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Author Topic: BTC getting too expensive to gamble with  (Read 7295 times)
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May 10, 2017, 09:42:44 PM
 #141

          This is an interesting question, and I am finding myself stunned, often, by the size that my deposits have shrunken too.  I got very comfortable quickly converting the BTC to USD by seeing each .001 as roughly a dollar.  Well, that is stuck in my head for some reason so when I deposit $50 worth of BTC I got used to seeing somewhere around .045 give or take a few.   So now the deposits just look so tiny, and on top of this, I find myself betting as if it is still the lower value as well!  So when I used to bet a very comfortable dollar worth of BTC it is suddenly closer to two dollars each time I roll the dice!  Almost double to play and only half of the actual BTC to play on makes for a short ride!   I need to adjust the conversions - TODAY-  so I can pace myself, definitely.  Yes, it is expensive for me because of my little routine but as a few people mentioned, we can just scale it proportionately and perhaps we won't be staring at the zero, bewildered.  Or at least not so quickly.  I really need to accept it.  Bitcoin is ever on the rise.  Good luck with the adjustments everyone! Cheesy   

If you are a Bitcoin holder and also a gambler, you might want to consider managing your deposits by taking the future price of Bitcoin. For example, you can assume that Bitcoin will cost $3000 in a few years, so to deposit $100 you send 0.033 BTC instead of todays actual 0.058. If you lose all your deposit it will cost you less in the future, since you used exchange rates from the future. But your profits will also be reduced, so if you win, you might start regretting that you haven't deposited more.

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May 10, 2017, 10:04:03 PM
 #142

          This is an interesting question, and I am finding myself stunned, often, by the size that my deposits have shrunken too.  I got very comfortable quickly converting the BTC to USD by seeing each .001 as roughly a dollar.  Well, that is stuck in my head for some reason so when I deposit $50 worth of BTC I got used to seeing somewhere around .045 give or take a few.   So now the deposits just look so tiny, and on top of this, I find myself betting as if it is still the lower value as well!  So when I used to bet a very comfortable dollar worth of BTC it is suddenly closer to two dollars each time I roll the dice!  Almost double to play and only half of the actual BTC to play on makes for a short ride!   I need to adjust the conversions - TODAY-  so I can pace myself, definitely.  Yes, it is expensive for me because of my little routine but as a few people mentioned, we can just scale it proportionately and perhaps we won't be staring at the zero, bewildered.  Or at least not so quickly.  I really need to accept it.  Bitcoin is ever on the rise.  Good luck with the adjustments everyone! Cheesy   

If you are a Bitcoin holder and also a gambler, you might want to consider managing your deposits by taking the future price of Bitcoin. For example, you can assume that Bitcoin will cost $3000 in a few years, so to deposit $100 you send 0.033 BTC instead of todays actual 0.058. If you lose all your deposit it will cost you less in the future, since you used exchange rates from the future. But your profits will also be reduced, so if you win, you might start regretting that you haven't deposited more.

I think it is better if while you're using bitcoin in gambling sites and casinos, why not invest at it? Mostly, gamblers that use bitcoin is not that interested in investing their money to bitcoin because it is for their gambling activities, for them that is just a tool to gamble with. But I think if they are using bitcoin to gamble and investing at it at the same time, I think it may help them not only in gambling but also financially. 

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May 10, 2017, 10:16:18 PM
 #143

indeed currently we have to spend more money for our capital because not only bitcoin and majority altcoin price also has been rise up but yes if we gamble use bitcoin the cost will more high than use altcoin but if you won it the profit also pretty much high and the real gamblers would not thinking too much for bitcoin price because their aim is how to satisfied their hobbies to gambling for everyday
That is right, compared to beginning days of this year, all the cryptocurrencies are trading almost double the value hence it is not appropriate to call bitcoin alone as too expensive to gamble. If people start avoiding bitcoins from their gambling, they must leave entire crypto based gambling industry as all the cryptocurrencies are tooo expensive right now to risk.
I really cannot see the reason why we have to switch to altcoin to gamble .
As altcoin itself adjusting with bitcoin price , in the end all of them will have same value just before bitcoin skyrocketed.
You might will feel gamble too much with bitcoin , but seriously simply you can use fiat counting when you do gamble with bitcoin.

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May 10, 2017, 10:21:11 PM
 #144

What other cryptocurrency are you using and which casino are you playing at? BTC is getting to expensive to be depositing and playing in just BTC.

Nowadays everybody exchange expensive cryptocurrency to fiat money. Cash is always good for punters cause you dont face with volatile prices and dont need to wait and hope for bump on exchange platform. My best experience is converting cash on e-wallets and keep it safe. It is double sword and you cant predict future. From my experience bitcoin is best option to play online gambling, because if we win than we get bitcoin and bitcoin is too expensive than fiat currency. Whatever you use for gambling, if you are winner you will not see big difference.  Wink

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May 11, 2017, 06:50:05 AM
 #145

 Yes, it is expensive for me because of my little routine but as a few people mentioned, we can just scale it proportionately and perhaps we won't be staring at the zero, bewildered.  Or at least not so quickly.  I really need to accept it.  Bitcoin is ever on the rise.  Good luck with the adjustments everyone! Cheesy   

If you are a Bitcoin holder and also a gambler, you might want to consider managing your deposits by taking the future price of Bitcoin. For example, you can assume that Bitcoin will cost $3000 in a few years, so to deposit $100 you send 0.033 BTC instead of todays actual 0.058. If you lose all your deposit it will cost you less in the future, since you used exchange rates from the future. But your profits will also be reduced, so if you win, you might start regretting that you haven't deposited more.

THIS is the type of brilliance I need!  What a great way of sort of hedging your game.  People get paid for ideas like that.   Thanks for the idea, and I wish I could give you a high five for the concept, because I do think it is a profitable possibility to consider, especially for someone who is patient and can pace themselves long enough to watch the benefits as they blossom. Cheers!



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Lucky7btc
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May 11, 2017, 10:57:57 AM
 #146

Well since the price of BTC has skyrocket. I've moved from casino gambling to BTC derivatives trading and doing pretty well over at bitmex. Made over 2 btc doing the run up from yesterday's price to 1871 today, trading with 10X leverage.  Wink

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May 11, 2017, 11:12:45 AM
 #147

Just gamble with smaller units of bitcoin, surely that makes sense & you can continue to gamble using bitcoin. Or do you mean re: fees?

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May 11, 2017, 12:22:10 PM
 #148

I agree, btc gambling is very expensive now. It has a very high price already and also it continues to rise. As of now btc price is nearing $2,000 dollar and $1,800 dollar on some exchanges. It is good for gambling site, but it is not good on players.

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May 11, 2017, 02:28:00 PM
 #149

I agree, btc gambling is very expensive now. It has a very high price already and also it continues to rise. As of now btc price is nearing $2,000 dollar and $1,800 dollar on some exchanges. It is good for gambling site, but it is not good on players.

so i think if we want to playing gambling, we only need the money that we are ready to getting loss because if we don't prepare to get loss, no matter how long you played, we can loss big money and the bad situations can be happen without we realize. i think its wise to use only small amount of bitcoin to playing gambling and if we can gets win, we should make a range or limit in how much we can stop the games and don't be greedy.

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May 11, 2017, 02:38:50 PM
 #150

I agree, btc gambling is very expensive now. It has a very high price already and also it continues to rise. As of now btc price is nearing $2,000 dollar and $1,800 dollar on some exchanges. It is good for gambling site, but it is not good on players.

so i think if we want to playing gambling, we only need the money that we are ready to getting loss because if we don't prepare to get loss, no matter how long you played, we can loss big money and the bad situations can be happen without we realize. i think its wise to use only small amount of bitcoin to playing gambling and if we can gets win, we should make a range or limit in how much we can stop the games and don't be greedy.
just like on trading, having stop loss is always advisable to prevent more lose on a particular day on playing gambling.If you cant afford to lose up huge money or shall we say you are in doubts on spending your bitcoin because its already valuable or high price as of now then get only a percentage on that amount and lend it just to play gambling no other than that and dont really seek out for profits just only for pure entertainment.We can always equate our bitcoin to fiat so it wont matter if the price would go up.

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May 11, 2017, 08:13:39 PM
 #151

I agree, btc gambling is very expensive now. It has a very high price already and also it continues to rise. As of now btc price is nearing $2,000 dollar and $1,800 dollar on some exchanges. It is good for gambling site, but it is not good on players.
Why it's not good for players  Huh
Most of the gambling sites allows you to even bet 1 satoshi so you can adjust your bet size according to bitcoin price if you don't like to loss much. But if you loss something and start to make calculation after few months when price get increased, than definitely you will loss more in terms of fiat.

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May 11, 2017, 08:25:15 PM
 #152

Well since the price of BTC has skyrocket. I've moved from casino gambling to BTC derivatives trading and doing pretty well over at bitmex. Made over 2 btc doing the run up from yesterday's price to 1871 today, trading with 10X leverage.  Wink
Just be careful leverage can work with you or against you, while it can help you to create great profits with small movements on the market, it also causes you to lose money if you are not careful, and the bigger the leverage the more you are subject to this effect.



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May 12, 2017, 06:35:23 AM
 #153

Almost every site I know that specialises in crypto-gambling has very low minimum bets... I still refer to them as microbetting. Even if BTC were to hit $10,000... 100 satoshi would be 1 cent - still a hundred times bigger than the single satoshi bets most gambling sites allow.

So yes, caution is necessary if you bought the coin with fiat but otherwise, no difference in the amount of bitcoin you've always been able to bet with.
I don't know, I still see a lot of Bitcoin gambling websites that have pretty high minimum bets, usually ones that offer standard gambling software.
Minimum bets are usually higher than in traditional casino's with these high Bitcoin prices.

Ahh, yeah. A lot of the whitelabel casinos (the ones that use a ready-made package from one of the big providers) tend to have minimum bets that are approximated to their fiat values at the time. In fact I still see terms and conditions reflecting BTC prices from 2014.

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May 12, 2017, 06:59:38 AM
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It's the time for litecoin  Cheesy
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May 12, 2017, 09:58:17 AM
 #155

What other cryptocurrency are you using and which casino are you playing at? BTC is getting to expensive to be depositing and playing in just BTC.


That's very true and it's the reason I'm now using litecoins, coinbase has also introduced litecoins wallets so it makes it even simpler for me unlike I used to buy through ShapeShift now I buy directly from coinbase and it gets deposited into my wallet and the fees per transaction is negligible and confirms very fast (under a minute in my case)



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maydna
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May 12, 2017, 11:07:08 AM
 #156

What other cryptocurrency are you using and which casino are you playing at? BTC is getting to expensive to be depositing and playing in just BTC.


That's very true and it's the reason I'm now using litecoins, coinbase has also introduced litecoins wallets so it makes it even simpler for me unlike I used to buy through ShapeShift now I buy directly from coinbase and it gets deposited into my wallet and the fees per transaction is negligible and confirms very fast (under a minute in my case)

its good to use litecoins to playing gambling as we know that in gambling site there is an option to use another altcoin. but personally i like to use dogecoin rather than litecoins because dogecoin is cheap and is fast to make deposit and withdraw. to buy dogecoin is really easy, we can buy in many exchanges and i think its available on major and minor exchange so we don't have to confuse to buy dogecoin. beside that, to use dogecoin is another fun thing because we can buy like 0.001 btc with much of dogecoin and then we can use to playing gambling for several times.


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May 16, 2017, 04:39:20 PM
 #157

Almost every site I know that specialises in crypto-gambling has very low minimum bets... I still refer to them as microbetting. Even if BTC were to hit $10,000... 100 satoshi would be 1 cent - still a hundred times bigger than the single satoshi bets most gambling sites allow.

So yes, caution is necessary if you bought the coin with fiat but otherwise, no difference in the amount of bitcoin you've always been able to bet with.
I don't know, I still see a lot of Bitcoin gambling websites that have pretty high minimum bets, usually ones that offer standard gambling software.
Minimum bets are usually higher than in traditional casino's with these high Bitcoin prices.

Ahh, yeah. A lot of the whitelabel casinos (the ones that use a ready-made package from one of the big providers) tend to have minimum bets that are approximated to their fiat values at the time. In fact I still see terms and conditions reflecting BTC prices from 2014.
What it happens is that instead of developing their own software they are just buying scripts that no one has bothered to update so the minimum bet can be quite high if we consider the amount of growth bitcoin had in the last nine months so it is no wonder casinos like that are not very successful.



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michkima
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May 19, 2017, 06:14:22 AM
 #158

Almost every site I know that specialises in crypto-gambling has very low minimum bets... I still refer to them as microbetting. Even if BTC were to hit $10,000... 100 satoshi would be 1 cent - still a hundred times bigger than the single satoshi bets most gambling sites allow.

So yes, caution is necessary if you bought the coin with fiat but otherwise, no difference in the amount of bitcoin you've always been able to bet with.
I don't know, I still see a lot of Bitcoin gambling websites that have pretty high minimum bets, usually ones that offer standard gambling software.
Minimum bets are usually higher than in traditional casino's with these high Bitcoin prices.

Ahh, yeah. A lot of the whitelabel casinos (the ones that use a ready-made package from one of the big providers) tend to have minimum bets that are approximated to their fiat values at the time. In fact I still see terms and conditions reflecting BTC prices from 2014.
What it happens is that instead of developing their own software they are just buying scripts that no one has bothered to update so the minimum bet can be quite high if we consider the amount of growth bitcoin had in the last nine months so it is no wonder casinos like that are not very successful.

Because it is quite easier to buy than develop a new game from scratch. It is cheaper, more secure, and a whole lot easier to set-up. Though usually these casinos tend to have fewer players as players want something new and refreshing. If everyone just offers the same old things, then people get tired of it really fast.

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May 21, 2017, 09:53:43 AM
 #159

Almost every site I know that specialises in crypto-gambling has very low minimum bets... I still refer to them as microbetting. Even if BTC were to hit $10,000... 100 satoshi would be 1 cent - still a hundred times bigger than the single satoshi bets most gambling sites allow.

So yes, caution is necessary if you bought the coin with fiat but otherwise, no difference in the amount of bitcoin you've always been able to bet with.
I don't know, I still see a lot of Bitcoin gambling websites that have pretty high minimum bets, usually ones that offer standard gambling software.
Minimum bets are usually higher than in traditional casino's with these high Bitcoin prices.

Ahh, yeah. A lot of the whitelabel casinos (the ones that use a ready-made package from one of the big providers) tend to have minimum bets that are approximated to their fiat values at the time. In fact I still see terms and conditions reflecting BTC prices from 2014.
What it happens is that instead of developing their own software they are just buying scripts that no one has bothered to update so the minimum bet can be quite high if we consider the amount of growth bitcoin had in the last nine months so it is no wonder casinos like that are not very successful.

Because it is quite easier to buy than develop a new game from scratch. It is cheaper, more secure, and a whole lot easier to set-up. Though usually these casinos tend to have fewer players as players want something new and refreshing. If everyone just offers the same old things, then people get tired of it really fast.

if you're earning bitcoins that you gamble online, like signatures, then there shouldn't be any much difference unless you really mind the amount you'll lose in fiat. if you deposit fiat and convert it to btc, then that's where the price of btc would really make a big difference at this time. you'd have to shell out a bigger amount if you're going to do when the price of btc is high

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May 21, 2017, 10:09:33 AM
 #160

People who use directbet for gambling may suffer from the high transactioon fee if they want to use bitcoin, but they can use equivalent amount of dogecoin to avoid the transaction fee, as well as betting with smaller sizes.

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