To convert or not to convert ❓ This is the Esportsbook’s question…

[el kaka22]

If I am betting on crypto and depositing crypto then I want crypto back. Plus the fee's are horribly high as well. Even if I LOVED this website, I would look to change it right away, without a doubt. I mean first of all why would you have a % based withdrawal fee, it is never the % based its always depending on the block and how high the fee's are, there is usually a set price like 0.0005 or whatever (that number can change, I just made it up) and if you withdraw a million dollars you have to pay 1.5% of it back to casino for withdrawal? That is no bueno for me man.

Having euro payments sent plus that % based withdrawals equals me leaving forever and never playing again, I would highly suggest you to change it as fast as possible or you will soon have no players left.

[DarkStar_]

I would keep the balances in BTC if you can, as you generally don't want bettors to think "I would have been better off keeping my BTC instead of betting". Usually when I use a book that keeps USD/EUR balances (which is very rare), I would deposit, place the bet, and quickly withdraw if I won so that price volatility would hopefully have very little affect. With a very expensive 0.5%/1.5% withdraw fee (seriously, this doesn't really make any sense), I would almost certainly never play at your book. However, there's probably many people who do like keeping balances in fiat, so why not make it an option? Is there a specific reason you have to decide on one currency or the other?

Hey DarkStar,

I guess we could leave it this way and add other wallets so the users could choose if they want to keep their balance in crypto or rather in FIAT. It might be a little bit confusing from the UX perspective but can be done for sure. The fees are imposed on us by 3rd party payments providers that handle transactions. Hopefully we will bring them down to 0% in the future. Thanks for your opinion!

You could put a toggle when you deposit to have either BTC deposited (probably in mBTC units for easier use) or EUR deposited, and just don't allow it to be changed in the future. That way players can pick what they want when they create their account, and there's no UX confusion from people accidentally switching to the wrong currency for example. I don't think 0% fees are sustainable (depending on withdraw size), so maybe try to have just the transaction fee charged.

[legendster]

Now I'm not sure but both these scenarios can be answered with 1 answer. What you deposit or withdraw is instantly pegged to USD value and not Bitcoins. They might have a third party implementation like shapeshift or changelly where they will insta convert deposits and withdrawals.

Not really mate! The concern is only with the fiat value pegging! Are you saying that once I deposit the bitcoins at 10k EUR exchange rate, the entire time it stays in the game will be valued at the same rate? Same thing will apply while withdrawing as well?? If yes, then have you considered the risk behind that?? People will start using this gambling website for hedging purpose then! It's unrealistic!

The most realistic way is to implement crypto wallet and consider crypto bets in crypto units only so that the exchange rate fluctuation doesn't come into play! That's the simplest and most realistic solution!

That's exactly what gambling sites end up being for most crypto traders. I will not name any sites or any particular person or website with a similar setup but you can easily find many reputed ones if you google around. And this ends up benefiting exchanges more than the players tbh.

[Upgrade00]

It would be a positive for the adoption of cryptocurrency of industries hold Bitcoin as it is when it us giving in exchange for a service without directly converting to fiat.
Also the functionality of the website should be friendly to gamblers, and with the high volatility of Bitcoin (as well as other currencies) gamblers can easily lose out during conversion, in addition to fees incurred.

[nakamura12]

I also prefer withdrawing/depositing cryptocurrency from the site and you can also have a feature to withdraw/deposit fiat to crypto. Anyway, using crypto for withdrawing/depositing from your site would an impression to gamblers because of what you are or you can have both feature

[Mahanton]

think you should stick to the crypto without converting
you have a high enough withdrawal fee as it is , imagine  if there is a convert option at 1-3% ....
generally , players betting in cryptocurrencies prefer to keep it in crypto , so to them volatility is not a big issue
certainly , there are many that are withdrawing and converting , you should have the statistics and decide if it is really worth the hassle

On most cases where there aren't too much gamblers that do actively making such conversions.It may sounds good if that feature is there
but its not really that necessary or needed because once gamblers do make deposit then they do eventually prefer on using it up until in the end
neither they would lost it all or make some winning.About volatility then they are pretty much aware on that one.

[jazmuzika217]

I think converting crypto deposits to fiat is a good idea as long as your goal in earning and winning crypto is for your income but if you are in gaming and gambling objective it is not a good idea and decision. On my own opinion this is good project wayback on 2016 because it serves as an double purpose as extra income and gaming entertainment.

[TimeTeller]

If I am betting on crypto and depositing crypto then I want crypto back. Plus the fee's are horribly high as well. Even if I LOVED this website, I would look to change it right away, without a doubt. I mean first of all why would you have a % based withdrawal fee, it is never the % based its always depending on the block and how high the fee's are, there is usually a set price like 0.0005 or whatever (that number can change, I just made it up) and if you withdraw a million dollars you have to pay 1.5% of it back to casino for withdrawal? That is no bueno for me man.

Having euro payments sent plus that % based withdrawals equals me leaving forever and never playing again, I would highly suggest you to change it as fast as possible or you will soon have no players left.

Actually, that is the preference of most players even me as well.
If you are sending your crypto to that website, you are expecting to receive your crypto after you've done your game.
But if there are players that opted for fiat instead, then, maybe the site can create an option for that.
But it should not be a compulsory that once you deposited your crypto, it will be converted to fiat once credited to your account.

[Ucy]

The question(s):
What is your opinion on converting crypto deposits to FIAT?
Is that fine with you as long as you like the site and its features or it’s a no go and we should start working on implementing crypto wallets?
All replies are welcome, as we want to learn about your preferences and deliver the best experience.

Conversion to fiat currencies is OK as long as there is demand for it.
What would the crypto wallet be meant for? For storing coins on the gambling site?  Isn't that a  risky thing to do? I think you should just allow people to withdraw their coins when they need to.

[BTCevo]

The question(s):
What is your opinion on converting crypto deposits to FIAT?
Is that fine with you as long as you like the site and its features or it’s a no go and we should start working on implementing crypto wallets?
All replies are welcome, as we want to learn about your preferences and deliver the best experience.

Conversion to fiat currencies is OK as long as there is demand for it.
What would the crypto wallet be meant for? For storing coins on the gambling site?  Isn't that a  risky thing to do? I think you should just allow people to withdraw their coins when they need to.

There is always a demand as long as bitcoin pricre is keeping on bullish trend, if you compare to past few years ago of course bitcoin is still nothing but until thos day, it has really been a good thing to convert it. As long as you can get enough money you may be able to withdraw them. By storing your coin into wallet, does it meant to invest on their site? If there is a good site to invest why not take this chance then? I believe there are some sites that pretty well know for their investment as well

[leea-1334]

It does really sound like a great idea to be able to keep your balance in either fiat or USD but that puts you at a big risk,,, because it is not just the player who is gambling for or against fiat but the house. I would say, always keep the balance in the currency the players deposit.

If the players put in BTC, and they want to convert to USD then they have to sell to you at a fee that is the only way so you also keep it liquid.

[Haunebu]

Don't see any issue here. It all comes down to personal preferences at the end of the day and I personally would like such an option. This could please many people which is why I would gladly welcome this change.

I would not mind withdrawing my balance even if I had to incur certain fee percentages since I have gotten used to it due to the volatility of this market. Cannot expect fees to go down to something like zero people.

[beerlover]

I wouldn't mind having an "option" of receiving fiat, that is up to people to decide and if you can have a feature like that and if people prefers to use it then you can keep using it, there is nothing that would stop you. However it should not come with a cost of removing other options, in crypto if you give people a right to do something and take it away from them after a while you should know that you will lose a lot of customers.

This is not just about this issue, it happens in everything, like if you are an exchange that removes one thing then you will lose customers, if you are a cloud mining and remove one thing you will lose customers, if you are a wallet website and remove.. you got the point. So I would suggest sure add the fiat thing but also keep the crypto as well.

[notblox1]

Does anyone know why Thunderpick is not being more active here in Bitcointalk forum since 2019?
Looks like they are offering some nice welcome bonuses but I can't confirm how legit and trusted they are.
They have some strange converting Bitcoins to their own coins pegged to fiat, and I can't find any information about kyc verification on their website.
Anyone knows more?

[acroman08]

Does anyone know why Thunderpick is not being more active here in Bitcointalk forum since 2019?

maybe the lack of activity on their thread might be the reason why they stopped being active in the forum.

Looks like they are offering some nice welcome bonuses but I can't confirm how legit and trusted they are.

there are some reviews about their website and I also found a scam accusation on reddit about their website but the accusation has no evidence(link below). in the end, I would still have no idea if they are legit or not. also, they have atwitter account https://twitter.com/thunderpickco?lang=en might help you decide whether they are legit or not.
https://www.reddit.com/r/Thunderpick/comments/hds4q5/thunderpick_is_scam/

They have some strange converting Bitcoins to their own coins pegged to fiat, and I can't find any information about kyc verification on their website.
Does anyone know more?

[BlackFor3st]

Implementing crypto wallets should be useful because if our deposits will be converted into fiats there is a big possibility that our cashin will either
increase or decrease base on your conversion. The same with other site, it will be good if our deposits will remain as it is like if we will use Eth to gamble
then you should let us use it and not fiat like Euro.

Though this is only my opinion as I don't like my deposits to be converted to fiat, I am not so sure if many are the same with me but I hope that my idea will
help you to decide whether you are going to convert or not to convert the deposits.

[carlfebz2]

Does anyone know why Thunderpick is not being more active here in Bitcointalk forum since 2019?
Looks like they are offering some nice welcome bonuses but I can't confirm how legit and trusted they are.
They have some strange converting Bitcoins to their own coins pegged to fiat, and I can't find any information about kyc verification on their website.
Anyone knows more?

They might be inactive into this forum but you can follow up their Twitter account which is active on making out some updates and it has 13.4k followers atm.
https://twitter.com/thunderpickco

Its been mentioned above for some scam accusations? So its better to be careful.

Though this is only my opinion as I don't like my deposits to be converted to fiat, I am not so sure if many are the same with me but I hope that my idea will
help you to decide whether you are going to convert or not to convert the deposits.

When they do make out conversions then expect for such decrease in value yet that would really be based up in fiat value.
Mostly these kind of sites do really ask out for some KYC.