Bitcoin is slowly seeing mainstream adoption – and that means that you can now buy pizza with it, pay for web hosting, and even use it in some more tech-savvy bricks and mortar stores. What’s particularly interesting for some people, however, is that there are some websites that now support gambling in bitcoin.
Previously, people who were interested in gambling in bitcoin were limited to doing so via some special casinos which offered bitcoin as a core part of their identity. The mainstream, respected and safe online casinos were not interested in the cryptocurrency. That has changed, and today there are more well-known casinos which do accept bitcoin.
Gambling with bitcoin is a risk in a few ways, however. If you’re loading your account with bitcoin and converting it to ‘real money’ in the process, then you are risking losing out on the gains if bitcoin gained in value. Of course, if bitcoin falls, but you win in the casino, then you are better off.
One of the main reasons that gambling using bitcoin is proving popular is that bitcoin is anonymous and it knows no borders. No matter where you are in the world, you could, in theory, pay a gambling site, win some bitcoin, and cash out. Of course, there are regulations for gambling, so any reputable site will still want to do a number of checks on the people that they are trading with.
If you’re looking to start gambling using bitcoin, then you should look at some of the established and well-known sites. For example, bitcoin poker, betcoin, and mBit Casino, as well as Oshi and CloudBet. These have been around for a while (in Bitcoin terms) so are probably a safer bet than a casino that no-one has heard of.
Remember that gambling makes no promise of returns for anyone other than the casino. The games always have odds that favor the house. Even when you’re playing poker, you’re playing partly against the person and partly against statistics. Skill can help, but a bad hand is a bad hand – and over time the matchmaking in the casino should, in theory, mean that you’ll end up with someone who is equally skilled. Unless you’re an experienced multi-table player that has a big enough bankroll to see you through the difficult times, you won’t have any different luck with Bitcoin than you would with real-world money. The only difference with Bitcoin is that right now the tables are smaller and less populated at a Bitcoin casino, so if you can find one where you are the ‘shark’ at the table then there might be a chance for you to clean up for a little while. Secrets don’t last long on the web, though, and when word gets out about winnings at one casino, people will flock to it – whether it’s bitcoin or not.
There’s a lot of fun to be had with bitcoin lotteries and other games – if you bet only what you can afford to lose.