Bitcoin Forum

Hello.

I am not very knowledgeable with bitcoin and other altcoins but I have noticed that altcoins that can be used in popular gaming/gambling sites tend to be a solid coin-type unlike others that I really don't see the value in keeping.

My question now is how can a specific coin be included or played in gambling sites? Is it only because the owner of the gambling site and the developer of that coin agreed to or are there factors or qualities necessary before a coin can be added to the gambling site?

-jamyr

P.S.

The popularity of the coin comes first before you can gamble with it or gambling with it makes it popular?

I'm not aware of any altcoin that actually can or does impose restrictions on what the coin is used for. So any casino can generally offer gambling in any altcoin they see a market for.

Based on what I've seen though, most altcoin gambling sites have quite a bit of trouble getting traction and most altcoin users are either also bitcoin users, or have no problems converting back and forth. So you probably don't lose a huge amount of the market by purely accepting bitcoin.

Hi.

Thank you for sharing your observation, it gave me a clearer picture of the industry. However, I just saw a thread "betking.io ico" that proposes making 100m tokens. So those tokens are only for gambling? Or can only be used on that site?

I'm sorry if I am not able to express what I want in a more understandable way.

When they talk about an ICO (initial coin offering), what they're actually doing is really just creating shares. Each coin just represents a % of the sites ownership / future profits. So in effect he's selling part of his company in exchange for money (in bitcoin) to expand/market/what ever.

This is quite different to altcoins, like say, ethereum which are designed to "compete" with bitcoin as a means of value.

You know RHavar, you just saved me from having to dig into data/ideas in the forum. Thank you.

And just to make it clear, ICO - are shares of the company/site/app etc., that are divided via token/s. So the value of the token/s while ICO is currently taking place is gonna start from what the owner priced his company/site/app, and can eventually change base on the outcome of the development/expansion/whatever, and these shares are different from the Altcoin even if the company/app/site have their own currency?

Edit: I may have to move this topic to Altcoins.

@jamyr. Please give a link to the Betking ICO thread. Let us see what they are offering in exchange for investing in their ICO. Be warned that ICO's are mostly a scam. Be careful before investing in those.

@RHavar. When you hold tokens from an ICO it does not necessarily mean that each token represents a % of the site's ownership and that it will incur future profits. ICO's are mostly a way to collect money from the community and the leave it up to them to hold or sell their tokens. Many people frown on this in the community because all it creates is a ponzi scheme.

https://bitcointalk.org/index.php?topic=1697106.0


Crowdfunding just like Vdice did. Different with other alts on ICO that usually will just shine the stage for just a few weeks. But if a person does manage to ride those altcoin manipulation, it's profitable. We all know that altcoin come and go so for a person that wants to do some risk then they can put some money and play with that alts. Besides coins offers on ICO does have a cheap price but don't expect of course a profit in terms of long term investment.

Are cynical or is really like that "manipulation".

Hi.

This reminds of me the wolf of wall street. If you are familiar with the movie, they are selling products of their imagination, products that doesn't really exist. Is it the same here with altcoins, and to be honest, the future of altcoins seem to be just if they can be used as "chip" for casinos/gambling sites/betsites. I have not seen an altcoin aside from bitcoin that went successful that is not used in gambling, what I mean by successful is really successful, not just because of hype, etc.

And again, I think(correct me if I'm wrong) the value of Bitcoin/Altcoin is still depending on broke people(most of the time got broke gambling).

nowadays altcoins are used in gambling in parallel to bitcoins
there are many casinos that allow players to convert on site
most of them are using shapeshift.io API so you can convert your,lets say,etherium to bitcoins and gamble away
bitsler.com (check my signature :)  ) allows to gamble using DOGE,ETH,LTC and of course,bitcoins
the more popular a cryptocurrency is the more casinos and sites are using it
https://dicesites.com/ (https://dicesites.com/) here is a list of dice sites with volumes,check yourself which coin is popular

another honorary mention -justdice as it allows pundits to bet with their CLAMs(not extremely useful otherwise)
there are DASH casinos,LTC casinos in a form of the most poular dice game and so on and so forth
basically,if you have any cryptocurrency and you want to risk it-there is always a place to accomodate your gambling needs
simply search this forum or google and you are all set

Actually its dev/owners decision if they want to add some altcoins in there site since they are just listening to the pulse of people and watch the market for the players to play with alts, but i only see few sites who's accepting alts since it can cost them money and time since it needs more time to upload it to there system,


And i don't see any point why alts can get popularity when it added on gambling sites since there are numerous alt that been added but still got on stable state and sometimes doesnt even bother to look at by gamblers.

ICOs are indeed often a scam but I doubt that's the case with BetKing. The owner held thousands (6k+) BTC of users and there were no issues. The site just recently decided to turn into a privately funded site which is now looking to raise funds for marketing etc.

Yeh, my site is missing some sites like bitsler and crypto-games that accept alt coins. The latter did have some ETH volume (5k btc worth vs 27k actual btc wagered.) But overall the alt coin gambling volumes are not much compared to bitcoin gambling AFAIK.

Of course the popularity of the coin should come first ,if you are going to run a gambling site,you'll want a community participation and a coin that has no popularity or no community support will not get you playing in their site,in the end people will ask popular coins to be added

The volume is certainly not even close to the bitcoin volume in most cases. Guess doge has managed to keep up a decent volume but still pretty low in comparison. I doubt altcoin gambling will grow much bigger unless altcoins with bigger adaptation will pop up. As it is most altcoins are just traded with. Just simply holding alts is a gamble after all.

if you look at the altcoins that all these gambling sites have included in their website for you to deposit you can see that these altcoins are mostly coins that are popular. because there is no point in adding a random altcoin that nobody even knows about.

having that altcoin means spending your server resources for running their wallet and that is expensive and you should only do it if people are willing to make bets with those altcoins.

usually big gambling site will use some alt coins as the betting token, it is because they see the potential of the coin to grow and there are a lot user using the coins, so the coins need to be famous then the site will adopt it, for the small gambling site usually they don't prefer this because there are not a lot of alt coin gamblers and they need extra capital to deposit different coins and also larger database to store extra wallet address

This is right and i agree with you bi gambling site or some other sites will only adopt a particular altcoin which they seem its popular enough because they can assure that people will use it on playing on their sites because if they do tend to put a non famous and trash altcoin on their website they are just wasting up their space and they could not able to generate profits with it.

I really like this question. It is very similar to the popular chicken and egg question.

Well, interesting indeed. I agree that most Altcoin that is used for gambling purpose tend to be more popular than others that have not been featured on gambling site. So here come the question ... and the answer (form my perspective) would most probably be that an Altcoin need to have a big community before they can get added to established online gambling platform. In other words, an Altcoin need to have a big community before they can grow bigger (somewhat like words of mouth I guess).

I am very interested in others opinion/answer too. Again, the above response is just from my own perspective and I am not sure how far from truth is it.

I don't use altcoins when i gambled even most of users now are using them and lot's of gambling site are implementing / impose altcoins to be use in there websites. There doing this because they also want to advertise the coins or what so ever they want a multiple profit.

They are doing that for multiple profits and they could see it as an advantage since there are really people would really likes to bet altcoin since betting on bitcoin is somehow common already and there are really times that its boring to bet already.Thats only my own view but most gamblers do bet by the use of bitcoin instead of altcoins because theres no difference at all if you bet  bitcoin or altcoins.

i doubt that this is the reason why any gambling site ever adds a new altcoin to their site for gambling.
you should know that whenever these sites do anything they do it for they players. in other words players should want that coin and have that coin to deposit and gamble with if a site adds an unknown altcoin nobody is even going to bother looking at it.


so far coins that have been added to gambling sites are LTC, DOGE and ETH (there may be some others but these are the most common) and all these three were popular altcoins before being added.

Volume, that's the point.
if an altcoin start to be used by some website with a big traffic, it will bring visibility to the coin and volume to the market(buy and sell).

A gambling sites can create a coin for their gamers and a coin dev can create a gambling site for their coin,so both suggestion applies ,just like one poster post it's a chicken or egg scenario but in my opinion gambling site can make a coin popular..

Are we don't have now on some sites that use alt coins
if the question is what you prefer I would say bitcoin

Also gambling sites can create some own tokens/coins to play on there sites

For now it can not coin be popular they are just make gambling just to use coin and not to be useless..
And the other purposes of making altcoin is to make a business and earn from investors.. to buy your altcoin/. that honestly useless.. there is no other uses about the other altcoin if they can adapt it more like bitcoin more possibility that altcoin will be popular the same as bitcoin..

Because the players/customers of the gambling sites also want extra features like accepting the altcoin of their choice ? And obviously the market trend,one would play dice on a site where his altcoin is accepted rather then playing where it isn't.Makes sense ?

The popularity of the coin.Not much is needed from the gambling devs or the coin devs since the coins ain't coming from either of them.All it takes is to make a wallet for accepting that coin.

There is alreayd a gambling site lie gambet that actually make a gambling site and make their own coin like gamebet coin  before but it is not popular right now they are still using bitcoin instead.. or the other altcoin that we can say well know is in the coinmarketcap wich is in top 10 altcoin like litecoin dogecoin monero eth those altcoin are well know that you can use in some gambling casino..

It's up to the dev of the gambling site,by including a coins to his gambling site he is promoting usage of the coin,if a client wants to play in his gambling flatform,he has no choice but to buy and use the coin ,so it's the gambling site who can help expose it to gamblers.

the first your wrong section
if you want discuss about gamble is good in gambling section

and i want answer your question
is good gamble site is much support altcoin in directbet
in there support dogecoin, ethereum, dash, litecoin, bitcoin

and you like dice site you can try bitdouble.io

Frigging fantastic movie.   Say, wasn't that shitcoin RBIES supposed to be gambling-oriented?  Whatever that means.   

Honestly,  any altcoin that has value should be perfectly fine for these dice sites.  You can send them all easily enough if people are monong them and running nodes or whatever.   Cant do that if no one uses the coin.

Well, maybe a lot of gambling sites that use bitcoin, but still very rare to find gambling sites that use altcoin. maybe you'll find altcoin like dogecoin, ethereum, dash, litecoin in a gambling site, however, it is already very famous altcoin. altcoin need to have a high trust value until they can be accepted at gambling site

 gambling sites no need the altcoin dev's agreement to use their coin as a tokens

they just bring the coin Trading volume and the altcoin give the  gambling sites User base

I assume you are talking about Just-Dice (http://www.just-dice.com) and Clamcoins (http://clamcoin.org)?

They are used there because Dooglus chose to use them.

I know of Lisks Dice but I don't know how successful the project is and currently, there is VDice ICO on going and plan to use Ethereum only for their platform, it will be interesting to see how these Altcoins perform in the land of unknown

^^ whenever you dedicate your business to only one thing you are signing your own failure so if and altcoin is only for gambling or if the other way is true meaning a gambling site is only accepting one altcoin they will fail because of lack of revenue.

and to answer OP it is all about profit, if the users are so interested in a particular altcoin and want to spend it, then if a gambling site adds it they will make money it doesn't work the other way around.

There is a newly launch coin called Bash and it's lottery and gambling coin and it is fast becoming a popular gambling and lottery coin like what happen to Rbies who is very successful coin dedicated to gambling,so we can safely conclude that a coin makes a gambling site popular.

Hello.

I am talking about altcoins in gambling sites(dice/slots/wheel of you-know-what,etc.). It is in my assumption that the future of any coin for it to be more popular or used, gambling is the key player.

anyways, never tried Just-Dice but I will one day.

Have a great day.

-jamyr

P.S.

I will be locking this thread in a few days. I think the general idea is already answered.

Altcoin Bash of LuckyChain is quite good because I won there :) What I like is that they integrated the game on wallet itself. In addition Rbies is also a good one for online games.

Altcoins in gambling is sometimes good. Some are open into
an altcoins gambling like dogecoin, eth to become so popular
their website. They add an altcoin so that everyone can use
their site whom into altcoin gambling.

There are some good projects in altcoins that are worth taking the risks. Some of them are Ethereum, ICONOMI, Singular DTV, etc. Others like XMR, Dogecoin, DASH are more like a gamble to me. I know many will not agree with me, but I see investing into all those coins which seeks to replace bitcoin has a gamble.

I do agree with you coz i see this alts have good potential and been used by some gambling sites already which they put an option to use altcoin on a particular bet on a kind of game on their site which really indicates that these coins are good enough not a replacement to bitcoin but a good alternative.

I don't think casinos are the main factor to empower or popularize any altcoin. It is undoubted that the main priority for casinos or gambling sites is the money making, so they will accept any option to make money available out there.

Bitcoin Forum > Alternate cryptocurrencies > Altcoin Discussion > Post reply ( Re: Altcoins in Gambling )


Most of the Alt coins try to develop a good gambling ecosystem around them in order to attract gamblers to gamble and make those Alt coins famous. This is what happen to Bitcoin. Bitcoin was used mainly to gamble in the beginning. Alt coins expect to get the same traction with gambling. We will have to wait and see how Vdice will play out for ethereum.

Simply buying these coins is essentially having a casino in your wallet.

As for your question you can gamble with any coin.  In any case I think the sample size is too small; seems like only bitcoin so far has had real success with gambling. It will be interesting to see how smart contract gambling catches on.

Any gambling company can add any altcoin as a payment system on their website. It's simply marketing trick and at the same time development of their own service because there are many altcoin users and casino's are offering altcoin payments to attrack that people.
Man, of course the popularity of the coin comes in first place before it would be added.

Hello.

After reading your ideas, I still see that the future of Altcoins, pretty much rely on Gambling. Right now only Bitcoin(I think) can be used for bills/shops/etc.

So what about Altcoins, if they are not being gambled/traded for other altcoins or used for everyday goods, they will remain virtual until they are converted to Bitcoin.

Is it not the main reason why so many good-for-nothing coin come and go?

But the fact has told me there is no such real gambling ecosystem. Average were building for money.  Too difficult for such real gambling ecosystem. But in my experience, this just still get stuck in the delusional. Average features were offering them is not entirely get real implementation.

Doge dice sites exist and there are others that I've seen.  Not a huge gambler myself on the dice games, and there are numet sites I don't trust.

Other coins have much less congested blockchains and shorter confirmation times.  Does anyone else think that's an important factor?   I would think so.

:D

Yeah it was a great movie.
RBIES? I will check this out. Thanks