BTC price VS gambling

[Mauser]

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.

I agree, for me the it is more tempting to gamble with bitcoins the lower the price. I am not afraid to miss out on big price jumps at lower levels and if I am lucky can grow my bitcoin portfolio through gambling. The only real concern with bitcoins that I have is the high transaction fee, it just doesn't make sense to deposit one day and already withdraw one week later. It is better to use it for long term gambling. Drinking and gambling together is no good mix, I made bad experiences with that.

[South Park]

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.

The times when you could get a bonus before you got one confirmation are gone and I do not have a problem with casinos for doing this, I know that I will not take a payment as being fully paid until I got at least one confirmation, as we know there is always the risk of double spending and while I do not receive huge payments or anything there are too many people out there that are willing to do anything to save a few dollars and if that means scamming someone else for that amount of money then they will do it, so it is better for casinos to not take this kind of risk.

[DoublerHunter]

<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. 

^ As I remember correctly because I don't have enough knowledge on technical stuff on BTC transactions. The 3 confirmations consider as safe and can not be reversed but this is only for small transactions like $1k below. However, in large transactions like millions of dollars in BTC amount will need six confirmation, this is the standard for most transactions to be considered secure. It would be love to use a gambling site that offer for free withdrawal fee and I hope all of them are generous enough to have that free fees upon withdrawal.

[BTCLiz]

<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. 

^ As I remember correctly because I don't have enough knowledge on technical stuff on BTC transactions. The 3 confirmations consider as safe and can not be reversed but this is only for small transactions like $1k below. However, in large transactions like millions of dollars in BTC amount will need six confirmation, this is the standard for most transactions to be considered secure. It would be love to use a gambling site that offer for free withdrawal fee and I hope all of them are generous enough to have that free fees upon withdrawal.

Free fees withdrawals are getting less likely over time, because of the rise in btc transaction fees. I you have a look at the fees right now it is fully understandable that these instituations are not offering any free withdrawal, because it is just too expensive for them.

[KTChampions]

^ As I remember correctly because I don't have enough knowledge on technical stuff on BTC transactions. The 3 confirmations consider as safe and can not be reversed but this is only for small transactions like $1k below. However, in large transactions like millions of dollars in BTC amount will need six confirmation, this is the standard for most transactions to be considered secure. It would be love to use a gambling site that offer for free withdrawal fee and I hope all of them are generous enough to have that free fees upon withdrawal.

I would like to know how many gamblers in the crypto operate with amounts of millions of dollars. In my opinion, there are very few of them and they are unlikely to be anonymous, since if the casino makes transactions of several million dollars without knowing the information about the client, it can be accused of money laundering.

[Kasabus]

^ As I remember correctly because I don't have enough knowledge on technical stuff on BTC transactions. The 3 confirmations consider as safe and can not be reversed but this is only for small transactions like $1k below. However, in large transactions like millions of dollars in BTC amount will need six confirmation, this is the standard for most transactions to be considered secure. It would be love to use a gambling site that offer for free withdrawal fee and I hope all of them are generous enough to have that free fees upon withdrawal.

I would like to know how many gamblers in the crypto operate with amounts of millions of dollars. In my opinion, there are very few of them and they are unlikely to be anonymous, since if the casino makes transactions of several million dollars without knowing the information about the client, it can be accused of money laundering.

No, that depends on the law of a certain location where the license is acquired.
Crypto casinos are rich, they have millions of bets received over time and it has increased due to the increasing value of bitcoin.

IIRC, https://freebitco.in/site/ which is one of the oldest, have already billions of bets from the very start to the present, which makes them one of the richest in the crypto space, but they are still operating now, therefore this means they are following the law and people still enjoy anonymous gambling.

229,458.44347169
BITCOINS WON BY USERS

[Warren Buffet]

^ As I remember correctly because I don't have enough knowledge on technical stuff on BTC transactions. The 3 confirmations consider as safe and can not be reversed but this is only for small transactions like $1k below. However, in large transactions like millions of dollars in BTC amount will need six confirmation, this is the standard for most transactions to be considered secure. It would be love to use a gambling site that offer for free withdrawal fee and I hope all of them are generous enough to have that free fees upon withdrawal.

I would like to know how many gamblers in the crypto operate with amounts of millions of dollars. In my opinion, there are very few of them and they are unlikely to be anonymous, since if the casino makes transactions of several million dollars without knowing the information about the client, it can be accused of money laundering.

There are fully decentralized casinos already, aren't there? Not with a lot of games though, but I think there are. Most casino are compliant and have no issues with clients betting in the 100k to a million range. It's just that the casino must be able to handle these clients.

[dunfida]

<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. 

^ As I remember correctly because I don't have enough knowledge on technical stuff on BTC transactions. The 3 confirmations consider as safe and can not be reversed but this is only for small transactions like $1k below. However, in large transactions like millions of dollars in BTC amount will need six confirmation, this is the standard for most transactions to be considered secure. It would be love to use a gambling site that offer for free withdrawal fee and I hope all of them are generous enough to have that free fees upon withdrawal.

Free fees withdrawals are getting less likely over time, because of the rise in btc transaction fees. I you have a look at the fees right now it is fully understandable that these instituations are not offering any free withdrawal, because it is just too expensive for them.

That would surely be adding up into their expense if they do tend to make some free withdrawals.For some altcoins then its considerable because of less or cheap fees but for bitcoin?
that would really hurt up their pockets specially if the fee is on the rooftop and no business would really be that generous on giving out free fees for a longer duration.
They might able to offer it out but for a limited time only which is understandable.For using up BTC for this current price and fee then its just normal to skip out
and find for alternative coins which is cheaper in terms of fees and with fast confirmation.

[Fredomago]

^ As I remember correctly because I don't have enough knowledge on technical stuff on BTC transactions. The 3 confirmations consider as safe and can not be reversed but this is only for small transactions like $1k below. However, in large transactions like millions of dollars in BTC amount will need six confirmation, this is the standard for most transactions to be considered secure. It would be love to use a gambling site that offer for free withdrawal fee and I hope all of them are generous enough to have that free fees upon withdrawal.

I would like to know how many gamblers in the crypto operate with amounts of millions of dollars. In my opinion, there are very few of them and they are unlikely to be anonymous, since if the casino makes transactions of several million dollars without knowing the information about the client, it can be accused of money laundering.

That's part of it, gambling sites will automatically ask for your KYC if you have such amount of transactions, if the site do have the permits the regulations required this information.

Not sure what are the set up but like what you have said, it can be accused as money laundering if that huge amount just passed by without any knowledge about the owner of that money.

The site also needs to protect their business for sure complying with the law is far important to them.

[Becky666]

A litte drop of fee now on bitcoin transactions, as you cen see in https://mempool.space/.. the highest priority now is only 6 usd, compared to yesterday's 10 to 15 usd. It's now time to transact bitcoin to save fees as eventually it will again rise as the mempool gets congested.

Thanks for sharing, the price may drop but it's still high for most gamblers. I'd rather trade that bitcoin to altcoins if that's from our wallet, $6 is still higher compared to paying $1 or lower which is possible with some altcoins particularly with XRP.

More reason why am afraid to gamble with bitcoin, the transaction fees are still very much high compare to some altcoins which of-course help minimize gambler loss. Since the starting of the high fees. i have carefully selected some gambling platforms that have implemented the use of altcoins in their platforms and this has helped me drastically in the area of loss. A time will come when very few will be using bitcoin for gambling becasue of it price in future.

[Nightz]

I looked up ETH today for some holding I have and its approaching 50 dollars which because Im not rich is too much to consider.    LTC was more reasonable still and one I found always worth checking was ETC though nothing is perfect now.

I have been using BCH lately and honestly speaking in regards to the fees Roger Ver is definitely right. BTC can't be used if you are not a high stakes player. BCH works fine.

He is not all wrong but splitting the base and forking was not right either, he would have won more battles staying within the space rather then trying to force anyone to agree with him.   Ultimately the miners decided BTC was the correct direction which is as close to democracy that this space is going to get which means he needs to keep trying to peacefully compete and suggest improvements rather then derailing the main blockchain which seems to be his tactics.   That just makes him wrong and a problem rather then aid at that point, Im not sure he did anything useful as we already had alternative blockchains so I do disagree with his idea to declare himself the true definition of Bitcoin.

Yes his ideas are comprehensible although they must not always be the best. What is worse are his intentions and that is where you are definitely right. Very destructive approach to Bitcoin and the whole community around it which he actually wanted to split up, and did partially.

[Kelvinid]

A litte drop of fee now on bitcoin transactions, as you cen see in https://mempool.space/.. the highest priority now is only 6 usd, compared to yesterday's 10 to 15 usd. It's now time to transact bitcoin to save fees as eventually it will again rise as the mempool gets congested.

Thanks for sharing, the price may drop but it's still high for most gamblers. I'd rather trade that bitcoin to altcoins if that's from our wallet, $6 is still higher compared to paying $1 or lower which is possible with some altcoins particularly with XRP.

More reason why am afraid to gamble with bitcoin, the transaction fees are still very much high compare to some altcoins which of-course help minimize gambler loss. Since the starting of the high fees. i have carefully selected some gambling platforms that have implemented the use of altcoins in their platforms and this has helped me drastically in the area of loss.

Sometimes it's high but sometimes it's low, when the mempool is congested, that's where the fee gets high, but if you are monitoring closely, sometimes you can make a transaction to confirm faster with a fee of $1 to $2.. I guess it's still reasonable given the current price of bitcoin.

A time will come when very few will be using bitcoin for gambling becasue of it price in future.

Maybe the fee will increase more in the future, but gamblers would still used bitcoin as its the most liquid, also consider the LN, it will make things easier.

[Viscore]

As of this late, I notice that the fee is not anymore that high compared to the last week when there's a little panic due to bitcoin's dump or the market dump. per https://mempool.space/, this is the estimated fee now.

Low priority
54 sat/vB ($4.30)

Medium priority
68 sat/vB ($5.42)

High priority
83 sat/vB ($6.61)

However, that would drop from time to time so probably a $3 fee is still fine and will be confirm in less than 24 hours.

[Saisher]

As of this late, I notice that the fee is not anymore that high compared to the last week when there's a little panic due to bitcoin's dump or the market dump. per https://mempool.space/, this is the estimated fee now.

Low priority
54 sat/vB ($4.30)

Medium priority
68 sat/vB ($5.42)

High priority
83 sat/vB ($6.61)

However, that would drop from time to time so probably a $3 fee is still fine and will be confirm in less than 24 hours.

Those who are dedicated to using Bitcoin in their gambling will wait for the right time to deposit, but for those who had an schedule time to gamble will not do that, they will opt to use other currency, with Bitcoin's fee going up and down, many gambling sites have install other popular altcoin's as choice, the gambling casinos who can only offer Bitcoin and Ethereum will have a hard time attracting many players to play in their site.

[ralle14]

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.

I regularly use sportsbet and can confirm that they still cover the fees until now, their sister site bitcasino also doesn't charge fees.

However, that would drop from time to time so probably a $3 fee is still fine and will be confirm in less than 24 hours.

Sometimes you could get away with a $1 fee, I remember few days ago the recommended fee from electrum was hovering somewhere at 15-20 sats/vB.

[ethereumhunter]

More reason why am afraid to gamble with bitcoin, the transaction fees are still very much high compare to some altcoins which of-course help minimize gambler loss. Since the starting of the high fees. i have carefully selected some gambling platforms that have implemented the use of altcoins in their platforms and this has helped me drastically in the area of loss. A time will come when very few will be using bitcoin for gambling becasue of it price in future.

I feel that too, but I stop playing gambling for a while after the bitcoin price increases. My favourite coin, Dogecoin, already increases, making me hold Dogecoin and not use it for gambling. It seems I need to search for the other low price altcoins that I can use for gamble and that coins must not have high fees than the other coins. We do not have to use bitcoin to just gambling because we have the altcoin that can be the alternative to gambling.

[mediaBuzz]

Sometimes you could get away with a $1 fee, I remember few days ago the recommended fee from electrum was hovering somewhere at 15-20 sats/vB.

Lol I actually took advantage of that moment. It took like 30 hours tho, but who cares when you pay nothing for that. I paid like 20 cents for a $ 1k transaction. I really love this feature of Electrum like YOU will decide what fee you pay.

[KTChampions]

I would like to know how many gamblers in the crypto operate with amounts of millions of dollars. In my opinion, there are very few of them and they are unlikely to be anonymous, since if the casino makes transactions of several million dollars without knowing the information about the client, it can be accused of money laundering.

There are fully decentralized casinos already, aren't there? Not with a lot of games though, but I think there are. Most casino are compliant and have no issues with clients betting in the 100k to a million range. It's just that the casino must be able to handle these clients.

Can you provide links to such casinos? I doubt. First, most likely they do not have the liquidity to ensure the game at such high bets. Secondly, even if it is possible to make a decentralized blockchain for a casino, how do you make a decentralized site for a casino? I have not heard anything about such solutions.

[imstillthebest]

Sometimes you could get away with a $1 fee, I remember few days ago the recommended fee from electrum was hovering somewhere at 15-20 sats/vB.

Lol I actually took advantage of that moment. It took like 30 hours tho, but who cares when you pay nothing for that. I paid like 20 cents for a $ 1k transaction. I really love this feature of Electrum like YOU will decide what fee you pay.

20 cents for a 1k $ transaction ? its crazy how you risk that large amount for a small fee . im not transacting 1k $ but i can pay 12 $ a fee because im afraid that if i wait longer the price will fall off  .
karl dont say anything with the btc fees but fees are hard to ignore because they increase together with the price of the btc .
fees are what pulling the gamblers to gamble and not the price of btc .

[Nightz]

Sometimes you could get away with a $1 fee, I remember few days ago the recommended fee from electrum was hovering somewhere at 15-20 sats/vB.

Lol I actually took advantage of that moment. It took like 30 hours tho, but who cares when you pay nothing for that. I paid like 20 cents for a $ 1k transaction. I really love this feature of Electrum like YOU will decide what fee you pay.

20 cents for a 1k $ transaction ? its crazy how you risk that large amount for a small fee . im not transacting 1k $ but i can pay 12 $ a fee because im afraid that if i wait longer the price will fall off  .
karl dont say anything with the btc fees but fees are hard to ignore because they increase together with the price of the btc .
fees are what pulling the gamblers to gamble and not the price of btc .

Why does he risk anything? He doesn't risk his money only because he chooses to pay a small fee. He can initiate a second transaction with a higher fee. As long as unspent output hasn't left the wallet you can overwrite the old transaction and get it going regardless.