BTC price VS gambling

[Oasisman]

I think in the past they are allowing, but now that they see the risk, they don't allow it anymore. The risk here is that, once they make a deposit, they can put a little fee so it will not confirm right away, gamble the credits and if that bet will lose, they will just double spend it, that's so clever from the gambler's side so gambling sites have to also adjust.

At this stage that blockchain is congested, 1 confirmation sometimes takes too long if you don't put enough fee, so it would still not help you if you are in a rush of gambling, better use altcoins instead.

Most gambling website may not have that same feature that credits your deposits right away even without 1 confirmation.
It could be abused.
He can use Bitcoin to gamble even If he's rushing anyway, just check the mempool traffic and fees. If tx fees are high then that will be the time to use either of the altcoins.
Last week was a hell for all Bitcoin owners because the fees are extremely high caused by the black out in China, but right now medium fee ranges only at $1 ~ $3. So, that means you could transfer Bitcoin to gambling website or vice versa at lower priority and gets confirmed after a few minutes to one hour.

[KTChampions]

Yes, $ 6 is a small amount, but compared to the amount of money I’m going to lose, it matters so I will definitely try to save it. In addition, do not forget about the execution time - usually casinos require several confirmations, and I think that in modern conditions it is irrelevant to wait for a transaction to be completed for almost an hour.

I also do not want to shelve that amount and don't want to wait for hours to roll the dice, I don't have the luxury to wait for my transaction to confirm, it's better to use Tron I can play within 5 minutes or less and I have to only spend 1 to 5 cents for my transaction, for small players like me that $6 is worth a lot, there was a time I play with only $5 in my dashboard.

Yes, many players play on micro stakes just for fun or to test some strategies in real conditions (this is very correct since bet simulators can give incorrect results). Obviously, they are not ready to pay a commission comparable to the deposit being made.

[STT]

caused by the black out in China

BTC being caused a problem by one part of the world being low power is a bit worrying, Im sure its more then that but it didnt help discourage this current pullback in reason by showing something of a flaw and over reliance on one area of the world perhaps.   The lower fees now should be occurring all the time really, BTC has to advance in more then just pricing or I think it slips back having failed to make the most of the attention and potential investment.   Everything int he world is a gamble right now relatively so it helps elevate industries maybe more often avoided by the mainstream in normal times, its an opportunity not a gift because it will be taken back if not used to build better.

if you are in a rush of gambling, better use altcoins instead.

It might help the larger sites to retain some capital because of how much more difficult it is to withdraw and then in future deposit, better to just keep it the one place you know you will come back to.   The smaller and newer sites will likely suffer to a greater extent from additional discouragement.

[ralle14]

I think in the past they are allowing, but now that they see the risk, they don't allow it anymore. The risk here is that, once they make a deposit, they can put a little fee so it will not confirm right away, gamble the credits and if that bet will lose, they will just double spend it, that's so clever from the gambler's side so gambling sites have to also adjust.

I guess Russlenat is referring to Sportsbet since they're one of the few sportsbook/casino that instantly credits your bitcoin deposit with no confirmation and at the same time they require confirmation on withdrawals. If they'd try to double spend the deposit their account would get locked right away and they'll have to message support to clear the issue.

It could be abused.

I agree it can be abused but these casinos already have a solution against it.

[swogerino]

In addition, do not forget about the execution time - usually casinos require several confirmations, and I think that in modern conditions it is irrelevant to wait for a transaction to be completed for almost an hour.

Afaik most casinos only require one confirmation on bitcoin deposits and sometimes there are other casinos that require a few more for withdrawal requests.

I rarely play with altcoins but I think they're the ones that require several confirmations since the block times are much faster.

Well usually casinos offers instant deposits and you can start playing right away.They only want a few confirmations before withdrawing and this amount is usually 3 confirmations.In case you win you just wait for the 3 confirmations and then can withdraw instantly.

[Smartprofit]

Everything is on the rise the past few months, thus any coin is "expensive" to use. I am still using Bitcoin for my gambling purposes, while sometimes I've also used Dogecoin, no other coins apart from these two. I'm skeptical about using BTC for any new deposits in casinos' due to high transaction fees. Currently using my balance, trying not to lose it since I can't afford multiple deposits.

I think pretty much most users are in the same boat as you are, we do not want to make a transaction to the casino because we know how expensive it is going to be to get our coins there especially if we only want to gamble with a small amount of money, and despite all of those inconveniences the gambling activity during the pandemic saw a huge increase, which is good but I wonder how much money was wasted on fees over those months when the price of bitcoin was increasing and creating a new ATH almost every day.

Yes, as a rule, two confirmations are enough to understand that the transaction will not be recalled by the payer. 

As for the high fees associated with the rise in bitcoin prices, the logical solution to this problem is to use altcoins. 

Since January 2021, I have created many wallets for various alternative cryptocurrencies (Bitcoin Cash, Litecoin, Dogecoin, Ethereum Classic), which allows me to pay small commissions and save money to participate in interesting gambling. 

Bitcoin - maximalists believe that only Bitcoin has practical value, and no one needs alternative cryptocurrencies. 

However, it is not.  In many situations, the use of alternative cryptocurrencies is the optimal solution.

[Ziskinberg]

Everything is on the rise the past few months, thus any coin is "expensive" to use. I am still using Bitcoin for my gambling purposes, while sometimes I've also used Dogecoin, no other coins apart from these two. I'm skeptical about using BTC for any new deposits in casinos' due to high transaction fees. Currently using my balance, trying not to lose it since I can't afford multiple deposits.

I think pretty much most users are in the same boat as you are, we do not want to make a transaction to the casino because we know how expensive it is going to be to get our coins there especially if we only want to gamble with a small amount of money, and despite all of those inconveniences the gambling activity during the pandemic saw a huge increase, which is good but I wonder how much money was wasted on fees over those months when the price of bitcoin was increasing and creating a new ATH almost every day.

Yes, as a rule, two confirmations are enough to understand that the transaction will not be recalled by the payer. 

As for the high fees associated with the rise in bitcoin prices, the logical solution to this problem is to use altcoins. 

Since January 2021, I have created many wallets for various alternative cryptocurrencies (Bitcoin Cash, Litecoin, Dogecoin, Ethereum Classic), which allows me to pay small commissions and save money to participate in interesting gambling. 

Bitcoin - maximalists believe that only Bitcoin has practical value, and no one needs alternative cryptocurrencies. 

However, it is not.  In many situations, the use of alternative cryptocurrencies is the optimal solution.

Not an optional solution only but the best solution in this situation. Bitcoin will always remain as the best coin in the market, however, its use for the transaction is not any more practical given the high fees, it will not help the volume of gamblers which majority are just gambling with a small amount, bitcoin fees now will definitely discourage them if they will not look for altcoins to gamble.

[Eureka_07]

<snip>
Well usually casinos offers instant deposits and you can start playing right away.They only want a few confirmations before withdrawing and this amount is usually 3 confirmations.In case you win you just wait for the 3 confirmations and then can withdraw instantly.

As far as I know, in order for you to get and be able to "use" your withdrawals, you will be needing more than 3 confirmations from the blockchain of bitcoin. As I understand it, it is different from instant deposits in which most of the time 1,2, or 3 confirmations are enough to have the deposits credited to your casino wallet. 

[mirakal]

<snip>
Well usually casinos offers instant deposits and you can start playing right away.They only want a few confirmations before withdrawing and this amount is usually 3 confirmations.In case you win you just wait for the 3 confirmations and then can withdraw instantly.

As far as I know, in order for you to get and be able to "use" your withdrawals, you will be needing more than 3 confirmations from the blockchain of bitcoin. As I understand it, it is different from instant deposits in which most of the time 1,2, or 3 confirmations are enough to have the deposits credited to your casino wallet. 

3 confirmations are just the minimum requirement, probably the standard, but in terms of deposit, 1 confirmation is already enough, a gambler can already see his deposit and he can start gambling right away, that's a marketing strategy of a gambling site as they want to attract more gamblers to play.

[Beparanf]

<snip>
Well usually casinos offers instant deposits and you can start playing right away.They only want a few confirmations before withdrawing and this amount is usually 3 confirmations.In case you win you just wait for the 3 confirmations and then can withdraw instantly.

As far as I know, in order for you to get and be able to "use" your withdrawals, you will be needing more than 3 confirmations from the blockchain of bitcoin. As I understand it, it is different from instant deposits in which most of the time 1,2, or 3 confirmations are enough to have the deposits credited to your casino wallet. 

3 confirmations are just the minimum requirement, probably the standard, but in terms of deposit, 1 confirmation is already enough, a gambler can already see his deposit and he can start gambling right away, that's a marketing strategy of a gambling site as they want to attract more gamblers to play.

Even an unconfirmed transaction as long as it was already visible on the blockchain, Casino already credit the deposit just like on sportsbet, FJ and PD but some casino like bitsler has some special condition like checking the trust score first of the account in able to credit deposit without confirmation since double spending on Bitcoin is a bit not possible now on the current code.

[freedomgo]

<snip>
Well usually casinos offers instant deposits and you can start playing right away.They only want a few confirmations before withdrawing and this amount is usually 3 confirmations.In case you win you just wait for the 3 confirmations and then can withdraw instantly.

As far as I know, in order for you to get and be able to "use" your withdrawals, you will be needing more than 3 confirmations from the blockchain of bitcoin. As I understand it, it is different from instant deposits in which most of the time 1,2, or 3 confirmations are enough to have the deposits credited to your casino wallet. 

3 confirmations are just the minimum requirement, probably the standard, but in terms of deposit, 1 confirmation is already enough, a gambler can already see his deposit and he can start gambling right away, that's a marketing strategy of a gambling site as they want to attract more gamblers to play.

Even an unconfirmed transaction as long as it was already visible on the blockchain, Casino already credit the deposit just like on sportsbet, FJ and PD but some casino like bitsler has some special condition like checking the trust score first of the account in able to credit deposit without confirmation since double spending on Bitcoin is a bit not possible now on the current code.

Good for them if they are really offering such, I can barely remember if these sites really offer such instant deposit as I have not played a long time ago on FJ and PD, but on sportsbet, AFAIR, they'll not credit your deposit once it's not confirm yet.

[RealMalatesta]

I can barely remember if these sites really offer such instant deposit as I have not played a long time ago on FJ and PD, but on sportsbet, AFAIR, they'll not credit your deposit once it's not confirm yet.

Yeah, most of them require at least 1 network confirmation for bitcoin payments.

If my memory is serving perfectly, I have come across a services which was offering solution for instant deposit through "promo codes". It was working like this: you need to have an account with them and you need to refill your account with any of available coins and then you can generate gambling house specific promo code for your preferred deposit amounts and by using those codes you can get instant deposits to gambling houses' account.

[freedomgo]

I can barely remember if these sites really offer such instant deposit as I have not played a long time ago on FJ and PD, but on sportsbet, AFAIR, they'll not credit your deposit once it's not confirm yet.

Yeah, most of them require at least 1 network confirmation for bitcoin payments.

If my memory is serving perfectly, I have come across a services which was offering solution for instant deposit through "promo codes". It was working like this: you need to have an account with them and you need to refill your account with any of available coins and then you can generate gambling house specific promo code for your preferred deposit amounts and by using those codes you can get instant deposits to gambling houses' account.

I don't know about that, I'm just referring to the basic steps in order for the money to be credited, different gambling sites have different rules but as of now, I'm not anymore seeing a site that credits a deposit without confirmation. Also, IIRC, Sportsbet does process BTC withdrawal before free of charge, I'm wondering if they are still doing the same now.

[2double0]

That's a very good strategy but a little bit complicated for typical gamblers, you are doing a 2 in 1.. win-win on both situation, gambling and trading.. For me, it's not anymore necessary as it might take time before I can withdraw the funds if I would just wait until the price will rise, gambling purpose is just to win, if we can minimize the fees, then better but if I say withdraw, that means cashing it out right away.

It is not a necessity anyway to keep the coins on gambling site and wait till price rise as you can withdraw whenever you want. But I put emphasis on withdrawing it in fiat and when we sell for fiat, I think we should get something extra as perks. So if I know that I am in a bull run and I don't need the funds on hand, I will wait longer to reap more benefits with the bull run.

[freedomgo]

That's a very good strategy but a little bit complicated for typical gamblers, you are doing a 2 in 1.. win-win on both situation, gambling and trading.. For me, it's not anymore necessary as it might take time before I can withdraw the funds if I would just wait until the price will rise, gambling purpose is just to win, if we can minimize the fees, then better but if I say withdraw, that means cashing it out right away.

It is not a necessity anyway to keep the coins on gambling site and wait till price rise as you can withdraw whenever you want. But I put emphasis on withdrawing it in fiat and when we sell for fiat, I think we should get something extra as perks. So if I know that I am in a bull run and I don't need the funds on hand, I will wait longer to reap more benefits with the bull run.

That's good, if you are comfortable doing it, then it should not be a problem. Bullish market or not, it's still hard to predict the price movement as it could change not in our favor or will be in our favor, so if we will only focus on that instead of winning, then we might encounter a problem soon, as instead of being a gambler, we become a trader. 

[Saint-loup]

Everything is on the rise the past few months, thus any coin is "expensive" to use. I am still using Bitcoin for my gambling purposes, while sometimes I've also used Dogecoin, no other coins apart from these two. I'm skeptical about using BTC for any new deposits in casinos' due to high transaction fees. Currently using my balance, trying not to lose it since I can't afford multiple deposits.

I think pretty much most users are in the same boat as you are, we do not want to make a transaction to the casino because we know how expensive it is going to be to get our coins there especially if we only want to gamble with a small amount of money, and despite all of those inconveniences the gambling activity during the pandemic saw a huge increase, which is good but I wonder how much money was wasted on fees over those months when the price of bitcoin was increasing and creating a new ATH almost every day.

Yes, as a rule, two confirmations are enough to understand that the transaction will not be recalled by the payer.  

As for the high fees associated with the rise in bitcoin prices, the logical solution to this problem is to use altcoins.  

Since January 2021, I have created many wallets for various alternative cryptocurrencies (Bitcoin Cash, Litecoin, Dogecoin, Ethereum Classic), which allows me to pay small commissions and save money to participate in interesting gambling.  

Bitcoin - maximalists believe that only Bitcoin has practical value, and no one needs alternative cryptocurrencies.  

However, it is not.  In many situations, the use of alternative cryptocurrencies is the optimal solution.

Not an optional solution only but the best solution in this situation. Bitcoin will always remain as the best coin in the market, however, its use for the transaction is not any more practical given the high fees, it will not help the volume of gamblers which majority are just gambling with a small amount, bitcoin fees now will definitely discourage them if they will not look for altcoins to gamble.

Gamblers will maybe be discouraged to deposit Bitcoins but they will also be discouraged to withdraw their BTC funds, so they will have to let them on the gambling platforms and hence to gamble them there, that's why these high transaction fees are not a real bad thing for crypto casinos in my opinion.

[skarais]

Also, IIRC, Sportsbet does process BTC withdrawal before free of charge, I'm wondering if they are still doing the same now.

I didn't find any update on whether they still provide free withdrawal fee during the increase in transaction fee. Many sites make change and they may still adjust their fee if they are too high.

Gamblers will BTC maybe be discouraged to deposit Bitcoins but they will also be discouraged to withdraw their BTC funds, so they will have to let them on the gambling platforms and hence to gamble them there, that's why these high transaction fees are not a real bad thing for crypto casinos in my opinion.

Meanwhile, we will be hearing a lot of complaint coming from players wanting to withdraw and deposit bitcoin to the site due to transaction fee. If the estimated withdrawal amount include only transaction fee, it's worth spending everything there hoping to win something bigger.

[STT]

Self control is a good point, available funds might be too tempting but ideally there is a way to self limit the daily spend for just such reasons.   Obviously some of us like to drink  while playing and what you decide early in the evening can go to pot in the small hours of the morning.   Besides that its possible to just make a mistake, the best site allows crypto of many kinds but also is perhaps offering the dollar bets which is paid for in crypto so you dont have to be doing sums to know the value.  BTC can change 10% in one day like today but thats a good thing if you already got it hence I tend to hold onto more then I need and Im used to not thinking of it as available but I appreciate the dilemma is a real one.

[Saint-loup]

Also, IIRC, Sportsbet does process BTC withdrawal before free of charge, I'm wondering if they are still doing the same now.

I didn't find any update on whether they still provide free withdrawal fee during the increase in transaction fee. Many sites make change and they may still adjust their fee if they are too high.

Gamblers will BTC maybe be discouraged to deposit Bitcoins but they will also be discouraged to withdraw their BTC funds, so they will have to let them on the gambling platforms and hence to gamble them there, that's why these high transaction fees are not a real bad thing for crypto casinos in my opinion.

Meanwhile, we will be hearing a lot of complaint coming from players wanting to withdraw and deposit bitcoin to the site due to transaction fee. If the estimated withdrawal amount include only transaction fee, it's worth spending everything there hoping to win something bigger.

Yes but I don't think casinos are targeting this kind of gamblers when they settle high withdrawal fees because if they are unable to withdraw their funds, those small gamblers won't come back again and won't deposit anymore funds there. I think casinos are mostly targeting average gamblers by doing that, because the average gambler won't stop to deposit just because of that but will be more reluctant to withdraw oftentimes.

[michellee]

Also, IIRC, Sportsbet does process BTC withdrawal before free of charge, I'm wondering if they are still doing the same now.

I didn't find any update on whether they still provide free withdrawal fee during the increase in transaction fee. Many sites make change and they may still adjust their fee if they are too high.

Gamblers will BTC maybe be discouraged to deposit Bitcoins but they will also be discouraged to withdraw their BTC funds, so they will have to let them on the gambling platforms and hence to gamble them there, that's why these high transaction fees are not a real bad thing for crypto casinos in my opinion.

Meanwhile, we will be hearing a lot of complaint coming from players wanting to withdraw and deposit bitcoin to the site due to transaction fee. If the estimated withdrawal amount include only transaction fee, it's worth spending everything there hoping to win something bigger.

Yes but I don't think casinos are targeting this kind of gamblers when they settle high withdrawal fees because if they are unable to withdraw their funds, those small gamblers won't come back again and won't deposit anymore funds there. I think casinos are mostly targeting average gamblers by doing that, because the average gambler won't stop to deposit just because of that but will be more reluctant to withdraw oftentimes.

But they need to withdraw their money sometimes, especially if they can win a lot of money. The casino itself will adjust the withdrawal fees related to the current situation. But we can not deny that the fees to withdraw bitcoin becomes too high. With bitcoin price now coming back to $53k, average gamblers will use the other coins besides bitcoin to prevent the fees that can back to the high again. The casino will understand that situation and maybe they will add the other low coin price to help the gamblers deposit the coin.