Poker Site Buys $100 Million of Bitcoin Every Month to Pay Players in BTC

[Salauddin1994]

It usually depends on the demand of the projects how many million bitcoins are bought to pay the players as the demand increases, the number of players will increase and the amount of rewards will increase the attraction of the players. When the prize money is high the number of players increases and the players are not afraid to make deposits being associated with btc allows in all cases and is very convenient in terms of payment the increase in btc price doubles the demand for bets.

[1715302026]

1715302026

[Vishnu.Reang]

It usually depends on the demand of the projects how many million bitcoins are bought to pay the players as the demand increases, the number of players will increase and the amount of rewards will increase the attraction of the players. When the prize money is high the number of players increases and the players are not afraid to make deposits being associated with btc allows in all cases and is very convenient in terms of payment the increase in btc price doubles the demand for bets.

My only concern is the transaction fee. Right now, the fee is at moderate levels. But what if it increases to $10-$20 level? That would make Bitcoins unsuitable for smaller payments. I am sure that most of the gamblers would like medium-sized payments of Bitcoin (typically under $100). If the fee increases by a lot, then such payments will become unviable.

[STT]

One site alone wont mean much but the overall rising usage and recognise utility to BTC over populations world wide would be very bullish if a rising trend.   Thats always what I hope to see, not speculators so much but people who will use BTC overall as a token worth with use that dollar doesn't have, because of its greater range and ease around the world especially online would be a fair point.    I believe this phenomena goes in waves though because we can trend down in price as well as up and theres a lower popularity with a price that winds back down as it must every now and again.

[kotajikikox]

It usually depends on the demand of the projects how many million bitcoins are bought to pay the players as the demand increases, the number of players will increase and the amount of rewards will increase the attraction of the players.

What Project?this is s Poker Site and meaning a Gambling site,Like what we are mostly do here.we are playing Using our cryptocurrency but About OP the demand for Bitcoin is really increasing and only Few are asking for Fiat and other altcoins.

When the prize money is high the number of players increases and the players are not afraid to make deposits being associated with btc allows in all cases and is very convenient in terms of payment the increase in btc price doubles the demand for bets.

In gambling it is 1 Bitcoin is 1 Bitcoin meaning no matter what currency we use and how much the value still that is Crypto that you are using.

Though some gamblers are affected when the Value grows High while others like Me care nothing .

[jrrsparkles]

They accept Bitcoin,they allow bets in bitcoin and they allows players to withdraw them in bitcoin then why they need to worry about the price increase interms of fiat value which is never going to get stable anyway.

some gambling websites accept crypto as a payment method for deposit and withdrawal only.
they convert our crypto into fiat, we bet with fiat on their website.

for example:

1 BTC= 10 USD.
when we deposit 1 bitcoin, our account will be credited with 10 USD.

after a while, 1 BTC = 5 USD
when we withdraw that 10 USD, it will become 2 BTC.
the gambling site needs to send us more bitcoin.
CMIIW.

Only few gambling sites are doing such practices well if any gambling site is paying more bitcoins than their earnings then they are going towards the loss so those purchase could be for investment purposes or something similar for the casinos benefits.

[Alucard1]

This is a good move for the crypto world community, using bitcoin and altcoins in gambling is positive things for bitcoin because it makes that world of crypto known by many people, we all know that gambling is part of society and we can see it in any country and most of the gambling casino are owned by some government and authorities, it would be an advantage for the bitcoin to be adapted in their country because of government property but I am wondering if this would be possible for the poker site to buys$100 Million of bitcoin because that would be a big amount of money to be used.

[k@suy]

This is a good move for the crypto world community, using bitcoin and altcoins in gambling is positive things for bitcoin because it makes that world of crypto known by many people, we all know that gambling is part of society and we can see it in any country and most of the gambling casino are owned by some government and authorities, it would be an advantage for the bitcoin to be adapted in their country because of government property but I am wondering if this would be possible for the poker site to buys$100 Million of bitcoin because that would be a big amount of money to be used.

I bet those gambling player already knows the significance of having bitcoin as a payout. And this has a good impact to the bitcoin digital economy because it would make a bitcoin market value rise. Though as of now we are expecting that the bitcoin may landed a new ATH which hopefully exceeds the last 2017 ATH and to be able to attain it the poker sites buying a $100 million worth of bitcoin can make it possible.

[ecnalubma]

60% transaction is volume of single platform is quiet impressive, these gamblers knew how valuable Bitcoin is. They are highly educated gamblers in cryptocurrency. I won't wonder why in the next few years BTC and cryptocurrency will become a standard pay-outs in every online casino, the adoption this time around is definitely something to look forward.

[robelneo]

https://www.techtelegraph.co.uk/poker-site-buys-100-million-of-bitcoin-every-month-to-pay-players-in-btc/

But I'm not surprised that gamblers are preferring btc as payout instead of fiat because of the rising price of bitcoin. I even watch one youtube channel about a women showing her win in a traditional base casino and she blurted out that his winnings are going into bitcoin. LMAO.

Other poker sites are going to follow, for a poker site to have 95% request from poker players is such a huge number and will contribute to the overall volume and the increase of the price.
Poker network is just one of the industry, imagine if many industry will follow that lead. now we have a good reason why Bitcoin will have another all time high and will continue to set new records.

[matchi2011]

60% transaction is volume of single platform is quiet impressive, these gamblers knew how valuable Bitcoin is. They are highly educated gamblers in cryptocurrency. I won't wonder why in the next few years BTC and cryptocurrency will become a standard pay-outs in every online casino, the adoption this time around is definitely something to look forward.

The adoptions coming from most businesses including casinos are highly anticipated. It's good to know that the demands keeps
flwoing and a lots of cryto gamblers choose to cash  thier money out using Bitcoin.

With more and more newly opened casinos demands will surely be there, expect that it will also bring a big impact to entire ecosystem
of this market. Keep it coming..

[bryant.coleman]

60% transaction is volume of single platform is quiet impressive, these gamblers knew how valuable Bitcoin is. They are highly educated gamblers in cryptocurrency. I won't wonder why in the next few years BTC and cryptocurrency will become a standard pay-outs in every online casino, the adoption this time around is definitely something to look forward.

During the early days, Satoshi Dice accounted for a large share of Bitcoin volumes. That changed when the exchange rates increased from 2013 onward, but Bitcoin still has a lot to offer for the gambling industry. If we could take care of some of the things, such as high transaction fee and delay in confirmations, then we will see more and more online casinos opening up to Bitcoin.

[traderethereum]

60% transaction is volume of single platform is quiet impressive, these gamblers knew how valuable Bitcoin is. They are highly educated gamblers in cryptocurrency. I won't wonder why in the next few years BTC and cryptocurrency will become a standard pay-outs in every online casino, the adoption this time around is definitely something to look forward.

The adoptions coming from most businesses including casinos are highly anticipated. It's good to know that the demands keeps
flwoing and a lots of cryto gamblers choose to cash  thier money out using Bitcoin.

With more and more newly opened casinos demands will surely be there, expect that it will also bring a big impact to entire ecosystem
of this market. Keep it coming..

If that can happens to many casino or other businesses, the adoption will grow fast, and that can be the time for a crypto to reach more people out there.
Many gamblers are aware of crypto now, and they heard much about bitcoin, so that makes them want to get a payment in bitcoin for their winning.
The casino can get the benefits too from the integrations of bitcoin in their site because that can give them a chance to invite more gamblers to play on their site.
It will make crypto gamblers will have the interest to play on their site, and if the site can manage their site and give more exciting features to their site, it will be more benefits to their members.
When many casinos can successful to integrate their system to bitcoin, there will be more casinos that will try to do the same thing as them. That will boost the adoption to reach in other business.

[Genemind]

Bitcoin adaptation is growing, especially in gambling. This might influence other gambling platforms to choose Bitcoin as a deposit/withdrawal option since the demand from players is increasing.

[kodtycoon]

Bitcoin adaptation is growing, especially in gambling. This might influence other gambling platforms to choose Bitcoin as a deposit/withdrawal option since the demand from players is increasing.

yeah growing of bitcoin in crypto gambling industry is inded of great interest to most people, like chips in a casino but in presence of profitable with trades I think for gambler it a more profit and a lot desirable one is easy to use transactions are safe and easier for control fund.

[Sithara007]

Bitcoin adaptation is growing, especially in gambling. This might influence other gambling platforms to choose Bitcoin as a deposit/withdrawal option since the demand from players is increasing.

The main advantage with Bitcoin deposits is the added layer of anonymity. But most of the gambling sites require strict KYC verification, and therefore this advantage is lost. And with the Mempool size being very unstable, I would expect a higher deposit/withdrawal fee for Bitcoin deposits, when compared to deposits done through PayPal or Credit Card.

[Dave1]

Bitcoin adaptation is growing, especially in gambling. This might influence other gambling platforms to choose Bitcoin as a deposit/withdrawal option since the demand from players is increasing.

It's a cut throat competition, and probably this online platform is just ahead of the game as they have started to open up with bitcoin as options to withdraw with their customers. But sooner or later, other online games will adapt and follow this, so this is really a win-win situation, although they should have at least tell their players regarding the fees and other factors that can affect their prize money when withdrawing as I assume that those taking this option to withdraw might not be aware of that, of course except if they are really crypto enthusiast and not just gamblers who are joining the bitcoin craze.

[TravelMug]

I'm locking this thread guys, I think we have seen everyone's opinion and it seems very positive indeed based on the feedback.

And the more people knows bitcoin including gamblers, the higher chance that bitcoin can go to the moon in the next couple of months or years. Of course the only issues we see is the high fees corresponding with the rise in price, but still the profit that we are going to make is big to negate this drawback.

So thanks for those who have responded. Will update this thread if there are new updates.