Bitcoins for Betting – Why use them?

Bitcoin Betting

The first question most ask me when I suggest ditching traditional online off-shore gambling venues in favor of bitcoin-based ones is simple:¬†“Why?”

Lots of answers – Let’s get started.

Anonymity.

No longer can the “house” ask for your identification documents in order to cash out, or ban you ¬†after you start winning big. No longer can they easily restrict your bets, or leave your private details for unwanted eyes to see. Most bitcoin websites don’t require anything beyond a username and password – not even an email. Some even allow you to access your funds via a simple unique URL web address alone!

Transparency.

Have you ever found yourself on the wrong side of a bad online casino run, and wondered if you were just taken advantage of by an unfair random number generator? With provably-fair, a betting logic pioneered by bitcoin operators, you can verify mathematically you’re always getting a fair deal.

Also, since all transactions and balances are public on the blockchain bitcoin ledger, you can verify the house actually has the funds to back your bets, and is paying out other players.

Free.

Ever been charged $100 to withdraw your own money from an online sportsbook? I have. With bitcoin, transaction fees range from free to roughly a dime. This includes transfers in and out of your betting balance to your personal stash. For this reason, most players keep their funds in a secure personal wallet when they’re not playing – thus eliminating most risk of a site shutting down and running with their bankroll.

“Why not?”

So, should there be anything holding you back?

For most, the concept of bitcoin is pretty overwhelming at first. The best way to help someone start is by giving them a small amount of currency for free, and walking them through the process.

The main fear most new to bitcoin have is that the virtual currency will lose a significant part of its value before they have a chance to react. The user base and demand for the currency grows with each passing day, a reduction in trading price is always a possibility. The best advice I can give is to keep a watchful eye on the daily price and its movements, and if holding holding your balance in bitcoin (or “BTC”) makes you uncomfortable, simple sell your them into “Fiat”, or traditional currency, to be held on one of the variety of popular exchanges.. that is, until another bet calls your name!