Betting with Bitcoin & Crypto Currencies ?

[JoeMama]

Can someone tell me advantages to using bitcoin for betting?

I understand to remain anonymous but if I have been wagering at online sports books for years without any fear as many people have been doing as well.

Why would I want to pay these extra fees to convert $$$ into bitcoin to gamble? Or a % that is charged when using some of the cyrpto currencies?

What am I missing? Is this just a preemptive measure for the future legalization of sports betting? To avoid paying taxes on winnings?

Is my account balance kept in Bitcoin? Meaning if Bitcoin goes from 7k to 14K does my account balance double?

Any info would help, thanks

 

[soccer star]

Sure...firstly using Bitcoin with today's market is not the best way to go. You have hidden fees that mysteriously appear from either sending or receiving Bitcoin. Then you need to see how long the transaction will take. Maybe a few hours...maybe a day or more. Then you need to concern yourself with the fluctuation of the currency itself. This is important as it varies hour to hour. Also if you bought Bitcoin at today's price and it plummets tomorrow then you already LOST money. Conversely if it goes up you made some cash but still need to navigate the open waters of the above mentioned scenarios.


Best advise...do not use it.

 

[JoeMama]

Thanks, appreciate the info

 

[BMR_Brad]

Can someone tell me advantages to using bitcoin for betting?

I understand to remain anonymous but if I have been wagering at online sports books for years without any fear as many people have been doing as well.

Why would I want to pay these extra fees to convert $$$ into bitcoin to gamble? Or a % that is charged when using some of the cyrpto currencies?

What am I missing? Is this just a preemptive measure for the future legalization of sports betting? To avoid paying taxes on winnings?

Is my account balance kept in Bitcoin? Meaning if Bitcoin goes from 7k to 14K does my account balance double?

Any info would help, thanks

The main advantage is being able to move money between books quickly. If you are arbing for example.

Also if you are like me and use several books that do not accept my native currency, I avoid the traditional banking system foreign exchange premiums. If I want to move money from a US$ book to a Euro book I lose nothing but the miners fee, whereas if I used Skrill for example, they take 2.5% when I withdraw to home currency and then another 2.5% when I want to deposit as Euros. My bank would charge about 1.5% on top of spot rate each exchange.

It costs around £1 in miners fees per send and it reliably takes under 20 mins and has done for quite a while now. There was only high fees and long wait times during the explosion of investor interest late last year and early this year.

I have been using it for years and have never suffered a significant loss when moving it between books or withdrawing. I get a little more as often as I get a little less. But it's never been significant either way.

Bear in mind I am organized enough to have alerts when funds arrive and always move them back to fiat asap. I am not an investor at all so dont hold bitcoin for more than 10-20 mins at a time usually.


People who tell you you always lose money or it takes hours are not current users of bitcoin.

 

[sigband]

Man, I really doubt that it's a good idea. It feels to me that every time when people are betting with such currencies, Elon Musk is crying. Anyway, if your starting idea is to lose some good money, you are free to go. I am a little wiser than you. I think that my money, my crypto in this specific case, should work for me. In a company like https://www.insiderlearningnetwork.com/beurax-review/ you can make money with your bitcoin for a small commission. It’s really simple. You give them your money and after a while you have more money than you’ve had on a principle of trading. It’s that simple and that profitable.

 

[Dane10392020]

Does it have an advantage? I am new with betting stuff, and I want to invest using bitcoin. Does it worth?

https://bit.ly/3c3kVxh

 

[footballbetp91]

There are plenty of BTC bookmakers on the market. You can on pretty much any mainstream sport with BTC, with plenty of betting options. Greater liquidity relative to other cryptocurrencies. Using bitcoin gives you Increasingly wide acceptance as a payment method. The international transactions are easier than those with the regular currencies. Generally, the transactions fees are lower transaction in comparison with the traditional currencies.