Cryptocurrencies price and their effect on gambling industry

[Sithara007]

It's true that even though Bitcoin is expensive compared to altcoins, but if the capital is from fiat then convert it into any coins when making a deposit,
it won't be a big problem. I mean the psychic effect that we will feel losing Bitcoin will stress me more than losing an altcoin, even though when
the initial deposit has the same value. Or maybe it's just me who feels that way, so I really prefer to gamble with altcoins over Bitcoin.

Doesn't surprises me much. Many of the investors have this thinking that altcoins are more like a lottery. So for them, it doesn't matter if they divert some of it to gambling. Bitcoin is not like that. We are guaranteed of a return in the future. Regarding altcoins, we can't say with 100% guarantee that all of them will survive in the distant future. Even for the top altcoins such as Ethereum, Binance Coin and Cardano, there is a strong change of getting replaced by some new project in the future.

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[Silberman]

It's true that even though Bitcoin is expensive compared to altcoins, but if the capital is from fiat then convert it into any coins when making a deposit,
it won't be a big problem. I mean the psychic effect that we will feel losing Bitcoin will stress me more than losing an altcoin, even though when
the initial deposit has the same value. Or maybe it's just me who feels that way, so I really prefer to gamble with altcoins over Bitcoin.

Doesn't surprises me much. Many of the investors have this thinking that altcoins are more like a lottery. So for them, it doesn't matter if they divert some of it to gambling. Bitcoin is not like that. We are guaranteed of a return in the future. Regarding altcoins, we can't say with 100% guarantee that all of them will survive in the distant future. Even for the top altcoins such as Ethereum, Binance Coin and Cardano, there is a strong change of getting replaced by some new project in the future.

This is an interesting take and one that makes sense, after all we have absolute certainty that bitcoin will eventually become more valuable in the future, so losing a high amount of bitcoin for us is always painful, but when it comes to altcoins that we know can crash in price at any moment and then disappear they not generate this kind of worry as people were willing to lose money the moment they invested in those altcoins and their loss is not that of a big deal to a significant number of people.

[just_Alice]

It usually should be profitable for both the casino and the players. If the price of cryptocurrencies goes up, we should be seeing the number of bets placed and the wagered amount increase (in fiat value). This is because, when the price increases, gamblers will have more money to gamble but will be using less number of coins. Better for casino because they will also be having a larger bankroll.

I think for the sake of safety most casinos convert a cryptocurrencies to fiat right away. Same happens with online deposits on casino wallets, as I noticed numerous times, it is fixated in $ price, so that the customer won’t lose money while it is on the account.

In addition, the increase in Bitcoin price is often accompanied by increased fees, which is not beneficial for both customers and casinos.

[sunsilk]

It's true that even though Bitcoin is expensive compared to altcoins, but if the capital is from fiat then convert it into any coins when making a deposit,
it won't be a big problem. I mean the psychic effect that we will feel losing Bitcoin will stress me more than losing an altcoin, even though when
the initial deposit has the same value. Or maybe it's just me who feels that way, so I really prefer to gamble with altcoins over Bitcoin.

Not just you. There are gamblers that do prefer to gamble with altcoins because they feel that they're lesser guilty losing those altcoins while losing bitcoin makes them feel bad and regretful.

It is because of the fact that bitcoin is becoming more expensive lately and being used as a store of value which is common to most of us.

[mv1986]

It usually should be profitable for both the casino and the players. If the price of cryptocurrencies goes up, we should be seeing the number of bets placed and the wagered amount increase (in fiat value). This is because, when the price increases, gamblers will have more money to gamble but will be using less number of coins. Better for casino because they will also be having a larger bankroll.

I think for the sake of safety most casinos convert a cryptocurrencies to fiat right away. Same happens with online deposits on casino wallets, as I noticed numerous times, it is fixated in $ price, so that the customer won’t lose money while it is on the account.

In addition, the increase in Bitcoin price is often accompanied by increased fees, which is not beneficial for both customers and casinos.

You never know what they are doing with their crypto. To play it safe they certainly have strong reserves, but when you look at a well doing gambling site like Cloudbet, I can imagine they are sitting on a good bunch of Bitcoin. The thing is if they only offer cryptocurrencies, it doesn't matter for them whether the price falls or increases, they only owe you the Bitcoin you have on your balance. Running a successful casino must be a lot of fun in particular with cryptocurrencies.

[michellee]

It's true that even though Bitcoin is expensive compared to altcoins, but if the capital is from fiat then convert it into any coins when making a deposit,
it won't be a big problem. I mean the psychic effect that we will feel losing Bitcoin will stress me more than losing an altcoin, even though when
the initial deposit has the same value. Or maybe it's just me who feels that way, so I really prefer to gamble with altcoins over Bitcoin.

Not just you. There are gamblers that do prefer to gamble with altcoins because they feel that they're lesser guilty losing those altcoins while losing bitcoin makes them feel bad and regretful.

It is because of the fact that bitcoin is becoming more expensive lately and being used as a store of value which is common to most of us.

When someone knows crypto for a long time, they will think that bitcoin is worthy and keep it in their wallet without using it for anything except selling at the top price. So they will not use it for gambling and will use altcoin because many online gambling sites have that option. Besides that, they do not want to pay a high fee for the transaction so they decide to use altcoin and that is why many people prefer to use altcoin than use bitcoin to gamble. But some gamblers will use bitcoin, especially if they have many bitcoins and do not feel too sad if they lose the bitcoin in the gambling games.

[Sithara007]

When someone knows crypto for a long time, they will think that bitcoin is worthy and keep it in their wallet without using it for anything except selling at the top price. So they will not use it for gambling and will use altcoin because many online gambling sites have that option. Besides that, they do not want to pay a high fee for the transaction so they decide to use altcoin and that is why many people prefer to use altcoin than use bitcoin to gamble. But some gamblers will use bitcoin, especially if they have many bitcoins and do not feel too sad if they lose the bitcoin in the gambling games.

If this is the reason for using altcoins in gambling, then I have to say that the strategy is wrong. Because if the user is so sure about the altcoin prices going up, then he should be converting his altcoins as well to Bitcoin. On the other hand, if the users are preferring altcoins because of the low transaction fee, then it is understandable. The transaction fee for many of the alts (not talking about Ethereum here) can be very low, especially if we use Bitcoin Cash, USDT, Ethereum Classic or Litecoin for the payment.

[mv1986]

When someone knows crypto for a long time, they will think that bitcoin is worthy and keep it in their wallet without using it for anything except selling at the top price. So they will not use it for gambling and will use altcoin because many online gambling sites have that option. Besides that, they do not want to pay a high fee for the transaction so they decide to use altcoin and that is why many people prefer to use altcoin than use bitcoin to gamble. But some gamblers will use bitcoin, especially if they have many bitcoins and do not feel too sad if they lose the bitcoin in the gambling games.

If this is the reason for using altcoins in gambling, then I have to say that the strategy is wrong. Because if the user is so sure about the altcoin prices going up, then he should be converting his altcoins as well to Bitcoin. On the other hand, if the users are preferring altcoins because of the low transaction fee, then it is understandable. The transaction fee for many of the alts (not talking about Ethereum here) can be very low, especially if we use Bitcoin Cash, USDT, Ethereum Classic or Litecoin for the payment.

I do actually understand the thought process that Bitcoin feels a bit more unique, but the end result would be the same. Most likely are you buying the alt coins with your Bitcoin in the first place and if you then lose it, it is the same.

Regarding the fees, I haven't been using Bitcoin for gambling exactly because of the fees. We have had the topic here over and over again. Unless you are playing very, very high stakes Bitcoin is just not suited for gambling anymore.

[Woodie]

Basically what this means is if a casino has set a minimum players can wager with say for example 0.0001 btc, this 0.1mbtc 10 years ago would be worth a few cents but with the rise of bitcoins value this is worth a couple of dollars today which means casinos are banking more money and players will be wagering more than they are used to .
And for people new to crypto they might look at these zeros to be nothing but in reality you are wagering more if you try to get to the nearest whole number which is a win win for the casino.

[bryant.coleman]

Regarding the fees, I haven't been using Bitcoin for gambling exactly because of the fees. We have had the topic here over and over again. Unless you are playing very, very high stakes Bitcoin is just not suited for gambling anymore.

For the last several months, I am witnessing extremely low transaction fee with the Bitcoin network. Today I sent a few transactions with a fee of 3 Sat/Byte, and they got confirmed almost immediately. ETH fees on the other hand was much higher than that. If you are using altcoins to make deposits, then the question is which one is more suitable for this purpose. ETH can't be used here because of high fees. Other alts, such as LTC, BCH and ETC are way too volatile to be used for this purpose. So if you are depositing amounts in excess of $50, I would still advise you to use BTC.

[coin-investor]

For the last several months, I am witnessing extremely low transaction fee with the Bitcoin network. Today I sent a few transactions with a fee of 3 Sat/Byte, and they got confirmed almost immediately. ETH fees on the other hand was much higher than that. If you are using altcoins to make deposits, then the question is which one is more suitable for this purpose. ETH can't be used here because of high fees. Other alts, such as LTC, BCH and ETC are way too volatile to be used for this purpose. So if you are depositing amounts in excess of $50, I would still advise you to use BTC.

I never imagine that the situation will change where Bitcoin is much cheaper than Ethereum, I also transacted just last week, and my transaction was confirmed within minutes and I only spend 70 cents, I did not even use a transaction accelerator which I also do every time I transacted with Bitcoin, I am avoiding Ethereum especially when trading on DEX because the transaction is quite high.

[Vaskiy]

Whenever there is some bullish trend on the market, we can see the price to be high. When the price is high, people believe to hold it rather than risking to multiply through gambling. This way there is more of a negative effect on the gambling industry. When the price increases people tend to spend in terms of USD, whereas the same people will use it in terms of bitcoin when the market is at the low bottom.

[Dread Pirate Roberts]

For the last several months, I am witnessing extremely low transaction fee with the Bitcoin network. Today I sent a few transactions with a fee of 3 Sat/Byte, and they got confirmed almost immediately. ETH fees on the other hand was much higher than that. If you are using altcoins to make deposits, then the question is which one is more suitable for this purpose. ETH can't be used here because of high fees. Other alts, such as LTC, BCH and ETC are way too volatile to be used for this purpose. So if you are depositing amounts in excess of $50, I would still advise you to use BTC.

I didn't notice the fee from bitcoin network that low, I almost rarely do bitcoin asset transfers because of high exchange fees  . maybe some people has their assets in some exchanges that have a fixed fee. we know the fix fee on the exchange for bitcoin and eth is high thats why most people who use exchange wallets choose coins that have low fees from the exchange.