Does bitcoin dump have any impact on gamblers ?

[rby]

Just like the value of fiat affects everine using it, bitcoin dump affects every company or individual using cryptocurrencies. What we should rather consider is the level of the impact on different users of it.
Gamblers are affected but the severity is not much if compared to traders.
Unless the gambler is strictly playing with stable coins, otherwise there will always be variations in the deposit and withdrawal value of the coins.
Many projects including casinos tend to bankrupt of exit during bear market, this is a clear indication that they are all affected when bitcoin dumps.

[Peanutswar]

It depends on the gambling platform if they will use a fixed amount, for example, you made a deposit into cryptocurrency but once you play it will fix into their platform as USD, in that case, it doesn't affect the users but if the gambling platform has a rate of cryptocurrency and the platform does not have any conversation and they might experience at the same time the downtrend and bear market this really affect the value of their assets and they make a conversation of it immediately or makes a withdrawal.

[KTChampions]

It depends on the gambling platform if they will use a fixed amount, for example, you made a deposit into cryptocurrency but once you play it will fix into their platform as USD, in that case, it doesn't affect the users but if the gambling platform has a rate of cryptocurrency and the platform does not have any conversation and they might experience at the same time the downtrend and bear market this really affect the value of their assets and they make a conversation of it immediately or makes a withdrawal.

You describe some strange algorithm. Usually the player himself chooses in which currency to play and if it differs from the currency in which he made a deposit, he uses an exchanger inside the casino. Usually there are bad exchange rates, but after you have made an exchange, the amount of your funds remains unchanged, no matter how the exchange rate changes.

[milewilda]

It depends on the gambling platform if they will use a fixed amount, for example, you made a deposit into cryptocurrency but once you play it will fix into their platform as USD, in that case, it doesn't affect the users but if the gambling platform has a rate of cryptocurrency and the platform does not have any conversation and they might experience at the same time the downtrend and bear market this really affect the value of their assets and they make a conversation of it immediately or makes a withdrawal.

You describe some strange algorithm. Usually the player himself chooses in which currency to play and if it differs from the currency in which he made a deposit, he uses an exchanger inside the casino. Usually there are bad exchange rates, but after you have made an exchange, the amount of your funds remains unchanged, no matter how the exchange rate changes.

Not really that worth on making use of internal exchange features on a casino if ever its available but most of the time you cant really see this feature but instead you do have lots of options
of depositing/withdrawing different coins which most platforms been doing nowadays.If you do consider on making out some conversions then the fees alone arent really that worth if you are
really just been too mindful about the price volatility or movement and also not all gamblers is really that too in concern about the price movements yet they would be always focusing out
on USD value and on the time that they had deposited until the time that they could potentially make out some profits and doesnt matter on what amount they are getting
on crypto base.

[LUCKMCFLY]

For me this is psychological, if a player wants to see his game that affects him for the price of BTC it is up to him, because there are many players who prefer to bet their altcoins (because they have bled a lot) than leave them in Hodl mode and continue losing value, they believe that by betting it they will have fun and there is also the possibility of multiplying their altcoins, so it is the approach by which the player looks at it.

Betting satoshis right now and increasing them is not a bad deal, more so because we all know very well that the price of BTC will increase, we don't know, but I'm sure it will and that its next ATH will be a dream, for me it's still better the BTC and move it in some way than having FIAT money in a bank.

[ipanks]

snip

That's the advantage for us as crypto gamblers who have lots of coins to gamble and don't depend on BTC so if we feel not good for using BTC, we can use altcoins. I also often use altcoins like TRX, LTC, and ETH, especially if the price of BTC goes down because that means I have to use more BTC for a minimal deposit at the casino. But I also often stop gambling for a while when the BTC price drops because that's better for me.

[Sanitough]

snip

That's the advantage for us as crypto gamblers who have lots of coins to gamble and don't depend on BTC so if we feel not good for using BTC, we can use altcoins. I also often use altcoins like TRX, LTC, and ETH, especially if the price of BTC goes down because that means I have to use more BTC for a minimal deposit at the casino. But I also often stop gambling for a while when the BTC price drops because that's better for me.

If BTC goes down, you can expect that altcoins will also go down, the best alternative if we don't want to get affected by the volatility is just to use a stable coins for gambling, I'm sure we can find a gambling sites that accepts a stable coins as some of them have already added it as payment system.

[gunhell16]

Gamblers around the world use crypto and bitcoin to play the bets. Do they really care if the bitcoin prices dump hard? I know traders are directly impacted by this dump, and investors are also in panic but what about gamblers. Their motive is to play gamble and they may not be a concerned if the price of bitcoin is declining sharply?

I think as a gambler personally, I don't care about the dumping price value of Bitcoin, that is if I don't value Bitcoin.
Since I value it, instead of using BTC in the gambling games, I would rather to choose other crypto whatever games that I'm
gonna play with. And your statement you've mentioned was true and correct in regardless about the gambler may not have a
concerned if the value of BitcoinBTC was declining sharply, this is absolutely true.

[Plaguedeath]

If BTC goes down, you can expect that altcoins will also go down, the best alternative if we don't want to get affected by the volatility is just to use a stable coins for gambling, I'm sure we can find a gambling sites that accepts a stable coins as some of them have already added it as payment system.

In some reason many casinos is only accept stable coins that using ETH network, as we know how ridiculous the fee is. Only few casinos accept stable coins that using Tron network or other cheap fees, so it's not comfortable if you're a small gambler.

[boltz]

On a very little percent yes but the remain percent ,doesn't have any major impact and I think people will gamble even more if Bitcoin drops even further. Why ? Well it's hard for some of us to think that gamblers , most of them when it comes to crypto gambling , they will convert cash to crypto before playing ,so this means they won't get affected much if the price will go up or down. And if it goes down , people are most likely to gamble even more cash to somehow increase their crypto portfolio or chase insane wins that could be even bigger when Bitcoin goes up.  

There are so many types of gamblers out there that Bitcoin price is probably their last problem right now.  

For people who have that mindset, it's clear 1 bitcoin = 1 bitcoin regardless of the price. They bet with bitcoin to earn bitcoin, but this principle is only for a small number of gamblers because generally other gamblers bet on bitcoin or altcoin to make money. The first mindset is for the crypto whales in gambling, they may have been doing it for a long time and it is no longer a problem for them.

But I've also said on that post that most of the gamblers will change their cash to bitcoin or altcoins to gamble so that should not affect them if the price will go down or up as statistically , there are the most gamblers on crypto as the ones who hold Bitcoin or having it as an investment , I doubt they gamble from their own portfolio or if they do , they are mega rich most likely.

I do agree with you that the whales are already speculating BTC price as we might drop under 20k again during this summer or even lower and if this happens , whales will gamble even more when they buy back from USDT. I mean , I bet they cannot wait for this scenario to happen but for so many of us BTC dropping again under 20k and even further is not great at all.

[Japinat]

... I bet they cannot wait for this scenario to happen but for so many of us BTC dropping again under 20k and even further is not great at all.

No one will be happy seeing bitcoin dump because it will affect the future of the market, but since the market is bearish, we should not panic, we have seen this many times and yet bitcoin still recovers and even reach a new ATH. Most of the gamblers are also investing in bitcoin, however, it's not wise to think of investing when gambling as it will only loss our focus, therefore, we should only see bitcoin as a payment method when gambling, nothing more.

[ralle14]

If we look at the $ value yes there's an impact on it but if you still see it as 1:1 in crypto volume and just think that its just a paper loss well this cannot affect the gamblers if they not sell their bitcoins then they just continue to play their games.

Only if that was the case for most gamblers but then again it's not easy to shrug off the price when casinos are using the price to determine your balance as more and more crypto casinos are starting to integrate this system instead of the pure bitcoin balance that we usually see back then.

You describe some strange algorithm. Usually the player himself chooses in which currency to play and if it differs from the currency in which he made a deposit, he uses an exchanger inside the casino. Usually there are bad exchange rates, but after you have made an exchange, the amount of your funds remains unchanged, no matter how the exchange rate changes.

I agree when you register on certain crypto casino you'll be asked to pick a currency to use but I guess what he's trying to point out is that sometimes there are games coming from third-party providers that instantly convert your crypto balance to fiat and it somehow affects your wins and losses in terms of crypto since the games are based on fiat.

[dataispower]

Gamblers around the world use crypto and bitcoin to play the bets. Do they really care if the bitcoin prices dump hard? I know traders are directly impacted by this dump, and investors are also in panic but what about gamblers. Their motive is to play gamble and they may not be a concerned if the price of bitcoin is declining sharply?

some gambling will be concerned and some will not be concerned of Bitcoin price dropped, because some of the gambling platforms play gamble with the cryptocurrency and especially casino gambling some of them make deposit with cryptocurrency to their gambling platforms, so the effects of bitcoin rising and falling will not be fully be a bother to gamblers because mostly what they really demands is USD for deposit. So from my understanding it's only cryptocurrency investors that Bitcoin falling will affect mostly and they act as ever something else has run away or dropped in their system

[RealMalatesta]

If we look at the $ value yes there's an impact on it but if you still see it as 1:1 in crypto volume and just think that its just a paper loss well this cannot affect the gamblers if they not sell their bitcoins then they just continue to play their games. But not everyone are totally okay with this because as you said not everyone doesn't have capabilities to spend more also not everyone can't able to see how the value of their coins collapsed in value.

Crypto gambling certainly doesn't affect many gamblers. as long as the balance of the crypto assets stored will remain the same in amount, they can still bet regardless of the value of the assets they bet on.
but when they run out of crypto assets and buy crypto to play in casinos, of course, it affects the finances of gamblers. it's the same when you want to make a withdrawal because the asset value is not as big as when you were at the casino.

I think it is still impacted when the prices change and they have amount in their wallets. I mean think about it, if you have 1000 dollars to gamble, and it drops to 500 dollars, how could you not feel impacted by something like that? I personally feel like I am impacted for sure. Doesn't mean that I will make grand moves just because of it, but I would definitely feel upset about it.

If you are dealing with stablecoins then I would understand not getting worried, but gambling with a lot less fiat because your crypto went down is a big deal. Same happens when it goes up, when your deposit becomes a huge amount because of the increase, you start to reconsider betting that away.

[ReiMomo]

I am sure any game involved crypto, would directly have an impact on both sides alike trading. Those who have bitcoin bought when btc was above $20k, would obviously have to spend more btc now to gamble compared with current value. Those who win now and hold the bitcoin, will have a huge turn around when the price goes high in future. Gamblers might experience both benefits and losses as well now.

[Falconer]

But I've also said on that post that most of the gamblers will change their cash to bitcoin or altcoins to gamble so that should not affect them if the price will go down or up as statistically , there are the most gamblers on crypto as the ones who hold Bitcoin or having it as an investment , I doubt they gamble from their own portfolio or if they do , they are mega rich most likely.

I've read about it mate, so it's just a habit that gamblers might take to minimize losses from using certain currencies during a downturn. I also don't believe bitcoin investors will stake their portfolio on gambling, so I think only gambling whales can really maximize their chances in gambling instead of them being investors.

I do agree with you that the whales are already speculating BTC price as we might drop under 20k again during this summer or even lower and if this happens , whales will gamble even more when they buy back from USDT. I mean , I bet they cannot wait for this scenario to happen but for so many of us BTC dropping again under 20k and even further is not great at all.

I'm still having a hard time understanding what they want in gambling because they are actually much more likely to make a passive profit if they invest it as a bankroll. Rather than being a gambler with big funds (whales), I would prefer if they invest for a bankroll or have their own casino.

[len01]

Do they really care if the bitcoin prices dump hard?

depending on the gambler considers playing gambling as a steady income or just for entertainment.
if the gambler considers playing gambling just for entertainment to fill his spare time, he doesn't really care about the price bitcoin dump. because they only think of their free time entertained by playing gambling.
but if the gambler considers gambling as a steady income and when the bitcoin price dump they experience emotion, panic and immediately sell the bitcoin.

but im sure every gambler has their own way of avoiding the bitcoin price dump. and storing bitcoin on gambling sites is not a good thing

[johhnyUA]

Do they really care if the bitcoin prices dump hard?

I doubt about that fact. From what i remember since 2015, pumps/dumps didn't affect casino activity too much. For many people it doesn't matter at all. Maybe now it's even better time for crypto gamblers, because deposit and withdrawal fees are much lower so you can deposit small amounts if you don't play big bets.

[Cookdata]

That's the advantage for us as crypto gamblers who have lots of coins to gamble and don't depend on BTC so if we feel not good for using BTC, we can use altcoins. I also often use altcoins like TRX, LTC, and ETH, especially if the price of BTC goes down because that means I have to use more BTC for a minimal deposit at the casino. But I also often stop gambling for a while when the BTC price drops because that's better for me.

This sound unreasonable, how do you think altcoins will be when bitcoin slumps downward? They all depend on bitcoin to survive, they are even worse when it comes to volatility anytime the market shrink, you can't preserve a value with altcoins and looking at Ethereum for deposit isn't palatable due to its nature of the gas fee.
If you are gambling in a casino that pays out winnings in BTC, this is the right moment to get an opportunity for accumulating more bitcoin, by the time we make a new bull run, you will enjoy two double profits.

[BitcoinAccepted]

Maybe it does have an influence, but of course you can never really prove this. It depends a bit on the behavior of a gambler. And whether you actively use the coins in your gambling account or do little with them. Someone who has a lot of coins in his gambling account will be disappointed that the value has gone down, but he will also understand and realize that it is only a matter of time before the crypto starts to rise in value again. If you keep playing with patience you don't have to make ill-considered decisions I think.