Should Bitcoin leverage gambling?

[Bluedrem]

Using Bitcoin to gambling is an option.

Long term Bitcoin investors might not use Bitcoin to play gambling but saving on their wallet. They can use other crypto to gambling and not risk their Bitcoin. Maybe Bitcoin will be known and popular among crypto gamblers because they see Bitcoin name in the casinos
But those who know Bitcoin from other businesses will be many too so that helps Bitcoin growth the popularity.

Now the question is how safe is that fund for those who are addicted to gambling and have a Bitcoin fund? Where there is an opportunity to gamble using Bitcoin, can an addicted gambler hold his Bitcoin so easily?
I think it will be very difficult for addicted gamblers. So I do not want to identify addicted gamblers as full-fledged Bitcoin hoarders for now. However, I am hesitant about whether gambling using cryptocurrency is profitable or is it a method of maintaining anonymity. I think the best option for those who want to remain anonymous is gambling using cryptocurrency, but those who are not so careful about maintaining anonymity can also gamble using local currency. The main reason for saying this is that cryptocurrency is not yet stable and the price changes drastically.

[TedMosby]

But the problem is... on most casinos, we are not gambling using BTC, we gamble using fiat. Bitcoin is just the payment method. Do we have a list of casinos here that don't convert our deposits to fiat? In short, casinos that allow us to bet using crypto on all games available on their casinos, including games from third party game providers they are using.

IMO, I also think it could be risky for the casino to hold BTC or convert the profit to BTC. Because in a bear market it means they need to pay winnings in more BTC. Even nowadays, some gamblers are probably willing to wait longer to make a withdrawal in the hope that they will get a good rate and more BTC.

Here, I also read an interesting AMA from a casino owner. It explains that casinos often rely on third party game providers and payment providers, rather than handling everything in house.

[...]
#2. Game Providers, the most important aspect of a casino, there are over 100 different gaming providers on the market who take care of the games, their quality and security. So instead of making your own games, you just plug them into your casino.
#3. Payment Providers, you usually do not process payments in-house, and it's also not recommended since it's a lot of money in question, so you rather let a professional manage that. This is why you get payment providers like Mastercard, PayPal, GooglePay, ApplePay and similar services.
[...]

[Julien_Olynpic]

Whether we like it or not, gambling has been a significant part of Bitcoin adoption since its early days. I attribute this to the fact that Bitcoin's very nature is syntonic with the nature of gambling. Let me explain my point. When Bitcoin was first invented, no one took it seriously and no one understood what it was for. And when the first Bitcoin gambling games appeared, it was a lot of fun, and Bitcoin adoption accelerated dramatically. This contributed to the growth of liquidity in the Bitcoin ecosystem. But this process is ongoing and unstoppable.

[Kelward]

Except a casino wants to double as an institution that holds Bitcoin for profit I don't think that they will want to concern themselves about holding Bitcoin for the sake of the network and to create scarcity in the market, they will only have a Bitcoin reserve if it is what they think would favor their businesses. I believe that what many crypto casinos would have majorly as their reserves is what majority of gamblers uses to gamble and in my own estimation that would be stablecoins, USDT would top the list. What I can say is that crypto casinos are where many gambling crypto holders spends most of their cryptocurrency.

[gracreavix]

But seriously Bitcoin demand doesn't prove it's adoption. Because they are two different things you just joined together. If the statement about it being a win for casinos is flawed. Why? Because they are expenses the casino will still have to settle. And another thing is that if we are preaching self custody, patience in investing Bitcoin and the rest. Wouldn't introducing betting of your Bitcoin defeat that notion? I am just asking.

[DrBeer]

As long as Bitcoin remains highly volatile and subject to speculative risks, holding reserves in Bitcoin can hardly be considered an advantage. Let me give you an example: early 2026, the price of Bitcoin is $120,000. And then... it drops to $60,000. Tell me - what would the casino’s reserves look like, and how positive would that be for the casino’s image? And if payouts or withdrawals from the reserves are necessary, that would result in a net loss and a loss of assets.

[TheUltraElite]

I believe that some of those crypto casino has significant amount of Bitcoin that they also hold maybe not as much as those big institutions like Strategy but they could have a good amount.

The owners of the big casinos are themselves old time bitcoin enthusiasts and they would always try to store coins for the long term because they understand the potential of bitcoin and its future.

Therefore you can be rest assured that your assumption is correct and also that they use it to pay their bills, salaries and fund expensive foreign trips for their office and families over the years they have been running well.

Now those who are spending coins to gamble - that sounds counterproductive because they lose those coins and even more - then how are they supposed to support bitcoin or its future? The answer is that it is a personal choice to gamble with your bitcoin or not.

[qurbanshah02]

I don't think Bitcoin would benefit from this because gambling does not use Bitcoin directly, although if the connection were clear, it could have affected Bitcoin. Although when the same person converts the win into Bitcoin, the price of Bitcoin may fluctuate slightly. Gambling may either be affected by technology or pressure and other things. Bitcoin may benefit in this way because Bitcoin is a developed asset, which if included in gambling, those who have Bitcoin can gamble through it. Therefore, nowadays Bitcoin is being included more and more in gambling, but it does not benefit Bitcoin. Although those who are earning from Bitcoin from gambling are also earning by winning and those who are running the gambling are also earning.

[YellowSwap]

Each bets lost on casinos has already been a huge win for Bitcoin, because it's no longer in the hands of the gambler but the casino won't burn that Bitcoin either, I hope you know that, they want to make money too.

It's either they hold the Bitcoin or they sell for stable coins, I strongly because that they would choose to sell because they are running a business here, Bitcoin is a store of value only if the holder understands this path.

What someone is going to do with their Bitcoin is no ones problem, and you can't tell them to hold by force too, casinos will sell, they will take profits, this is not a problem that needs fixing.

[L E G E N D A R Y]

While your idea may sound like an interesting one, economically of course, I’ll still wanna be careful with joining Bitcoin adoption with gambling adoption. Let’s assume a casino genuinely decides to convert a meaningful share of its surplus into Bitcoin, then when gamblers lose, it could potentially create some kind of persistent demand for Bitcoin, which looks good, but the real big question there should be whether this sudden demand is actually worth the reputational and regulatory aftermath that’ll come with tying Bitcoin to gambling, if the answer is is yes, then it’s indeed a good move, but it not???

[Supreme Donvic]

Whether we like it or not, gambling has been a significant part of Bitcoin adoption since its early days. I attribute this to the fact that Bitcoin's very nature is syntonic with the nature of gambling. Let me explain my point. When Bitcoin was first invented, no one took it seriously and no one understood what it was for. And when the first Bitcoin gambling games appeared, it was a lot of fun, and Bitcoin adoption accelerated dramatically. This contributed to the growth of liquidity in the Bitcoin ecosystem. But this process is ongoing and unstoppable.

You are actually right, some people don't understand this. Gambling is one of the things that really helped bitcoin growth and adoption, some set of people that are now holding Bitcoin or investing in Bitcoin started from using it to gamble and from there they did a little research about Bitcoin and they found out that it was worth holding or investing on and that is how they started investing in it.
I have a friend that started investing in Bitcoin because of gambling, he was using bitcoin to gamble and from there he started holding Bitcoin.
And yes it really contributed to the growth of liquidity in the Bitcoin ecosystem.

[Donk1]

I get it, Bitcoiners do not want gambling to become associated with Bitcoin. But people are going to gamble one way or another - why should Bitcoin not capitalize on this?

sources:
1. https://www.h2gc.com/news/general/global-gambling-market-to-exceed-1-trillion-ggr-by-2030-driven-by-online-channel-growth

I think that's because it might possibly lead to a situation whereby folks who know nothing about Bitcoin will start associating it with gambling, just the same way scammers make use of cryptocurrency to enable their schemes, and at the end of the day those who fall victim due to hype of the shitcoins often end up considering cryptocurrency a scam. Scenarios like this are the reasons why Bitcoin shouldn't be capitalized with such ideas. I consider the technology one of evolution and innovation still, it's not a gambler's asset and shouldn't be used for one. There are other cryptocurrencies out there outside of Bitcoin that they can implement into using for gambling.so that's all......

[lovesmayfamilis]

Using Bitcoin to gambling is an option.

Long term Bitcoin investors might not use Bitcoin to play gambling but saving on their wallet. They can use other crypto to gambling and not risk their Bitcoin. Maybe Bitcoin will be known and popular among crypto gamblers because they see Bitcoin name in the casinos
But those who know Bitcoin from other businesses will be many too so that helps Bitcoin growth the popularity.

Now the question is how safe is that fund for those who are addicted to gambling and have a Bitcoin fund? Where there is an opportunity to gamble using Bitcoin, can an addicted gambler hold his Bitcoin so easily?
I think it will be very difficult for addicted gamblers. So I do not want to identify addicted gamblers as full-fledged Bitcoin hoarders for now. However, I am hesitant about whether gambling using cryptocurrency is profitable or is it a method of maintaining anonymity. I think the best option for those who want to remain anonymous is gambling using cryptocurrency, but those who are not so careful about maintaining anonymity can also gamble using local currency. The main reason for saying this is that cryptocurrency is not yet stable and the price changes drastically.

Can a person with addictions, no matter what kind, whether gambling or drug-related, be considered healthy and normal? It seems that the question of what is more important for an addict will always arise. And, of course, that for someone who is saving up something and, in this case, will be acting as an investor, any spending from their savings fund is not beneficial. So, it doesn't matter whether they spend fiat currency or cryptocurrency; for an investor, this is unacceptable.
But what does a player need, especially a highly gambling one who places the game at the center of his life? For addicted players, the process is what games, which, of course, require funds. This means it will be very rare to see a person who is addicted to gambling and also engaged in holding Bitcoin. In my opinion, these are very different things.

[Obulis]

That's a good idea that will mean so much to the gamblers, gambling companies and Bitcoin. Now the question is: should Bitcoin leverage on this what will be the stand of gamblers and the gambling companies (indirect Bitcoiners)? I guess some people (gamblers and gambling companies) will keep losing the amount of their Bitcoin value as Bitcoin volatility takes it's incessant control. This alone will make gambling companies not to think of it at all no matter the interest of Bitcoin and gamblers even.
Call it innovation, it's a very high level value demanding innovation.

[EluguHcman]

Using Bitcoin to gambling is an option.

Long term Bitcoin investors might not use Bitcoin to play gambling but saving on their wallet. They can use other crypto to gambling and not risk their Bitcoin. Maybe Bitcoin will be known and popular among crypto gamblers because they see Bitcoin name in the casinos
But those who know Bitcoin from other businesses will be many too so that helps Bitcoin growth the popularity.

Using Bitcoin is truly an option just as using other cryptocurrency is an option. In fact, gambling is entirely an option because you don't get forced to gamble even when it is legalized.
OP is trying to make a point from a non existed invention about gambling platforms that should be fully accepting Bitcoin only for stakes with some thought of how the innovation can strictly influence the Bitcoin market.

So i think mentioning alt coin here is a digress that should not have been necessarily talk about here.
I don't even know how someone can afford to bet with alt coins but can not afford to bet with Bitcoin. What set of mentality is that when you are using the same of your hard earned money to afford the alt coin which should be an equivalent if you have used Bitcoin.

My concern here is the fact that we should not use our Bitcoin investment portfolio for the game but of course, if you can exchange that budgeted funds for gambling to buy Bitcoin, why not you use it? What matters is your convenience and the service of that crypto casino.

[Dr.Bitcoin_Strange]

I think Bitcoin users advocate not so much for Bitcoin not being associated with gambling, but rather for an increase in the variety of things it is associated with.

I have not even seen a Bitcoiner advocating that Bitcoin should not be used in gambling, perhaps what problem has it caused that will make anyone not want to see Bitcoin being associated with gambling? I even think that during the early days, casinos transacted with Bitcoin more than any other person or company did and it was a major factor that influenced adoption too (that's my opinion). If those casino companies that started accepting Bitcoin 5-8 years ago still have so of those Bitcoin that they have been holding right at that time when the price was still so low, then they are in huge profit.

Bitcoin is being used in variety of situation on a daily basis, such as, making payments, receiving money from far away without no extra cost, the  you can hold for the purpose of investment. Who more increase are these people looking for?

[hedgeh0g]

I get it, Bitcoiners do not want gambling to become associated with Bitcoin. But people are going to gamble one way or another - why should Bitcoin not capitalize on this?

sources:
1. https://www.h2gc.com/news/general/global-gambling-market-to-exceed-1-trillion-ggr-by-2030-driven-by-online-channel-growth

If I understand you correctly, this type of casino will have a problem. The problem is that if someone deposits their bitcoins on an exchange to convert them into dollars, then due to the volatility of the bitcoin, they will not be able to withdraw the same amount later, even if their results in roulette are completely neutral. The number of losses will be equal to the number of wins. And not everyone will be happy to experience such inconveniences due to the fluctuation of the bitcoin exchange rate within its range. The only thing that can be done is to fix the amount in dollar equivalents when entering the exchange, without linking it to the Bitcoin exchange rate, but this completely negates the purpose of this action as an investment. Bitcoin will essentially be just a means of payment, a transit method.

[Big Dirams]

Whether we like it or not, gambling has been a significant part of Bitcoin adoption since its early days. I attribute this to the fact that Bitcoin's very nature is syntonic with the nature of gambling. Let me explain my point. When Bitcoin was first invented, no one took it seriously and no one understood what it was for. And when the first Bitcoin gambling games appeared, it was a lot of fun, and Bitcoin adoption accelerated dramatically. This contributed to the growth of liquidity in the Bitcoin ecosystem. But this process is ongoing and unstoppable.

You are actually right, some people don't understand this. Gambling is one of the things that really helped bitcoin growth and adoption, some set of people that are now holding Bitcoin or investing in Bitcoin started from using it to gamble and from there they did a little research about Bitcoin and they found out that it was worth holding or investing on and that is how they started investing in it.
I have a friend that started investing in Bitcoin because of gambling, he was using bitcoin to gamble and from there he started holding Bitcoin.
And yes it really contributed to the growth of liquidity in the Bitcoin ecosystem.

Gambling has contributed to bitcoin growth and popularity in one way or the other but same way gambling has contributed to bitcoin then they are many other factors too that has contributed to bitcoin growth and popularity too. In my opinion I feel like from start gambling has impacted to bitcoin but presently I guess the scenario is vice versa now because bitcoin has brought a lot of people into gambling and alot of companies into gambling and just for the benefits they will take from bitcoin they begin to involve themselves in gambling activities.
It just like both bitcoin and gambling they are helping each other and making popularity all over the world, a lot of people knowns bitcoin through gambling and few people came across gambling through bitcoin.

[Leahized]

It's either they hold the Bitcoin or they sell for stable coins, I strongly because that they would choose to sell because they are running a business here, Bitcoin is a store of value only if the holder understands this path.

It would not be logical to be informed about the fund of all casinos. Because which casino will give the most importance to which coin is their own decision. But online casinos will give the most priority to Bitcoin because it is the most reliable coin in the crypto world. I believe that transactions can be made faster and safer than fiat currency. And now it has reached a situation where casinos are inoperative without Bitcoin.

On the other hand, I have seen the fund wallet addresses of many casinos that hold more usdc compared to Bitcoin. I think, this is the most reliable for business. And it's not that they always sell Bitcoin.

[Alex077]

I get it, Bitcoiners do not want gambling to become associated with Bitcoin. But people are going to gamble one way or another - why should Bitcoin not capitalize on this?

sources:
1. https://www.h2gc.com/news/general/global-gambling-market-to-exceed-1-trillion-ggr-by-2030-driven-by-online-channel-growth

If I understand you correctly, this type of casino will have a problem. The problem is that if someone deposits their bitcoins on an exchange to convert them into dollars, then due to the volatility of the bitcoin, they will not be able to withdraw the same amount later, even if their results in roulette are completely neutral...

Yeah, there really is a conflict here between using Bitcoin as an investment asset and using it as a currency for gambling. If the casino keeps the balance directly in BTC, the gambler is basically taking on two risks at the same time: the outcome of the game itself and changes in Bitcoin’s price. Even if they don’t end up losing anything at roulette, the dollar value of their balance could still change significantly during that time.
But I don’t think this would necessarily be a problem for every gambler.  The problem really comes up when the gambler measures their results in dollars.

Fixing the balance in USD or stablecoins does solve the volatility problem, but then, as you correctly pointed out, Bitcoin basically becomes nothing more than a way to deposit and withdraw funds. The casino accepts BTC, immediately converts it, and then converts it back when the player withdraws. In that case, the player no longer benefits from any potential increase in Bitcoin’s price while they’re playing.