Should You Gamble Online With Bitcoin?

Written By Alla Levin
May 24, 2021
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Should You Gamble Online With Bitcoin?

Bitcoin has been making headlines again this last year, and lots of people are asking…what the heck is this thing? The truth is, Bitcoin is deeply misunderstood. It may or may not be a safe investment for the long term, but it is one of the most useful inventions devised in recent times. So let’s look deeper into that.

So, What is Bitcoin Really?

Bitcoin is peer-to-peer electronic cash. You don’t have to look further than the title of the white paper to learn that. It was designed to allow for instant, almost free peer-to-peer transactions with no intermediary required.

Imagine pushing a $10 bill into the screen of your mobile device or laptop and your friend receiving it 10 seconds later. That’s what Bitcoin is in its essence. While fees have skyrocketed and transaction capacity has been limited in recent times due to some terrible decisions by BTC developers, in its essence, Bitcoin is STILL peer-to-peer electronic cash.

Gambling Online With BitcoinShould You Gamble Online With Bitcoin

Online gamblers can probably immediately recognize the benefits of gambling with Bitcoin. Cash that can be sent over the internet? That sounds fantastic. And indeed, online gambling was one of the first use-cases Bitcoin found.

Bitcoin offers several obvious benefits to gamblers of all kinds, whether sports bettors, casino gamers, or poker players.

  • First, Bitcoin does not require any permission to use. Several countries try to restrict online gambling by blocking popular payment companies and banks from processing payments for online gambling websites like Bitcoins solve this issue because no financial institutions are involved. It’s a decentralized, peer-to-peer network. The money goes straight from the player to the casino or betting site. Freedom!
  • Second, Bitcoin maximized privacy. While it’s not true that Bitcoin transactions can’t be traced, they indeed offer a greater level of privacy than bank transfers, credit card payments, etc. For example, no gambling transactions will show up on your accounts, and your wallet address is private unless you publicly confirm it is yours.
  • Third, Bitcoin offers faster payouts. While bank transfers can take 3-5 days to reach you, Bitcoin transactions take 20 minutes or so. If you use Bitcoin SV or Bitcoin Cash, transactions take seconds and cost 1/100th of a cent. That’s how Bitcoin was designed to be!
  • Lastly, Bitcoin is volatile, which can be a good or a bad thing. Yes, it’s subject to flash crashes of 50% or more, but there’s a flip side to that: it can rally like crazy, too. Imagine if you won a $10,000 jackpot and sat on it for a month, and it doubled. That’s not possible with any other type of currency or payment method. Think of it as an extra gamble on the way out the door. Over the long term, Bitcoins have only appreciated.

Evidently, Bitcoin could be beneficial for gamblers in some countries and benefit everyone in general. This is because you don’t need permission from anyone to use it. Just download a wallet, buy some coins, and spend them on whatever you wish.

Staying Safe When You Gamble With Bitcoin

If you decide to give Bitcoin gambling a try, there are a few things you should remember to stay safe.

  • Only buy Bitcoins from legit exchanges. There are all kinds of buying Bitcoin scams. Use a safe site like Coinbase or Binance to get your coins.
  • Make sure you understand how to send and receive Bitcoins. It’s a bit daunting the first time you do it, but you’ll get used to it. However, if you send coins to the wrong address, you lose them forever.
  • Make sure to play at legit Bitcoins casinos with fair terms and conditions. Some rogues will never pay your coins back even if you win. Make sure to read reviews and find a fair, safe site to play on.

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