Will Bitcoin / Crypto-currencies play a larger role in online gambling?

**f1bettings** · 9 July 2013, 2:34 pm

ok where can players gamble with bitcoins is this working yet or just theoretical

**Imperator** · 10 July 2013, 4:05 pm

google "bitcoin casino"

Sent from my Nexus 4 using Tapatalk 4 Beta

**RowanAdams** · 28 August 2013, 10:32 pm

I think there is nothing wrong Gambling using your Bitcoins, besides it's a p2p transaction and which is good instead doing follow ups with customer service.

**edgarf76** · 28 August 2013, 10:36 pm

How is this new "currency" going to be taxed on a state and federal level For The US? And Other Countries? There was an episode on the good wife about internet currency a while ago. I could imagine that a lot of people will end up getting audited IMO

**ocreditor** · 29 August 2013, 6:56 am

Read this - very interesting about bitcoins !
https://www.forbes.com/sites/peterfer...vulnerability/

**Virtual Marketing** · 29 August 2013, 8:17 am

Yes, there are some good games to play online with BTC's most of them are listed on bitcoingg.com which gives like a stamp of quality to these sites. Also, like everywhere, there are scampers and fraud. Better always to be aware.

**judywhite** · 3 January 2014, 1:31 am

No wonder that's possible. Remember that Silk Road and online black markets use crypto currencies as payment options. I hardly understand them, look, bank transactions can take up to 12 weeks; players who use Bitcoin can get a payout in a matter of hours. What can you say?

**universal4** · 3 January 2014, 4:48 pm

Bank transactions themselves never really take 12 weeks. That is someone in the chain delaying the transaction for one reason or another.

Casino payouts can and ARE done in a matter of hours when using good solid ewallets, but sadly is restricted by some countries being restricted.

The use and proliferation of ewallets, exchanging in currencies that are safe and familiar in the country of residence, that follow world wide banking laws etc prove that the world doesn't need another "product" that takes the place of currency, it just shows that ewallets need more widepread acceptance.

Rick
Universal4

**TheGooner** · 4 January 2014, 2:52 pm

Originally Posted by judywhite

look, bank transactions can take up to 12 weeks; players who use Bitcoin can get a payout in a matter of hours. What can you say?

The days of stage coaches and pigeons are long gone - Bank transactions are sent and received instantaneously - in the same way that your EFTPOS or ATM transaction is authorised within seconds.

If you have issues such as weekends, holidays, or vastly different time zones, then it may be that the recipient bank takes overnight or over weekend to run a cycle to update your account ... but there are no delay points in transmission and minimal manual processes in most banks.

**ocreditor** · 6 January 2014, 8:31 am

Originally Posted by judywhite

No wonder that's possible. Remember that Silk Road and online black markets use crypto currencies as payment options. I hardly understand them, look, bank transactions can take up to 12 weeks; players who use Bitcoin can get a payout in a matter of hours. What can you say?

The last thing you should be bothered by if you think of using "alternative currency" is how much time it'll take for a transaction to process...
If I where you I would be much more bothered by the safety/guarantee of my money

**John US Traffic** · 6 January 2014, 7:22 pm

Well, look at it this way:

First read this report from Reuters: Bitcoin back over $1,000 after endorsement by game giant Zynga

And then if you still feel plagued by uncertainty, doubts or confusion about Bitcoin, just look at what I posted here:

Cheers.

**NFmyluck** · 7 January 2014, 2:04 am

I am personally think bitcoin have no future, i did not believe the whole idea.

**Imperator** · 7 January 2014, 2:50 am

Bitcoin is already playing a role in online gambling. There is so much money to be made in bitcoin gambling that it is unbelievable. And the 100+ bitcoin gambling startups in 2013 mean something.

**DanHorvat** · 7 January 2014, 4:05 am

Bitcoin is not sustainable and will never become a currency.

That doesn't mean you can't get rich from the investment in it (provided you know when to make an exit) and from selling Bitcoin gambling.

Bitcoin doesn't have a future, at least not as a currency, but I guess nice money can be made in Bitcoin gambling this year. As long as people think Bitcoin might become a currency (instead of commodity), the market is alive and you can get rich. Especially because most people having bitcoins have nothing to spend them on. Gambling would be a logical thing to do.

**alicasino** · 7 January 2014, 5:31 am

an interesting interview I did with Ivan Montik of Softswiss on bitcoin casinos, I believe that he may be doing the talk in London

**John US Traffic** · 8 January 2014, 7:42 pm

Winning Poker Network (includes Americas Cardroom and True Poker) reportedly just added Bitcoin as an option, so that looks like progress to me. From what I've read apparently they also do not require players to take on any exchange risk. Perhaps before long the holdouts will be few and far between.

**TheGooner** · 8 January 2014, 7:51 pm

Originally Posted by John US Traffic

From what I've read apparently they also do not require players to take on any exchange risk.

What EXACTLY does that mean John?

That Bitcoin players don't exchange for cash when depositing? Or that they never exchange? That they effectively play for Bitcoins?
Does that mean Bitcoin players are segregated from the rest of the playing pool?

**John US Traffic** · 8 January 2014, 8:06 pm

Well, this is my best summary only of what I read. So far it sounds nice to me:

*Bitcoin simply used to transfer funds.

*Players buy Bitcoins on exchange, transfer to WPN, receive USD (or whatever other currency I suppose) in their WPN account.

*No need to hold the Bitcoins.

*If cashing out, players can convert Bitcoins to currency upon receipt, also removing exchange risk.

*WPN uses a fair Bitcoin exchange rate

I don't know any more now.

P.S. Also, allegedly what they do is supposed to be better for players than how Seals with Clubs does it in terms of exchange risk.

**ocreditor** · 9 January 2014, 2:53 am

Originally Posted by Imperator

Bitcoin is already playing a role in online gambling. There is so much money to be made in bitcoin gambling that it is unbelievable. And the 100+ bitcoin gambling startups in 2013 mean something.

I'm sure its taking a role but will it give a real competition for today currencies i'm not so sure...
Do you mind if I ask - are you using bitcoins ?

**John US Traffic** · 9 January 2014, 6:21 pm

Originally Posted by ocreditor

I'm sure its taking a role but will it give a real competition for today currencies i'm not so sure...

Who's talking about "competition" with currency or who even wants that? It's about both/and, not either/or: Bitcoin as a desirable additional option, not a competing or exclusive option by any means. "Win-win" definitely applies here.

Thread: Will Bitcoin / Crypto-currencies play a larger role in online gambling?

LinkBack

Thread Tools

Search Thread

Display

The Following 3 Users Say Thank You to TheGooner For This Useful Post:

Go Bitcoin...

♫ Bitcoins keep on churning...

Sounds okay so far...

Tags for this Thread

Posting Permissions