The Effect of the Bitcoin Halving on Online Casinos

[Bttzed03]

I just copied the title from a blog I read recently. Basically the writer provided some reasons why online gamblers would use Bitcoin gambling platforms more because of the halving.

1. Bitcoin Casinos Are Secure

When you gamble online with Bitcoin, you don’t have to share your credit card or bank details with the casino. You deposit BTC straight from your Bitcoin wallet, and when you win, you withdraw to it. The wallet doesn’t give away any details about you, and if a hacker did break into the casino, all they would see is your wallet address and transaction history. Without your private keys, they can’t do anything with your wallet address. Therefore, Bitcoin casinos are safer and more secure than fiat casinos.

2. Bitcoin is Maturing and People Sense It

After the previous two halvings, in 2012 and 2016, barely anyone had heard of Bitcoin. These days, Bitcoin is talked about in the mainstream media often, and the number of users has increased dramatically. Even CNBC hosts and Wall Street legends like Paul Tudor Jones talk about Bitcoin’s bright future. There’s a sense that Bitcoin is reaching a new level of maturity and is being accepted by people who previously dismissed it. Many BTC holders are convinced that institutions such as pension funds will soon buy and hold Bitcoin, so the price increase could be larger than anything we have seen before.

3. Bitcoin Is Changing Gambling for the Better

Bitcoin itself has forever changed money, but it has a number of knock-on effects which are positive for online gambling, too. For example, since all Bitcoin transactions are recorded on the blockchain, it is impossible for rogue casinos to steal your deposits and deny that you ever made them. Likewise, there are now Provably Fair casino games that use blockchain technology and hashing to make sure that game outcomes are truly random and honest. These innovations will clean up casino gaming and squeeze rogue operators out.

1. That should have been "Bitcoin Casinos Are More Secure". Hackers unable to access your personal wallet because they don't have the private key doesn't mean you are already safe. Remember that even some Bitcoin casinos require KYC verification now and if hackers got a hold of your personal info, you are still be a potential target especially if they found out that you hold a large sum of Bitcoins.  

2. Bitcoin survived the "bubble" that's why these guys are now acknowledging Bitcoin in different capacity.

3. I read some articles saying Bitcoin worsened the illegal online gambling situation. This is probably the first one that says it actually makes online gambling better  


The writer went on to add why the halving is special for online gamblers: Potential Gains!
He/She assumes that gamblers will hold their BTC winnings because of the potential that it will pump to $100K or to whatever price as an effect of the halving.

I cannot say that I agree with that assumption. It's a bit of a stretch imo. I mean gamblers are gamblers but they are not necessarily speculators. Some gamblers are probably wiser than others in keeping their winnings but doesn't mean they will save it as Bitcoins. They could easily convert it to fiat and just deposit them into their bank accounts.



Disclaimer: The blog is promoting another casino. I'm not part of that.

[Bezobraznike]

The writer went on to add why the halving is special for online gamblers: Potential Gains!
He/She assumes that gamblers will hold their BTC winnings because of the potential that it will pump to $100K or to whatever price as an effect of the halving.

    If Bitcoin price rise, as most of us expect, people who like to gamble with Bitcoins will have to lower their bets
probably. For us who play with minimal bets all the time, we will have higher minimal bets, because there's no
lower than 1 satoshi bet.
    Where are big wins, there are big loses too! If Bitcoin price rise and you lost you coins with gambling you will
regret that decision to gamble.

[harizen]

..why online gamblers would use Bitcoin gambling platforms more because of the halving.

Honestly, not with the halving but are these online gamblers (literally a gambler outside crypto) really interested to try bitcoin itself?

As we all know, the adoption is still, no doubt, not that big so before these gamblers will shift into bitcoin, the first thing they will ask is "what is bitcoin". They will set aside the halving thing, the moon thing, the rocket thing, etc.

Those listed things in the article are general information about why people should use bitcoin, not just in gambling. But seriously, even with all these positive views, there are people who will stick playing on fiat online casinos compare to crypto casinos.

[Mahanton]

..why online gamblers would use Bitcoin gambling platforms more because of the halving.

Honestly, not with the halving but are these online gamblers (literally a gambler outside crypto) really interested to try bitcoin itself?

As we all know, the adoption is still, no doubt, not that big so before these gamblers will shift into bitcoin, the first thing they will ask is "what is bitcoin". They will set aside the halving thing, the moon thing, the rocket thing, etc.

Those listed things in the article are general information about why people should use bitcoin, not just in gambling. But seriously, even with all these positive views, there are people who will stick playing on fiat online casinos compare to crypto casinos.

They would really need to know the basic first before they would really go beyond to other aspects.Im not really that too negative in terms of adoption but let those people do discover up themselves about crypto gambling.

They would able to tell the difference between the two.Introduction would only be the challenge on here and when their interest sparks on then its good but i agree into the point that you have said
that majority of them would just stick out into traditional ways.

[Wexnident]

Uhhh Number 1 shouldn't be called "secure" but rather should be instead "private". And seriously, the blog discusses about gambling in an overall sense and yet the topic is literally about Bitcoin as an investment. I mean, how far can you even go with that? Gambling uses Bitcoin as a currency, not an investment. They should seriously fix that mindset of theirs. And additionally, Gambling always has risks in them, even if we do take into consideration how blockchain works. Besides, you can't even trace who's what in a blockchain, how'd that made it safe.

    If Bitcoin price rise, as most of us expect, people who like to gamble with Bitcoins will have to lower their bets
probably. For us who play with minimal bets all the time, we will have higher minimal bets, because there's no
lower than 1 satoshi bet.
    Where are big wins, there are big loses too! If Bitcoin price rise and you lost you coins with gambling you will
regret that decision to gamble.

You can't really say that tbh. It's quite an empty argument since, why would you even gamble then? Just friggin hold and wait. Gambling isn't an investment, it's for entertainment. And even if you were to look it as a source of financial income, there's absolutely no need for you to consider whether BTC price would increase or decrease in the future. In a sense, it's like putting the cart before the horse, you're looking at BTC as an investment when instead, you should have supposed to have looked at it as an asset, as something to be used in gambling.

[robelneo]

I tried to transfer $50 worth of Bitcoin from one wallet and using the Green wallet to transfer and the minimum fee/gas that lets me transfer that amount was $8, think of that if you are trying to transfer on one gambling sites, I still support Bitcoin on gambling but at this point in time, it's not recommended to deposit Bitcoin to a gambling site that you are supporting.


 

[Questat]

I tried to transfer $50 worth of Bitcoin from one wallet and using the Green wallet to transfer and the minimum fee/gas that lets me transfer that amount was $8, think of that if you are trying to transfer on one gambling sites, I still support Bitcoin on gambling but at this point in time, it's not recommended to deposit Bitcoin to a gambling site that you are supporting.

I can feel you mate, the transaction is really high, it's not good for small time gamblers to gamble using bitcoin at the moment as during the transfer of bitcoin, they will already lose,.. I haven't gambled recently, but I made a lot of transactions online but the transaction fee was really high.

I wonder if some gambling sites that offers free withdrawal are still doing the same at the moment.

[Jawhead999]

If we talking about Halving, there will always be misconception about it. Halving doesn't effect bitcoin price, but many speculators creating hype to attract new investors like in the past halving. Since many new investors want to buy bitcoin, this will increase in demand and the price will increase too. Keep in mind, the third halving not always have the same stories (bullish) we can't know the future.

Gamblers are excited because winning some Bitcoin today and holding it for a couple of years could be highly profitable.

I agree with @Wexnident, most of this blog only explaining about how bitcoin become a great investment and how bitcoin is better than fiat money. I don't find any relation about halving effect to gambling, probably the hype will increase the adoption. And the adoption not always will be used for gambling, many of people usually used it for invest or trading.

IMO, lock down have more impact rather than the hype to online casino. Since people stuck and bored during quarantine, they will prefer they will prefer gambling to kill boredom [1]

[witcher_sense]

I can feel you mate, the transaction is really high, it's not good for small time gamblers to gamble using bitcoin at the moment as during the transfer of bitcoin, they will already lose,.. I haven't gambled recently, but I made a lot of transactions online but the transaction fee was really high.

I wonder if some gambling sites that offers free withdrawal are still doing the same at the moment.

What do you mean free withdrawal? It can't be free, because there is always some transaction fee that needs to be paid in order for withdrawal to succeed. For example, bustadice has no additional fee except for instant transactions, but it still depends on network. What can I see now is doubling of withdrawal fee after halvening, but this is temporary situation. Transaction fee wasn't so high and paying double of it is not a big deal. If you need faster transactions then you must pay miners, it is a rule for all, we can't do much about it. If you don't care about speed than you can pay lowest fee and wait until network is back to normal. Network is working fine. It is gamblers who need to change their transactional habits.

[Lakai01]

What do you mean free withdrawal? It can't be free, because there is always some transaction fee that needs to be paid in order for withdrawal to succeed.

What he means by this are casinos that have simply not charged/deducted fees when players want to withdraw their funds. Was virtually a service of the provider that they have not charged anything for it.

In the FJ-Thread the amount of the fees was discussed recently more intensively, FJ has now changed to not pass on the currently very high fees and to take them over completely:

However, we understand concerns and complaints from the community, and have decided to waive the fee for all BTC transactions at FJ. From now on, the casino will cover all BTC transaction fees concerning deposits and withdrawals made on our website.

I am sure that the fees will decrease as soon as the situation has eased a bit. If you look at the last 5 years, there have been phases of very high fees, especially at the end of 2017, which have calmed down relatively quickly:

[witcher_sense]

What he means by this are casinos that have simply not charged/deducted fees when players want to withdraw their funds. Was virtually a service of the provider that they have not charged anything for it.

In the FJ-Thread the amount of the fees was discussed recently more intensively, FJ has now changed to not pass on the currently very high fees and to take them over completely:

However, we understand concerns and complaints from the community, and have decided to waive the fee for all BTC transactions at FJ. From now on, the casino will cover all BTC transaction fees concerning deposits and withdrawals made on our website.

I am sure that the fees will decrease as soon as the situation has eased a bit. If you look at the last 5 years, there have been phases of very high fees, especially at the end of 2017, which have calmed down relatively quickly:

That is definitely right move from FortuneJack, no wonder it is considered one of the most reputable cryptocurrency casinos. I hope that other casino will do the same and help out players. In the long-term it will bring more gamblers to those casinos who still care about players during difficult times. Moreover, this has instant effect as well. If there is a choice to play in a casino with low or no fees and play in casinos, which make money because of halvening fee increase, gamblers would rather choose first one. The latter thus lose their profit. It is always better to go towards players.

[goaldigger]

I tried to transfer $50 worth of Bitcoin from one wallet and using the Green wallet to transfer and the minimum fee/gas that lets me transfer that amount was $8, think of that if you are trying to transfer on one gambling sites, I still support Bitcoin on gambling but at this point in time, it's not recommended to deposit Bitcoin to a gambling site that you are supporting.


 

Exactly a big challenge for a small time gambler like me because $8 fees is not small at all, better to use altcoins to gamble for now while bitcoin is still expensive when it comes to the transactions fees, this might be a negative effect of the havling.

I wonder if some gambling sites that offers free withdrawal are still doing the same at the moment.

If there's a free withdrawal gambling site, for sure more gamblers will use their services but for now, there's no free services at the moment but let's see how the gambling sites promotes new services to encourage online gamblers.

[Questat]

I can feel you mate, the transaction is really high, it's not good for small time gamblers to gamble using bitcoin at the moment as during the transfer of bitcoin, they will already lose,.. I haven't gambled recently, but I made a lot of transactions online but the transaction fee was really high.

I wonder if some gambling sites that offers free withdrawal are still doing the same at the moment.

What do you mean free withdrawal? It can't be free, because there is always some transaction fee that needs to be paid in order for withdrawal to succeed. For example, bustadice has no additional fee except for instant transactions, but it still depends on network. What can I see now is doubling of withdrawal fee after halvening, but this is temporary situation. Transaction fee wasn't so high and paying double of it is not a big deal. If you need faster transactions then you must pay miners, it is a rule for all, we can't do much about it. If you don't care about speed than you can pay lowest fee and wait until network is back to normal. Network is working fine. It is gamblers who need to change their transactional habits.

Yes, that's what I mean and I was asking about it because there are gambling sites like sportsbet.io that does not charge a withdrawal fee, so since I have not been gambling for awhile since no sports to bet until now, I was just asking if they have that kind of feature since the situation now is different.

I wonder if some gambling sites that offers free withdrawal are still doing the same at the moment.

If there's a free withdrawal gambling site, for sure more gamblers will use their services but for now, there's no free services at the moment but let's see how the gambling sites promotes new services to encourage online gamblers.

Maybe I should directly ask sportsbet about this.. have you been gambling with sportsbet.io lately?

[Coyster]

Imo online gamblers are not going to start using bitcoin to gamble than fiat because of the halving, that will make them investors or speculators rather than gamblers. The advantages the writer of this article pointed out may be true, but I don't think gamblers are interested in that, as long as they haven't had any issues gambling with fiat, then I don't think they'll want to switch to bitcoin except those interested in bitcoin adoption. I use bitcoin to gamble whenever I feel the need to do, it may be because of my predilection to bitcoin/cryptocurrencies and their adoption. I'd also love to see more gamblers use bitcoin, but alot of them do not care(they just want their profits).

IMO, lock down have more impact rather than the hype to online casino. Since people stuck and bored during quarantine, they will prefer they will prefer gambling to kill boredom [1]

This is true, but it also depends on what the gambler likes to gamble on, myself I only place bets on football games and since there's been no football for a long time now, except recently the Bundesliga returned, I've not had any gambling to do .

[Bttzed03]

~
Honestly, not with the halving but are these online gamblers (literally a gambler outside crypto) really interested to try bitcoin itself?

As we all know, the adoption is still, no doubt, not that big so before these gamblers will shift into bitcoin, the first thing they will ask is "what is bitcoin". They will set aside the halving thing, the moon thing, the rocket thing, etc.

I can't back this up with concrete data but we can safely assume that Bitcoin has become more and more popular in the gambling industry since 10+ years ago. 

Those listed things in the article are general information about why people should use bitcoin, not just in gambling. But seriously, even with all these positive views, there are people who will stick playing on fiat online casinos compare to crypto casinos.

One thing that the writer failed to point out because he/she is selling the halving too hard is that it is "easier" to make Bitcoin deposits for legit gamblers to online casinos compared to fiat especially for countries with strict regulations. Depositing fiats using banks, paypal, and other cards also means these gamblers are at the mercy of third parties. Using Bitcoin and other cryptocurencies is a good work around.

I tried to transfer $50 worth of Bitcoin from one wallet and using the Green wallet to transfer and the minimum fee/gas that lets me transfer that amount was $8, think of that if you are trying to transfer on one gambling sites, I still support Bitcoin on gambling but at this point in time, it's not recommended to deposit Bitcoin to a gambling site that you are supporting.

Good point and a valid argument.

[akhjob]

That should have been "Bitcoin Casinos Are More Secure". Hackers unable to access your personal wallet because they don't have the private key doesn't mean you are already safe. Remember that even some Bitcoin casinos require KYC verification now and if hackers got a hold of your personal info, you are still be a potential target especially if they found out that you hold a large sum of Bitcoins. 

Tbh, I somewhat agree to what was stated in the blog you have mentioned although Bitcoin halving has nothing to do with it. As you have stated only some bitcoin casinos require KYC others don't while almost all Fiat-based casinos required KYC including debit/credit card details which is far worse when compared to the KYC of Bitcoin casinos.
As robelneo mentioned, the transfer fee is sometimes high when the Bitcoin price is soaring, but if you see in the long run, with lightning adoption and such the transfer fee will become almost negligible. IMO, Bitcoin casinos are far better when compared to Fiat-based casinos in almost all aspects.

[shoreno]

i see . btc halving increases adoption for btc but that was it ? i thought i will see other reasons on why people will now use btc when gambling because there are infact many good cryptos to gamble aside from btc .

  also i think we should value our btc nowadays because btc is now harder to mine  and also the value is expected to grow . i use btc when i play before but after ive tried alts , i prefer them now more than btc for a good number of reasons.

[swogerino]

Normally it should not change anything for crypto casinos as 1 Bitcoin equal to 1 Bitcoin still as far as crypto operating goes.If the price rises exponentially than most probably the amount of players will go down as people including gamblers will want to save their Bitcoins or directly convert them to cash.Only the addicted ones will keep playing no matter what values bitcoin goes.

[leea-1334]

I think we are always confusing things with coincidence. Bitcoin halving effect is real,,, but not everything that is happening after the halving is because of bitcoin halving. I do agree, the fee situation at casinos is quite crazy now. But as pointed out FJ made it free now (but they were taking $20+ dollar fees before that leading to complaints) and I think this can push more casinos to adopt segwit and lightning.

But fee problems have happened many times BEFORE halving!

[peter0425]

I think we are always confusing things with coincidence. Bitcoin halving effect is real,,, but not everything that is happening after the halving is because of bitcoin halving. I do agree, the fee situation at casinos is quite crazy now. But as pointed out FJ made it free now (but they were taking $20+ dollar fees before that leading to complaints) and I think this can push more casinos to adopt segwit and lightning.

While Fj is offering it Free but this is too different in YoloDice since there are complaints from some friends that the fee now is really huge and unbearable for small time account specially their campaign participants.

But fee problems have happened many times BEFORE halving!

But not like now.yeah it happens many time before but these days?it has really huge amount that cannot be afford by small withdrawals .