When I started sports betting and playing poker with bitcoin a couple of years ago, I bought about 5 BTC to use at sites like CloudBet, Nitrogen Sports and BetCoin. The price back then for a single BTC was about $300 so my total investment was about $1,500. In that time I've lost thousands of dollars playing poker and betting on the NFL and NBA but according to the balances on my accounts, I'm still about $10,000 up. This kinda makes me feel that the best form of gambling you can do right now is buy a bunch of bitcoin and just leave them in your betting account for a few years. Sure, you might end up losing everything, but there's also a chance you'll make 10x. When the price of bitcoin goes up $200, I get the same kind of rush that I get when a horse I've backed crosses the finish line first so I don't feel I'm missing out on much. Anyone else feel the same?
Yes and no. I think cryptocurrencies are in a bull run at the moment so it's easy to think that investing is a great way to make money. Eventually the bubble might burst and you'll lose 90% of your investment over a couple of days. Having said that, I think off all the crypto-currencies, bitcoin stands the best chance to continue appreciating in price because it benefits from the largest network effects.
When I think back at the 100+ bitcoin I've gambled over the past 3 years it makes we want to cry. If I'd held onto them, they would be worth in excess of half a million dollars now. I think for every bitcoin you gamble, you should hodl another coin so you don't get depressed when the price rises.
LOL, I refuse to think about how much BTC I've gambled over the past 2 years. It was only $200 per coin when I started. The opportunity cost probably runs into the tens of thousands.
It depends on how good a gambler you are. Bitcoin is up 1,000% percent over the past year. If you can honestly say that you make more than that playing poker or sports betting then stick to gambling. I suspect that 99% of gamblers don't make those kind of returns playing Texas Hold'em.
i think this bear market has turned a lot of people into hodlers. i have a couple of bitcoin spread across a few crypto gambling sites and i have no intention of cashing out until bitcoin is worth at least $15,000 again.
I agree, bitcoin is ridiculously cheap right now so I don't plan to cash out until it goes over $10,000 again. Luckily I'm in a position that I don't need the money right away but not everyone is in that position. It may take many months more for the price to recover so be careful if you need the cash for something like rent.
LOL, if you thought bitcoin was cheap at $8,000 you must really think it's dirt cheap now that it has dipped to $3,500 per BTC.
I had $200 worth of crypto in my Nitrogen account since last November, I just checked now and it's worth $500. Not a bad return when you consider I haven't placed a single sports bet since then.
First timer here, could u recommend best site to invest bitcoin? Sportsbetting always were my thing, but as I'm moving to bitcoin gambling, I want to find a best(well....more safe) site to join...and ya know spend a little too. haha.
Trace Mayer is calling for bitcoin to hit $100,000 to $250,000 in the next bull run, so be sure to replace any bitcoin you gamble away at casinos and sportsbooks or you might be very sorry in a couple of years.
The value of my account balance in Nitrogen has almost tripled since the start of the year. It's gone from $1,000 to over $2,500 and I haven't had any big wins. Admittedly I did lose a lot during the 2018 price crash, I never expected the price of bitcoin to go as low as $3,500.