BTC price VS gambling

[Nightz]

its crazy how you risk that large amount for a small fee .

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.

the transaction was not free and the money can get stuck but i guess there was no problem anymore because you already lay out a solution if ever things gone wrong and maybe he know this already because he was too confident of sending his money with a small fee but id like to ask a question .
 does this method works for all types of wallet ex. custodial , non costudial and how about its difficulty of doing this .
 for a newbie its recomend that they follow the recomended fee to avoid getting in troubles .

Well using Myetherwallet makes it super easy to adjust the fee even if you initiated the transaction unsuccessfully. Just adjust the fee and broadcast the transaction again.

[suzanne5223]

its crazy how you risk that large amount for a small fee .

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.

the transaction was not free and the money can get stuck but i guess there was no problem anymore because you already lay out a solution if ever things gone wrong and maybe he know this already because he was too confident of sending his money with a small fee but id like to ask a question .
 does this method works for all types of wallet ex. custodial , non costudial and how about its difficulty of doing this .
 for a newbie its recomend that they follow the recomended fee to avoid getting in troubles .

Well using Myetherwallet makes it super easy to adjust the fee even if you initiated the transaction unsuccessfully. Just adjust the fee and broadcast the transaction again.

I agreed myetherwallet is easy to use and also flexible in fee adjustment but I think when thinking about the ease of using a wallet we shouldn't ignore the security aspect of it.
Having said that, if you understand very well the vulnerability of myetherwallet you won't have advice on the use of it cause she can still use Metamask for adjusting the fee

[Kong Hey Pakboy]

Everyone has their own choice, we choose what we're comfortable with, and some choose altcoins to gamble. For me, I use both altcoins and bitcoin, depending on the market situation of course, but I believe in the long run I would be more focused on altcoins as it is cheaper and faster in terms of confirmation, and I would be able to just keep my bitcoin for a long term investment and gamble altcoins.

If you want to be able to get some profit while still gambling, I would lean on doing altcoin as a payment for gambling instead of bitcoin because bitcoin isn't really a good cryptocurrency to use when gambling given how exponential it can grow, I think someone is better off hodling bitcoin instead of gambling it.

[Viscore]

Everyone has their own choice, we choose what we're comfortable with, and some choose altcoins to gamble. For me, I use both altcoins and bitcoin, depending on the market situation of course, but I believe in the long run I would be more focused on altcoins as it is cheaper and faster in terms of confirmation, and I would be able to just keep my bitcoin for a long term investment and gamble altcoins.

If you want to be able to get some profit while still gambling, I would lean on doing altcoin as a payment for gambling instead of bitcoin because bitcoin isn't really a good cryptocurrency to use when gambling given how exponential it can grow, I think someone is better off hodling bitcoin instead of gambling it.

Dogecoin is also volatile, and it's on a bullish trend right now. I think we should just compare their benefits according to their fee in gambling not their potential in the market, that is for the reason that we are gamblers, so we don't treat gambling like investing.

[Ziskinberg]

Everyone has their own choice, we choose what we're comfortable with, and some choose altcoins to gamble. For me, I use both altcoins and bitcoin, depending on the market situation of course, but I believe in the long run I would be more focused on altcoins as it is cheaper and faster in terms of confirmation, and I would be able to just keep my bitcoin for a long term investment and gamble altcoins.

If you want to be able to get some profit while still gambling, I would lean on doing altcoin as a payment for gambling instead of bitcoin because bitcoin isn't really a good cryptocurrency to use when gambling given how exponential it can grow, I think someone is better off hodling bitcoin instead of gambling it.

Dogecoin is also volatile, and it's on a bullish trend right now. I think we should just compare their benefits according to their fee in gambling not their potential in the market, that is for the reason that we are gamblers, so we don't treat gambling like investing.

In gambling, I would not use very volatile altcoins especially if I'm ready to put big bets, my winning will be affected due to volatility and it might confuse us in the long run on what to focus on, are we gambling or trading, that two should bother us.  Be smart, go for stable coins if we are talking of decent bets here, so your focus will not be divided and you are only focusing on your strategy to win.

[michellee]

The games over here in the cryptocurrency community are fun, but we shouldn't make irrational bets. We also have to admit that even though we are young, we need to make the right decisions. After all, you are not going to get rich overnight and you will have to work hard for every single bit of your money, no matter what game you play.

What you are saying is right. We can try to become rich from other sources and not from gambling because that will not be possible for people who do not have luck. We can play gambling to have fun and enjoy the time we have but not for making money.

I also stopped gambling with bitcoin since a long time back itself; its massive prices was one reason but the primary reason was, I needed to include very high fees for my deposits and some times I was enforced to wait for more that 6 hours for the first confirmation to happen.

But leaving off bitcoin based gambling is not that simple for my case as well, because I've got practiced to calculate everything in terms bitcoin but suddenly getting into the new altcoins, certainly affected my way of gambling like I needed to set my base bet amount according to what I was doing with BTC. Sometimes BTC<->altcoin converters are not that handy while we are in gambling hype.

We need to be wise with the current situations and do not just think about using bitcoin if we do not want to lose bitcoin. There are many alternative coins that we can use for playing gambling to save our bitcoin and use it for a long-term investment.

It needs to familiarize ourselves in using the altcoins but that is worth doing as the altcoin value is not too high compare to bitcoin. Buying the altcoin using some satoshi can give us many amounts of the altcoin that we can use for playing gambling.

I think we need to pause and realize forever that bitcoin is an investment (as a means of payment, there are many other more convenient options). In my opinion, gambling with your investment is very stupid, since you (most likely) will lose, which means not just the loss of some funds now, but also the loss of potential profit in future.

Yes, I agree with you. We do not use our investment to just playing gambling because our investment is for our future, especially if we use bitcoin for the investment. The losing of bitcoin in gambling games will make us regret it, especially if we do not have many bitcoins like others while trying to save more bitcoin. If we lose bitcoin in gambling, we can not join the party when the bitcoin price increases.

[South Park]

I foresee like bitcoin will value in millions hence people will afraid to spend it which will make all other altcoins to replace bitcoins in gambling industry completely. People will rarely spend bitcoins which might not include gambling as well.

No real argument there. A bitcoin can be divided down to eight decimal places. There are casinos that even nowadays display your balance in a millibit or a microbit denominations.
So we can go all the way to satoshis and even beyond the satoshi because platforms can add decimal places in their internal calculations.

While the argument that bitcoin is getting more valuable by the day and as such people are not going to want to spend it makes sense, at the same time there are many people that are going to have the opposite reaction, basically they are going to think that if they gamble and they multiply the amount of bitcoin that they have then they will obtain more benefits on the long term, we know this kind of thinking is naive but there are many people that are going to have those kind of thoughts and will keep gambling with their bitcoin.

[beerlover]

Dogecoin is also volatile, and it's on a bullish trend right now. I think we should just compare their benefits according to their fee in gambling not their potential in the market, that is for the reason that we are gamblers, so we don't treat gambling like investing.

Yes, right now adopting dogecoins for gambling purposes due to its low transaction fees might lead to losses as well because dogecoin is not trading stable but showing too much of volatility. Still I agree, instead of paying very big transaction fees like $30 or $50, I believe we can go for dogecoins because we may not lose up to $50 on the fluctuations of dogecoins; still it is purely depending on how many coins you're going to buy for gambling.

I have already switched over to tron as these days most of my favorite places are accepting it. I'm having quick information along with low transaction fees. In some sense I believe we can completely quit bitcoin for gambling purposes it will definitely have double benefits.

[passwordnow]

Well using Myetherwallet makes it super easy to adjust the fee even if you initiated the transaction unsuccessfully. Just adjust the fee and broadcast the transaction again.

Fees varies from time to time so if you set the fee quite low and there's a sudden surge in the fee then your transaction might get some delay due to it. The miners are choosing those transactions that pays for quite higher and they're processing it even there are earlier transactions that has been sent to the network but the fees are quite low. It is correct to adjust the fee but make sure that the fee you're setting depends on how quick you want it to be or else, you might be surprised if it gets delayed a lot.

[Nightz]

its crazy how you risk that large amount for a small fee .

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.

the transaction was not free and the money can get stuck but i guess there was no problem anymore because you already lay out a solution if ever things gone wrong and maybe he know this already because he was too confident of sending his money with a small fee but id like to ask a question .
 does this method works for all types of wallet ex. custodial , non costudial and how about its difficulty of doing this .
 for a newbie its recomend that they follow the recomended fee to avoid getting in troubles .

Well using Myetherwallet makes it super easy to adjust the fee even if you initiated the transaction unsuccessfully. Just adjust the fee and broadcast the transaction again.

I agreed myetherwallet is easy to use and also flexible in fee adjustment but I think when thinking about the ease of using a wallet we shouldn't ignore the security aspect of it.
Having said that, if you understand very well the vulnerability of myetherwallet you won't have advice on the use of it cause she can still use Metamask for adjusting the fee

Ok to be fair here it always has to be taken into account what is at risk. Don't store a lot of funds in an online wallet, but you also secure mytherwallet quite well. If you need a wallet for regular transactions it is not that bad.

[boyptc]

Ok to be fair here it always has to be taken into account what is at risk. Don't store a lot of funds in an online wallet, but you also secure mytherwallet quite well. If you need a wallet for regular transactions it is not that bad.

Aside from that.

Be also watchful to the gas fee of ethereum with the use of those websites that monitors it like ethgasstation.

[Vaskiy]

Two weeks back lost an ethereum when the price was close around $2500. Now I'm feeling heartbroken, because if I've kept hold of the ethereum I would've got a bigger earning out of it. The price fluctuation always affects the gamblers, most of the time in the negative way. The better choice is to focus on trading than gambling, because gambling is for the lucky ones.

[FatFork]

There will be no pint of continuing with bitcoin gambling when bitcoin values in million dollars and transaction fees are in hundreds of dollars.

The same argument was used a few years ago when Bitcoin reached a value of $ 20 k for the first time, and maybe even before that. Nevertheless, many people still use bitcoin for gambling.
And who's to say casinos won't implement LN payments or other sidechain transactions in the future?

[finaleshot2016]

I'd rather keep my bitcoin than gamble with it; there are plenty of other altcoins that can be used in gambling, and using BTC as an asset in platforms carries more risk, as we all know that it keeps rising and crashes sometimes, making it extremely volatile.

There are currently other cryptocurrencies that can be used in gambling; however, I recently used LTC because it has extremely low fees compared to the other big cryptocurrencies. It's better to save those tx fees, it might be valuable soon or later, choose the right cryptocurrency if you ever had the chance to change.

There will be no pint of continuing with bitcoin gambling when bitcoin values in million dollars and transaction fees are in hundreds of dollars.

The same argument was used a few years ago when Bitcoin reached a value of $ 20 k for the first time, and maybe even before that. Nevertheless, many people still use bitcoin for gambling.
And who's to say casinos won't implement LN payments or other sidechain transactions in the future?

Maybe since the majority of casinos and online gaming sites only accept bitcoin and ethereum as payment methods, both of which have exorbitant transaction fees.

[Hypnosis00]

There will be no pint of continuing with bitcoin gambling when bitcoin values in million dollars and transaction fees are in hundreds of dollars.

The same argument was used a few years ago when Bitcoin reached a value of $ 20 k for the first time, and maybe even before that. Nevertheless, many people still use bitcoin for gambling.

The real issue is not really the price of bitcoin but the transaction fee. Well, sometimes the transaction fee is really high but most of the time it's reasonable, that's why maybe most of the casinos or no casinos have implemented the LN system yet.

And who's to say casinos won't implement LN payments or other sidechain transactions in the future?

50/50 chances, because they have a new alternative to solve the high fees, and that is adding altcoins as a payment method.

[michellee]

Two weeks back lost an ethereum when the price was close around $2500. Now I'm feeling heartbroken, because if I've kept hold of the ethereum I would've got a bigger earning out of it. The price fluctuation always affects the gamblers, most of the time in the negative way. The better choice is to focus on trading than gambling, because gambling is for the lucky ones.

We will get it if we do not hold our coins, especially by holding bitcoin and ethereum. I am sure many of us have the same feeling as you so you are not alone. We have more options to use the other altcoins to gamble, but for now, I think we need to hold our bitcoin, ethereum and the other potential coins and not use them for gambling. Those potential coins can increase anytime so it is better to prepare to sell at the next higher price and make a big profit from that coins.

[tyz]

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

I would say long term hodlers are more willing to gamble at a high Bitcoin price. For one simple reason: they have made a large profit from their long-term investment and are more willing to risk a part of it in gambling than investors who got in late and made a rather small profit from their Bitcoin investment. In summary, it also depends on the duration of the Bitcoin investment.

[Lakai01]

I would say long term hodlers are more willing to gamble at a high Bitcoin price.

I honestly believe that many players do not "think in BTC" when making deposits at the casino but primarily in USD. For me, for example, it's very simple: I gamble a fixed amount in USD per month and usually use Bitcoin for that. It doesn't matter if the Bitcoin price is $1 or $100,000, the USD equivalent remains the same.

By the way, this is also a very simple method to avoid spending too much money. If the budget is used up, I also stop playing for the respective month. And it is usually used up quite fast 

[BTCLiz]

I would say long term hodlers are more willing to gamble at a high Bitcoin price.

I honestly believe that many players do not "think in BTC" when making deposits at the casino but primarily in USD. For me, for example, it's very simple: I gamble a fixed amount in USD per month and usually use Bitcoin for that. It doesn't matter if the Bitcoin price is $1 or $100,000, the USD equivalent remains the same.

By the way, this is also a very simple method to avoid spending too much money. If the budget is used up, I also stop playing for the respective month. And it is usually used up quite fast 

I completely agree with your point. I really would like to see a scientific study regarding this topic with the question if gamblers really calculated with the higher USD price or if they are still used to lower exchange rates. In my opinion changing such a behaviour takes some time and many will loose more money (or BTC) then they want to.

[Fredomago]

Two weeks back lost an ethereum when the price was close around $2500. Now I'm feeling heartbroken, because if I've kept hold of the ethereum I would've got a bigger earning out of it. The price fluctuation always affects the gamblers, most of the time in the negative way. The better choice is to focus on trading than gambling, because gambling is for the lucky ones.

We will get it if we do not hold our coins, especially by holding bitcoin and ethereum. I am sure many of us have the same feeling as you so you are not alone. We have more options to use the other altcoins to gamble, but for now, I think we need to hold our bitcoin, ethereum and the other potential coins and not use them for gambling. Those potential coins can increase anytime so it is better to prepare to sell at the next higher price and make a big profit from that coins.

You always have many options since it was your earnings and whatever you desire doing with those money you are in control. But likewise, this particualr option from trading to holding your assets instead of deal with it inside gambling is more practical.

Those experienced gamblers have better chances in winning than ordianry gamblers, something that common in any form of gambling activities.

Set your goals that should always favor to your success.