BTC price VS gambling

[XZERO1]

FEES!

^This, apart from the higher fees that everyone should pay to send btc to casinos, it would make no difference to me, so it's not exactly the fact that the price is going up that stops me from using Bitcoin to gamble, but the fees are the main problem here since they also increased just like the price of per BTC.

I also think you should always have two separate stack for your investment and your gambling, so you could just not use the BTC that you had stored in your wallet for long/mid-term investment and instead use the stack that you bought with Fiat to be able to gamble online more easily, that way you will have both your investment and some btc to use for gambling on casinos.

[michellee]

Many of us decide to stop using bitcoin for gambling after the price increase of more than $30-$40. At this moment, we can hold bitcoin and wait for the next high price rather than use it for gambling because that will be profitable for us to do that thing. We can use the other coins such as dogecoin, trx, eos, or another low price coin to gamble because that will not have a big effect on us if we lose for some amount. But if we still use bitcoin, and suddenly we lose that bitcoin, that will be sad to us, especially if we use it for just 0.001 btc because that amount will worth it right now.

[Jemzx00]

I still have a little balance in some of the gambling sites, but if I lose all of them, I don't know if I would still deposit bitcoin because the price is insanely high and so as the transaction fee.

For me, it's time to save your bitcoin now rather than spending it in gambling, if you have extra money of course you can but always consider bitcoin as the most precious asset that is not good for gambling purposes at this time.

Same, I rather invest what I have and hold until everything settles before I start gambling again in the normal way. I'm currently enjoying my funds left of various gambling sites and try to maintain and have fun. I've been doing small bets for awhile now and up until now, I have managed to profit a little and maintain on some gambling sites. Unfortunately, I have lost all my funds on one of dice gambling site which I mainly play on.
Investment and holding, for me, is the most efficient way to maintain and profit on bitcoin as of now.

[ralle14]

I'm one of the few guys that still using bitcoin, as long as there's casinos that allows me to pay for low fees (sometimes free) and at the same time accept deposits instantly I don't see much reason for me to switch even if the price goes to $50k or more. I think i've mentioned this in a different thread but as much as possible I prefer to have my coins in bitcoin since it's a struggle for me to cashout altcoins in fiat. 

[ReiMomo]

I'm one of the few guys that still using bitcoin, as long as there's casinos that allows me to pay for low fees (sometimes free) and at the same time accept deposits instantly I don't see much reason for me to switch even if the price goes to $50k or more. I think i've mentioned this in a different thread but as much as possible I prefer to have my coins in bitcoin since it's a struggle for me to cashout altcoins in fiat. 

How can you manage the high fees?

I have a few bitcoins and also altcoins, but I realized when I send my bitcoin to the gambling casino, there is already my loss, the transaction fee which is the most the same problem after all. I guess, the best way for now if you really wanted to gamble is using altcoins or using your fiat if you want. I can't take the high fees on both bitcoin and ethereum, it cost approximately $5-$10 sending your bitcoin on the site. I guess you need a big capital to cover your all transaction fees.

[coin-investor]

I am playing on Betfury glad that they offer Tron, so it becomes my choice of coin to deposit I save a lot on fees and it took minutes to confirm, the last time I deposit Bitcoin I'll have to wait 24 hours before I confirmed my transaction, and with the value going up I prefer to keep my Bitcoin on my wallet.

[Russlenat]

I am playing on Betfury glad that they offer Tron, so it becomes my choice of coin to deposit I save a lot on fees and it took minutes to confirm, the last time I deposit Bitcoin I'll have to wait 24 hours before I confirmed my transaction, and with the value going up I prefer to keep my Bitcoin on my wallet.

That was because the transaction fee maybe is small.

The price of bitcoin now does not give the gamblers a chance to gamble more, look at the market, it looks like bitcoin is heading to $50,000.. that's a new success and more price increase to come which again makes the transaction fee to be expensive.

I barely use TRON for gambling, I can't remember anymore the fee, if you can share, may I know how much is the fee per transaction?

[Pmalek]

My favourite two coins to gamble with used to be bitcoin and ethereum. I said 'used to be' because the congested networks of both coins makes it difficult to deposit in a fast and cost-effective manner right now. I don't have the need to pay $10 transaction fees (or more with ether) to move my money around at the time I need them for my sports gambling.  

Using USDT over the Tron network or Doge is currently the best option. I gamble with those two coins or with fiat.

[Fundamentals Of]

I am playing on Betfury glad that they offer Tron, so it becomes my choice of coin to deposit I save a lot on fees and it took minutes to confirm, the last time I deposit Bitcoin I'll have to wait 24 hours before I confirmed my transaction, and with the value going up I prefer to keep my Bitcoin on my wallet.

Using Tron can minimize the fees that we should pay when we deposit, and if we use Tron to gamble, our losses will not be too big in bitcoin, so I think we can play longer. Even if we can play longer, that will not be advisable to do that thing because if we lose too much money, that can be the same as we lose by using bitcoin. So no matter what coin we use to gamble, we need always to remind ourselves that we need to control ourselves in gambling.

Whichever cryptocurrency we prefer in gambling, it will most likely still end up in a loss. And even if you are using Tron, Doge, Litecoin, XRP, etc, they all have Bitcoin value. So it does not really matter. But then it really helps if a gambling site is not just accepting Bitcoin only. You are correct that altcoins such as Tron (TRX) will really help gamblers move funds with ease and very cheap fees. It keeps us gambling despite the rising value of Bitcoin and its fees.

[Cling18]

The cost of tranferring BTC from one palace to another costs a lot. I use altcoins like XRP or whatever is available on the gambling site as much as possible to cut this cost. There are a lot of alternatives aside from Bitcoin, this is one of the disadvantages of the bull market for microtransactions.

[$crypto$]

My favourite two coins to gamble with used to be bitcoin and ethereum. I said 'used to be' because the congested networks of both coins makes it difficult to deposit in a fast and cost-effective manner right now. I don't have the need to pay $10 transaction fees (or more with ether) to move my money around at the time I need them for my sports gambling.  

Using USDT over the Tron network or Doge is currently the best option. I gamble with those two coins or with fiat.

It is true that in the past these two coins were the most used in gambling but since the increase occurred and the network became congested and the fees soared, for ETH networks under 100 gwei of gas it would not work because it cost above $ 10 so for us small gamblers of course the $ 10 money is so valuable that you can even play a few slots in the contest to win, all of which are now reversed and small coins are the most widely used option.

TRX, DOGE, XRP, USDT-trc as my choice, I have not used BTC and ETH in gambling for more than a month because of the very high fees.

Perhaps the big gamblers won't mind their fees.

[acquafredda]

I'm one of the few guys that still using bitcoin, as long as there's casinos that allows me to pay for low fees (sometimes free) and at the same time accept deposits instantly I don't see much reason for me to switch even if the price goes to $50k or more. I think i've mentioned this in a different thread but as much as possible I prefer to have my coins in bitcoin since it's a struggle for me to cashout altcoins in fiat. 

Out of curiosity, where do you get free withdrawals? AFAIK no platform gives this option.
Like you, I prefer to always stay in Bitcoin because exchanging along the way only allows me to lose both withdrawal and exchange commission fees. Better stick to the old bitcoin (playing were single satoshis are accepted) 

[Becky666]

<snip>
Are you still playing with Bitcoin, or have you switched to another coin due to a rise?

Thanks,
Karl from Bitcasino

I could still remember my view about the thread but now have realize my fault by using the said Bitcoin wrongly these years. Sometime this year i calculated my Bitcoin base on my games and discovered that i was on the wrong part, there are much more suitable coins that can be use for gambling than just wasting a valuable coin like Bitcoin. I have since switched from using Bitcoin to TRON becasue most gambling platforms accept this coins.

Happy Sunday, Karl.

[jostorres]

It is true that the price of bitcoin affects gambling if the price of Bitcoin goes up the amount of profit in gambling will increase gamblers make more profit by gambling with bitcoin than other currencies but often rely on luck the risk of gambling with bitcoin is much lower. Gambling is possible for short term and long term investments in these currencies and even if prices fall, they will rise again bitcoin is more profitable than fiat currency.

Honestly speaking when Bitcoins goes up then almost every coin goes up as you can see all the coins are going up now days so I mean gamble in any coin you are going to be happy because the lose you might have would be covered by the rise in the prices of the coins. One coin that I was very upset with was ripple but even that is doing good right now.

As a gambler I don't change betting amounts much with the prices ups and downs in Bitcoins because I have some balance which I have since months gained by a raffle and I play around it and even if I lose I don't bet much either ways and the balance is almost the same.

[doomloop]

Some time ago, last October, I asked you if BTC price increase has affected your gameplay somehow. Back then, it wasn't a problem for most of the users who replied.

Well, today the BTC price is almost $50K. I was just wondering, how are things now.
Are you still playing with Bitcoin, or have you switched to another coin due to a rise?

I don't bet big and hence I switched to altcoins like TRX and XRP sometime ago for my gambling because the transaction fees was out of control and another thing which prompted me to switch the coins for betting was confirmation timing.

I used to play in so many sites that a few days back I logged in to my old account and found that I had some like 3mBTC there and when I used to play earlier it was not much but now its pretty huge. I am sure people who still gamble in bitcoins itself must have lowered their betting amounts because we are not talking about 10-12k but 50k!

[electronicash]

I'm one of the few guys that still using bitcoin, as long as there's casinos that allows me to pay for low fees (sometimes free) and at the same time accept deposits instantly I don't see much reason for me to switch even if the price goes to $50k or more. I think i've mentioned this in a different thread but as much as possible I prefer to have my coins in bitcoin since it's a struggle for me to cashout altcoins in fiat. 

Out of curiosity, where do you get free withdrawals? AFAIK no platform gives this option.
Like you, I prefer to always stay in Bitcoin because exchanging along the way only allows me to lose both withdrawal and exchange commission fees. Better stick to the old bitcoin (playing were single satoshis are accepted) 

i doubt there is a platform that will allow you to just withdraw BTC for free. sending BTC alone will ask a fee, there is a fee even using the LN. $10 is already high for me but this isn't just 5K satoshis. high fees this had been a problem every time there is a bull market where users are apt to spend or gamble. 

TRON has become the new token that used for casinos already this is a reason why casino should at least have the option of TRX.

[qwertyup23]

Happy Friday, gamblers

Some time ago, last October, I asked you if BTC price increase has affected your gameplay somehow. Back then, it wasn't a problem for most of the users who replied.

Well, today the BTC price is almost $50K. I was just wondering, how are things now.
Are you still playing with Bitcoin, or have you switched to another coin due to a rise?

Thanks,
Karl from Bitcasino

Oh definitely! The skyrocketing of the price of bitcoin definitely forced me to switch using my cash instead. I feel like the more that I use my bitcoins in gambling, the more that I lose on its value on long-term.

I started gambling some of my bitcoins back in 2018 when I first earned them through campaign signatures. Back then, 0.01 btc was equivalent to around $40 (1 btc = $4,000). I used to gamble them away and I did not care at all on its value. Now it is a different story as 0.01 btc equates to almost ~$500. You can obviously see the price discrepancy the amount of money I would have saved if I did not use my bitcoins.

As I learned my lesson, I will be saving them and HODL for long-term investment in order to maximize my profits more.

[TheGreatPython]

I still have a little balance in some of the gambling sites, but if I lose all of them, I don't know if I would still deposit bitcoin because the price is insanely high and so as the transaction fee.

You might want to use https://cryptogamblers.pub/logon if the site you play supports them, basically they exchange your bitcoins and other coins with like 5% fees which is pretty awesome way to convert and withdraw your bitcoins now days. I was having the same problem few days back at stake and I just used their service and it was instant. I am not associated with the link I gave but because I like their service I am sharing it.

it's time to save your bitcoin now rather than spending it in gambling, if you have extra money of course you can but always consider bitcoin as the most precious asset that is not good for gambling purposes at this time.

For sure and I already regret losing money in past on gambling which would have been really significant now, like I had around 50000 dogecoins at a time in past which I blew away for fun and today its worth more than $3000 which means the whole world to me now. So, losing even 0.001 today might be a big regret tomorrow and so even I am not blowing them.

[Ryker1]

it's time to save your bitcoin now rather than spending it in gambling, if you have extra money of course you can but always consider bitcoin as the most precious asset that is not good for gambling purposes at this time.

For sure and I already regret losing money in past on gambling which would have been really significant now, like I had around 50000 dogecoins at a time in past which I blew away for fun and today its worth more than $3000 which means the whole world to me now. So, losing even 0.001 today might be a big regret tomorrow and so even I am not blowing them.

Well, if you cant manage your losses in gambling, -- it means gambling was not meant for you.
I won't regret if I lose hundreds of dollars in gambling and if I spend hundreds of dollars in gambling because, in the first place, I know that the amount I have spent is what I can afford to lose. Technically, win or lose I already prepare for those consequences that may happen in the future. So, if that is all about bitcoin price high, it does not matter as long as I am at the limit of spending my money. However, switching into altcoins for the sake of fee, in switching your bitcoin to altcoins it required fees, right? Why not directly use bitcoin.

[magneto]

Actually, transaction fees aren't that bad if you were just willing to wait for a bit and use native Segwit wallets.

The bulk of the fees incurred come from the casino's end. For that, just go with a casino that doesn't charge exorbitant tx fees (and pays market fees based on fluctuations in the mempool).

So I'm definitely still playing in BTC. I don't think that you should switch to ETH/LTC solely because of fees, because the conversion fees for your funds could already outweigh any fee savings you get nominally. You should only imo use them if a) You have an existing holding of these alts and b) You need faster confirmation times (although a few casinos already offer 0 confirmation deposits anyhow).