Online Gambling With Bitcoins

by Josh on August 26, 2013

online gambling with bitcoins

Bitcoins have been making the news quite a “bit” lately. I’m not going to tell you the technical details about how the Bit Coin currency works because I don’t know. I’ve read articles at CNN about them and their Wikipedia page but I still don’t get it. That doesn’t mean that I have discounted their impact on the online gambling industry, or their potential. Americans do not have a wide range of deposit methods to choose from right now. This goes for casino gamblers, poker players and sports bettors. Bitcoin is more than just a deposit option though, it is an investment at the same time. If you had a poker bankroll of 100 Bitcoins in 2012 – valued at roughly $650 – they would be worth $12,140 right now. If you think that is something consider this.  Earlier this year they would have been worth $26,600. By owning Bitcoins you are gambling and if you use them to deposit at an online poker room or casino, you will have two ways to win or lose. Bitcoins may be down from earlier this year but they are certainly doing well. According to BitcoinsPoker.com there are currently four poker sites that accept Bitcoin deposits, some of which accept Americans and also offer casino gambling and sports betting.

I think the advantages should be pretty obvious but if you know nothing about this virtual currency they will not be apparent so I will explain.  The definition for Bitcoin is:

A decentralized digital currency created in 2009.

That probably doesn’t help a great deal. Bitcoins are not issued from a bank or backed by anything. They have value because people believe they do. The important thing is that you can easily acquire them and sell them.

Some Bitcoin poker sites allow you to play for Bitcoins – in small denominations – or will convert them into another currency and convert them back when you are ready to withdraw your winnings. Using Bitcoin at online gambling sites is easy, cheap, secure and reliable. Americans have certainly used worse banking methods.

There are two cons to using Bitcoin to gamble online, at least two that I can think of. The first one is both a pro and a con. Bitcoins can gain or lose value. It has been increasing steadily but some experts say that a collapse will happen one day. Others say that Bitcoins are safer that most stocks and currencies.

I can tell you this though. I do recall reading that major banks and financial institutions have been buying Bitcoins in bulk. Take that as you will.

The other con is a lack of gambling options. The big USA poker sites do not accept Bitcoins currently. This is expected to change in the future but for right now you are limited to sites like SealsWithClubs. An odd name to be sure but while it is no Bovada Poker, it is liked and trusted by many in the online poker community. The traffic is a fraction of what you will find elsewhere but if you want hassle-free deposits and payouts 52 weeks per year, it is a good option.

Other BitCoin gambling sites include RedStar Poker, Switch Poker and Win Poker.

 

 

Technorati FavoritesLinkaGoGoFolkdDiigoTagzaSlashdotShare

{ 0 comments… add one now }

Leave a Comment


four − 1 =

Spam Protection by WP-SpamFree

Previous post:

Next post: