Topic: Advantages and Disadvantages use cryptocurrency like Bitcoin for online gambling - page 3. (Read 1924 times)
December 02, 2016, 03:32:52 PM
I agree to the point that there is no any certification in the way of bitcoin payment in the gambling. There we do not need to expose our identity which is playing a major role in bringing the players of every type from every part of the world without any difference of race country etc.
December 02, 2016, 03:24:31 PM
I think we all know the advantages and pretty much they are what they are, anonymity , ease of access, no restriction by country or government and a few others.
However I think you have got it all wrong in the disadvantages of the bitcoin. Price volatility is a thing which can be controlled, people buy btc to gamble when the price is reasonably low (well addicts will buy at any price). Regarding some casinos that do manual withdraw, they are not top of the line, just use a casino with a reputable name like the one in my signature and you will receive your withdraw within seconds, maximum minutes. And regarding the security an experienced bitcoin user (which most gamblers I hope they are) should read daily regarding the security of bitcoin and himself.
So not really disadvantages of bitcoin but disadvantage of third party you have put up.
However I think you have got it all wrong in the disadvantages of the bitcoin. Price volatility is a thing which can be controlled, people buy btc to gamble when the price is reasonably low (well addicts will buy at any price). Regarding some casinos that do manual withdraw, they are not top of the line, just use a casino with a reputable name like the one in my signature and you will receive your withdraw within seconds, maximum minutes. And regarding the security an experienced bitcoin user (which most gamblers I hope they are) should read daily regarding the security of bitcoin and himself.
So not really disadvantages of bitcoin but disadvantage of third party you have put up.
December 02, 2016, 02:56:03 PM
*Looks like there's no thread discuss this.
Bitcoin and Online gambling.
Both of them growing faster, since it created at first place the popularity become mainstream.
Bitcoin, we know this history, in 5 years since first time introduced, the price reach $1000/coin which this boom the popularity, although the price movement can't go flat, it's like rollercoaster, especially bitcoin price is volatile.
Online gambling also become mainstream at 1990s, when first time real money online gambling game was played in 1996 and at 1994 an online gambling licence applied. Recorded $10 billion were wagered using mobile device in 2013.
Online gambling will became the dominant form of gambling, considering an innovative form has been created.
Advantages and Disadvantages use cryptocurrency for online gambling.
Advantages
Disadvantages
Also, Other Disadvantages is people become easy to being addicted which no one know your gambling activity using cryptocurrency.
This also vulnerable to scammer or suspicious activity which come from house or player itself.
What your thought?
Source:
https://www.cryptocoinsnews.com/cryptocurrency-online-casinos-match-made-heaven/
https://blog.cex.io/bitcoin-talks/bitcoin-gambling-12113
Bitcoin and Online gambling.
Both of them growing faster, since it created at first place the popularity become mainstream.
Bitcoin, we know this history, in 5 years since first time introduced, the price reach $1000/coin which this boom the popularity, although the price movement can't go flat, it's like rollercoaster, especially bitcoin price is volatile.
Online gambling also become mainstream at 1990s, when first time real money online gambling game was played in 1996 and at 1994 an online gambling licence applied. Recorded $10 billion were wagered using mobile device in 2013.
Online gambling will became the dominant form of gambling, considering an innovative form has been created.
Advantages and Disadvantages use cryptocurrency for online gambling.
Advantages
Quote from: Cex.io Blog
Bitcoin gambling is cheap. Because it doesn’t require transactions such as deposits and withdrawals being handled by any third-party processor, transaction and casino fees are minimized to assure comfort of the users.
Not having a central controlling authority makes Bitcoin easily transferable between peers, while the ownership is preserved and protected. Moreover, everyone can transfer as much as he or she wishes; the sum is very flexible.
One of the greatest advantages of Bitcoin is its complete anonymity. Because gambling is a sensitive area, many players would prefer keeping their personal information private. With Bitcoin, what needs to be validated is one’s payability, not identity, and it is already maintained through private keys.
Casino deposits and withdrawals are done in a quick manner, courtesy of Bitcoin: it takes mere minutes to confirm each transaction, and players experience little or none distractions during the gaming process.
Bitcoin gambling can be viewed as currency non-specific, which offers users the possibility to gamble on websites that would otherwise be inaccessible for the player. This is also the reason it is impossible for the user’s geographic location to define whether he or she wins in that particular casino or not.
https://blog.cex.io/bitcoin-talks/bitcoin-gambling-12113
Not having a central controlling authority makes Bitcoin easily transferable between peers, while the ownership is preserved and protected. Moreover, everyone can transfer as much as he or she wishes; the sum is very flexible.
One of the greatest advantages of Bitcoin is its complete anonymity. Because gambling is a sensitive area, many players would prefer keeping their personal information private. With Bitcoin, what needs to be validated is one’s payability, not identity, and it is already maintained through private keys.
Casino deposits and withdrawals are done in a quick manner, courtesy of Bitcoin: it takes mere minutes to confirm each transaction, and players experience little or none distractions during the gaming process.
Bitcoin gambling can be viewed as currency non-specific, which offers users the possibility to gamble on websites that would otherwise be inaccessible for the player. This is also the reason it is impossible for the user’s geographic location to define whether he or she wins in that particular casino or not.
https://blog.cex.io/bitcoin-talks/bitcoin-gambling-12113
Quote from: cryptocoinsnews
Cryptocurrencies cannot be counterfeited in the way which credit cards and banknotes can.
Transactions are carried out immediately, whereas with some traditional methods you’d have to wait for longer periods before the amount appears in the account.
Cryptocurrency transactions generally include lower fees compared to traditional transactions.
Everyone with an internet access can take part in cryptocurrency trading.
The identity of the trader is protected as sensitive information is required to complete a cryptocurrency transaction.
https://www.cryptocoinsnews.com/cryptocurrency-online-casinos-match-made-heaven/
Transactions are carried out immediately, whereas with some traditional methods you’d have to wait for longer periods before the amount appears in the account.
Cryptocurrency transactions generally include lower fees compared to traditional transactions.
Everyone with an internet access can take part in cryptocurrency trading.
The identity of the trader is protected as sensitive information is required to complete a cryptocurrency transaction.
https://www.cryptocoinsnews.com/cryptocurrency-online-casinos-match-made-heaven/
Disadvantages
Quote from: Cex Blog
Bitcoin’s price is known for its volatility. In comparison to traditional gambling, fluctuating value is only applicable to BTC gambling, since the price of a fiat currency is usually much more stable. Gamblers should follow the price changes in order to gain maximum profit.
While the usual Bitcoin transactions take minutes to be approved, it might not be the case with online casinos that use cryptocurrency. For security reasons some websites process withdrawals manually, which makes the procedure time-consuming.
There is a high possibility of hacking. In order to avoid it, the players have to use extensive security measures or fund protection recommended by the online casinos.
While the usual Bitcoin transactions take minutes to be approved, it might not be the case with online casinos that use cryptocurrency. For security reasons some websites process withdrawals manually, which makes the procedure time-consuming.
There is a high possibility of hacking. In order to avoid it, the players have to use extensive security measures or fund protection recommended by the online casinos.
Also, Other Disadvantages is people become easy to being addicted which no one know your gambling activity using cryptocurrency.
This also vulnerable to scammer or suspicious activity which come from house or player itself.
What your thought?
Source:
https://www.cryptocoinsnews.com/cryptocurrency-online-casinos-match-made-heaven/
https://blog.cex.io/bitcoin-talks/bitcoin-gambling-12113
Jump to: