The Effect of the Bitcoin Halving on Online Casinos

[Bttzed03]

It could go either way. But these are all speculations, whether the gambling wins will be kept as Bitcoin or they will be converted into fiat.

Pretty much what I said in the OP.

It would be nice if the gambling casinos are releasing a comparative data of their income during pre and post halving. If they are interested, anyway.

I doubt any online crypto casino would divulge such information to the public. They will hide as many data as they can even from the authorities.

Well, on my own. We cannot guarantee the security of anything that is valuable to us especially when it comes to bitcoin casinos, perhaps we may consider it as secured because of the private keys, it can also be hack since KYC is now being implemented even with casinos and once a hacker will be able to have such personal information then, --they can already use it to break any keys on your account and start to spare everything that you own.

Come again? What keys are you talking about here?

[Negotiation]

I think if we keep the keys 2fa to protect our wallet when playing Bitcoin and Crypto Casino they will be much safer and less likely to be hacked This will keep our data very secure. Bitcoin has also had an impact on online casinos as the price of Bitcoin has risen and many are turning to gamble. Gambling is changing and demand is increasing In the case of online gambling when the price of currencies goes down the demand for gambling goes down.

[ralle14]

I think if we keep the keys 2fa to protect our wallet when playing Bitcoin and Crypto Casino they will be much safer and less likely to be hacked This will keep our data very secure. Bitcoin has also had an impact on online casinos as the price of Bitcoin has risen and many are turning to gamble. Gambling is changing and demand is increasing In the case of online gambling when the price of currencies goes down the demand for gambling goes down.

Imo the demand for gambling doesn't always go down whenever Bitcoin's price go down I think there's less correlation between the two because there are gambling sites that continue to grow despite the price swinging back and forth. It might be even better if it's the other way around because you get more bitcoin and the minimum deposit/withdrawal would be much cheaper as bitcoin casinos usually have a fix minimum.

[MCobian]

I think bitcoin halving has a positive effect on online casinos, because according to a survey that I saw on the internet. The number of
gamblers playing online casinos is increasing, especially online casinos that provide cryptocurrency. It is likely that many people believe
that after bitcoin halving occurs, the price of cryptocurrency can go up, and therefore profit results are obtained from gambling crypto
will be saved. And hope the price of cryptocurrency can rise soon.

[Twinkledoe]

I think bitcoin halving has a positive effect on online casinos, because according to a survey that I saw on the internet. The number of
gamblers playing online casinos is increasing, especially online casinos that provide cryptocurrency. It is likely that many people believe
that after bitcoin halving occurs, the price of cryptocurrency can go up, and therefore profit results are obtained from gambling crypto
will be saved. And hope the price of cryptocurrency can rise soon.

Especially now that a lot of countries are still in lockdown, many gamblers are finding online casinos to be convenient with their personal desires. Most physical casinos are still closed, that's the reason why the number of gamblers playing online is increasing. But not necessarily crypto online gambling as most of them are not yet familiar how to use crypto gambling websites. But that's a good start, as when they learn how to use crypto in gambling, I believe they will stay for a while as physical casinos are not safe even after the lockdown is lifted.

[maydna]

~snip~

Then definitely we will see some good result on the altcoins market, especially on the major coins which gamblers will be using due to its good liquidity rate. As bitcoin is not affordable anymore in terms of fees, then that would be the scenario we witness in the future, and I think it's wise to think of investing at the moment.

Hopefully, that will happen soon, and that can be a sign for the altcoin to rise as the using of the altcoin in the gambling games will be high too. Investing in the altcoin will be another option now as we can wish that after bitcoin halving, the prediction to see bitcoin price increase will be wide open so that the altcoin will be increased too.

~snip~

Good for the whole market in overall, this way not only bitcoin will grow and with the increasing demand of altcoins, we might see its dominant rate to increase and we know what would result to the market if we will see it increase.

Yes, when the demand of the altcoin in the gambling business increase, that can trigger the market to increase, and that can make the price to move and break the higher price. The market will change in the rest of this year, so we might see some surprise from the bitcoin and altcoin, especially with the altcoin which has a good position now.

~snip~

Maybe, but this is then effect of halving on gamblers and their preferences in.using this or other cryptocurrency but I don't think there is impact of having on online casinos.
They develope further their business and their services according to the profit they make and their business plan not what halving brings.
Although, so far we can't see some bigger impact of halving mot on Bitcoin price neither on something else like online casinos.

There should be an impact for the gamblers, but maybe there is no impact on the online casino as they are running their business, and they want to make a profit from the gamblers. The online casino will still run their business with or without the halving, and they will not have the problem with that. But the bitcoin price will get the impact of the halving, and it's on the way to happen, but the impact will not happen shortly.

[btc_angela]

I think if we keep the keys 2fa to protect our wallet when playing Bitcoin and Crypto Casino they will be much safer and less likely to be hacked This will keep our data very secure. Bitcoin has also had an impact on online casinos as the price of Bitcoin has risen and many are turning to gamble. Gambling is changing and demand is increasing In the case of online gambling when the price of currencies goes down the demand for gambling goes down.

Imo the demand for gambling doesn't always go down whenever Bitcoin's price go down I think there's less correlation between the two because there are gambling sites that continue to grow despite the price swinging back and forth. It might be even better if it's the other way around because you get more bitcoin and the minimum deposit/withdrawal would be much cheaper as bitcoin casinos usually have a fix minimum.

Exactly, and if we go on that argument, then bitcoin or crypto related casino should have die when we reach all-time-high last 2017. This article is probably just hyping the casino itself and just throwing his argument around the bitcoin halving to fit his narrative. But for the usual online gamblers, they know everything, if the fees goes high, then switch to altcoins. That's why we have seen lots of altcoins grow and thrive because they capture online gamblers, not as investors, but uses their coins to continue playing around when bitcoin fees are very high.

[serjent05]

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.

I don't see any gain during the halving if the gambler continue to bet and losing.  Unless that person won a huge amount and stop betting and wait for the price of bitcoin to skyrocket before converting it to fiat currency.  So I guess I share the same thought with you.

[Fundamentals Of]

It would be nice if the gambling casinos are releasing a comparative data of their income during pre and post halving. If they are interested, anyway.

I doubt any online crypto casino would divulge such information to the public. They will hide as many data as they can even from the authorities.

Rough data would do. I guess it won't mean much if they would only release figures in percentage. After all, they are legally registered and licensed casinos. Theirs are open books to the authorities and are regularly audited. We've seen figures in percentage such annual growth rate, rate increase in bettors, etc. Again, if Bitcoin halving effect to their business is something that is of interest to them.

[masulum]

I think bitcoin halving has a positive effect on online casinos, because according to a survey that I saw on the internet.

I'm trying to find any survey about this effect, but i don't find anything. Maybe you can provide me a link of this survey? Because i'm not sure if Halving give a significant impact for casino's. Of course, many members say they can hold from winning to get more profit later. But, it's not really the main point.If you provide me the link, it will help me to know something new from the halving as a fundamental issue for online casino's.

[Bttzed03]

I think bitcoin halving has a positive effect on online casinos, because according to a survey that I saw on the internet.

I'm trying to find any survey about this effect, but i don't find anything. Maybe you can provide me a link of this survey? Because i'm not sure if Halving give a significant impact for casino's.

Yes, provide the link please. I am also interested what the survey covered. Like what were the questions asked? Did the participants really say they switched to online gambling mainly because of the halving and the potential gains? Or was it only because it is more convenient to deposit bitcoin than fiats?

~
Rough data would do. I guess it won't mean much if they would only release figures in percentage. After all, they are legally registered and licensed casinos. Theirs are open books to the authorities and are regularly audited. We've seen figures in percentage such annual growth rate, rate increase in bettors, etc. Again, if Bitcoin halving effect to their business is something that is of interest to them.

What's reported to authorities/auditors are $$$. Data such as number of bettors is internal. If they do release growth rates, it would probably be for marketing.

[Debonaire217]

My perception about how bitcoin halving could possibly affect online casinos is when market price of bitcoin increases. That's the only reason I can think of, because in this time when we just had a bitcoin halving, people are always correlating it to have positive effects on almost everything, when in fact, bitcoin halving made some miners quit their jobs because of high electricity and lower bitcoin rewards. In terms of online casinos that utilizes bitcoin, I think most of the gamblers will still rely on the dollar conversion of bitcoin because that's how they earn a profit, most gamblers (including me) aren't really betting thinking of the intrinsic value of bitcoin but with it's dollar conversion. So if you have bought so much bitcoin today and price rocketed after 2 years, you have allot of bitcoins to enjoy playing.

[BitcoinTurk]

As I mentioned in my previous posts, I expect the following effects to be seen on online gambling services after the halving process.

Alternative Payment Methods: Due to the increasing number of transactions in the Bitcoin network and mining power, mining commissions paid for transactions will increase. If this increase reaches substantial amounts, users will demand alternative methods to ship with cheaper commission. This would be a very bad disadvantage for services that only provide the opportunity to gamble with Bitcoin.

Low Commission Competition: As I mentioned in the upper factor, the withdrawal transaction fee demanded by the websites will increase due to the increasing miner fees. In this case, users will prefer the service with the lowest amount of this commission as well as the quality service. This, in turn, will result in the loss of customers of services that provide withdrawal with a high commission.

Opportunity to Play with BTC Balance: The services that provide gambling service with the amount of Bitcoin sent will benefit from this advantage. The services that demand money with Bitcoin but transfer the balance in USD, EUR or similar currency after the money investment will cause loss of customers for this reason.

[Ifra24]

My perception about how bitcoin halving could possibly affect online casinos is when market price of bitcoin increases. That's the only reason I can think of, because in this time when we just had a bitcoin halving, people are always correlating it to have positive effects on almost everything, when in fact, bitcoin halving made some miners quit their jobs because of high electricity and lower bitcoin rewards. In terms of online casinos that utilizes bitcoin, I think most of the gamblers will still rely on the dollar conversion of bitcoin because that's how they earn a profit, most gamblers (including me) aren't really betting thinking of the intrinsic value of bitcoin but with it's dollar conversion. So if you have bought so much bitcoin today and price rocketed after 2 years, you have allot of bitcoins to enjoy playing.

After BTC halving prices until now dropped. The casino could be quiet, because many people sell assets and save USDT, but the casino can open a pair of USDT to casino games. Or some way in my opinion if the casino has an exchange rate adjusting the price of BTC I think they will compose their prize. This makes the income will not change. But this is just my crazy idea and might be interesting because prizes adjust BTC price. Whether online casino will lose, I think not. With this system I think many people will be interested and join.

[Bttzed03]

As I mentioned in my previous posts, I expect the following effects to be seen on online gambling services after the halving process.

Alternative Payment Methods: Due to the increasing number of transactions in the Bitcoin network and mining power, mining commissions paid for transactions will increase. If this increase reaches substantial amounts, users will demand alternative methods to ship with cheaper commission. This would be a very bad disadvantage for services that only provide the opportunity to gamble with Bitcoin.

Low Commission Competition: As I mentioned in the upper factor, the withdrawal transaction fee demanded by the websites will increase due to the increasing miner fees. In this case, users will prefer the service with the lowest amount of this commission as well as the quality service. This, in turn, will result in the loss of customers of services that provide withdrawal with a high commission.

Opportunity to Play with BTC Balance: The services that provide gambling service with the amount of Bitcoin sent will benefit from this advantage. The services that demand money with Bitcoin but transfer the balance in USD, EUR or similar currency after the money investment will cause loss of customers for this reason.

I get the points 1 & 2. I'm not so sure about point 3.

1. There are already online crypto casinos offering other payment methods like Doge, Eth, and Ltc. Those who offer only bitcoin deposits still have an option to implement LN like some casinos do.

2. Someone posted in the previous comments the decision of Fortune Jack to waive fees for all BTC transactions. This is in light with the recent effect of the halving (read it here). Established online bitcoin casinos might follow suit too if their customers would request for it.

Anyway, the recent increase is only temporary. the transaction fees have settled down if you look at the mempool now https://jochen-hoenicke.de/queue/#1,8h

[ethereumhunter]

If people don't want to use bitcoin to gamble, they can use those coins as if they send the coin to the gambling website don't need to pay a high fee as bitcoin. We know that now to send some bitcoin will need a high fee, higher than before the halving, so that can make gambler to use the other coin as you mention. People will free to choose what coin they want to gamble, and they will have so many options of gambling website to play the games and to deposit their money.

[Rengga Jati]

Online gambling sites are increasing, moreover, they also spread using the cryptocurrency as the payment or transaction. Moreover, Bitcoin is a great digital currency that makes many online casinos are interested to accept this BTC for payment or transaction. But, is there really any correlation about the BTC halving and the online casinos? Does it mean the price of BTC really influence?

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.

I don't think that hackers cannot hack our Bitcoin wallet. We can search from many sources that there are several cases of stealing BTC from the wallet. They may not have our Private key, but, they are hackers. they can learn many things and they are smart. If they find just a little gap, it can be a smooth way for them to hack the site and steal our Bitcoin very easily. In fact, Binance which is known as the largest exchange alone can be hacked and lost more than $ 40M Bitcoin. So, never only think that our assets will be safe from hackers. We must be more careful even using the BTC for casinos.

[semobo]

Cryptos are easily spendable on online casinos and it gives more convenience while playing here so people adopt for decentralized currencies to get better gambling experience and especially after this halving the price may increase which makes the bitcoin to be more popular among the gamblers so it is going to be positive effect on online casinos and even for bitcoin itself.

[Bttzed03]

~

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.

I don't think that hackers cannot hack our Bitcoin wallet. We can search from many sources that there are several cases of stealing BTC from the wallet. They may not have our Private key, but, they are hackers. they can learn many things and they are smart. If they find just a little gap, it can be a smooth way for them to hack the site and steal our Bitcoin very easily. In fact, Binance which is known as the largest exchange alone can be hacked and lost more than $ 40M Bitcoin. So, never only think that our assets will be safe from hackers. We must be more careful even using the BTC for casinos.

I don't know if you really understood the context of my comment. Read the OP again.

Cryptos are easily spendable on online casinos and it gives more convenience while playing here so people adopt for decentralized currencies to get better gambling experience and especially after this halving the price may increase which makes the bitcoin to be more popular among the gamblers so it is going to be positive effect on online casinos and even for bitcoin itself.

Do you think online gamblers are bitcoin speculators too?

[semobo]

Cryptos are easily spendable on online casinos and it gives more convenience while playing here so people adopt for decentralized currencies to get better gambling experience and especially after this halving the price may increase which makes the bitcoin to be more popular among the gamblers so it is going to be positive effect on online casinos and even for bitcoin itself.

Do you think online gamblers are bitcoin speculators too?

IMO, yes. Because whenever the price of bitcoin increases we can see more and more online casinos and more gambling activity than the bear market and literally most gamblers are here for money.