Thoughts on using bitcoin for gambling

[JennaKravitz]

Does anyone else have concern about betting with bitcoin? Ive been wanting to switch books lately, but most alternatives use bitcoin. My concern is this: I gamble over long periods. Over this long period I grind my way to gains usually over months at a time. When I decide to withdrawal, if my account is in bitcoin and bitcoin somehow falls 10% (or more) in value over that time, I will have lost 20% through no fault of my own.

[JessicaMarshall]

If you want to use bitcoin for the quick payouts and you were going to use said money for something specific (groceries, travel, everyday stuff etc.) you can get a bitcoin payout and then go to gyft  or other gift card websites and immediately convert it. Not the best solution all the time, but for instance you can buy a $500 Whole Foods gift card and keep it in an ewallet on your phone. Or you can trust https://www.mybasis.com/top-5-reasons-why-coinplay-is-the-best-crypto-betting-site-of-2022/

[Alsonjecs]

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[WalletInvestor]

I'd say if you are concerned about the fluctuations in bitcoin's worth, you should think more long-term - hold those bitcoins until the price is higher, or you can even trade them, although the latter might add an extra layer of uncertainty. In general, I don't think it is worse to gamble with bitcoin than with fiat money, but you do have to be more careful in vetting the sites you intend to use.

[Rexi]

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