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  1. #1
    vardan's Avatar
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    Question What you think about cryptocurrencies ?

    Hi,

    I would like to know your thoughts about cryptocurrencies (cryptocoins) like a bitcoin, dogecoin or litecoin.
    Do you think, that these currencies, in the near future, will be trade on the exchange markets like other foreign currencies ?

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    Triple7 is offline Private Member
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    If they;re changed on the exchange markets, I don't know, but they definitely do have a future!

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    As things stand I do not see these coins having a viable future in commerce.
    They have no value backing and another coin can be started at any time with exactly the same legitimacy - none at all.

    But the blockchain concept may move forward and become part of a government backed currency or trading issue in the future.

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  6. #4
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    I have to agree with TheGooner on this one.

    As they stand now, I think that the coins will be gone as a currency, since in many countries they can not even be considered a "currency" since many countries laws do NOT allow for a fiat currency to be created as such.

    In some countries they are treated as a commodity.

    How can a currency become a valid currency if it is merely a commodity in other countries?

    In my opinion, the fact that most exchanges refuse to follow FinCen rules, (and of course most of their customers don't want them to) is the largest single thing that harmed bitcoin from the beginning.

    Rick
    Universal4

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    Thanks for the replies.

    25-30 years before nobody was thinking, that forex or binary markets would be so active and developed as today, may be a few economists or "crazy" investors. Now many big internet companies accept bitcoin as a payment method, in my opinion it's a big change and good trend.

    I think the governments (well, the government of the United States ) or will kill these currencies, or will let them to grow.
    Hope the second option will win, because it'll open new oportunities for starting new businesses on the internet.

    P.S. I want to see new Gold Rush
    Last edited by vardan; 30 March 2015 at 6:12 am.

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    Bitcoin already proven itself as a great solution in several markets.
    There is no doubt that this niche is growing very fast, check the bitcoin gambling guide for example - more than 450 casinos, sport books, lotteries, poker rooms and much more.

  10. #7
    universal4's Avatar
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    There is also a very long list of other payment methods that experienced even more growth and larger acceptance by gamblers, as well as years in the marketplace, that no longer exist, so just because a payment method experiences high growth or a large list of casinos that accept it does not ensure it's success.

    I admit that bitcoin is accepted in some markets, but they also have a number of government groups that are VERY against it in some markets, and I think that fact may well eventually be their undoing.

    Rick
    Universal4

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    There are quite a few large corps that accept it... some of these bigger than some countries "Which also have their own currency" I have actually just switched to bitcoin payments on some of my comms, I was skeptical at first also..

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    Quote Originally Posted by wonderpunter View Post
    I have actually just switched to bitcoin payments on some of my comms
    As an affiliate who is utilising bitcoin then - are you willing to answer some basic questions on this?
    I'm interested to see how it's working for you.

    - Which affiliate programs do that?
    - Does it represent a significant proportion of your comms?
    - Why would you consider bitcoin superior ahead of standard options like bankwire or e-wallets?
    - Are you keeping it in bitcoin or converting it to local currency?
    - Do you keep you balance online or in cold storage?
    - How do you account for it in your end of year returns - regarding taxes, capital value gain / loss?
    Last edited by TheGooner; 28 October 2015 at 6:30 am.

  13. #10
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    Bitcoin has value as a currency, a commodity and a medium for trading. It is as real as any other currency but has advantages over all fiat currencies in that it has no borders, minimal to zero transaction fee and is immediate. It is also attracting 'safe haven' investors (ie: from china right now) and it is a lot more flexible than gold. It's a hedge against an economic slump, because it will rise even faster when economies are bad. It's a global and immediate payment system. Big money from major players and corporations is going into it, just read the google news articles for the bona fide companies hedging their bets because they don't want to be left out. It is not going to disappear anytime soon. It has a massive advantage over other crypto currencies in that only one is likely to dominate and bitcoin is leaving all others in its wake. The corporations (and, yes, banks) have jumped on board. We are still at early adopter stage, nobody has missed the boat. The upside of small long term investment could be unbelievable, the downside is obviously that you lose it all. Yes, it will be volatile but the chart in 10 years could make amazing viewing for someone who invested a little in it today. Personally I rate it a bet to nothing.

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    I was very skeptical too. Then I talked with owners of some BTC casinos and once I heard the numbers they do in turnover I was on board. Neteller starting to accept it was also cemented legitimacy of it in my mind.

    Follow the green, not the dream lol.

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    Quote Originally Posted by Eddie G View Post
    Then I talked with owners of some BTC casinos and once I heard the numbers they do in turnover I was on board.
    Follow the green, not the dream lol.
    And are YOU seeing those numbers too? Are you "seeing the green" ?

  16. #13
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    Quote Originally Posted by TheGooner View Post
    As an affiliate who is utilising bitcoin then - are you willing to answer some basic questions on this?
    I'm interested to see how it's working for you.
    Answers in bold

    - Which affiliate programs do that? Nearly most US sportsbooks pay in bitcoin, BetOnline, 5Dimes, Vietbet, Sportsbettinonline, betowi, etc
    - Does it represent a significant proportion of your comms? Not yet though I have only just recently started to use it for selected programs another one of my programs will be adding the option soon also, so it may well become a large part.
    - Why would you consider bitcoin superior ahead of standard options like bankwire or e-wallets? Fast, no fees and no minimum limits, high maximum limits, which makes it beneficial over bank wire, E-wallets are still a personal better option but only a few U.S programs offer E-wallets, though you can reload ewallets with bitcoin also
    - Are you keeping it in bitcoin or converting it to local currency? Convert to local currency
    - Do you keep you balance online or in cold storage? I usually send to cold storage until there is a good amount to convert but always leave a little for purchases made online, I have just opened a new account that comes with a debit card which will give it the E-Wallet feel
    - How do you account for it in your end of year returns - regarding taxes, capital value gain / loss? My accountant declares the amount converted into the bank account, not the original value of the coin, its classed as Resume de tickets in Spanish "Ticket Summary" which i assume is miscellaneous earnings.. Im not too hot on accounting which is why I get a local Gestoria to manage it

    With time I will increase the amounts via bitcoin, at the moment there is no real benefit over Ewallets, however it does give me that extra option with some of the programs where the options are limited and using bitcoin give me more flexibility

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  18. #14
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    Cryptocurrencies will need more time in order to show the power that may have. Thats for sure.
    www.Betacademy.com Professional Betting Tips
    www.Betarades.gr Top greek online betting newspaper
    www.forexpros.gr All about forex

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    I truly believe that Bitcoin as a payment method and as a gateway to the market already shown us what it can do.
    See the success stories of small operators like vitalbet, limoplay, bitstarz and others - they are not huge and maybe not even too big, but thats decent operators, with affiliates working with them for more than 12 months and the revenue is just growing.

    Keep in mind two things:

    1. Accepting players from around the world. Not talking USA here. But with out marketing, with no real will to face the market, players from Indonesia, UAE and Nigeria are playing top level games on these types of brands

    2. Instant transactions ! I do not think anything else need to be added here.

    Bitcoin gambling may not be the nest big thing, but its already here and was approximate to be 6.3% of all online gaming transactions already. ( based on a research in Dec 2015 )

    Thanks

  20. #16
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    Until Bitcoin and their exchanges start dealing more honestly with the world banks and are willing to follow proper KYC rules and regulations, I think it will stay grey market. Exchanges not only need to follow KYC rules more closely but those promoting it should stop trying to convince others that it is anonymous, since the only anonymous parts are exchanges not co-operating, and the lack of co-operation may continue to stunt the growth.

    My Visa card number does not pretend to be completely anonymous, and the credit card company has full knowledge of who I am and who owns that number.

    The bitcoin exchanges know completely who you are and what bank account they should transfer money into when you want to turn it into dollars, euros or whatever, otherwise they might just wire that money into your neighbors account right?

    There are also some theoretical transaction limitations and decisions on which fork will be used to best handle the limitations are needed, since delaying that may also affect not only growth but stability.

    And as far as accounting, well that is more messy in some countries than others since it is considered a commodity in some countries so there are capital gains associated with it and values owned are not treated only as when it is converted.

    Just because there was explosive growth does not mean it is better or has the staying power needed. Neteller saw far greater growth in the US Gambling market, how many US Residents use Neteller for gambling now? 0

    Bitcoin, or at least a derivative of the blockchain technology could become an acceptable payment form in the future, but there can not be situations where it is treated as a currency in one country, and a commodity in another.

    Exchanges need to be treated and operate as banks and offer depositors some sort of insurance or more safety for their "deposits", and the limited small finite number of total available coins needs to be addressed far sooner than the impending day in the very near future when there all mined.

    Rick
    Universal4

  21. #17
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    I was ready to launch a nice bitcoin gambling site. Then i realized that I have to many headaches already to add the bitcoin wallet and all this complexities to my life.
    So I put not only bitcoin, but also the bitcoin site in the "maybe later" category.

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