Seven Things To Remember When You Gamble With Bitcoin

Once upon a time few people bothered with cyber currencies. They were niche and geeky. For the sort of people who are trying to buy arms/child pornography/recreational drugs untraceably on the dark web. These days it is far more mainstream. Those who like to bet on sports in the US can already gamble with Bitcoin if they know where to look. However as these newfangled ideas take hold globally, it is as well to bear a few things in mind. Cyber currencies have some issues. 

1. Market Fluctuations 

Just like any other currency, the value of any cyber currency fluctuates. Of course when a country sees its currency swing wildly out of control it steps in to steady the ship. No one does that with cyber currencies. There isn’t an economy of a nation attached to it, so there’s very little anyone could do anyway. Thus the very easiest way to gamble with Bitcoin and the like is to own some. Today they could each be worth a fortune, tomorrow they might value absolutely nothing at all. 

2. Chip Manufacturers Grip

The mining of any cyber currency is undertaken by graphics cards. So one of the hidden ways to gamble with bitcoin and the like is focused on this weakness. There are only two major GPU producers. Should they come under the right form of pressure they could easily turn their back on the mining community. They’re already making GPUs useless for mining but serving the needs of gamers. Take it a step further and they can strangle the entire basis of blockchain computing.  

3. Social Media Reaction

Anyone in the US gambling laws of common sense will see people calmly discuss the impact of these new currencies is insane. Social media is alive with debates on the issue and we’ve all seen what that can lead to. Social media reactions now often lead to political ones, and that could create all sorts of issues. Not, of course, there is a uniform reaction online. Some like PayPal and Twitter now accept payments in cyber currencies. Other sites and services are far less accepting.

4. The Problem With States Accepting Bitcoin

Nation states have to decide which way to jump, and acceptance of cyber currencies does come at a price. Take El Salvador. They were the first nation to accept Bitcoin as legal tender. Instantly people hit the streets to protest, even burning down a vending machine. Terrific. However not all nations have gone that far. Some just gamble with Bitcoin coming and going, like a fashion or fad. Ukraine is much like this. Which means at any moment they could just change their minds. 

5. The Problem With States Rejecting Bitcoin

Some people took a gamble with Bitcoin and lost. They’re called the Chinese. The Chinese government made all transactions in cyber currencies illegal. So people who had a wallet full of Bitcoin or whatever suddenly found themselves criminals. Classic. Who can say which government will next follow suit? Chinese influence is not unremarkable. Would you wager at online betting sites in the US like Bovada if the authorities could outlaw them at a stroke?

6. Nuclear Power Projections

People now mutter on about the environmental damage caused by cyber currency mining. There’s suspect stories in the press, oddly well-funded howls from protest groups, all the usual water muddying. That’s why tales of miners hooking up with aging nuclear power plants have surfaced. Don’t gamble with Bitcoin, they imply, that’s like buying a holiday home next to Chernobyl. Of course, you’ll already have guessed who has a vested interest in this anti-cyber propaganda.

7. Public Response And Indifference

Perhaps the biggest gamble with bitcoin is the long term future of a currency that doesn’t gain widespread public acceptance. Given it will take you several hours to explain how it works to the average bod in the street, it’s unlikely to. So it could die out as fast as it arose. Thus whilst some online sportsbook sites in the US like Bovada will today accept Bitcoin, that may not last. Why offer a service no one is using? Remove widespread use and it returns to the shadows, with a value to match.

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We take a look at how there are numerous ways you can gamble with Bitcoin before you ever place a wager with it.