Bitcoin Forum

With BTC hitting over $6k US a pop, is it time sites start offering betting with microbits (μBTC)?

I like to bet on sports for fun, with most site minimum bets of 0.1mbtc (61cents) I can throw down a few dollars worth and still have fun watching the game.
Ok for the moment, but if the price of BTC keeps going up as forecast it will become a barrier to playing!
And casino, playing a 25 lines on the slots at $1.20 a spin is a bit much!

With microbits, the minimum bet is future proofed to say min bet 10μBTC or whatever.

Or am I completely wrong?! lol

We can't tell if anything can be future proofed because price of bitcoin changes from time to time. Microbits seems to small to bet on I have no problems with betting at least 0.0001-0.001 btc being the minimum. It's the casino owners decision if they want to lower the minimum bet on their casino. If gambling is becoming expensive for you then there's the option of stopping.

A bits is about 100 satoshis, I don't think it is still feasible for sports books and other higher minimum bet games to adopt bits as the base unit. The current use of mbtc is still feasible. It still being able to be divisible in non-whole numbers. 0.1mbtc isn't that big yet to be of concern hence the status quo can still be upheld. Probably when bitcoin prices reach the five digit level, gambling sites should consider changing from mbtc.

i always gamble using mbtc count,
and in my opinion this is enough,
because dalalm this calculation can be more easier for me in managing the cost that I spend and the calculation becomes organized without any errors at all,
it is true that mbtc count now become quite expensive in some gambling sites,
but this is okay as long as the user does not mind

That is indeed the situation now, and currently the status quo is still enough. Like what you said you are still comfortable using mbtc to gamble with. I guess when prices go to $10,000 each then possibly gambling sites should really consider lowering minimum bet size. But generally if that happens, even the bitcoin network should consider upgrading again so that fees go as little as a hundred satoshi to be even feasible to move small funds.

On the contrary, I used to gamble with mbtc but abandon the idea because I have difficulty to convert it to bitcoin.  ;D. However with the current price of bitcoin really gaining steam and moving to $6000 or more in the future, I think its logically to at least try to gamble with mbtc now. Its up to us gambler on how to adjust in such situation in gamble and its not different when you are playing in a land based casino as well.

If I am not mistaken microbitcoin(μBTC) is connected to bitcoin. I think that microbits times 1000 is the value of microbits to bitcoins. I noticed this one because I am receiving mBTC. In coins.ph we are receiving mBTC not bitcoin itself. But once the transaction of bitcoin is confirmed the bitcoin will take place. That was just my observation I don't know if it's true.

If you just want to enjoy betting the amount is not necessary anymore, I guess below $1 does not bring excitement and that is just for me because everyone has their own comfort in terms of betting amount. On the site that I am currently betting with my sports bet, the minimum was 1 mbtc but I don't usually bet lower than 5 mbtc as I only choose limited games.

 I know some online wallets like coinbase have the lower denominations of bitcoin displayed so that you can choose to either display your bitcoins in BTC or mBTC, i guess it will be easier to use that for your gambling activities or perhaps your gambling bookie has that denomination too like nitrogensports.

How was it hard to convert mbtc to btc? Its like liters to milliliters. Ever 1 BTC is 1000 MBTC. So 0.001 btc = 1mbtc. Easy. What's hard is bits to be honest. Too much decimal places moved.

It would be nice indeed if any bitcoin service (gambling, online wallet, etc.) would offer the option to choose which denomination would their user use. Like I can choose whether it would be BTC, mBTC, Bits, or Sats. It's a great feature for their users.

I really think it is up to the gambling sites to consider this but as the value increases I think they would really think twice because if they did they would sure have a tons of bettors to play in their site, but I think they will not because this is an opportunity for them to really bail a great value because of the price increase,

That is way too small, it is even not enough to cover the transaction fee, I think the most suitable is 1mbtc , a small bet is only suitable for a fast game, like dice game, I dont think any sportbet want to accept lower than 1 mbtc

I mean it's possible to bet small amounts like this on dice sites, but apart from that you can't really choose between many games.

On Crypto-Games you can play dice with 0.00000001 BitCoin, but other games like roulette and slots have a minimum bet of 0.00001 BTC, which isn't too high either.

It's definitely lower than on most other Bitcoin casino's, especially those that resemble more traditional casino's.

Well but something needs to be done somehow to help such microbits fund themselves out of wallets around the world so that they can become useful because i bet there are several bits hiding around the world that we could be gambling with. Maybe we should stop taking fees for those microbits entirely.

If you are bothered about betting with microbits which obviously might not amount to anything, it is better you stop gambling then and focus on the value increasing over time.

However, I understand the fact that you are trying to play safe, but you should understand that there is no being safe in gambling. It is either you lose or win and the lesser you gamble with, depending on the minimum you are gambling, the faster you can get nabbed on long streaks of losses. So, eventually, the choice is all yours. But where is the excitement betting with tiny amount?

It's not that he doesn't want want to bet. The thing is he wants to gamble with small amounts, which is nothing wrong to be honest. This is one of the features of bitcoin gambling that has been a success factor for it. So, if the bitcoin denomination is getting too big for gamblers like OP, then it losses one of the features that made it successful.

Having tons of gamblers on the site would not change anything for them. They have a huge bankroll too and that will most definitely increase in value too as well. The only thing which most of them has done is to reduce the amount you can bet at once to extreme minimum which is 1 sats, so it is left for you to decide the total bankroll you want to bet with and the minimum amount you want to start betting with. Does not change a thing.

before bitcoin price so expensive i have already did these thing with sometimes only bet 10k satoshi or equal to that amount in Dogecoin as my minimum limit to bet so although the price was reaching to $6000 but in my view during my bets activities it not too bothering me and i think the gamblers will not to concering for bitcoin price and they will do gamble regularly because they was never thinking and counting how much losses they suffering

While I think changing the minimum bet is more and more of a possibility  with bit coin prices jumping as much as they have this past year, I still think it's a little bit early to lower it. With microbits I don't think there's enough money for sports books and casinos to make it worth thier while.

The sites will just have to adjust according to the players needs if the minimum is too high. Minimum means minimum and you should be allowed the option to play with dust if you wish or at least specially designed slots for playing with dust. That would be a good idea. I'm surprised so many casinos have not dropped their minimum amount yet. Perhaps casinos with slots should use their own currency and work it that way. 

Bits are smaller than microbits and bustabit like platform are allowing minimum bet of 1 bit that mean 100 satoshi only from the day one and there are still many platforms which allow 1/10 of microbits to bet on single round. Casino will adjust minimum bet amount with increase in bitcoin price but they might not keep changing it everytime when price will bounce up/down by few thousand dollar.

yes things should be adjusted following the recent situation , a casino can not keep their minimum bet at 0.001 or so where bitcoin has high value . they can not ignore about it for sure , it is not fair to force people making that bet as the minimum.

nowadays are the right time to make the smallest unit of bitcoin as trends on setting the minimum bet.