Online Gambling Experiencing Bitcoin Struggle

Published Wednesday, January 21, 2015 -
Online Gambling Experiencing Bitcoin Struggle

In the past the idea of a virtual currency has been touted as the best thing since sliced bread for the online gambling industry. Now however the volatile nature of the crypto currency has taken the shine off the coins. Bitcoin's price over the past week was plummeted by over $100 over two days, only to quickly regain half of those losses.  The price crash in the first days of the week, caused a stir when it  lost 37% of its value in two days, hitting a low of $170.21 on Wednesday, 14th January.

The question being asked by those using Bitcoin for gambling is whether the declining or volatile nature of the currency is worth the stress. The punter who uses the virtual coinage may be thinking they have won at the casino or card room but have lost on the currency value. This may impact the volume of bets placed with Bitcoin at online gambling sites that offer the coins as fair trade. The following of the ups and downs of the money for the online gambling operators must be a constant threat to profitability and sustainable growth.  It has been suggested that many gamblers don’t really view Bitcoins as ‘real’ money and are betting with them as if the currency was solid and secure. The interest in Bitcoin has been huge as the virtual money has gone from around five dollars to six hundred in a matter of a few years with the current value in volatile decline which may create opportunity for some but disaster for others.

Online gambling has always been about choice such as which casino or poker room to open an account with and now which currency to use. Gambling is gambling, you can be shaken by a big win or a big loss but when it come to gambling on the value of the currency you have chosen to use that may be taking punting to another level altogether.

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