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Advantages And Disadvantages Of Accepting Bitcoins

By: Seth Miller

Since we work in an environment where being anonymous is ideal, Bitcoins would seem to be the perfect solution to avoid dealing with cash and potential legal issues; however, as convenient as this digital currency may seem, it has its flaws.

The main problem with Bitcoins is that these aren't regulated by anyone - which at the same time is what makes them so attractive - and by having no entity controlling it, the value of the currency is entirely dependent on speculation and rumors (basically the economics law of supply and demand). In other words, the moment you get your hands on Bitcoins they will be worth a certain amount of dollars (or other currency), but by the time the bet is over, that value might have shifted (which in return might be making you lose or win money).

It's almost as if gambling yourself.

If you were to only deal with Bitcoins, and you leave it clear that payments are received and made in Bitcoins and these won't change regardless of value (for example, for one bet the line is -.110 BTC), then you would at least avoid having to overpay a client; unfortunately if you do this your clientele will diminish since many don't trust Bitcoins yet. Also, by doing this you wouldn't be able to be sure of how much are you winning per bet. Assuming you have a $15 juice equivalent in Bitcoins, a sudden change in the value of the currency can leave you with just a few dollars of profit per bet.

Right now we aren't ready to deal with Bitcoins in an efficient way, but once it begins to stabilize (it will in a few years - the other possibility is that it'll plummet in the same amount of time) it shall be the moment to start using it and taking advantage of its potential.

So basically, you can either gamble with your money by taking Bitcoins, or keep an eye on them and wait until things are more stable to start using them (if it gets to that point instead of disappearing).

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