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Author Topic: BTC price VS gambling  (Read 2636 times)
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February 20, 2021, 01:32:49 PM
 #141

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.

Its not only about the fee but about the bitcoin price too. Bitcoin is around 57000$ and i don't think many people will prefer to gamble with bitcoin. If you want to gamble, its better to gamble with coins like dogecoin or XRP. You can't imagine the situation of people who use bitcoin in gambling and then see them lose those bitcoins in gambling.

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February 20, 2021, 01:49:43 PM
 #142

I change my mind to store my bitcoin now comparing to using it to play gambling. The bitcoin price movement is really impressive and made me stop to play gambling and maybe it is just for a while. Yeah, honestly I just stop my habit to play gambling a week ago, I just focus on to trade using high leverage to gain a lot of profit. Also, as many people said above me, it is right about fee per transaction, it is already high and I'm not willing to do that. Seem like it is just always a problem when bitcoin price has a high price. There will be many people especially retail trader/investor who will be croon about it.

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February 20, 2021, 02:06:10 PM
 #143

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.

Its not only about the fee but about the bitcoin price too. Bitcoin is around 57000$ and i don't think many people will prefer to gamble with bitcoin. If you want to gamble, its better to gamble with coins like dogecoin or XRP. You can't imagine the situation of people who use bitcoin in gambling and then see them lose those bitcoins in gambling.

Price doesn't matter much IMO as you don't need play with a full bitcoin and can be as low as 100,000 satoshi's, so in general you can play with 57 USD as 1 mBTC or 118 XRP.. however Fees for sending would be few cents for XRP and an average $10 USD for BTC.
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February 20, 2021, 02:57:07 PM
 #144

Happy Friday, gamblers Smiley

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
I really like gambling with Bitcoin and the fees bother me...
for now, I am more focused on playing on gambling sites that accept deposits with coins other than eth and BTC. I don't have a lot of capital, so it's a big loss if I make a small deposit with Bitcoin or Eth.

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February 20, 2021, 03:06:44 PM
 #145

I change my mind to store my bitcoin now comparing to using it to play gambling. The bitcoin price movement is really impressive and made me stop to play gambling and maybe it is just for a while. Yeah, honestly I just stop my habit to play gambling a week ago, I just focus on to trade using high leverage to gain a lot of profit. Also, as many people said above me, it is right about fee per transaction, it is already high and I'm not willing to do that. Seem like it is just always a problem when bitcoin price has a high price. There will be many people especially retail trader/investor who will be croon about it.
You are lucky to be enrolled in a signature campaign for a casino where you don't have to post in the gambling section then!
Because what would you do instead? You would leave your signature campaign or you would continue to gamble?


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February 20, 2021, 10:49:37 PM
 #146

I change my mind to store my bitcoin now comparing to using it to play gambling. The bitcoin price movement is really impressive and made me stop to play gambling and maybe it is just for a while. Yeah, honestly I just stop my habit to play gambling a week ago, I just focus on to trade using high leverage to gain a lot of profit. Also, as many people said above me, it is right about fee per transaction, it is already high and I'm not willing to do that. Seem like it is just always a problem when bitcoin price has a high price. There will be many people especially retail trader/investor who will be croon about it.
You are lucky to be enrolled in a signature campaign for a casino where you don't have to post in the gambling section then!
Because what would you do instead? You would leave your signature campaign or you would continue to gamble?

As for me, I'm lucky to be enrolled in campaign where there's a require posting in gambling boards, I can easily relate because I love gambling in the first place, I don't wanna call it as passion but I'm gambling most of the time, and it's just now that I limit a bit due to high transaction fees.

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February 20, 2021, 11:14:52 PM
 #147

I change my mind to store my bitcoin now comparing to using it to play gambling. The bitcoin price movement is really impressive and made me stop to play gambling and maybe it is just for a while. Yeah, honestly I just stop my habit to play gambling a week ago, I just focus on to trade using high leverage to gain a lot of profit. Also, as many people said above me, it is right about fee per transaction, it is already high and I'm not willing to do that. Seem like it is just always a problem when bitcoin price has a high price. There will be many people especially retail trader/investor who will be croon about it.
You are lucky to be enrolled in a signature campaign for a casino where you don't have to post in the gambling section then!
Because what would you do instead? You would leave your signature campaign or you would continue to gamble?

As for me, I'm lucky to be enrolled in campaign where there's a require posting in gambling boards, I can easily relate because I love gambling in the first place, I don't wanna call it as passion but I'm gambling most of the time, and it's just now that I limit a bit due to high transaction fees.
LOL you're his opposite then Cheesy Besides that it's great to hear that because I see here several members saying they are not gambling anymore while they are in big casinos campaign, so I'm really curious to understand how they handle that. 


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February 21, 2021, 01:21:26 AM
Last edit: February 21, 2021, 01:35:32 AM by STT
 #148

Bitcoin needs to keep improving its efficiency so anyone can use it even small holders for small transactions.  It doesn't have to be down to the price of paying for each coffee separately, there are solutions for that item problem but at present the fees I see are about 20 dollars for usage which is going to discourage casual or mainstream revenue of Bitcoin by normal people.  I mean the average person is not rich just a regular player with an income modest regularly who perhaps who wants to stay liquid and flexible and requires the blockchain to act similarly.
   I do think the price action is elastic because of this, price progression exceeds advancement in utility and required efficiency in the product.   There's a natural cycle where one half of the crypto economy encourages the other to succeed, it will happen but we're talking time here I think.

People talk about BTC going 100k and Im not against that but step outside the focused interest 'bubble' and the world requires a product which serves them not itself or interested parties.   All things are possible but these fees are a red flag that will require us to slow down to work on and fix.    My personal take not just crypto but any business is greater success doesn't come especially via specialist markets it mostly comes from a highly usable easy to utilise product, anything too bulky, slow or awkward will end up being a name left at the side of the road as the world carries on differently with a more humble innovation that provided more for less cost or effort.  


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February 21, 2021, 01:34:06 AM
 #149

Because I am used to playing gambling using BTC, the current increase in the price of Bitcoin does not make me have to change to other coins.
I still play gambling with BTC but I reduce the amount of bets, So actually the increase in BTC didn't have a very significant effect on me. Maybe
other gamblers have a different opinion, but for me it's the same. Maybe withdrawal from gambling platforms that I converted into other coins
to use coins with a cheap withdrawal fee. Usually I use TRX or DOGE to make withdrawals from gambling platforms.

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February 21, 2021, 09:40:55 AM
 #150

Bitcoin needs to keep improving its efficiency so anyone can use it even small holders for small transactions.  It doesn't have to be down to the price of paying for each coffee separately, there are solutions for that item problem but at present the fees I see are about 20 dollars for usage which is going to discourage casual or mainstream revenue of Bitcoin by normal people.  I mean the average person is not rich just a regular player with an income modest regularly who perhaps who wants to stay liquid and flexible and requires the blockchain to act similarly.
   I do think the price action is elastic because of this, price progression exceeds advancement in utility and required efficiency in the product.   There's a natural cycle where one half of the crypto economy encourages the other to succeed, it will happen but we're talking time here I think.

People talk about BTC going 100k and Im not against that but step outside the focused interest 'bubble' and the world requires a product which serves them not itself or interested parties.   All things are possible but these fees are a red flag that will require us to slow down to work on and fix.    My personal take not just crypto but any business is greater success doesn't come especially via specialist markets it mostly comes from a highly usable easy to utilise product, anything too bulky, slow or awkward will end up being a name left at the side of the road as the world carries on differently with a more humble innovation that provided more for less cost or effort.  
Bitcoin gambling could have a huge boost if the Lightning Network will start spreading more, this way users would be allowed to play small without having to worry too much about market conditions and/or enormous fees. AFAIK there're very few casinos right now that allow players to use LN enabled deposits/withdrawals. You want to check below
https://thebitcoinstrip.com/lightning-casinos/

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February 21, 2021, 01:17:23 PM
 #151

Because I am used to playing gambling using BTC, the current increase in the price of Bitcoin does not make me have to change to other coins.
I still play gambling with BTC but I reduce the amount of bets, So actually the increase in BTC didn't have a very significant effect on me. Maybe
other gamblers have a different opinion, but for me it's the same. Maybe withdrawal from gambling platforms that I converted into other coins
to use coins with a cheap withdrawal fee. Usually I use TRX or DOGE to make withdrawals from gambling platforms.

Maybe your idea and suggestions are correct, maybe I could reconsider this idea thanks for this, I just don't want to use bitcoin in my bets because in my mind everytime I lose in bet the value of it will increase as bitcoin pumps everyday, it just that I can't accept that value to be loss, so I rather convert it into other alt coins so I would not feel too much losses, but then maybe I just need to reduce it more so lesser risk and I can still gambler without converting.

.
.Duelbits.
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February 21, 2021, 05:31:25 PM
 #152

I've never used bitcoin to make a deposit on my gambling account. I used to gamble with DOGE. TRX, and ETH when the gas fees were not crazy like now.
IMO, gambling sites should consider adding penny-crypto for payment option. stablecoins might be a good option, for example, USDT TRC20 and USDT BSC.
I saw some exchange markets accept USDT BSC now. I believe most crypto enthusiasts stored their crypto in exchanges (yeah, for trading). USDT is a common pair for them, so it will be easier to deposit on their gambling account from their exchange market account.
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February 21, 2021, 06:09:16 PM
 #153

Happy Friday, gamblers Smiley

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

Hi
Most of the gambling sites do have USD as the basis for gambling , when you do place bets you place bets in USD and not BTC and therefore I do believe that it is indeed a good time to gamble in btc. You have to understand the fact that : Increase in price does not hamper anything expect the fee. Then again you can always use the low transaction which gets confirmed really quick now. Because now most of these sites are now confirming the transactions after one confirmation which happens really fast so does not matter how many confirmations the transaction might need. Right now I am just going to BTC since I do not invest in other cryptocurrencies or any other ATH.

Plus the price have not only increased for btc but for other coins like ETH also and most major sites do trade basically in these 2 currencies. Therefore shouldn't it be the same thing for all of them also. ?

.
.Duelbits.
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February 21, 2021, 06:22:54 PM
 #154

Happy Friday, gamblers Smiley

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

Particularly my way of playing at the moment is to bet with Bitcoin, but in not very large amounts, if I can obtain micro-profits it is enough for me, however sometimes people feel lucky and can bet a lot regardless of the price of bitcoin.

Some friends affirm that they do not bet when bitcoin is very high, because they say that casinos take advantage of it so that the house wins, but I think that casinos are never going to take money from players, it would be unheard of, that is why it is better for many bet with different cryptocurrencies that give an option or usd, usdt, and then switch to bitcoin and get more profit, that is, many prefer not to bet with Bitcoin.


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February 22, 2021, 05:46:21 AM
 #155

~snip~
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.

When we use Dogecoin, we will not feel that we use too big money, as the Dogecoin price is not too high compared to the other coins. Compare to Tron, Eos, or XRP, I prefer to use Dogecoin like you, and that is good if we know many gambling sites which have Dogecoin as the option to gamble. We can prevent the high fees and long time confirmations by using Dogecoin.  And with the increases in the cryptocurrency price and popularity, we should be wise to select the coin for gamble because I don't think that we want to lose much money.
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February 22, 2021, 07:18:23 AM
 #156

For me, who always regularly plays gambling every weekend, it is quite influential because of the current increase in Bitcoin. But I can't reduce
my gambling time, so it affects the number of satoshis I usually use. Because my gambling budget is only $ 500 per month, so if I convert it to
BTC for gambling capital, it's getting less now. Then changing Bitcoin to altcoins to play gambling is not the best solution, because the price of
altcoins is also rising nowadays.

Sometimes if my luck is bad, and having a lot of losses is quite stressful too. Because if the Bitcoin that I use is not used for gambling, and I HODL,
it is actually more profitable. But for me playing gambling can provide entertainment, and I need entertainment to relieve stress from my work.
In conclusion, I will continue to play gambling even though the Bitcoin price continues to rise.

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February 22, 2021, 04:17:58 PM
 #157

For me, who always regularly plays gambling every weekend, it is quite influential because of the current increase in Bitcoin. But I can't reduce
my gambling time, so it affects the number of satoshis I usually use. Because my gambling budget is only $ 500 per month, so if I convert it to
BTC for gambling capital, it's getting less now. Then changing Bitcoin to altcoins to play gambling is not the best solution, because the price of
altcoins is also rising nowadays.

Sometimes if my luck is bad, and having a lot of losses is quite stressful too. Because if the Bitcoin that I use is not used for gambling, and I HODL,
it is actually more profitable. But for me playing gambling can provide entertainment, and I need entertainment to relieve stress from my work.
In conclusion, I will continue to play gambling even though the Bitcoin price continues to rise.
You're a big gambler. $500 per month is truly a big amount to be spend per month. It is truly a hard thing to prioritise gambling as a way to relieve stress. In my understanding, however you try to consider gambling for fun it'll hurt when you experience loss. Maybe it can differ with you.


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February 22, 2021, 05:54:15 PM
 #158

For me, who always regularly plays gambling every weekend, it is quite influential because of the current increase in Bitcoin. But I can't reduce
my gambling time, so it affects the number of satoshis I usually use. Because my gambling budget is only $ 500 per month, so if I convert it to
BTC for gambling capital, it's getting less now. Then changing Bitcoin to altcoins to play gambling is not the best solution, because the price of
altcoins is also rising nowadays.

Sometimes if my luck is bad, and having a lot of losses is quite stressful too. Because if the Bitcoin that I use is not used for gambling, and I HODL,
it is actually more profitable. But for me playing gambling can provide entertainment, and I need entertainment to relieve stress from my work.
In conclusion, I will continue to play gambling even though the Bitcoin price continues to rise.
You're a big gambler. $500 per month is truly a big amount to be spend per month. It is truly a hard thing to prioritise gambling as a way to relieve stress. In my understanding, however you try to consider gambling for fun it'll hurt when you experience loss. Maybe it can differ with you.

You are right, that's already a huge amount but it's still depends from the capability of the gambler, in a third world country that amount can feed family, though  it's a different story for someone who are into rich places, that amount is nothing as they can continue to have some fun even they are losing such amount.

It's streesful if you keep losing and while losing you also notice that the value of crypto/bitcoin is rising, regrets followed whenever you find yourself realizing mistake with your gambling activities.


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February 22, 2021, 07:04:46 PM
 #159

Happy Friday, gamblers Smiley

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
Bitcasino is an active crypto gambling website, right? It's curious for me to hear this kind of questions from you. You have the website and you have all the statistics, you should be the one tell us what's happening right now in gambling industry when Bitcoin's price rises. Idk, it sounds very curious for me.

It's nice to see Ethan's post on yolodice:
Quote
For us though, dice games were much more fun when the cryptocurrency world was smaller, and the coins themselves were (sort of) detached from the real-world value. Bitcoin and other coins are much more than they used to be a few years ago. Crypto is goin mainstream in a big way. Cryptocurrencies are not for geeks any more, they became the cutting edge of the future financial world.

We still think dice sites have their place in the crypto-world, so if you want to start one — don't get discouraged. Maybe it's just us that keep complaining about the world changing :-)
I guess, a higher price isn't good for casinos. More people move from casinos to exchange and continue trading for a while. That's why some casinos complain around bitcoin's price and gambling and that's why exchanges have enormous traffic in these moments.

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February 22, 2021, 09:19:05 PM
 #160

Bitcasino is an active crypto gambling website, right? It's curious for me to hear this kind of questions from you. You have the website and you have all the statistics, you should be the one tell us what's happening right now in gambling industry when Bitcoin's price rises. Idk, it sounds very curious for me.

It's like knowing the pulse of the community here about that subject.

There are several threads in the past that Bitcasino made as a general topic to be discussed.

I guess, a higher price isn't good for casinos. More people move from casinos to exchange and continue trading for a while. That's why some casinos complain around bitcoin's price and gambling and that's why exchanges have enormous traffic in these moments.

For me, it's not with the high price but the fees calculated in USD which is not good for those who are just depositing funds on gambling sites whenever they want to gamble. Right now, the suggested default fees on Electrum were 100 sat/byte. $10-20 if converted on our local currency.


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