Bitcoin Forum

Hello,
Will be interesting for you if we run a binary option with bitcoin trading?
Thank you!

I personally don't like binary options as a gambling game.
but I have to tell you that based on what I have seen so far, I don't think that many people use this method of gambling because there have been multiple binary option sites working with bitcoin price movements and they existed for a while and then disappeared. which can only mean one thing: business was not profitable.

That would be dependent on what options are you willing to offer. And also, if more pairs are more available, that would be awesome too. Even though options have really high risks, I think it's worth the try. And it would be better if you make a mobile app of it.

Thanks for answers!

Are you interested in such gambling system:
1. You make a payment
2. The timer starts for 1 minute
3. Someone is betting etc...
4. The winner will be who will make the last bid and collect all coins

Real-time coins payment.

Well, right from time in my forex trading I don't like binary option and I don't really know whether people are actually making money from binary option both in gambling and forex trading. For those who used to be successful or want to join, I wish you guys all the best.

I have trade binary option with option24 and optick in 2011 and though it is a modified gambling I find it very interesting becaus it is just one way decisions and since one can actually make about 85% Return Of the orders if it go in one favour I find it then very attractive. Bitcoin trading will create alot  of opportunityies in binary option because bitcoin price fluctuations alot and that is what traders need to make good profits in binary option.

Do you still intend to earn from establishing your own gambling site? Well this isn't popular for now but you need to focus when it comes to marketing for your site. I've seen two binary trading signature campaign before and it's one of the longest running here in forum, it's secondstrade which is no longer operating and the remake of it which I can't remember anymore.

Not only they were not profitable but also those things doesnt really have too much interest.There are new sites being launched back in the past regarding on binary options regarding on bitcoins price and other altcoin in the market but later on they do vanished. Binary options isnt totally a gambling since we do have basis on selecting on where price would potentially go. For now op should consider feedbacks on here.

What if only one member bet and he will get the amount back after taking out your site profit and transaction fee which makes a user lose money. How you're going to tackle if only one person bet?

If this kind of game needs to be a success then you need to have a lot of traffic to your site and for that, you need to spend a lot of money to market your site.

this is another issue with this type of gambling.
most of them are not like the common gambling sites (eg. dice sites) where you make an account and make a deposit to play with that. these type of games happen in real time with on chain transactions which happen all the time and with current high fees there won't be anyone interested in gambling like that.

however there is a good news here. with Lightning Network this can become free (no fees) and instant. you just have to learn how it works and open a channel so that people can make the payments instantly to your LN wallet and get their payments back instantly if they won.
this can also increase the speed of betting by a lot in a trustless way where people don't have to leave their coins in a casino wallet.

If you want to run gambling site or a binary site just run one but not the two. To me, binary are worse than gambling because in gambling you know the odds you are going against, you can verify your seed, you know the house edge and if you are cheated there is a way if one is mathematically sound, you can call out the site but not binary and not even the one you have here and my questions to that is simple.

How exactly do you want to know the last person or how would that be determine which means the admin of the site can just enter few seconds to the end of the minute with their own username and since we don't know each other, we assume its someone else from another country or city but we have just been robbed with no way to know?

gambling there been multiply binary and bitcoin...for binary site run into worst,you cannot manage the house edge...

Well, as long as people see they could profit from it, some would always come and visit. Even until now, bitcoin doublers still have traffic from their sites, right?
This could be achievable when one plans for a centralized gambling site. If they plan to make a decentralized gambling platform, that could be good. But with the current status of BTC, it couldn't be achieved since they are planning for real-time payments. Until then they can explore coin pairs and create a perpetual swap from those. An example of a perpetual swap would be the BitMEX exchange.

Oh Really i am not interested.

Maybe if you didn't present it in a low quality topic like this.
There are already tons of websites offering this and you give no additional information about the service you want to provide.

If this is any sort of indication of the amount of effort you're going to put into building a service like this, I'm not interested.

I use to participate in a signature campaign for Gogooptions. I'm not sure if they are around anymore, but they did binary options on cryptocurrencies and ended up closing their campaign.

I personally would have zero interest in trading binary options. I'd rather flip a coin. It is simpler, has the same odds, and just as boring.

i dont think that binary is a gambling,which can only thing business...people use this method as a gambling,some of them use binary options on cryto...but for me im not interest in trading binary,i'd choose my own way....

I personally don't make bets on binary option specially if I have to deposit via bitcoin because of high tx fee.

Actually what is your domain name where you gonna host this binary option?


Also I don't find this system quite interesting..

No thanks, binary options are typically scam operated.

Why do you think binary options are a scam?

Likely a newbie around here. Binary options are not a scam. It is a kind of gambling game. If you got scammed then it is not the fault of the game, but more on the gambling site. Think about it like blackjack, blackjack is inherently a legitimate game. The problem is there are casino sites that cheat their players by rigging games. It is not blackjack that scammed the player but the casino itself.