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Author Topic: BTC price VS gambling  (Read 2340 times)
Janation
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February 18, 2021, 03:59:31 AM
 #121

The first problem is the transaction fee of course right now if you are going to withdraw Bitcoin there is a very expensive transaction fee you needed to pay first in order to withdraw in regards with the price 1 Bitcoin is still 1 Bitcoin. 0.001 fixed amount I placed is still 0.001 amount I placed.

That is the annoying part.

I am thinking of saving the amount I am using to bet on some games but then I remember that I need to pay for the transaction fee and that is the one that kept me from saving them so out of my annoyance, I bet some of them and when I cooled down, my .006 which I bet .000001 per roll became .009. I guess I'll keep on betting them rather than just withdraw and save them.

Wow, in your case you are winning and it's because of your anoying situation though lets face it, things ain't like that as always, chances that you'll also face losing streak is always possible as you are working inside gambling activity. But it's you who take the action since Bitcoin fee really kills gamblers funds. Just take precuation to avoid losing it all better than anything.

This is one of the best streaks I have so far.

The highest with 13 win streaks with just, I think 10 or 11 lose streaks. Still, I am not planning to withdraw it, maybe I'll just keep on using it in the first place, that funds are occupied for gambling but yeah, I feel so confident all of a sudden. Not just because I have this great win but also because my bets seem expensive  Grin
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traderethereum
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February 18, 2021, 07:13:44 AM
 #122

If the casino can add that feature on their site, I think members will be happy because they can use the altcoin besides litecoin and ethereum to gamble.
That will benefit the casino as they can attract more gamblers to play on their site, especially if their site has many attractive gambling games.
A gambler does not need to deposit using bitcoin, especially if the bitcoin price now is at $51k because many gamblers will think twice to use bitcoin for gambling.
It is an option for the site, but it will really help the gamblers if they can apply those features.
An exchange inside the casino is indeed a good feature but the downside is that the rates aren't always the best so if you're planning ahead of time to gamble with alts it's much better to convert your money from an actual exchange to get the best rates possible. The casino's exchange is only good for a few scenarios like if you want to avoid the withdrawal fees or your balance is below the minimum withdraw.
I send the altcoin to the casino before I start to gamble, which can help me get the best rate from the exchanges.
That can also help me to reduce the fees when I got winning in a gamble in altcoins.
When bitcoin starts to increase in the last year, I reduce my bitcoin use and try to use the altcoins, hoping that I can save my bitcoin and sell at a high price.
It helps me a lot since bitcoin prices really increase to the high price.
But now, I am reducing my time in gambling as I prefer to make more bitcoin from trading.

.
.Duelbits.
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February 18, 2021, 07:36:49 AM
 #123

Of course I keep playing with bitcoin !! It is a mistake to change your betting habits or the size of the bet in relation to your bankroll because the price of bitcoin goes up or down, in reality the relationship should be maintained according to your bankroll, if you have 1000 satoshi a comfortable bet is 1 satoshi , tight 10 and risky 100 sat, regardless of the price of bitcoin.

In the long run it is what defines you in the success of growing your bankroll or at least maintaining it to make wagered and reach vip levels, rakeback or whatever the casino offers you as an additional benefit.

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February 18, 2021, 08:06:46 AM
 #124

The issues with bitcoin is that charge's are quits expensive, playing with bitcoin will really caused much, so I think the Best options is to go through another coins which the fees are lesser than bitcoin, since early this year the Price's of btc has been in increments, so the thing really affects it's transaction in all ramifications even in trading, and I noticed that even the charge's of ethereum has also in increase, what is the caused of these increments

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February 18, 2021, 10:26:50 AM
 #125

I think there is no specific change in the price of Bitcoin with your gambling the only change I see was the huge fees all gambling site have, I always tend to used low-value altcoin to play gambling, or if I am using Bitcoin I sure exchange it first mostly with XRP because we all know stable coins don't really fluctuate that much.


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February 18, 2021, 10:46:21 AM
 #126

I think there is no specific change in the price of Bitcoin with your gambling the only change I see was the huge fees all gambling site have, I always tend to used low-value altcoin to play gambling, or if I am using Bitcoin I sure exchange it first mostly with XRP because we all know stable coins don't really fluctuate that much.

I think there are still let's take a look with the people who hold and earned because of the market volatility they got a profit on their holds and also to the people who bought at the same time just to play gambling is fair enough because the price into a btc/usd is still close enough but to those people who bought a bitcoin and lose because of the market movement still its a loss but the good thing we have right now is on the gambling websites we are using because they set this amounts as a default of USD so we don't get bothered if the amount of the bitcoin goes up but the problem may arise again is the price of the transaction fee time by the time it may increase but if you are using with a fixed value or have a priority in withdrawal good for you.

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.Duelbits.
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February 18, 2021, 04:28:47 PM
 #127

I think there is no specific change in the price of Bitcoin with your gambling the only change I see was the huge fees all gambling site have, I always tend to used low-value altcoin to play gambling, or if I am using Bitcoin I sure exchange it first mostly with XRP because we all know stable coins don't really fluctuate that much.

I think there are still let's take a look with the people who hold and earned because of the market volatility they got a profit on their holds and also to the people who bought at the same time just to play gambling is fair enough because the price into a btc/usd is still close enough but to those people who bought a bitcoin and lose because of the market movement still its a loss but the good thing we have right now is on the gambling websites we are using because they set this amounts as a default of USD so we don't get bothered if the amount of the bitcoin goes up but the problem may arise again is the price of the transaction fee time by the time it may increase but if you are using with a fixed value or have a priority in withdrawal good for you.

I think setting it to USD is not a bad idea so you would not be bothered about the volatility and changes on the market, but I think it is a bother to really convert it for USD if you can play directly with cryptocurrency, I think it will not truly change the way the game works if its casino it will surely have the risk that may cause the big loses of gamblers and not because of the big price of Bitcoin now, the only cause of big amount such as now is the fee for withdrawal.



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February 18, 2021, 05:20:29 PM
 #128

Some casinos switching to altcoins in order to save money, it didn't really heavily affect the nature of most gambling sites like how many people projected it would be a few months back, just a bunch of change in codes and all and it is all bueno. Now what I'm a bit concerned about is the fact that whenever bitcoin rallies up, it takes with it a couple of cryptocurrencies, so higher values means higher fees in the process.
They are just adding an option for their gamblers to have an option to choose the supported altcoins for them to save fees.

Some altcoins can do the processing in a quicker time and with lesser fees, but it all depends on the casino if they will let it happen. Others did it and some are not open to doing it.

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February 18, 2021, 06:35:37 PM
 #129



I think setting it to USD is not a bad idea so you would not be bothered about the volatility and changes on the market, but I think it is a bother to really convert it for USD if you can play directly with cryptocurrency, I think it will not truly change the way the game works if its casino it will surely have the risk that may cause the big loses of gamblers and not because of the big price of Bitcoin now, the only cause of big amount such as now is the fee for withdrawal.



You are right. For me it is best to have my money in USD on the casino right now and if I want to withdraw I would probably choose bitcoins instead of USD. Having the flexibility to choose between FIAT and crypto currencies on the casinos is huge boost for us. If we keep switching into cryptos completely we can make a big profit without winning much in gambling. The volatility in bitcoins at the moment should help us all.

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February 18, 2021, 08:32:31 PM
 #130

Some casinos switching to altcoins in order to save money, it didn't really heavily affect the nature of most gambling sites like how many people projected it would be a few months back, just a bunch of change in codes and all and it is all bueno. Now what I'm a bit concerned about is the fact that whenever bitcoin rallies up, it takes with it a couple of cryptocurrencies, so higher values means higher fees in the process.
They are just adding an option for their gamblers to have an option to choose the supported altcoins for them to save fees.

Some altcoins can do the processing in a quicker time and with lesser fees, but it all depends on the casino if they will let it happen. Others did it and some are not open to doing it.
Most of known gambling sites on this place is offering those altcoin options thats why players wont really be having a problem on playing because they can
switch up coins according to their likes which does have less fees and faster confirmations.

and thats a plus factor into those gambling sites.They wont really able to reach out that popularity if they dont have that kind of feature or option.

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February 18, 2021, 10:15:16 PM
 #131

Just like what happened on ETH where i didnt expect that it would rose up its fees because this is the common altcoin i do switch up when bitcoin fee are high.

Luckily that on the current casino ive been playing does really have lots of altcoin option for you to make a deposit without bothering yourself about fees.
In the past when the transaction charges rises in bitcoin we wanted other coins and now most of the sites accepts multiple coins which is a great initiative because in the past ETH was the go to coin when the transaction price started rising in bitcoin but now it is much worst in ETH and if not for these alternatives i doubt some will continue gambling.

They can still gamble since there's a lot of alternative that they can use in gambling. Maybe there are sites that only accept bitcoin and ETH, but we also have a lot of sites that accepts different kind of altcoins like DOGE and TRON, which transaction fee is not that high compared to BTC and ETH.

This bull run should not be a hindrance for anyone who wants to gamble.

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February 19, 2021, 09:27:43 AM
 #132

Just like what happened on ETH where i didnt expect that it would rose up its fees because this is the common altcoin i do switch up when bitcoin fee are high.

Luckily that on the current casino ive been playing does really have lots of altcoin option for you to make a deposit without bothering yourself about fees.
In the past when the transaction charges rises in bitcoin we wanted other coins and now most of the sites accepts multiple coins which is a great initiative because in the past ETH was the go to coin when the transaction price started rising in bitcoin but now it is much worst in ETH and if not for these alternatives i doubt some will continue gambling.

They can still gamble since there's a lot of alternative that they can use in gambling. Maybe there are sites that only accept bitcoin and ETH, but we also have a lot of sites that accepts different kind of altcoins like DOGE and TRON, which transaction fee is not that high compared to BTC and ETH.

This bull run should not be a hindrance for anyone who wants to gamble.

Exactly, if you want faster and cheaper go for DOGE, in one of the sportsbook I'm using the normal blockchain fee is 1 DOGE or 0.05 usd only at the current price, so you don't need to pay 1$  or $10 to transact, and even small time gamblers can transact anytime as the fees are affordable.




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February 19, 2021, 11:16:02 AM
 #133

If you'll transact from your wallet to a gambling site, transaction fee could sometimes be cheaper but when you transact from gambling sites, that's where you will certainly fee the high transaction fee... some site charge 0.0005 per withdrawal and that is $25 usd at the current price, not all gamblers can pay for that, I mean majority of us will see it as a high fee.
The worst thing about those sites is they use a low fee. but there's still a lot of sites that charge reasonable (or sometimes free) fees. 
One of the most common problem when you do gamble not only on btc price but also with the fees neither you do withdraw on a gambling site or just solely sending out coins from your wallet into the platform.
this is not only in gambling but all the areas that we consider investing or depositing/withdrawing Bitcoin.
Quote
Dynamic fees does have its cons and pros which you can really expect that transfers would really be that fast but somewhat its expensive compared into those
small fees that had been set but getting confirmation or waiting time is just too long.
Most of the sites now has their Set Fees in which favors us when Bitcoin/eth drops value because the fee is really low but when like this that Bullying ? fees will kill our gambling activities.

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February 19, 2021, 08:25:22 PM
 #134

Some casinos switching to altcoins in order to save money, it didn't really heavily affect the nature of most gambling sites like how many people projected it would be a few months back, just a bunch of change in codes and all and it is all bueno. Now what I'm a bit concerned about is the fact that whenever bitcoin rallies up, it takes with it a couple of cryptocurrencies, so higher values means higher fees in the process.
They are just adding an option for their gamblers to have an option to choose the supported altcoins for them to save fees.

Some altcoins can do the processing in a quicker time and with lesser fees, but it all depends on the casino if they will let it happen. Others did it and some are not open to doing it.
Most of known gambling sites on this place is offering those altcoin options thats why players wont really be having a problem on playing because they can
switch up coins according to their likes which does have less fees and faster confirmations.

and thats a plus factor into those gambling sites.They wont really able to reach out that popularity if they dont have that kind of feature or option.
Yes.

And some of them manage to put a feature of switch/exchange for easier conversion. That's making the gamblers to have a quick switch for the altcoins that they want if they're about to withdraw or play.

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February 19, 2021, 09:42:40 PM
 #135

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?

Switched to cash, because all other coins is rising with Bitcoin  Grin

So this is not too wise to spend them in gambling (except maybe poker tournaments) while you can hold and get much more.

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February 20, 2021, 03:52:02 AM
 #136

I'm not ready to gamble my $200 worth of Bitcoin when there is a possibility that this $200 will become $300 or even $400, Bitcoin is now the most valuable asset in Cryptocurrency so I prefer Tron, Doge, and other alternatives, I include the high transaction fee but it's only a secondary reason, I am hodling Bitcoin and trying my luck on altcoins.
I can respect that, the price of bitcoin has been growing significantly during the last year so I can understand that people are afraid that if they gamble their bitcoin right now not only they could lose their bitcoin but any potential profit they could have gotten out of it, but at least in my case the biggest roadblock are without a doubt the fees, you need to pay huge fees to send your money to the casino and in the case that against all odds you happen to be a winner now you need to pay the fees for the casino to send those coins to you reducing your margin of profit significantly.

If we are worried about the bitcoin price that still increases, we can use the other coins such as Dogecoin, Tron, Eos or the other coins to gamble. By using altcoins, we can reduce the fees, and we can save our bitcoin to be sold at the exchange than to just for playing gambling. But using $200 will be too big to be used for playing gambling, and that is our decision to use little money to gamble. We should secure our bitcoin to sell at a high price to profit when the bitcoin price increases so high.
Right now that seems like the only viable option, dogecoin and other coins have very cheap fees and confirmation times that can help us to keep gambling while this bull run is happening, also one of the things that I like about dogecoin is that its value is so low that I get the impression that I am making big bets when in fact I am betting very little money, the only issue is that as we know not all casinos accept dogecoin so this can become a problem for those that gamble in casinos that do not offer this payment option.


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February 20, 2021, 04:43:37 AM
 #137

Some casinos switching to altcoins in order to save money, it didn't really heavily affect the nature of most gambling sites like how many people projected it would be a few months back, just a bunch of change in codes and all and it is all bueno. Now what I'm a bit concerned about is the fact that whenever bitcoin rallies up, it takes with it a couple of cryptocurrencies, so higher values means higher fees in the process.
I think the casino actually makes more money when they offer to play with coins with higher value, because to save transaction fees, players actually deposit it in huge amount instead of small amounts for transaction fees every time, hence when they lose, the casino makes good profits. Some casinos also have a fixed fee system for withdrawal which sometimes is really very high and I think the casino makes some amount off it as well Smiley

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February 20, 2021, 07:03:53 AM
 #138

Some casinos switching to altcoins in order to save money, it didn't really heavily affect the nature of most gambling sites like how many people projected it would be a few months back, just a bunch of change in codes and all and it is all bueno. Now what I'm a bit concerned about is the fact that whenever bitcoin rallies up, it takes with it a couple of cryptocurrencies, so higher values means higher fees in the process.
I think the casino actually makes more money when they offer to play with coins with higher value, because to save transaction fees, players actually deposit it in huge amount instead of small amounts for transaction fees every time, hence when they lose, the casino makes good profits. Some casinos also have a fixed fee system for withdrawal which sometimes is really very high and I think the casino makes some amount off it as well Smiley

That actually makes sense. Even when withdrawing the amount the gambler already has in the wallet, he sometimes think to play a little more to cover up the withdrawal fees but end up losing.
This makes a good profit for the gambling sites. This exact same thing happened with me when I had 0.001 BTC and the withdrawal fees was 0.0006 BTC
I know right!  But I decided to go all in and hoped I would get 1.6x times but ended up losing all the money. I know this is foolishness but it's okay, it was my choice anyway.
But the point is, this is a great way for gambling sites to earn good amount of money.

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February 20, 2021, 09:55:27 AM
 #139

Some casinos switching to altcoins in order to save money, it didn't really heavily affect the nature of most gambling sites like how many people projected it would be a few months back, just a bunch of change in codes and all and it is all bueno. Now what I'm a bit concerned about is the fact that whenever bitcoin rallies up, it takes with it a couple of cryptocurrencies, so higher values means higher fees in the process.
I think the casino actually makes more money when they offer to play with coins with higher value, because to save transaction fees, players actually deposit it in huge amount instead of small amounts for transaction fees every time, hence when they lose, the casino makes good profits. Some casinos also have a fixed fee system for withdrawal which sometimes is really very high and I think the casino makes some amount off it as well Smiley

Casinos does make good money on the withdraw fees by charging higher and when the price of bitcoin rises, the fees are exorbitantly high. Another thing some bets I assume might have reduced playing with bitcoin due to the price surge and people might just want to save it rather than bet and lose them.

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February 20, 2021, 01:25:12 PM
 #140

Fees are incredibly high w/ a mandatory 20 to 30 USD for withdrawal in most casinos an additional 0.0001 fees when depositing (with a very low miner priority ranking), it doesn't matter much to big rollers but casual players who deposit $100 and withdraw at $200 would spend the majority of winnings on fees. I've switched to BCH in gaming, despite disliking forks.
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