What is your take on this crypto gambling use case idea?

[Jody.Drummer]

Do you think it makes sense if a crypto gambling platform only accepts it's own token for gambling and gambling on it's platform? If the games they offer are one-of-a-kind, new, and addictive wouldn't this make the gambling token very valuable? I am asking on behalf of a friend who wants to build his own crypto gambling project on the blockchain. Will this work? Will this fail? What's your take on this?

In the case of a casino relying on its own token and not accepting other coins to play with, that is definitely not a good decision. I know the goal is to increase the volume of the token itself. But every gambler cannot be forced to place his money in certain tokens. The casino is global and provides various deposit services so it will attract many elements of gamblers to enter. If only applying one token what else is their token actually going to see slow casino growth? Even with excessive promotion, its reach will not be as large as that of casinos that accept a wide variety of deposit types.

The point is that the more alternatives that are offered, the higher the percentage of profit that the casino will get.

[bitbollo]

the token could have a whole series of problems.
it can be deflationary, and above all it would have an isolated and well-defined "use case"!
What do you do if such an issue occurs?

In short, on balance it would practically make no sense ... I would never use a site that forces me to play exclusively with their token

I think you do not quite understand one of the terms that you have used here. Deflationary does not mean that the price goes down over time, it means that the supply goes down over time. Also, the primary use-case would be that the token is able to be used on the gambling platform. Secondary use-cases would not matter too much if the primary one is fulfilled adequately.

You are all-in-all right however in that many issues can arise. I would not go as far to say that it practically makes no sense, as a great platform with a good strategy could make this idea work. It's not impossible, but it is certainly not easy.

Well, I don't know which "majestic" platform should be realized to have people trusting them and using only this token for bet but yes let's see, after several years in this sector I would not be surprised at all

technically it should be better have a deflationary token... but in such case people can just own the token and not play...meanwhile if the token has inflation it means you will loose value over the time or you're forced to play.
moreover who will guarantee the value? exchange internal of this gambling site? 
Did you will use seriously a centralize system like this? No I will not.

that's why as I have reported before, if this token has ONLY one use-case it will be something really useless.
If the gambling platform is not used this token has zero value and this is what is going to happens right now. Likewise there are already similar tokens available (I don't want mention it but people can know and I have on my portfolio...)

[seoincorporation]

I don't think is a bad idea to use your own token for a casino, but I don't think it would be attractive for users at all because they need to exchange the token to get the real money, and if the market doesn't have the solvency then they huge wins will not be paid at all.

There are some casinos who already implemented this idea, and to make it work the toke need to have a nice backup in the market. That way users can trust the token.

[Desmong]

Do you think it makes sense if a crypto gambling platform only accepts it's own token for gambling and gambling on it's platform? If the games they offer are one-of-a-kind, new, and addictive wouldn't this make the gambling token very valuable? I am asking on behalf of a friend who wants to build his own crypto gambling project on the blockchain. Will this work? Will this fail? What's your take on this?

You need to explain to us what kind of crypto project he wanted to build and what network do that we can list out the advantage and disadvantage of such project.
Now, having a casino with it own token is good and with this it could help the token to grow faster as people start buying and trading with it just like using it on the casino platform.

[BitcoinPanther]

the token could have a whole series of problems.
it can be deflationary, and above all it would have an isolated and well-defined "use case"!
What do you do if such an issue occurs?

In short, on balance it would practically make no sense ... I would never use a site that forces me to play exclusively with their token

I do not think that the token can give a whole series of problem but rather the implementation of accepting the token alone would give the platform some problem.  Unless the gambling platform is very popular, implementing a single way of deposit are missing the opportunity of other token or cryptocurrency are accepted.  It will only limit the population of the casino to only the people that is using their token.

[Dunamisx]

Do you think it makes sense if a crypto gambling platform only accepts it's own token for gambling and gambling on it's platform?

I don't think accepting only thier crypto gambling token on their website is a good idea enough for gamblers to find it interesting to a reasonable extent, we have the case of some gamblers that have other tokens on their personal wallets and would love to transfer them to the casino wallet for gambling, if the casino only accept a single token for gambling it will make some gamblers have no access to gamble using their own acquired coins or tokens since they were not supported by the casino wallet, though some gamblers may still not finds this as a challenge to them by any means while some will.

[Viscore]

For me, i think a casino accepting only its own token for gambling activities on its platform will only limit such a casino, which in turn will greatly affect its user based, many gambling who would not like to convert their money to the token of that casino will have no choice but to stay away from from the casino..

But on the other hand, there is some possibility that such move might be a great idea, which if the casino succeeds, the token will definitely do well in the market, but this also depends greatly on how interesting the game in question is, and how heavy the casino are able to market and promote the  game as well as the casino..

Long and short is, there is a possibility of success, but it will take a great effort and resources, as well as stress, is your friend ready to do or pay whatever price required?

Yes, it would be possible and will only succeed if the games are interesting and irresistible. Otherwise, they will not take the risk of converting their crypto into your tokens and just look for other crypto casinos that will accept crypto to crypto transactions. Probably, there is also possibility that your idea about token will succeed if majority of the gamblers will also love the idea and will try out gambling using your token.

[Fivestar4everMVP]

For me, i think a casino accepting only its own token for gambling activities on its platform will only limit such a casino, which in turn will greatly affect its user based, many gambling who would not like to convert their money to the token of that casino will have no choice but to stay away from from the casino..

But on the other hand, there is some possibility that such move might be a great idea, which if the casino succeeds, the token will definitely do well in the market, but this also depends greatly on how interesting the game in question is, and how heavy the casino are able to market and promote the  game as well as the casino..

Long and short is, there is a possibility of success, but it will take a great effort and resources, as well as stress, is your friend ready to do or pay whatever price required?

Yes, it would be possible and will only succeed if the games are interesting and irresistible. Otherwise, they will not take the risk of converting their crypto into your tokens and just look for other crypto casinos that will accept crypto to crypto transactions. Probably, there is also possibility that your idea about token will succeed if majority of the gamblers will also love the idea and will try out gambling using your token.

Another thing which came to my mind also is that, a casino that only accepts its own token for gambling and betting will likely not have whales playing there, I can categorically tell you all that most bitcoin whales will rather gamble with their bitcoin as it is than convert or exchange it for any altcoin..

Personally, I think the pros of accepting multiple cryptocurrencies for gambling is way more than the pros of accepting only the casino's for the same purpose, If I own and run a casino that has its own token, I would still accept multiple cryptocurrencies for gambling/betting aside my casino token.

[MCL.io]

Yes, it makes sense for a crypto gambling platform to accept its own token for gambling and gambling on its platform. This can provide more security for players, as it allows the platform to control the value of its token and prevent malicious actors from manipulating the market. Additionally, it can also provide more opportunities for users to participate in the platform, as they can earn rewards in the form of the platform’s own token.

[romero121]

Very few will show interest to buy the native token of a gambling platform and spend on gambling. Though the growth is good and the game on the platform is unique, it won't easily attract people towards it. Because, cryptocurrency accepted gambling platforms have turned to be very big with different games available for gambling. Beyond this one to reach the unique game with their own token being bought is little difficult. Maybe the marketing could do something positive on this.

[Slow death]

It depends on the specific goals and circumstances of the gambling platform. But that's no a choice we would ever consider for https://fortune.st/. A platform accepting only its own token can provide benefits such as increased security, faster transaction speeds, and greater control over the platform's economy. Here are some important benefits that can come from the business model which you can consider. Remember, this is not a financial or business advice. The choices you make is entirely yours.

    1. Increased security and reduced fraud risk.
    2. Lower transaction fees.
    3. Faster transaction speeds.
    4. Increased control over the platform's economy.
    5. Greater flexibility in adjusting token supply and value.
    6. The ability to offer exclusive bonuses and promotions to token holders.
    7. Increased user engagement and retention.
    8. The ability to offer a loyalty program for token holders.
    9. Greater transparency and accountability for platform operations.
    10. The ability to offer decentralized governance for platform decisions.
    11. Greater potential for long-term growth and value for token holders.
    12. The ability to offer instant payouts and withdrawals using the platform token.
    13. The ability to offer cross-platform compatibility for other platforms that accept the same token.
    14. The ability to offer decentralized and trustless gambling experiences.
    15. The ability to offer provably fair gambling experiences.
    16. The ability to offer community-driven decision making on platform developments.
    17. The ability to offer decentralized dispute resolution.
    18. The ability to offer an open-source platform.
    19. The ability to offer decentralized ownership and control.
    20. The ability to offer a platform that is not controlled by any central authority.

However, it may also limit the platform's user base to only those who already hold the token and are willing to use it. Additionally, it may also limit the liquidity of the token as it may not be accepted on other platforms. It's important to weigh the benefits and drawbacks before deciding if accepting only its own token is the right choice for a gambling platform.

you took advantage of a thread created by someone else to promote your site, why don't you focus on creating your thread or if you already have your thread you should focus on your thread and in your thread you disclose what you have to offer, but if you are on this path of taking advantage of other people's threads, so no one will use your site because they will be afraid, you think that I am fantasizing, but the reality is that when people see that a person who is offering casino services cannot pay advertising and posting on other people's threads so people don't use this casino and the reason is simple:

if you don't have money to pay for advertising, then the first one to make a deposit, the owner of the casino will take that money and run away

you are not wrong to think that way


OP make no mistake, people want casinos where they can use all possible currencies to play, it makes no sense for a casino to create its token

[Newlifebtc]

Do you think it makes sense if a crypto gambling platform only accepts it's own token for gambling and gambling on it's platform? If the games they offer are one-of-a-kind, new, and addictive wouldn't this make the gambling token very valuable? I am asking on behalf of a friend who wants to build his own crypto gambling project on the blockchain. Will this work? Will this fail? What's your take on this?

I have seen some people gambling to an extent that accept their own token instead of Bitcoin or any other kind so therefore it is based on the the rules and regulation of that particular platform through the acceptance of payment that will determine if they are to accept to the article or to accept Fiat currency or any other cryptocurrency so I don't have anything to argue about that it is good depending how their network work or the ambition and all their target

[AmoreJaz]

Very few will show interest to buy the native token of a gambling platform and spend on gambling. Though the growth is good and the game on the platform is unique, it won't easily attract people towards it. Because, cryptocurrency accepted gambling platforms have turned to be very big with different games available for gambling. Beyond this one to reach the unique game with their own token being bought is little difficult. Maybe the marketing could do something positive on this.

just take for example of some casinos here which are accepting token or have their own casino token. do you think they are pretty successful with such route? though we can consider few of them successful as they are still surviving but do take note that they are not only accepting their own token but they are also accepting top coins like btc, eth or ltc. i wonder where they will be heading at if they will only accept their token on exclusive basis?

[Newlifebtc]

Do you think it makes sense if a crypto gambling platform only accepts it's own token for gambling and gambling on it's platform? If the games they offer are one-of-a-kind, new, and addictive wouldn't this make the gambling token very valuable? I am asking on behalf of a friend who wants to build his own crypto gambling project on the blockchain. Will this work? Will this fail? What's your take on this?

You need to explain to us what kind of crypto project he wanted to build and what network do that we can list out the advantage and disadvantage of such project.
Now, having a casino with it own token is good and with this it could help the token to grow faster as people start buying and trading with it just like using it on the casino platform.

Batman it is necessary for any platform or who is sponsoring a platform to explain exactly what the platform is all about the building of the project or what the project is talking about is very very important because you cannot join a platform which you don't know their budget or their target so all this you mentioned I think it is a line of investigation

[Reatim]

It is truly impossible to attain the interest of the family and move according to it. When it comes to the native token of the particular platform, very few show interest on investing. Working people just lack interest to buy a new token for gambling and spend it. The key focus will be over the regular platform and buying top altcoins will give risk free playing experience than buying a new token for gambling.

and why only need to use native token when we are having so much in our wallet to spend and also to  Keep holding?
i don't see the reason why would we choose only this? and also I have not seen any site(AFAIK) that have this attitude because remember that this is crypto world that you are luring players and all of us has crypto in our wallet that can spend in our gambling activities.
but it is up to the involve party to what will implement .

[ethereumhunter]

It's normal for casinos to do that because it's their business and they can offer gamblers to use their tokens to gamble. But they also have to provide an exchange in their casino so that gamblers who deposit money using other coins can exchange their coins for the casino's tokens. Regardless if it's a casino that has a unique set that differs from other casinos, it's their business. It may work because the casino can give a different casino than most. And this requires a good promotion to become one of the recommended casinos.

I agree with this.

There are already existing casinos that offer their own tokens to their players However, not all players like using tokens so it just means that most probably, half or more than half of the players population will rather choose using other crypto coins or depositing directly to be able to play. This is because they are avoiding the unnecessary hassle of undergoing exchanger when they can opt not to use it in the first place. So having a token, a casinos should really be prepared with all the responsibilities that come along with it such as the maintenance of the exchanger they will provide, since after all, a downtime of such in a span of time could cause big trouble and inconvenience to the patronages.

But casinos that offer their own tokens also have coins like Bitcoin, ETH, LTC and other coins so gamblers can choose those coins to gamble and not just use coins from that casino. This can actually help casinos get support from gamblers to use them for gambling, which can also impact the supply and demand for these casino tokens. And if there is a high demand for the casino token, the casino token can be more popular than other casino tokens. So maybe casinos should rethink the idea of only using their casino tokens for gambling and start adding more coins to their casinos.

[blockman]

Do you think it makes sense if a crypto gambling platform only accepts it's own token for gambling and gambling on it's platform? If the games they offer are one-of-a-kind, new, and addictive wouldn't this make the gambling token very valuable? I am asking on behalf of a friend who wants to build his own crypto gambling project on the blockchain.

It makes sense for them if they're the only one who offers those type of games. Also, it's their platform so they've got all the rights to accept and deny any type of crypto as a payment that they support.

Will this work? Will this fail? What's your take on this?

Your friend will never know unless he tries it. But to give a hint, I've seen a lot of the same projects that have built their own casino and tokens but only a few of them became successful. And that is because with this market, it's already saturated and you'll be having hard time determining on how to increase your demand when there are a lot of competitors that are more reputable and popular.

[Mr. Magkaisa]

I don't think is a bad idea to use your own token for a casino, but I don't think it would be attractive for users at all because they need to exchange the token to get the real money, and if the market doesn't have the solvency then they huge wins will not be paid at all.

There are some casinos who already implemented this idea, and to make it work the toke need to have a nice backup in the market. That way users can trust the token.

   -  It's not bad, if a team is managed well, that token and their gambling platform will surely last. The one that is known to last in this industry is BFG or betfury so far this token is doing well in the market.

But it seems that there are only a few crypto gamblings that have their tokens as far as I know about this matter.

[Shinpako09]

I don't think it's a wise move. It seems as though you are restricting their options and pressuring them to utilize your token. Players won't become engaged in the game, stay longer, or perform effectively as a result of this. Additionally, your friend is reducing his earning potential. Some players or possibly the majority have a coin preference. Casinos now provide a variety of currencies to provide customers with more choices.

[GigaBit]

I don't think is a bad idea to use your own token for a casino, but I don't think it would be attractive for users at all because they need to exchange the token to get the real money, and if the market doesn't have the solvency then they huge wins will not be paid at all.

There are some casinos who already implemented this idea, and to make it work the toke need to have a nice backup in the market. That way users can trust the token.

   -  It's not bad, if a team is managed well, that token and their gambling platform will surely last. The one that is known to last in this industry is BFG or betfury so far this token is doing well in the market.

But it seems that there are only a few crypto gamblings that have their tokens as far as I know about this matter.

Token based gambling or casino platforms can quickly become successful when the number of gamblers increases. In token based platform gamblers can use others top coins along with platform own token. However, most of the token based gambling platforms do not increase the token price much. but if the popularity of such platforms increases, these platforms can improve rapidly. Here almost all of us know about BFG Token. They have conducted gambling activities long time with their own tokens as well as other cryptos. But this project has reached in a good level. Not only that there are some other token based gambling projects that are managing gambling efficiently.