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Bit Coins and other payments methods

Discussion in 'Online Casinos' started by cheetahwind, Feb 9, 2015.

?

Would you use bit coins if the casino offered the games you liked?

Poll closed Mar 11, 2015.
  1. Yes

    10 vote(s)
    28.6%
  2. No, I'm happy with my current purchase method

    20 vote(s)
    57.1%
  3. No, they need to make bit coins easier to buy and understand

    3 vote(s)
    8.6%
  4. Other

    4 vote(s)
    11.4%
Multiple votes are allowed.
    Feb 9, 2015
  1. cheetahwind

    cheetahwind Dormant account

    Occupation:
    Wind Blade Maker
    Location:
    Iowa
    So since Bit Coin casinos seem to be adding more and more games as of late. Some are from Microgaming, others are from other popular game manufacturers.
    I've wondered especially in parts of the world where moving money around can sometimes be a difficult task, because banks or the government won't let you use your debit or credit card at a casino. Doesn't like eWallets or whatever the reason is.
    Would if a casino offered some fairly popular games like Rapid Fire slots, Play n Go, Playtech, and of the sorts. Would that influence you to make the switch to bit coins? Assuming that the purchasing aspect was easy and that the withdrawal was just as much of a snap
    So I've set up a poll, just to see if what sort of response this would get.
     
  2. Feb 9, 2015
  3. KasinoKing

    KasinoKing WebMeister & Slotaholic.. CAG MM PABnonaccred webmeister

    Occupation:
    House-Husband and Casino Advisor
    Location:
    Bexhill on sea, England
    To be honest, I don't have the first idea how BitCoins work or what is the advantage over normal currency.

    I guess it's different for people in other countries though; as I'm in the UK I can use Neteller, Skrill, PayPal, Credit Card, Debit Card and Bank Wires, all with no hassles at all.
    So I voted: No - happy with current methods.

    KK
     
    1 person likes this.
  4. Feb 9, 2015
  5. Deeplay

    Deeplay New World Order CAG mm1 webmeister

    Occupation:
    Works For Self
    Location:
    The biG Eu
    Bit Coins in theory are a great idea and many people in the past few years have made a killing investing in this e-currency. But the market is so volatile and so open to fraud / theft that I cant see at the moment how it can be a really viable option for a casino. Problem is when theft occurs there is no come back and the money (BC) disappear without trace. A few company's one of them huge went under because of a major hack and theft.
    For small transactions I suppose it is okay and like I said the anonymity of BC is very appealing. But what a BC is worth today can change quickly tomorrow. I dont see this currency/payment platform disappearing but I do see the need for it to
     
    2 people like this.
  6. Feb 16, 2015
  7. cheetahwind

    cheetahwind Dormant account

    Occupation:
    Wind Blade Maker
    Location:
    Iowa
    Am just bumping this thread to see if I can get any more input on this topic.

    I realize I have a Bit Coin Casino review page, but am just interested in a wide range of input on this.

    Really honestly I'll agree the price is really volatile, and some folks have made a killing off of it. I read an article about a guy who bought in for a few bit coin back at the price of $27.00. Now he has over a $1,000,000 worth of Bit Coin.

    The only thing that now scares me a bit about Bit Coin is the guy who ran Silk Road. Ended up getting in trouble and being found out because of Bit Coin transactions. Apparently unlike traditional financial routes, where there's more privacy and secrecy involved. I guess Bit Coins aren't as anonymous as they seem. They apparently traced several Bit Coin transactions back to this guys computer. Which is how they prosecuted him.

    So anywho, any other input would be greatly appreciated.
     
    1 person likes this.
  8. Feb 16, 2015
  9. fun4all

    fun4all Senior Member

    Occupation:
    .
    Location:
    .
    There is no way in my current situation I would want to use bitcoin. Maybe if I was in the USA on unregulated sites I would consider it. Here in the UK it would be a really really silly idea to use them when you can use any other method you like.

    Edit - I mistakenly clicked "other" on the poll, I should have clicked "No I am happy with my current method"
     
  10. Feb 16, 2015
  11. Deeplay

    Deeplay New World Order CAG mm1 webmeister

    Occupation:
    Works For Self
    Location:
    The biG Eu
    The silk road issue was due to what was been traded on that hidden service which for the most part was all kinds of illegal shit! Traded through BC but not linked to BC if you get what I mean. They just used that as a currency for drug deals fire arms and all kinds of nasty crap! It was taken down in a FBI cyber raid along with a whole host of other hidden services and sites. But BC was nothing in reality to do with SR or the nasties it traded.

    The problem is BC is so volatile and no one is really sure if it will even survive. The guy you mention was I think from Norway and yes he made a killing! But those days are long gone. Unless there is regulation which actually goes against the whole ethos of BC I personally can not see this kind of currency surviving long term although it is starting to pop up on a few places now. As for Casino play / deposits I would NEVER use it at this time. Will be hard to know what your BC is worth from one transaction to the next as the market can at times swing wildly. It is unlike any other currency.
     
  12. Feb 16, 2015
  13. bigjohn

    bigjohn Meister Member MM PABnoaccred

    Occupation:
    Swimming Pool Serviceman
    Location:
    Northeast Coastal USA
    For me, the relative anonymity is part of the problem. I don't know who they came from or who backs them.

    From what little I have read, it seems the most profit is made by dealing in bit coins which suggests to me there is no foundation for this currency and at some point down the road the whole thing can disappear leaving anyone holding them out of luck with no avenue for redress.

    I suppose if you buy a few, use them right away, and then reconvert them back into the National currency right away you should be OK and minimize any chance of getting shafted but I can't see holding any amount of this currency.
     
    3 people like this.
  14. Feb 16, 2015
  15. dougmanct

    dougmanct Experienced Member

    Occupation:
    software development
    Location:
    United States
    my humble opinion:

    Bitcoin as a currency is here to stay, and it's just going to continue to see increased adoption. It's long since gotten past the "no putting the genie back in the bottle" stage.

    What makes Bitcoin interesting is the degree to which most people are confused about what it is, and in the absence of research on the subject, influenced by the stories they hear.

    True - Bitcoin has been used as a means to facilitate the marketplace for items/substances that are prohibited in non-free countries most notably the USA. However, Bitcoin is not exclusively a tool to buy drugs.

    It is inevitable in my opinion that for online gaming, both involving gambling of "money" and purely gaming for entertainment, Bitcoin will be the default currency option due to the nearly non-existent transaction costs and safety against chargeback risk. I really see online casinos being almost entirely bitcoin-based within 2-3 years with the only lagging outfits being those partnering with governments ("regulated casinos", which is really just a nice way of saying casinos paying protection money to governments to be left alone and deal in fiat currencies).

    Just look at the current landscape:

    - PokerStars is rumored to be close to rolling out Bitcoin gateways for its poker offerings and PokerStars is by far the world leader in the business.

    - The second biggest poker network, Winning Poker Network, is now bitcoin friendly.

    - most sportsbooks are bitcoin friendly and rumblings are that this is the year Bovada/Bodog get on board.

    - Microgaming is now friendly to bitcoin providers, and frankly whether they like it or not that means they're going to have to get over their fear of the USA, because Americans who understand how to use a VPN can now play their games.

    - The biggest "unregulated" USA-facing software provider, RTG, is surely going to be the next big domino to fall, because the RTG casino at 5Dimes is now available to bitcoin players, and it's inevitable that Club World, etc. are going to bleed business until they get with the program (I would bet that they already are losing business at this point but won't actually admit that)

    I see two trends:

    In the short term (next 2-3 years) I see pretty much every gaming provider that wants to be competitive getting on the Bitcoin bandwagon. I really can't see how you stay in business with 20-30 percent more overhead in processing costs and chargebacks than the guy next door with all the same games you have.

    I see in the longer term (5-7 years) a point where Bitcoin poses a direct challenge to non-free/corrupt governments who would try to ban / restrict online gambling as a favor to their land-based casino magnate backers. Short of actual military intervention to places like the Isle Of Man, Curacao, etc. I don't see governments being able to prevent, say, an all-bitcoin PokerStars from providing online poker to the entire planet.

    Just like with file sharing, at some point a technology becomes so widespread that there is no way to shut it down, you just have to adapt and co-exist with it.
     
    2 people like this.
  16. Feb 16, 2015
  17. Simmo!

    Simmo! Moderator Staff Member

    Occupation:
    Web Dev.
    Location:
    England
    This is exactly my concern. Plus I've yet to see any advantages to Bitcoin that make me think it's worth the risks (mentioned by Deeplay above). The anonymity thing worries me: it seems like the perfect vehicle for terrorism, drugs cartels, fraudsters etc and that can only be a bad thing.
     
    1 person likes this.
  18. Feb 16, 2015
  19. Zabier

    Zabier Experienced Member

    Occupation:
    Writer
    Location:
    Cardiff
    I wouldn't want to go near a payment method that isn't properly regulated. I still think Bitcoin has a way to go yet before it is available more widely.
     
  20. Feb 16, 2015
  21. john39

    john39 Senior Member PABnonaccred

    Occupation:
    analyst
    Location:
    dfw
    I use it sometimes I like when it goes down below $200 because I can play a lot for my average deposit of $50
    But in no way do i keep currency in my wallet it goes from bank to processor to casino and sometimes the reverse (if I am lucky to win) in less than 24 hrs
     
    1 person likes this.
  22. Feb 17, 2015
  23. nisosbar

    nisosbar Ueber Meister PABnonaccred

    Occupation:
    Other
    Location:
    Right here
    Cash serves as an even better vehicle for those purposes, as it is the most liquid form of currency; yet, I'd imagine almost every CM member would prefer playing for cold, hard cash every time, despite that widespread utility.

    I guess my question for you here is a wordy form of, 'so what?' ;) Or perhaps, is cash 'only a bad thing, only worse', since it better serves the shadowy purposes you've mentioned?
     
  24. Feb 17, 2015
  25. Jasminebed

    Jasminebed Closer to 100 than Birth

    Occupation:
    Not in workforce
    Location:
    Ontario
    Voted No. It is enough of a gamble playing slots, I don't need to gamble on my currency too.

    I rarely play in currency other than CAD, even USD and Euro rates fluctuate too much for my tastes (or my currency does :p).
     
  26. Feb 17, 2015
  27. Simmo!

    Simmo! Moderator Staff Member

    Occupation:
    Web Dev.
    Location:
    England
    I'm going to take a punt here and say if you wanted to get $1,000,000 to a guy in say, Syria, it will be a lot easier to do a Bitcoin transfer. Cutting off funding sources is an important weapon in the fight against these activities and I would imagine cash is easier to intercept than Bitcoin.

    Additionally, Bitcoin is never going to be adopted as an 'official' currency in an anonymous, unregulated form and if/when that happens, there is a good chance that Bitcoin's current value would re-adjust. It's not something I would buy into right now - it's too much of a gamble and I don't approve of gambling :p
     
    3 people like this.
  28. Feb 17, 2015
  29. nisosbar

    nisosbar Ueber Meister PABnonaccred

    Occupation:
    Other
    Location:
    Right here
    lol :cheers:
     
  30. Mar 21, 2015
  31. pmutts

    pmutts Senior Member PABnonaccred

    Occupation:
    Hotel Sales
    Location:
    North Texas
    Bitstarz offering all games to USA via Cubits "Workaround?"

    I landed on Bitstarz tonight and saw this:

    Bit Coins and other payments methods: bitstarz1.jpg,Mar 21, 2015

    Upon clicking the link I read this:

    "We have just added a new and exciting way to deposit and withdraw at Bitstarz! Players can now use Bitcoins to get Euro credits and be able to play +400 Quickfire games. Check below out step-by-step guide and if you have any question, don't hesitate and contact our support on live chat below or by e-mail."

    So, is this a way for me to access the forbidden fruit as an American? If so I will likely try it. Like most Americans I am sick of RTG and the other inferior platforms available to me.

    I seriously considered trying Bitcoin Casinos. I opened a Circle Account and verified it; however, I have yet to ever actually purchase Bitcoins and play in a Bitcoin Casino because none that I felt were trustworty are offering me any game I cannot find elsewhere.

    If I can confirm this I will likely test the waters.
     
  32. Mar 21, 2015
  33. Finn

    Finn Senior Member MM

    Occupation:
    Engineer
    Location:
    Finland

    Bitstarz is a whitelabel casino that uses SoftSwiss as the platform provider, even if this Bitstarz wanted to allow Americans to play Quickfire, I'm pretty sure the actual SoftSwiss servers would not allow Americans to play.

    Anyway that Bitstarz seems pretty pathetic, they have stolen their website layout from Guts, and max 15x the bonus cashout limit to all bonuses, seems pretty pathetic also.

    Bitcoin isn't going to enable you to access any games of any software provider that have decided to withdraw from American markets, the main advantage Bitcoin could possibly offer to Americans is lower processing fees or withdrawals arriving faster compared to other payment methods in some cases.
     
  34. Mar 21, 2015
  35. cheetahwind

    cheetahwind Dormant account

    Occupation:
    Wind Blade Maker
    Location:
    Iowa
    Quickfire games aren't available, only Bet Soft and Soft Swiss games. They have a lock on the Microgaming and Quickfire games are locked, when you login from a US based IP.

    The only sites where I can found that I can play something different is BitCasino.io and mBitCasino.com.

    Which both have warnings just to let you know because they were caught using pirated Net Ent software. So far no one else has confirmed whether the Aristocrat or Novomatic games are pirated.

    I can tell the Play N Go software, which is my favorite BTW, Game Art, and Bet Soft games are licensed. As they have all of the proper copyrights and logos on them. Plus they load from the respective gaming servers.

    Otherwise other than those few extra software choices. There isn't much of an advetange of playing at Bit Coin casino, other than I have experienced an 2 hour cash out cycle, from hitting the cash out button to having cash in hand.
     
  36. Mar 21, 2015
  37. john39

    john39 Senior Member PABnonaccred

    Occupation:
    analyst
    Location:
    dfw
    Support suggested I use zenmate Firefox plug-in
    That way it acts like I'm not in the us so I guess it's not against terms and conditions which I should really read
     
  38. Mar 22, 2015
  39. cheetahwind

    cheetahwind Dormant account

    Occupation:
    Wind Blade Maker
    Location:
    Iowa
    Boy with that suggestion it's starting to make Bit Starz look as Shady as Bit Casino and mBit in some ways. I get that there trying to service a market that wants to play something different.
    Yet I got from the original Bit Casino rep that using anything that would mask your actual location would get my account balances confiscated.
    Luckily so far in the past 4 months of playing I have yet to have anything of the sorts happen. Yet I do wonder how much of there terms they actually enforce.
     

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