Sunday, 2 June 2013

New ways of gambling using bitcoins (I)

You can use your bitcoins to place sports bet, play online poker or spin some slots in an online casino. But bitcoin model allows for so many other ways of gambling compared with traditional markets. I've already mentioned that the most used bitcoin gambling website is SatoshiDice.

The SatoshiDice game operates with zero confirmations, meaning the time it takes for you to send a transaction and receive your winnings is near-instant. Beat this our beloved regulated gambling sites. 

The user places a bet by sending bitcoins to one of the addresses listed in the bet options table. SatoshiDice sees this, evaluates win or lose and generates a return transaction. If you lose, the return your bet times 0.005. That means a number way lower than your bet. If you win, your bet is multiplied by the prize multiplier and that amount is sent back.

One of the biggest advantages of gambling with bitcoins is that the transaction fees are always very small. In this case on a win or a lose a transaction fee of 0.0005 is subtracted from the payment amount. If this makes the payment amount zero or less the payment is set to 0.00000001.  


  1. Bitcoin online poker sites such as BetCoin™ are starting to emerge and gain popularity in gambling community. If you've been holding on to your bitcoins, maybe you'll also be tempted to play around at bitcoin casino. Since government is not yet in control with this avenue, betting is far from any seizing and busting operations.

  2. yes it is easy to bet by bitcoins. check out for details...