Gambling activities correlates with Bitcoin's price?

[Polar91]

It does since Bitcoin's price is based on the law of supply and demand. Not all of crypto gamblers are fan of crypto nor investors thus these people are contributing to the market even though they aren't willing to for the sake of their urge to gamble online. Some Bitcoin investors are also once a gambler, that includes myself.

[lobat999]

This makes them spend high on bear market and low volume of bitcoin while the market is bullish.

This is rather a very interesting argument though it contradicts my previous assumptions, nevertheless, I welcome the idea since it indeed reinforces or supports the assumption that gambling activities has a direct correlation with Bitcoin's price as what OP is suggesting and either way, I find both assumptions might also be correct!

[rodel caling]

But I don't think gamblers using bitcoin can make major effect on its price. The whales, be it companies or groups of people are the ones that can have big impact when it comes to bitcoin price movements.
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Yeah I gare with with the real crypto currency gambler no looking for the price of bitcoin or altcoins they for their gambling habit, I believe the real gamblers are gamble to enjoy their habit not because of the price value of the crypto.

[lobat999]

But I don't think gamblers using bitcoin can make major effect on its price. The whales, be it companies or groups of people are the ones that can have big impact when it comes to bitcoin price movements.


Yeah I gare with with the real crypto currency gambler no looking for the price of bitcoin or altcoins they for their gambling habit, I believe the real gamblers are gamble to enjoy their habit not because of the price value of the crypto.

OP title has nothing to do with "gamblers using bitcoin can make major effect on its price" as what you are implying. I guess you are mistaken here since the topic suggests the notion that "gambling activities correlates with Bitcoin's price" and not gambling having an effect on BTC's price which is wrong. Imho.

[Ranly123]

Gamblers are hesitant in placing bets during bear markets especially when using Bitcoin as bet. It may have nothing to do with how it affect the price eof Bitcoin but it is part of a gamblers strategy that refrain them to gamble during bear market.

[Moiyah]

I think the bitcoin’s value have no relations regarding the gambling activities. Bitcoins price vary because of supply and demand just the same with the traits of fiat money. Also one that influences the value is the news, spreading negative or positive information has a big effect in the price of cryptocurrency. That’s why I don’t think the gambling and betting games involves at all. It is just one of services offered or presented in cryptocurrency which many hook up to.

[rocku12345]

Many gamblers are by their nature passion people like traders as well. Yes, they look at the Bitcoin exchange rate as people do in relation to the dollar to the national currency . But the game often takes place for the sake of playing and testing strategies, I know that by myself. They don`t really think about the price. I'll call it some kind of addiction.
So if there is an influence, then it is really minimal. Gambling is not the best measure of Bitcoin`s price, because when the network is overloaded then amount charged for the transaction fee increases = quantity of people to play on BTC may decrease.

[Ailmand]

Well when bitcoin price is high, with just a little bet of bitcoin would tantamount to a devent amount of money. Thus, gamblers would never risk betting in a huge amount and because of it, gamblers can play longer games because the amou t their betting is smaller than they normally do when bitcoin price is low. On the contrary, when bitcoin price is down, gamblers would have to stake a huge amount of bitcoin to be able to gain more money equivalent to fiat.

[maydna]

The point is no matter if bitcoin price is in the bull market or the bear market, a gambler will still gambling. The gambler doesn't overthink bitcoin's price because they only care about gambling. But yes, the volume will be increased or decrease regard to the market price as you said, and that will affect the gambling site traffic. Probably, some gamblers will think about that because those gamblers care about the price, and they don't want to spend more bitcoin if the price is decreased. And if the price increases, they are playing with a lot of satoshi amount or otherwise.

[imstillthebest]

its your own topic but why your confuse ? but that should be the reason why your asking it . we gamblers have an idea with this because we are the ones that uses the gambling site but it also depend on the gambler  . some are playing at all times no matter what is the state of the market while some others including me dont gamble when the prices are pumping especially btc but i rather hodl or withdrew my btc and selll them for instant profit . site owner also know that , or we can also see that if they publicitize thier live stats  .

[DaftAjax]

But I don't think gamblers using bitcoin can make major effect on its price. The whales, be it companies or groups of people are the ones that can have big impact when it comes to bitcoin price movements.


Yeah I gare with with the real crypto currency gambler no looking for the price of bitcoin or altcoins they for their gambling habit, I believe the real gamblers are gamble to enjoy their habit not because of the price value of the crypto.

OP title has nothing to do with "gamblers using bitcoin can make major effect on its price" as what you are implying. I guess you are mistaken here since the topic suggests the notion that "gambling activities correlates with Bitcoin's price" and not gambling having an effect on BTC's price which is wrong. Imho.

Actually, not exactly wrong. He wants to point out that even if gamblers use Bitcoin as a medium in gambling sites it will barely touch the price changes on the charts, thus it does not have any correlation or connection to the market price. And that the major contributors like whales, companies or even group people are the ones who can change the price of Bitcoin significantly.

Though this could be discussed in another thread, he has point on that.

[Hippocrypto]

But I don't think gamblers using bitcoin can make major effect on its price. The whales, be it companies or groups of people are the ones that can have big impact when it comes to bitcoin price movements.


Yeah I gare with with the real crypto currency gambler no looking for the price of bitcoin or altcoins they for their gambling habit, I believe the real gamblers are gamble to enjoy their habit not because of the price value of the crypto.

OP title has nothing to do with "gamblers using bitcoin can make major effect on its price" as what you are implying. I guess you are mistaken here since the topic suggests the notion that "gambling activities correlates with Bitcoin's price" and not gambling having an effect on BTC's price which is wrong. Imho.

Actually, not exactly wrong. He wants to point out that even if gamblers use Bitcoin as a medium in gambling sites it will barely touch the price changes on the charts, thus it does not have any correlation or connection to the market price. And that the major contributors like whales, companies or even group people are the ones who can change the price of Bitcoin significantly.

Though this could be discussed in another thread, he has point on that.

Do you really think those huge companies and whales could change the price immediately without the prescence of us, the people who deeply patronized crypto as sources of financial freedom? Gambling  was sincerely separated from bitcoin economy, however the correlation has nothing to do with it. Gamblers will always use bitcoin regardless of what's the value of it. As long they enjoyed it, that's the most important aspect.

[Darker45]

I am little bit confused about this topic, especially in gambling websites that accept Bitcoins or any cryptocurrencies.

So, we can see more activities on gambling that uses Bitcoin when we are in bull market (price increasing)? And decreases the activities or gambling volumes when also the price of Bitcoin keeps dumping (bear season) ?

I don't know if (we) some normal gamblers would have idea about this or maybe some gambling sites would exactly know this based on their website traffic/bet activities.

Reading the responses, it seems the ideas widely vary. One says he will gamble more if Bitcoin is bullish because he is more attracted to it because of its high price, another one says he will take a little pause or perhaps continue gambling but with fiat and not with Bitcoin anymore because of its growing value, another one says he does not mind gambling if Bitcoin is bullish because he has already made a profit out of it. And so on.

To me, it does not matter if Bitcoin is bullish or not. My gambling will continue with its normal pace. What will change for sure is the amount I gamble. If I normally place 0.01BTC per bet prior to the bull run, I will probably change it to 0.001BTC after a strong rally.

I suppose the gambling sites have data on the average daily bets made in BTC, ETH, and other cryptos and its USD equivalent. It is a very important statistical data for any gambling site.

[bering]

As far i know some of gamblers only thinking to gamble with the amount of money from their pockets so usually they will ruled out about the price of movement but indeed if gambling when the price high the cost will be so high too but i think real gamblers who became an regular gambling will not too concern about the price and as long they can starting the day with gambling it's will good for them especially if they won then it's will makes them very happy

[jossiel]

Everyone isn't just willing to spend bitcoin during the bear market because the value and price is lower. Even I, last year I limited myself into such because I want to keep it because I'm just waiting for the reversal.

And when the price gets higher, it's easier for us to spend it because we are not conscious anymore with the price. We can spend it anytime we want because we have a secured amount that we would like to spend and in bitcoin's quantity, that's going to be a bit lower.

Somehow, the bitcoin's price affects the gambling habits of many people.
But not all gamblers, because some of them are using fiat to buy crypto so it doesn't matter the price fluctuations.
However, for those who are already crypto holders, they might think twice of spending their coins if they feel that it is not worth spending it.
So they will use their fiat instead. In conclusion, one way or another bitcoin's price has impact on gambling business.

It could be the reason that I see why the gambling activity was affected during the bear market. Even if so everyone has been gambling with fiat, we still see the effect of it.

Only a few are willing to gamble directly with fiat or converted into bitcoin. And that's what exactly I'm saying. Many feel that regret if they will spend their bitcoins at a very low price.

[sheenshane]

As we can see, those gambling enthusiasts addicts are having a different with the crypto enthusiasts.
Gamblers continued to gamble no matter what will happen to the market because they are in gambling habit so they don't care about the price. But in this case we couldn't predict it very well because each of them had a different perspective way how to manage between gambling habits and the usage of crypto.

Probably there is a small percentage of gambling activities that correlates with the price but that not much. I still believed in whales who keep trying to manipulated the market price not just by gambling activities. For me, I prefer to accumulate bitcoin when the price drop.

[lobat999]

I suppose the gambling sites have data on the average daily bets made in BTC, ETH, and other cryptos and its USD equivalent. It is a very important statistical data for any gambling site.

Yeah its a good idea! If only we could get some available data from these gambling sites like on the number of users online per day, total amount of wagered per day and the frequency of visits per user, etc., and correlate this to certain periods where the price of BTC were either bullish or bearish, then  I think we could probably interpret it more efficiently and consequently  arrived at a more accurate conclusion to test our hypothesis.

[GreatArkansas]

Well i havent seen any difference on the gambling sites the last 4 years that players were gambling more or less depending on the bitcoin price.
Personally I also don't play different. I play with the same amounts in btc even when the price was $3000 or almost $20000.

How was about the experience? And what about if those bitcoins you are using to gamble was bought when it was $20,000.
Are you still going to use it for gamble when we dump to $3,000? It still fair? Since you already lost when the price dumped ane you would also risk those bitcoins in gambling?

I have created a topic like that here: Gambling risk is higher when we are on Bear Market?
I think what on your thoughts are fit on that thread.

[shoreno]

Well i havent seen any difference on the gambling sites the last 4 years that players were gambling more or less depending on the bitcoin price.
Personally I also don't play different. I play with the same amounts in btc even when the price was $3000 or almost $20000.

How was about the experience? And what about if those bitcoins you are using to gamble was bought when it was $20,000.
Are you still going to use it for gamble when we dump to $3,000? It still fair? Since you already lost when the price dumped ane you would also risk those bitcoins in gambling?

yes its fair because he already accept the conditions of buying a bitcoin  . as a buyer , you can accept whatever happens on the price once you already bought your coins  .   you have no choice but to use it for playing a  gambling if you really have that urge to play and if ever you dont have any patience to wait for the price to recover  . the only difference that i see on gambling sites before is that bigger amounts are being played on them since bitcoin price is lower that time but now , lesser amount of btc's are being played but the value of those coins are still bigger

[swogerino]

I don’t think it correlates although the gambling industry is the one where bitcoin and digital currencies are used heavily and this industry is one of the top supporters of bitcoin in general.

However I think the price correlates more to major events happening around the world,for example when an exchange is hacked and the amount of money lost is in millions of dollars the bitcoin price may tumble.