. Considering the challenges gamblers face, most times when we loose our money to gambling, we are not always happy, and gambling is something you don't have a guarantee and when you loose your bitcoin to gambling site, that is another way of loosing your asset or financial future.
Using Bitcoin for gambling is also a way to create utility, it shows you can practically use Bitcoin across all spheres of life. So I think using Bitcoin for gambling is a good practice which can help in boosting its reputation, and create more users for it.

The more it's utility, the more the users. Using it in gambling site simply will encourage gamblers in using it. So, from my own point of view, Bitcoin in gambling is actually a good thing and should be encouraged.

When Bitcoin is used in gambling, it helps eliminate geographical restrictions too, which is one of the characteristics of Bitcoin. In other words, using Bitcoin in gambling sites is simply using Bitcoin in the way it ought to be used.

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Today at 08:14:15 AM
 #59

As a gambler, am not comfortable gambling with bitcoin.
Nothing disturbs my thinking regarding losing Bitcoin in gambling. I consider it the same whenever I bet using any currency. I use Bitcoin for investment, and I have also used Bitcoin to buy goods. Likewise with gambling, I also use it for betting. 
It's not a problem if you only want to keep your Bitcoin as an investment asset. But some people might not think too much about using the Bitcoin they have.

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Today at 08:21:17 AM
 #60

The value of Bitcoin is making me feel like I am just wasting it, I'm better off gambling with USDT or other altcoins, am I the only one feeling this way? It's like Bitcoin is best kept and hold for long term than using them to gamble.

It's why I don't use Bitcoin to gamble, it's hard to do so, I mean coming from someone who is still trying to find his feet back, and this time I choose to follow Bitcoin rather than doing the same thing that I did in my past.

I lost too much money on altcoins, I don't want to repeat it, and now using Bitcoin that I want to gather to do something like gambling? Feels like I am deceiving myself.

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