Bitcoin Forum

I had been gambling with btc since long time and even changed to some alts while fees in btc transactions were high. But after btc came down to half its ath, it had already flattened the curve for so many gamblers who doubled their btc but didn't sell it for fiat. I heard from some of my colleagues in crypto that Usdt is scam and may blow up some day, so is it a matter of worry that should stop me from gambling with Usdt? Or should I use it as a hedge against btc right now when the markets are so volatile and we are unsure of what may happen with btc's value?

I would be happy to gamble with btc when the price was quite higher than it is right now. As long as you can use your USDT then keep using it for gambling.

You don't have to worry about it for the moment and despite their freezing accounts, as long as you're only using it to gamble then you do not have anything to worry about it and, it's not ideal to gamble that much with BTC lately because of the price drop unless you're holding a lot of bitcoin and would happy to spend it.

You have to have a diplomatic mindset when the people around you are brain dead about something new. USDT has speculation of being a scam but it is useful? Yes, only as an intermediary to cover the doll-cost average when the market is at its extremes. You sell BTC for USDT at a high and hold that USDT for the time being, then use that USDT to buy BTC at the low.

For gambling? No. I you would follow my above advice, you got that USDT for selling BTC and you are not holding it (viz, the scam speculation). Hence your objective is to multiply your BTC by trading USDT and not gambling.

But of course it is your money and you can use USDT to gamble, if you find a casino allowing that. But I hope you know that gambling would not mean a doubling of money but trading does have that chance.

If you aren't satisfied or feel safe with USDT then choose BUSD, it's a bad idea to use BTC right now for gambling because bear market is highly possible, there will be losses if you choose BTC right now

Both are necessary depending on the situation of the market. Talk about shooting two birds with one stone.

I would use BTC to gamble if the market dip has bottomed out (Like it was when BTC was 3K) and during the bull run. This would mean that on top of making winnings, my BTC stash would grow in value vs USD

I would gamble using USDT during a bear market (times when the price is just dropping to new lows). It wouldn't make sense winning $1,000 worth BTC to day and yet tomorrow I am going to cash out BTC worth $200 due to a price crash.

I am more concerned with network fees as well as what coins I have when I want to make a deposit and also kind of coins available on gambling websites where I usually gamble.
I prefer to use BTC because I get paid from the signature campaign in the form of BTC so I don't need to use my fiat to buy coins to gamble, and I'm just a small gambler so the price BTC movement doesn't really have any effect in my profit.

When the bitcoin price seems to go down, you can use usdt as your hedge against bitcoin. And when the bitcoin price is already at the bottom, you can buy back bitcoin again and I am sure you will have more bitcoin than before. But if you confuse to determine which you will use to gamble, that will be back to you because you do not have to worry about bitcoin price volatility and you can still use bitcoin to gamble. But you can also use usdt to gamble but I do not think that many casinos will use it for gambling.

The problem is, how and when do we know about the bear trends taking place. When I am not sure about the trend (like the recent one where, when we thought btc was going back up, it came down again and again), is btc still a good option to gamble with? Or should I choose usdt to keep my gains limited, yet fixed instead of going for volatile gains?

If you want to accumulate your profits in a stable value, then use stable coins. I agree with your concern about potential usdt scam, it has been discussed a lot in this forum. You will likely have to look for an alternative gambling platform that accepts many stable coin options such as DAI, BUSD and etc.
I don't know where you gamble but there are some gambling platforms that basically hedge the customer's assets in a stable value no matter what coin you use, for example roobet.

You are already a legendary and there are so many speculation for all the coins in this market , there are some good and there are some bad.

Even bitcoin has tons of attack about will be doomed soon , same as the USDT so what is your issue about?
if you will going to be affected then better leave the crypto and go on your life.

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also you asked about only 2 coins when there are so many option here to use as gambling coins, Like Dogecoin that seems to be the cheapest transaction fee.

you can also Use Litecoin and Tron , and also consider Ripple .

It was just a question asked and has nothing to do with my rank here. I didn't invite you here personally to respond to my question, and what made you get offended and butthurt? Eh, because I didn't talk about the following?


I guess you're blind or such a dumb to understand what was this debate about? It's about a fiat pegged token that remains almost 1:1 all the time while btc fluctuates in price and so does the coins that you mentioned in your comment.


What the fuck are you doing here if btc is going to get doomed soon? Go get a sleep man.


And you are a nobody to tell me that. It's my decision, seriously, it's my personal decision to be here or enjoy my real life, you're a nobody to tell me what to do. Just as I'm a nobody to you. ;)

Even BUSD is centralized itself, so the terms of safe not suite here. BUSD, USDT both are centralized and risk factor co-related, in terms of fees you only chosse BUSD over USDT. BUSD build on Binance Smart Chain, there is zero fees on Binance platform. Anyway, if you're looking long term then it's time for loading up your satoshi balance.

this is a bit misleading. binance still charge you fees, albeit lower than other platforms such as eth. so you still need to count the fees if you want to use stable coin running on binance chain. as an alternative, check out other chain such solana or harmony if you want something that are more 'decentralized' (chain wise).

The rumor that USDT is a scam arose at a time when its market cap started to grow very rapidly. It later became known that USDT successfully passed several audits. Fudders, however, did not stop attacking him and continues to say that audits and USDT are scams.
In my opinion, you should be careful when investing in any cryptocurrency and remember that if someone has a private key to your cryptocurrency, it is not safe.
Personally, I use USDT very often but try to keep small amounts in it.

If still in doubt keep using USDT to keep your limited profits in gambling because I also know the trend cannot be confirmed even the price will tend to fall again and again what the decision will be worrying and I never use BTC to bet because I am a small gambler so I will maintain my stability with USDT.

From the BTC the signature results are then converted to USDT and of course I will be charged with expensive BTC so I choose the tron network USDT for cheaper.

But sometimes there are also those who believe more in BTC to bet, they believe the price will definitely rise again.

Actually matters on your own needs because not all would really be having that kind of mindset or concern when it comes to investment which means that whenever they do gamble they dont really mind off about on how too make profit out of moving prices or simply with volatility but instead they would be mindful on how to make profit out of their gameplays.

This is a bit common on where saying that USDT is a scam. We cant make out conclusions until it do happens on point or somewhere on future or just basically these are just false presumptions, no one can tell.

If you do gamble and if you do look your Bitcoins as a precious one then you would really be having a hindrance on doing it but if you dont really care that much on spending it on your leisure
time then its actually a personal choice.

It's not about investing on any cryptocurrency but it's about OP asking for what seem to be a better cryptocurrency to be used as he gamble.

It's also not about any rumor or audits that has been made for USDT but it's just about the technique for what is a better crypto to be used if you got both.

You are the one who makes a decision of which you wanted to use. If its up to me, its still going to be BTC because I'm up to stacking sats.
The value of BTC will rise, unlike USDT which is a stablecoin. Although if you lose you lose big, you could also profit big when you win with BTC especially when the value rises up again.

A dilemma for being a gambler and an investor at the same time ;D Gambling with BTC should be fine right now as the price is ranging from $30K to $40K (with $30K as the perceived bottom by many). You can still use USDT as you like especially if the plan is to use your winnings to buy more BTC. You'll just have to deal with the added fees.

The main issue with USDT is it's not 100% backed by fiat. If something happens to Tether's other liquid assets, you'll probably be affected as well for holding USDT. So yeah, you might as well consider other stable coins.

USDT is not a scam but as your colleagues think it may be blown someday since the team is printing tokens again and again when the market is rising so it may face hyperinflation. Whereas all the decentralized cryptos are volatile so whether you choose a stable decentralized token like DAI but rarely we can see them on the gambling sites so my suggestion will just go with the bitcoin and choose the sites which deposit your balance in fiat form like USD so no matter the price increase or decrease the value of your gambling account is going to be same.

i used to gamble with bitcoin and eth back in 2017, but not anymore, you should decide on what you're willing to do, which is either invest in bitcoin or whatever other coin and leave them in a wallet or exchange it for USDT and gamble with it, gambling with bitcoin or others is like mixing investing and gambling together, and i don't think it's a good thing.

you might want to consider gambling with btc again because fees on btc are reducing now since its value goes down and you can use a usdt as a hedge  .

 usdt wasnt a scam because there are thousands of people use it for the same purpose and if its a scam , there will be no usdt existed now but there are negative rumors saying that usdt is like this and like that . its up to you if where will you believe but remember btc will always be the best

for gambling connoisseurs of course btc is better than usdt. we can feel the sensation that multiplies both when we lose or win. I personally don't want to get involved in something that many people suspect

But most charge shameful fees for withdrawals. Ethereum is even worse, but a few also offer XRP or TRX. TRX is quite nice as it has very low fees anyway, is fast and withdrawals can also be cheap. Even Dogecoin became expensive you could say, certainly on some websites.

But like I mentioned in my first post, I didn't discuss about other cryptocurrencies but bitcoin and usdt only because usdt is 'nearly' fixed because I have also seen big manipulations in it during times when btc swings too much while being very much volatile. And when btc dips, altcoins like xrp and trx dip more in percentage compared to btc, so these alternatives are also not worth to be gambled with.

Its depends on the time frame with which you are going to keep your winnings in the casino. If it's shorter time frames, then it doesn't matter. It it's longer time frames. It does matter, for example over the past couple of months, I would have been using USDT instead of BTC or ETH. If you have some experience trading you can easily tell when a price correction starts taking place.

Both bitcoin and ethereum network fee is highly volatile it can be on cents and reaches hundred dollars in the next day itself which mean it is having enough liquidity but when we talk about the withdrawal fee from the gambling sites, not all the sites charging the actual network fee they collect extra funds in case if its bitcoin even when the network needs just 1 sat/byte.

Ok got you. Then I can add that the USDT withdrawals also suck of course because it is Ethereum based and there are exchanges as well gambling sites which charge double figure withdrawal fees. You avoid the risk of volatility, but you can deduct a fixed amount of any winnings so to say just to get in and out of that gambling site. Double digit withdrawal fees suck and they don't adjust them according to current GWEI rates.

Looks like I disagree with you calling btc a gamble.  It doesn't seem to be friendly to the meaning and birth of today's market.  In the past, bloomberg, bitfinex, tether have all been accused of inconsistencies regarding usdt's cumulative supply of emissions but I personally think usdt and bitcoin have a correlation to market value  , it is still the powerful and popular stable coin today.  I'm not sure what happens in the future for tether but certainly, when tether inflates, the value of bitcoin will have to be proportional.

IMO, I think USDT is better, even better if you use TRC20 as the transaction is the cheapest.

Gambling with BTC is so risky as you'll also deal with the price volatility, with that, you might be distracted especially if you are gambling with huge money as little percent movement could affect the value of your bankroll. I'm hoping that more gambling sites will add TRC20 to their platform as this would give gamblers, especially those who have a small capital only to enjoy more.

USDT is a stable coin so it is obvious that there is no big risk from a volatility that we can face with other coins like btc or eth. We cant deny that the volatility of bitcoin may give us extra profit when we are winning on gambling but it may give us less profit if we convert it to fiat directly after winning.

Which one is better? It is all about preferences, if you are a risk taker from volatility then BTC is the best choice but if you cant take the risk of volatility then USDT as stable coin is the best choice.

usdt maintain it's stability while BTC is volatile, meaning if you are gambling 0.5 BTC the value may depreciate but USDT is stable currency that will not reduce or depreciate it value so you don't need to worry about being loosing your funds or not the only thing to worry is the btc aspect which using to Gamble.

What do you mean by stable value, 1BTC is always equals to 1BTC that is what same as you think 1 USDT or USD always 1 USD.

But have you ever wondered that 1 USD has never been equal to 1 USD in the long run.

For example in 19th century 1 USD = 1 OZ of gold but today 1800 USD = 1 OZ ? Which means the value of USD dropped almost 1800 times in the last 150 years time frame!

I got your point but i what i meant is that; he is afraid of his asset being btc he have on the betting site. So he don't know what to bet with either btc or usdt, sometime it's good to bet with usdt because you might bet with btc and price depreciate in that aspect you have loosed value in USD but converting to USD if the price happened to depreciate it won't affect the usdt values. this only can be done if he noticed that btc price is dropping drastically.

If USD took 150 years to depreciate 1800 times then you are fit into that mindset and expecting the same to happen in the bitcoin as well basically their expectation is they like the huge growth but not the dump? How is it possible when everyone wants its positive side then they have to accept its negative side as well.

It differs on gambler's preferences, personally, I like bitcoin over USDT, but I like altcoins over BTC, so I choose altcoins particularly XRP when it comes to gambling and the reason is the cheap transaction fee and it's faster to confirm at the same time. Actually, I'm not worried about its price volatility, my only main concern is to save from high fees and altcoins really suit me.

If your only concern is the fee of a transaction increases often then swapping from BTC to USDT or the upside down there is no actual use in it because both have hige number of incoming transaction according to the price movements. Choose the coins with good liquidity and kimdnof stable fee for very long time like LTC.

As a gambler, you should aim to win and withdraw, delaying the withdrawal because of the price volatility and you want to make sure you also enjoy a good rate may delay the action, for me, it might distract your focus so I USDT is best for you if you have this kind of mentality in gambling.

We have a choice, it depends on what we like, but we should always put in mind, we gamble to win on games, not on price volatility.

Delaying withdrawal because waiting for the price to move up is not recommended as we can withdraw it directly then hold it on our wallet if we gamble with high volatility coins. Means that even if I prefer to use bitcoin, it will not make me do any delays of withdrawal once I win some after playing.

I also not saying that we should gamble because of the volatility, my main idea is that gambling with volatility coins and stable coins has its own  advantage and disadvantage. 

Individual perception but personally i don't gamble with btc, i have held some percentage of my portfolio through the ath and sold some to re-buy when it dip, i am not much of a gambler so i like to maintain my position with the btc i have, right now am able to re-buy back with the dip which is good, however, i prefer alts flipping than btc, and this is something i do occasionally not frequently since my goal is long term.

I love games but am not a fan of gambling. But I think it is better to gamble with BTC, you will trust to play with bitcoin or usdt (apart from the problem of exchanging with fiat currency, Usdt is no different than you are managed "centrally" with accounts) ? It clearly does not have the necessary limit of freedom.
If I'm worried about volatility, I'd rather gamble with fiat. Lol, for me, when it comes to gambling it's best to leave no trace.

Gambling with crypto currencies was one of my pastimes, mostly litecoin and doge, but bitcoin was also on the table.
But not anymore. Bitcoin is better suited for long-term investments, not for gambling.