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Author Topic: BTC getting too expensive to gamble with  (Read 8167 times)
Winner
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May 04, 2017, 10:17:37 AM
 #41

Although the price of Bitcoin may intimidate you into not gambling or spending any of the coins the amount of fiat needed to gamble remains unchanged.
I check one of the popular Bitcoin gambling websites online and the minimum for the Sports Betting gambling match bets are 0.001 BTC -that is not that much money right now plus if the price of Bitcoin gets even more expensive the gambling websites would change the limit so more people can play.

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May 04, 2017, 10:37:08 AM
 #42

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.
To some extent you are right, but we can always just gamble in small units i.e Satoshi so that's not a huge problem but using small units can coat alot on fees. But using altcoins is better, especially doge I personally like gambling with doge.

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May 04, 2017, 10:42:05 AM
 #43

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.
Only using btc for now when I gamble on sportsbook. As a bitcoin user I don't care much about the price going up when betting , to me I still see 0.02btc as 0.02btc back then. The only thing expensive in btc is the fees when you plan to make a deposit/bet that's the reason I stopped going to on chain betting sites.
Your mindset is like that, And you look only for BTC, not that value, so you don't care for BTC price increase. But many people will place a calcultaed bet. They will calculate the betting amount and place the bet. Because they need that extra money. Yes for example last week 0.02 BTC value is now almost 20% increase. If we keep that 20% amount means it is one type of profit. For me, the BTC is getting a bit expensive to gamble.

I would not expect this from a Hero member, how can bitcoin be too expensive to gamble??
Bitcoin = Bitcoin
You divide it to smaller fractions
WTF  Huh Huh

IMO,the price of bitcoin he means was the actual conversion and not the bitcoin itself. He just want to tell that we need to gamble based on current valie of BTC so if he are allocating 0.02BTC then the price increase by 20% after a week. So it means that he will not gamble 0.02BTC amount anymore but only 0.016BTC which is equal amount in fiat value to his normal budget on gambling. I think that was his logic.

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iluvbitcoins
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May 04, 2017, 10:46:47 AM
 #44

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.
Only using btc for now when I gamble on sportsbook. As a bitcoin user I don't care much about the price going up when betting , to me I still see 0.02btc as 0.02btc back then. The only thing expensive in btc is the fees when you plan to make a deposit/bet that's the reason I stopped going to on chain betting sites.
Your mindset is like that, And you look only for BTC, not that value, so you don't care for BTC price increase. But many people will place a calcultaed bet. They will calculate the betting amount and place the bet. Because they need that extra money. Yes for example last week 0.02 BTC value is now almost 20% increase. If we keep that 20% amount means it is one type of profit. For me, the BTC is getting a bit expensive to gamble.

I would not expect this from a Hero member, how can bitcoin be too expensive to gamble??
Bitcoin = Bitcoin
You divide it to smaller fractions
WTF  Huh Huh

IMO,the price of bitcoin he means was the actual conversion and not the bitcoin itself. He just want to tell that we need to gamble based on current valie of BTC so if he are allocating 0.02BTC then the price increase by 20% after a week. So it means that he will not gamble 0.02BTC amount anymore but only 0.016BTC which is equal amount in fiat value to his normal budget on gambling. I think that was his logic.

He still deposited the same amount in FIAT
Except for he already won a 1.2 bet

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michkima
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May 04, 2017, 11:10:54 AM
 #45

Two things I see why this is a problem for OP.

1. The transaction cost of using bitcoins become bigger too when converted to fiat (deposit cost and some times cashing out cost)
2. If OP is betting satoshis only. Meaning if he just bets the bare minimum 0.00000001 per bet. That means it gets a lot more expensive to bet the minimum compared to before.

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BlockEye
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May 04, 2017, 11:33:13 AM
 #46

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.
Only using btc for now when I gamble on sportsbook. As a bitcoin user I don't care much about the price going up when betting , to me I still see 0.02btc as 0.02btc back then. The only thing expensive in btc is the fees when you plan to make a deposit/bet that's the reason I stopped going to on chain betting sites.
Your mindset is like that, And you look only for BTC, not that value, so you don't care for BTC price increase. But many people will place a calcultaed bet. They will calculate the betting amount and place the bet. Because they need that extra money. Yes for example last week 0.02 BTC value is now almost 20% increase. If we keep that 20% amount means it is one type of profit. For me, the BTC is getting a bit expensive to gamble.

I would not expect this from a Hero member, how can bitcoin be too expensive to gamble??
Bitcoin = Bitcoin
You divide it to smaller fractions
WTF  Huh Huh

IMO,the price of bitcoin he means was the actual conversion and not the bitcoin itself. He just want to tell that we need to gamble based on current valie of BTC so if he are allocating 0.02BTC then the price increase by 20% after a week. So it means that he will not gamble 0.02BTC amount anymore but only 0.016BTC which is equal amount in fiat value to his normal budget on gambling. I think that was his logic.

He still deposited the same amount in FIAT
Except for he already won a 1.2 bet

Exactly, he really mean to play same amount in fiat rather than on quantity of BTC due to the expensive price. Personally, My bankroll was 1BTC when BTC is equivalent to 1000$ but now, I lower my bankroll due to price surge of BTC.

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Lucky7btc
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May 04, 2017, 12:04:05 PM
 #47

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.
Only using btc for now when I gamble on sportsbook. As a bitcoin user I don't care much about the price going up when betting , to me I still see 0.02btc as 0.02btc back then. The only thing expensive in btc is the fees when you plan to make a deposit/bet that's the reason I stopped going to on chain betting sites.
Your mindset is like that, And you look only for BTC, not that value, so you don't care for BTC price increase. But many people will place a calcultaed bet. They will calculate the betting amount and place the bet. Because they need that extra money. Yes for example last week 0.02 BTC value is now almost 20% increase. If we keep that 20% amount means it is one type of profit. For me, the BTC is getting a bit expensive to gamble.

EXACTLY...If I bought $500 worth of bitcoin last week its not the same as buying $500 worth of bitcoins this week. I am getting less bitcoins. The online casinos I bet at min spins aren't adjusted for the inflation...

Lucky7btc
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May 04, 2017, 12:10:25 PM
 #48

Let me clarify. I DO NOT PLAY DICE. Only slots and table games which has a set min. When playing slots there is not way to adjust to .000xxxxx So in terms what used to be .01 or a $10 bet is now a $15 bet though its the same .01. This becomes expensive if you are purchasing bitcoins. Because what you used to get for $500 in bitcoin amounts is not the same as it was a little while ago.

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May 04, 2017, 12:12:51 PM
 #49

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.
Before now I was thinking the same thing but letter I came to understanding that the more bitcoin increase in values the more people desire to make more bitcoin and the high they will gamble with their income.I do believe that this is the best time to make it big from bitcoin through gambling, trading and buy and hold.

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May 04, 2017, 12:34:53 PM
 #50

Before now I was thinking the same thing but letter I came to understanding that the more bitcoin increase in values the more people desire to make more bitcoin and the high they will gamble with their income.I do believe that this is the best time to make it big from bitcoin through gambling, trading and buy and hold.

It will encourage people to bet less because the price is high right now. 0.1 btc is around $150 right now and it is a high amount that most people dont want to afford. Imagine what would it looks like when the price reach $2000, it will be insane and people will keep on betting less or even stop betting

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May 04, 2017, 12:53:22 PM
 #51

And you are that someone makes to put bets in btc? For this there are Satoshi. You can always adjust the level of their rates. I only trust bitcoin because it is the most promising cryptocurrency.

I agree, why do we need to gamble with BTC when we can use satoshi and it is too cheap to gamble with BTC.  Anyway if you do not like to gamble with BTC you can always have several altcoins as alternative.  You can check my sig link to see what possible altcoin you can use to play in a Casino. 

Before now I was thinking the same thing but letter I came to understanding that the more bitcoin increase in values the more people desire to make more bitcoin and the high they will gamble with their income.I do believe that this is the best time to make it big from bitcoin through gambling, trading and buy and hold.

It will encourage people to bet less because the price is high right now. 0.1 btc is around $150 right now and it is a high amount that most people dont want to afford. Imagine what would it looks like when the price reach $2000, it will be insane and people will keep on betting less or even stop betting

and how much is 0.00000001  BTC? Is it still expensive?

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May 04, 2017, 12:54:53 PM
 #52

It's never too expensive, since you can play with just a few satoshi. The price shouldn't concern you at all because the value of your bets remain the same, unless you're one of those "lucky charm" guys who think betting the same number every time increases their chances of winning.


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May 04, 2017, 01:01:57 PM
 #53

U'm what is bitcoin gambling getting expensive??.
Most of the gambling sites accept bitcoin to deposit and they deposit exactly your payment in bitcoin itself. So let's say you gambled 1 btc when price was 100$ and won 2 btc. You withdrew you got 200$. But now if you deposit 1 btc and you still get 1 btc the only thing changed is the price. Most sites pay you back in bitcoin.

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May 04, 2017, 01:10:53 PM
 #54

Before now I was thinking the same thing but letter I came to understanding that the more bitcoin increase in values the more people desire to make more bitcoin and the high they will gamble with their income.I do believe that this is the best time to make it big from bitcoin through gambling, trading and buy and hold.

It will encourage people to bet less because the price is high right now. 0.1 btc is around $150 right now and it is a high amount that most people dont want to afford. Imagine what would it looks like when the price reach $2000, it will be insane and people will keep on betting less or even stop betting

and how much is 0.00000001  BTC? Is it still expensive?

If you want to make money from gambling then you will not gamble less than 1 mbtc. That amount is the amount that most people including me use when we are only play for fun. Im sure the majority here play for profit so even if you could get hundred satoshi from 1 satoshi, you are still only getting dust as profit

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May 04, 2017, 01:23:30 PM
 #55

I don't have this feeling that OP is talking about, I gamble with bitcoins and how much and how big I wish to gamble I deposit that much, simple. And bitcoin will cost more in the future, that will not stop me from gambling with bitcoins, I just hope that some casino's will lower minimal bet, now some minimum bets are high for me already. That can be a big problemo.


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May 04, 2017, 01:29:48 PM
 #56

Bitcoin is not getting that expensive to gamble with, from what I see the portions of Bitcoin are the same for gambling and regular payments. Having the whole price of a single Bitcoin paired to USD will get you confused on what is actually going on, the amount of money that you use will get spent through Bitcoin -it will just be a smaller amount of Bitcoin and the Casino's will find that they won't make any money by keeping a high limit in Bitcoin to gamble with online or offline.

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May 04, 2017, 01:31:16 PM
 #57

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.

I don't think the price of bitcoin should for whatever reason make any difference to a serious gambler because you are not the only one that is feeling the pain of it being expensive the feeling is mutual for the gambling site who will lose more if you happen to win because of the multiplying effect on the amount wagered. The moment the site is proven to be  provably fair, then I won't mind to gamble any amount of btc I deem fit.

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May 04, 2017, 01:48:49 PM
 #58

Well, if the price gets to high for you then you have got two options. Either you pick a different casino which allows to play with less stakes (there are big differences from my experience) or you choose a casino which allows to play with altcoins. Many casinos offer gambling with Litecoin and Ethereum. A few casinos also offer gambling with other altcoins like Doge, DASH etc.

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May 04, 2017, 03:26:07 PM
 #59

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.
Theres no difference at all because you can anytime adjust the amount of bitcoin youd want to deposit just like on betting or depositing while the price is still low on bitcoin.We can just able to say that thing because bitcoin is already valuable and we do hesitate to spend it out on playing gambling but i really strongly argue that its just the same.If you do really like to play on alts then you can use one there are lots of sites do offer such option on betting on altcoin just like on FJ.

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May 04, 2017, 03:51:02 PM
 #60

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.
You can always adjust your bets and bet smaller amount of bitcoin but in the end you are betting the same amount in fiat, but personally I don’t see the problem with bitcoin being more valuable, then you can make more bets with less bitcoin and obtain the same profits, if any.



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