BTC price VS gambling

[blockman]

This is true. The volatility we've seen since this thread was originally posted is a prime example why Bitcoin should not really be used for gambling unless you happen to think it will go up from the current price. There are many reasons, like if you're buying Bitcoin purely for this purpose your "money" value has dropped in half since February. Alternatively you would have been better off cashing out if you had funded a casino account in the huge run up to $65k, it probably would have given you a much better return on your assets - if not the same level of fun. Fiat money which is relatively stable is a much better way to gamble because you don't have to make a layer of secondary valuation calculations due to daily swings in price.

Yes, that's one consideration that a gambler has to take. But if his bitcoins came from holding since a year or two ago, that's just fine to gamble at this rate because it won't be hurting him much if he bought it at a rate that's quite low. But if someone who's too sensitive with the price swings, I would agree that aside from using altcoins to gamble, he can fund his account with fiat and just use it to gamble so that there's no pressure and no need to think of how much he's going to win or lose in terms of bitcoin's value.

Sometimes we have to take gambling seriously if we want to ensure profit, for sports bettors or those who are playing games that they are believing they can use their skills, they can trade their bitcoin into stable coin, using TRC-20 transaction for fast and cheap transaction fee, then you'll not anymore worry on the volatility, prbolem solve and we will also not gonna take about the high fees anymore.

Well, that's for sure. Most gamblers who want to win have secure profit but that won't happen in an instant. There has to be a process and choosing which coin to gamble is what they've to consider but it has nothing to do with their wins and the strategy. It's just about how to start and which coin is you're comfortable to gamble and for you to save fees. TRC20 is really cheap and since the price of bitcoin has been stabled and not that expensive for the others anymore, spending bitcoin will be more if you've bought at high then you have to start choosing these altcoins where you can save more fees.

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[ralle14]

It's not about how big the profit might give but it's about the quantity and the little that they can gamble due to the high price of bitcoin. For example, when the price is at the peak, you can actually gamble with a few decimals and that valuation for that quantity is already quite good enough. That's the reason why if the price of bitcoin is high, there are gamblers that are choosing to gamble with bitcoin for such an amount. Because the advantage is if they've been holding bitcoin for so long, they have little to spend for gambling and it won't lessen a lot with their holdings.

It would've been nice if this was the case but unfortunately it's not, i've only seen a handful of casinos that change their minimums (deposit/withdrawal) based on significant price changes and the rest are always fixed to 1mbtc and above. Overall you're still forced to play with the same value unless you're okay playing with alts which usually have lower minimums.

[blockman]

It's not about how big the profit might give but it's about the quantity and the little that they can gamble due to the high price of bitcoin. For example, when the price is at the peak, you can actually gamble with a few decimals and that valuation for that quantity is already quite good enough. That's the reason why if the price of bitcoin is high, there are gamblers that are choosing to gamble with bitcoin for such an amount. Because the advantage is if they've been holding bitcoin for so long, they have little to spend for gambling and it won't lessen a lot with their holdings.

It would've been nice if this was the case but unfortunately it's not, i've only seen a handful of casinos that change their minimums (deposit/withdrawal) based on significant price changes and the rest are always fixed to 1mbtc and above. Overall you're still forced to play with the same value unless you're okay playing with alts which usually have lower minimums.

Oh yeah, I forgot about the set minimum amount for deposit but for withdrawals. I've seen some casinos that have changed it because in the valuation if the price of bitcoin is high, it's considered quite expensive if the price of bitcoin is high and they won't change the minimum withdrawal. But yeah, it's a case-to-case basis and in some manner, it's not usually the case for most gamblers. It just so happens that some have to experience it and the market was quite good before but now, it has changed and we're looking at the market and seems back to the bearish trend.

[Vaskiy]

It's not about how big the profit might give but it's about the quantity and the little that they can gamble due to the high price of bitcoin. For example, when the price is at the peak, you can actually gamble with a few decimals and that valuation for that quantity is already quite good enough. That's the reason why if the price of bitcoin is high, there are gamblers that are choosing to gamble with bitcoin for such an amount. Because the advantage is if they've been holding bitcoin for so long, they have little to spend for gambling and it won't lessen a lot with their holdings.

It would've been nice if this was the case but unfortunately it's not, i've only seen a handful of casinos that change their minimums (deposit/withdrawal) based on significant price changes and the rest are always fixed to 1mbtc and above. Overall you're still forced to play with the same value unless you're okay playing with alts which usually have lower minimums.

What I noticed is that the minimum withdrawal amount goes up with the bitcoin price but never really goes down anymore. We are 50%below the ATH and it doesn't seem like the next rally will come any time soon, maybe it would be better for casinos to change their requirements again. For me it is better to gamble with bitcoins when the volatility is lower. When there are no big price jumps it's easier to leave some coins at the casino.

Most of the time my success on gambling happens when the market is at the bottom or when it is moving bullish. But this doesn't last for a long, so I never think of the market changes when I decide to gamble. I just go gamble, make profit then loss it and further feel bad of losing the hard earned bucks.

[lienfaye]

Most of the time my success on gambling happens when the market is at the bottom or when it is moving bullish. But this doesn't last for a long, so I never think of the market changes when I decide to gamble. I just go gamble, make profit then loss it and further feel bad of losing the hard earned bucks.

Some of us dont mind the price of bitcoin when they gamble, as long as they're in the mood to play regardless of the price then no one can stop. But come to think of it, does the price has something to do in gambling? It cant help us to win. It might hard to use our btc if the price is in bullish since its more profitable to hold (though we can use small quantity with big value already) but for some gamblers the price is not an issue. Currently I dont look at the price, I just gamble wherever I wanted to.

[South Park]

I'm playing with BTC and my goal was not in USD my goal was to have more and more Bitcoin so it doesn't matter for me what price is the Bitcoin now my goal was to increase my Bitcoin but of course if the Bitcoin's price is increase it means that the transaction will increase too that's what my concern the most the withdrawal fee sometimes becomes expensive.

In terms of bet amount, no matter what price of the BTC is my minimum bet doesn't change at all.

This is interesting as I do not think that posture is as popular, most people actually care about the price of bitcoin and if they see bitcoin skyrocketing then they prefer to play with altcoins or they reduce their betting size in order to not bet as much money as before, quite honestly I think this is a good idea and I do the same as if I did not do it then my costs will go up and I am very strict when it comes to the money I spend on my gambling hobby.

[stadus]

I'm playing with BTC and my goal was not in USD my goal was to have more and more Bitcoin so it doesn't matter for me what price is the Bitcoin now my goal was to increase my Bitcoin but of course if the Bitcoin's price is increase it means that the transaction will increase too that's what my concern the most the withdrawal fee sometimes becomes expensive.

In terms of bet amount, no matter what price of the BTC is my minimum bet doesn't change at all.

This is interesting as I do not think that posture is as popular, most people actually care about the price of bitcoin and if they see bitcoin skyrocketing then they prefer to play with altcoins or they reduce their betting size in order to not bet as much money as before, quite honestly I think this is a good idea and I do the same as if I did not do it then my costs will go up and I am very strict when it comes to the money I spend on my gambling hobby.

Just because the price is skyrocketing then they'll reduce their betting size? Then they are not a real gambler, they are more like an investor or a trader. The reason why they shift to altcoins from bitcoin is just to avoid high fees, and gambling intensity should not be reduced.

[blockman]

What I noticed is that the minimum withdrawal amount goes up with the bitcoin price but never really goes down anymore. We are 50%below the ATH and it doesn't seem like the next rally will come any time soon, maybe it would be better for casinos to change their requirements again.

In stake, I've noticed the adjustment of the withdrawal when bitcoin's price has been up and that's what I think the same for the other casinos. But if they happen to have some fixed amount for minimum withdrawal, I think you can demand that to where you've been gambling with and ask them to lower the minimum amount since the price of bitcoin has been up. But just as what I'm thinking, the price went half from the all-time high and they can adjust it without any demand from their players to have it raise again or just stay to the fixed amount that they've been doing all of this time.

For me it is better to gamble with bitcoins when the volatility is lower. When there are no big price jumps it's easier to leave some coins at the casino.

The volatility of bitcoin won't change but sometimes it becomes stable and if you're fine with that price and the current fee it shows, that's the right time for you to transfer or deposit.

[ralle14]

Just because the price is skyrocketing then they'll reduce their betting size? Then they are not a real gambler, they are more like an investor or a trader. The reason why they shift to altcoins from bitcoin is just to avoid high fees, and gambling intensity should not be reduced.

Real gambler or not you can't blame them for reducing their bet size since it doesn't hurt to reduce the risks and at the same time secure some of the profits you get from these price swings.

I sometimes do the same thing on certain casinos that have the conversion feature but I still end up increasing my bet size since most casinos rarely adjust their minimum withdrawal.

[YinShuiSiYuan]

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

Bitcoin is still a very convenient cryptocurrency to play.
In my opinion, it all depends on how much money someone is playing.
For big players, Bitcoin will definitely remain the most reliable and easy.
However, I think that due to the low transaction fees for smaller players, Litecoin is much better.

[Shasha80]

Most of the time my success on gambling happens when the market is at the bottom or when it is moving bullish. But this doesn't last for a long, so I never think of the market changes when I decide to gamble. I just go gamble, make profit then loss it and further feel bad of losing the hard earned bucks.

Some of us dont mind the price of bitcoin when they gamble, as long as they're in the mood to play regardless of the price then no one can stop. But come to think of it, does the price has something to do in gambling? It cant help us to win. It might hard to use our btc if the price is in bullish since its more profitable to hold (though we can use small quantity with big value already) but for some gamblers the price is not an issue. Currently I dont look at the price, I just gamble wherever I wanted to.

I admit that some gamblers don't really care about the price of Bitcoin when they want to play gambling. It's like those of you who don't see
the price of Bitcoin when you are going to play gambling, but the problem is that not everyone thinks like that. For example I slightly limit
the amount of bets I will use to gamble, when the Bitcoin price reaches the price of $50k. Because I think it would be great if some of the Bitcoins
that I would use for gambling were not spent all. But I keep some in my hardware wallet, so I can profit from Bitcoin in the future.

[Viscore]

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

Bitcoin is still a very convenient cryptocurrency to play.
In my opinion, it all depends on how much money someone is playing.
For big players, Bitcoin will definitely remain the most reliable and easy.
However, I think that due to the low transaction fees for smaller players, Litecoin is much better.

BTC transaction fee is very cheap if you are not gambling with a penny. I only gambled using a small amount of money and I don't find bitcoin transaction fee now high, the average in the past few weeks is only $1 below, so it's very affordable and transaction could still confirm faster.

[YinShuiSiYuan]

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

Bitcoin is still a very convenient cryptocurrency to play.
In my opinion, it all depends on how much money someone is playing.
For big players, Bitcoin will definitely remain the most reliable and easy.
However, I think that due to the low transaction fees for smaller players, Litecoin is much better.

BTC transaction fee is very cheap if you are not gambling with a penny. I only gambled using a small amount of money and I don't find bitcoin transaction fee now high, the average in the past few weeks is only $1 below, so it's very affordable and transaction could still confirm faster.

In fact, transaction fees are now going to normal as the number of transactions has decreased overall. During the bull run transaction fees increased even to several dollars. Compared to Litecoin, where the transaction fee is a few cents, it is a huge difference.

[ethereumhunter]

Most of the time my success on gambling happens when the market is at the bottom or when it is moving bullish. But this doesn't last for a long, so I never think of the market changes when I decide to gamble. I just go gamble, make profit then loss it and further feel bad of losing the hard earned bucks.

If so, maybe you can gamble when the market is at the bottom and stop gambling right before the market starts moving bullish. Maybe you can make a profit from that so you can stop gamble right away and make money. You should know when to stop gambling before the situation is changing and if that happens, you can not make a profit instead of getting lost. Many of us do not know about that and that makes us losing money.

[freedomgo]

Most of the time my success on gambling happens when the market is at the bottom or when it is moving bullish. But this doesn't last for a long, so I never think of the market changes when I decide to gamble. I just go gamble, make profit then loss it and further feel bad of losing the hard earned bucks.

If so, maybe you can gamble when the market is at the bottom and stop gambling right before the market starts moving bullish. Maybe you can make a profit from that so you can stop gamble right away and make money. You should know when to stop gambling before the situation is changing and if that happens, you can not make a profit instead of getting lost. Many of us do not know about that and that makes us losing money.

That's a very complicated thing to do, better now gamble at all and just be a trader if you will stop gambling when the price is bullish. We are gambling to have fun or to try to improve ourselves to be profitable in gambling, therefore focus is very important and if you think of the bullish and bearish market, then that would distract your focus for sure.

[Rajamuda]

I think it depends on each person, if they are really addicted to gambling, whatever the bitcoin price is... they must have prepared themselves beforehand. But it's good for us to be smarter in responding to this, gambling is like entertainment and we really have to know when it's time to gamble.

[ethereumhunter]

Most of the time my success on gambling happens when the market is at the bottom or when it is moving bullish. But this doesn't last for a long, so I never think of the market changes when I decide to gamble. I just go gamble, make profit then loss it and further feel bad of losing the hard earned bucks.

If so, maybe you can gamble when the market is at the bottom and stop gambling right before the market starts moving bullish. Maybe you can make a profit from that so you can stop gamble right away and make money. You should know when to stop gambling before the situation is changing and if that happens, you can not make a profit instead of getting lost. Many of us do not know about that and that makes us losing money.

That's a very complicated thing to do, better now gamble at all and just be a trader if you will stop gambling when the price is bullish. We are gambling to have fun or to try to improve ourselves to be profitable in gambling, therefore focus is very important and if you think of the bullish and bearish market, then that would distract your focus for sure.

Rather than gamble with the market, it is better to learn trading to have more chances to make money. We do not always profit in trading if we do not analyze, so that will be difficult. Maybe he should not use his money for gambling and only focus on trading because he will focus only on making money if he is doing that. While in his break, he can play gambling using the other money. That will be better for him to separate that two things.

[Obito]

~snip

In my opinion, from the point of view of psychology, betting in cryptocurrency is more comfortable for a player than betting in fiat currency.  

In this case, the player is more tolerant of his loss.  Therefore, the rise in prices for cryptocurrencies leads to the flourishing of the online gambling business.  It doesn't surprise me.  In addition, the rise in cryptocurrency prices correlates with the willingness of people to take risks.  And the willingness of people to take risks leads them to online casinos.  

Now the price of Bitcoin is falling rather than rising.  Bitcoin price cannot confidently break through the $ 40,000 level.  Is the crypto bull market already over?  I do not know...

You have it in reverse, there are studies in spending that proves that we are more likely to spend more when we don't physically feel the money like when you have a credit card, you are comfortable and implusive buyer when you use it because you don't exactly see the money coming and going and I think it's same with online gambling in some way.

[Maslate]

I think it depends on each person, if they are really addicted to gambling, whatever the bitcoin price is... they must have prepared themselves beforehand. But it's good for us to be smarter in responding to this, gambling is like entertainment and we really have to know when it's time to gamble.

We can gamble every day if we like to entertain every day, I'm sure there are people who are doing that and they have no problem with gambling. It's not really that risky if you have already learned to be responsible and you have matured as a gambler. What I'm talking about is always gamble according to your capacity, gambling with a limit is very important, it's a limitation of funds and time, but as I said, you can do that on a daily basis.

[blockman]

I think it depends on each person, if they are really addicted to gambling, whatever the bitcoin price is... they must have prepared themselves beforehand. But it's good for us to be smarter in responding to this, gambling is like entertainment and we really have to know when it's time to gamble.

It's time to gamble when you've got cash or bitcoin on hand and you really are putting that budget into gambling. That's the reason why you're going to gamble because you have already made budget plans for it. No matter how much you're going to gamble as long as you're aware of it and you're not going to mind how much the price is then you're good to go. Depending on each person means that they really have planned it and know what can be the ins and outs and the positive or negative result of it.