Should I hold my gambling winnings in bitcoin or convert to dollars?

Discussion in 'General Bitcoin Gambling Discussion' started by Gooch, Jan 2, 2017.

  1. Gooch

    Gooch Member

    Over the holiday season I got pretty lucky with a few sports bets and at the poker tables and made a few thousand dollars. I've now requested my bitcoin payout from Americas Cardroom and Bovada but I'm left with a dilemma The price of a bitcoin has gone up about $200 since the start of December so I'm wondering if I should keep my withdrawal in bitcoin or deposit it back into my checking account as dollars? Do you guys think this bull rally will keep going or will there be a big price retrace?
  2. Humble Servant

    Humble Servant Active Member Staff Member

    It's up another $100 in the last 24 hours. After such a big move you would expect the price to retrace back a little to consolidate but I think we are entering unchartered territories here. If the price moves past the previous all time high of $1200, that will generate a huge amount of media interest and could fuel further increases in price.

    "I'm wondering if I should keep my withdrawal in bitcoin" Bitcoin is high risk, high return. Don't hold any more than you can afford to lose.
  3. BeastyBoy

    BeastyBoy Member

    i think the last week proved that the bitcoin price is extremely volatile. it went from about 1150 down to 850 in just a few days. it has climbed back to early $1,000 again but unless you like taking risk then you should convert your btc to dollars as soon as your withdrawal has been processed.
  4. Wonka

    Wonka Member

    I would advise against holding right now because the price is very volatile. The People's Bank of China are visiting exchanges throughout China to carry out inspections, which is making many bitcoin investors very nervous because there is a fear that China will try to ban bitcoin.
  5. NKOTB

    NKOTB Member

  6. Humble Servant

    Humble Servant Active Member Staff Member

    That depends on how soon you will need the money. I think the bitcoin price will increase between 50% and 100% every year but there may be large price volatility throughout the year. If you have the finances to wait for the price to recover from a dip then I think holding some BTC is fine. If you are likely to need to cash out your coins over the next few weeks to pay bills then it's probably not a good idea to hold too much crypto.
  7. Tommy82

    Tommy82 Member

    whatever you choose to do, just be careful with your coins. use 2fa on your betting accounts and don't leave large amounts of btc sitting in gambling account.
  8. SuckIt

    SuckIt Member

    After a few weeks of consolidation in the low $900 the price seems to have broken up. Providing the Peoples Bank of China doesn't intervene again I think the price will go over $1000 per bitcoin again in the coming weeks.
  9. I generally hold my gambling winnings in bitcoin but at the moment with the threat of a UASF and a hard fork I'm starting to think I should convert it into dollars. The price is sure to crash.
  10. Tommy82

    Tommy82 Member

    There will probably be a small price rally after segwit is activated so I'm going to dump most of my coins around then.
  11. EthHead

    EthHead Member

    that's quiet a tough question to answer. my advice is to leave your money in bitcoin but keep a close eye on bitcoin news. if the proposed btc hardfork happens in august then you can expect the price of btc to drop to $1,000 or $2,000 in the weeks before, however, if the 2x hardfork is cancelled then i wouldn't be surprised if the price jumps to $10,000.
  12. Freddy

    Freddy Member

    I converted most of my bitcoin to dollars before the new year because for the past 3 years the price of bitcoin has plummeted in January and this year was no different. I sold most of my bitcoin for $16,000 in December and bought them back for $10,000 last week. SWEET!
  13. Umair

    Umair Member

    I really wish I'd cashed in at $18,000 like my wife advised me to. The price is currently hovering around $6,000 and it looks like it might go to $3,000. DAMN!!!
  14. PokerGod

    PokerGod Member

    Price action has stayed at around $6k for the past few months so hopefully that is the floor and we'll start to see the price go up again once institutional investor products start to hit the market.
  15. Humble Servant

    Humble Servant Active Member Staff Member

    Sadly we dipped down to the low $3,000 and many traders think the bottom could be closer to $2,000. Many expect that we may not see the beginning of the next bull market until 2020 so there will likely be a long wait until we see $20,000 again.
  16. Jake21

    Jake21 Member

    It looks like the bitcoin bear market is over for now so I'm starting to hold me bitcoin account because it will likely appreciate over the next couple of years.

Share This Page