How Bitcoin Will Revolutionise Online Gambling [Infographic]

Why the Smart Money Is On a Bitcoin Gambling Revolution

A change is going to come to the world of gambling, and it’s already on its way. If you want the inside track on just how digital currency is going to affect the way you bet, then our infographic will give you the lowdown.

The world of gambling is used to game-changing moments, as seemingly unbeatable hands suddenly become bad beats in the split-second of showdown. It has already experienced its first digital revolution when the 15 isolated online gambling sites of 1996 became a global community of 8 million players in just five years[i].

The smart money says that the wheels are in spin again. It’s time for gamblers to cash in their chips and start mining their Bitcoins because cryptocurrency is about to make conventional money a spent force in gambling.

Bitcoin’s winning ways

Bitcoin is a form of digital currency that is created and held electronically. It’s not minted, it’s mined. It’s also not issued by a central government or bank, but by lots of people running computers all over the globe. You can find out just how this decentralised, digital currency works below. And it really does work: Bitcoin has quickly established itself as a rival to traditional currencies, and a single coin overtook the price of an ounce of gold in November 2013.

What does all this mean for punters and pundits, casinos and croupiers, betters and bookies? Our layman’s guide will show you exactly how Bitcoin works, and why it is suited to the world of online gambling and more importantly for us, used for betting at Bitcoin Sportsbooks.

For instance:

  • There are no transaction fees or exchange rates so it’s perfect for affiliates
  • This also means that bets can be placed from anywhere in the world so it’s ideal for the globalised gambling community
  • It offers a greater reach and business advantage that makes it supremely attractive to casinos

The appetite for Bitcoin has already been proven, with sites such as Bitcoin.io generating $1.3m in just 3 months. Our infographic shows why this is just a taste of things to come. Bitcoin looks set to split the online gambling deck wide open, so place your bets because it looks like everyone could end up a winner this time.

[i] https://www.uleth.ca/dspace/bitstream/handle/10133/422/internet?sequence=1

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Bitcoin High Yield Investment Schemes

Warning! High Yield Bitcoin Investment Programs are Clearly Scams

High Yield Investment Programs (HYIP) are nothing new. Schemes which promise fast returns on your investments have been around since the 16th century. These days, scammers are using Bitcoin as a medium for running these scams – and many people are still falling for them.

This page takes you through how these High Yield Programs work, explains why they are fraudulent, and then finishes with some more honest alternatives for those who like to gamble with their money.

How High Yield Bitcoin Investments Operate

You’ll find a number of very professional looking websites out there with names like Bitcoin Financial or Hex Trader. These explain to you that you can get a return on your investment of between 1% and 10% every day on your BTC deposits. Starting limits are often low enough for people to forgo detailed background checks and give the schemes a try.

Next your balance will go up each day, and the scheme will appear to be working. You’ll often be pressured to deposit more BTC, and with the ‘proof’ (including smaller withdrawals if needed) that the investment is working. You will also be pressured to invite friends, family or co-workers to get involved.

In reality, there is no investment scheme at all on many of these sites. All of your gains are coming from people who join the scheme later. If everyone wanted their Bitcoins back at the same time, the schemes would crash immediately. These are pure Ponzi schemes – at some point down the line the number of ‘greater fools’ who invest late will dry up, and the scheme will go broke, taking your Bitcoins and ‘profits’ with them.

Is It Possible to Profit from these Schemes?

In theory, you could get in early, enjoy a small profit and withdraw your Bitcoins before the scheme imploded. There is significant risk to this, the biggest one being whether you will be able to withdraw at all. For me, even with ‘money you could afford to lose’, there are better ways to spend it than to take a big risk with a High Yield Investment.

Are There Legitimate Bitcoin Investments?

There is a lot of expansion in the world of BTC at the moment, with startups looking for investors, trading exchanges and new businesses accepting this for payment every day. Safe and legitimate investments as we know them in the form of stock market index trackers or bond funds can be mimicked through a stock trading exchange. If you are going to trade a traditional investment over the long term – then Bitcoin might seem like a strange choice of medium to trade in. On one hand you are looking for traditional security of your investment, and on the other you would be doing this with a volatile currency like Bitcoin.

Instead of High Yield Investment Scams – Why Not Gamble Honestly?

Gambling will lose you money over the long term, though it can be entertaining along the way – and hopefully provide you with some short term wins. One great thing about Bitcoin Gambling is that you can find games which are ‘Provably Fair’. The games come with special encrypted strings, which can be used to prove that the deal was random after the hand, spin or roll.

There are plenty of simple Bitcoin games, including dice, lottery and Scratch-Card type games. You’ll also find fully featured casinos (some with live-dealer games streamed to your computer). Sports books and multi-player poker games also run in Bitcoin. For those who want an option that involves more skill than luck, binary options are a viable alternative.

The message should be loud and clear – do not get taken in by the high yield Bitcoin investment scams. Be smart and don’t be the fool who’s money is easily parted with.

5Dimes Adds Bitcoin

Make Deposits & Withdrawals at 5Dimes Using Bitcoin

Are you tired of credit card declines? What about waiting weeks for a check to cash – how do you feel about that? You hate it. We all do.

Well, I have good news for you. If you’re a 5Dimes customer those sorts of headaches can be things of the past. 5Dimes has announced that they now offer bitcoin as a payment method.

5Dimes is a highly reputable sportsbook, receiving top marks (A or better) from reputable review portals. They specialize in betting and are known for their reduced juice promotions. They offer casino, live dealer and poker games, too.

What’s more is they accept US players from all states. For the longest time they couldn’t take players from Washington State (or others) due to payment processing issues. Within the last 18-24 months that changed; players from these areas were greeted with a message when they logged in that said they could now use Visa to fund their accounts. This was all thanks to better and more reliable processors. But like I said, that’s not an issue anymore if you invest in, or are willing to buy, bitcoin.

5Dimes sums up bitcoin the best:

Bitcoins (BTC) are a form of digital public money; in essence, electricity converted into long strings of code that have money value.

Bitcoin has exploded in popularity the past couple of years. In value too. A couple of years ago you could pick up a bitcoin for less than $30 each. As of today (9/19/2014) you can’t pick it up for less than $400.

The best part is that they work somewhat like cash when using them online. You buy them, store them in online ‘wallets,’ and transfer them whenever you want to pay for something. That includes gambling.

Gamblers like using bitcoin because you can use them for both deposits and withdrawals, and often times you can get withdrawals in as fast as 15 minutes. That leaves other (US-friendly) methods like money and wire transfers in the dust.

5Dimes’ system is not automated (yet), so you should expect timeframes to be a bit longer. Once you send your request to their support staff (Epay@5dimes.eu), it can take 1-2 hours for your funds to hit your account.

What else is unique about their setup is that bets aren’t made in bitcoin. Your deposit will be converted to dollars (USD) based on the current value listed at BitStamp.net. Deposit limits are limited to the equivalent of $100-$25,000.

Withdrawals are a bit more complicated, depending on how you’ve deposited in the past and how much of your winnings are from bitcoin (deposits). When I reached out to 5Dimes’ support, this is how they explained it:

If you EXCLUSIVELY deposited using Bitcoin, there is no limit on the amount you can request as a payout via Bitcoin.

 If a player has $10,000 in his account and then makes their first Bitcoin deposit of $100 and then wants a payout, in this case they can only withdraw $100 in bitcoin, they would have to choose a different method to get the rest of the funds out. But if a player has their account at zero, and deposits $100 in Bitcoin and wins $10,000, then they would be able to withdraw the $10,000 in Bitcoin since the winnings came from the Bitcoin deposit.

Bitcoin deposits and withdrawals are converted to USD using the exchange rate at the moment the deposit or withdrawal is processed.

Keep in mind that, per 5Dimes’ terms (on their website), your ‘free’ withdrawals are limited to 1 payout every 7 days, up to $1,000. Players on Reddit complained about the bitcoin to dollar conversion, stating that it’s a hassle and that there’s no protection against bitcoin’s rise/decline in value.

But that doesn’t appear to be the case – you’ll always get the money you won back from 5Dimes, even if it means fewer/more bitcoins because the value changed. But if you win $100, you’ll get $100 back. Other players argued that too many people rely on bitcoin as a currency, when in fact it’s more or less a medium or vehicle to move money around.

Whatever your opinion, there’s one thing you can’t argue with – bitcoin is a more convenient banking method for gamblers. The fact that 5Dimes has stepped up as the first major operator to accept them makes them that much better of a sportsbook to bet at and/or join.

Sources

[1] https://www.reddit.com/r/Bitcoin/comments/2a84cc/major_sportsbook_5dimes_to_add_bitcoin_as_payment/

[2] http://www.sportsbookreview.com/sbr-news/online-sportsbook-5dimes-officially-adds-bitcoin-cashier-48311/

[3] http://www.5dimes.eu/PopUpsFromChart/bitcoin.html