Sportsbooks that Convert Bitcoin Deposits to USD
In the wake of one of the world's leading bitcoin exchanges in Bitfinex suspending their service following a security breach, bettors at SBR Forum are discussing the immediate adjustment of bitcoin's pricing and how it has affected their bankroll.
"Doesn't matter much at what price one buys or sells when dealing with cash convertible books," stated SBR Forum poster Sam Odom.
"Got [a] large withdrawal, since then [the bitcoin] rate is tanking lost $400.00 already," wrote poster Distroya.
"Rough day for Bitcoin. I sold at $615 yesterday after holding for months, wrote Slanina.
"Do you all agree that [Fiat Books] > [Bitcoin Sites] is the way to go from now on. [My Website] makes it look like cash right away and you don't have to worry about the price while the money is sitting in the account like you have to with [bitcoin sites]," wrote poster David5021.
When playing with bitcoin exclusive betting sites that do not offer the option to convert deposits to USD, EUR, GBP, or a player's native currency, players are subject to the swings of bitcoin.
While the value had been fairly consistent for much of the last month following the bitcoin halving, bitcoin was already having a lackluster week down about $100 before the sudden suspension of service by Bitfinex and announcement that as many as 115,796 BTC ($70+ million) were lost during a hack. The price dropped below $500 briefly for the first time in months.
As of this publication bitcoin has recovered slightly back into the $530 range.
Gamblers who use traditional sportsbooks such as those listed in the betting sites rating guide that convert bitcoin to fiat are not affected by today's swings in value.