Why we Decided Against Accepting Only Bitcoin @ Betflexi.com

[Betflexi]

Our initial plan at Betflexi.com was to accept only Bitcoin as payment option. However, we later decided against that because we thought – it might not be the best idea for a few reasons: (Short story: We didn't want our site to feel like a hipster cafe!) 😜

1. Limited User Base
 
Diverse Preferences: You know, not everyone has access to or prefers Bitcoin. Folks might be more comfortable with other options like Ethereum, Litecoin, or even stablecoins like USDT. By sticking to just Bitcoin, we could be missing out on a lot of potential players. Something we don't want.

Regional Preferences: Different regions have their favorite Cryptos, and by offering more options, we can appeal to a global crowd.

2. Market Volatility
 
Bitcoin's Volatility: Bitcoin can be really up and down in terms of price. Players might worry about losing value during transactions. Including stablecoins could put their minds at ease and offer more financial security for everyone involved.
  
Risk Management: Accepting a mix of cryptocurrencies could help spread out any price fluctuation risks.

3. Regulatory Concerns

  
Compliance Issues: Some places have specific rules about Bitcoin and not cryptos in general. By accepting a broader range, Betflexi.com can smoothly navigate this different legal landscapes.
  
4. Competitive Edge

Market Differentiation: Many online casinos accept multiple cryptocurrencies. To stay ahead in the game, I mean to be able to catch up with the big players, Betflexi.com should offer similar or even better options. We concluded that accepting only Bitcoin could make the casino less appealing compared to competitors who provide more payment flexibility.

Player Experience: Players love having choices! By offering multiple cryptocurrency options, we can greatly enhance user experience and satisfaction.

5. Transaction Costs

High Fees: Bitcoin transaction fees can get pretty steep, especially during busy network times. Using other cryptocurrencies with lower fees can make transactions more affordable for both the casino and our players.

Speed of Transactions: Some cryptocurrencies support quicker transaction times compared to Bitcoin. Offering these options can really improve the overall experience for players who want faster deposits and withdrawals.

While Bitcoin is indeed, the most popular (as shown in the diagram above) and the most valuable cryptocurrency, depending solely on it limits Betflexi.com’s potential for growth and customer satisfaction. By welcoming a variety of cryptocurrencies, we hope to attract a broader audience, manage risks better, and stay competitive in the fast-paced online gaming industry.

Let me know what you think about the decision and how useful that is. Feel free to chat me up for any possible corroboration and partnerships. And don't forget to signup at https://betflexi.com and try us out.

[Kruw]

I'm a staunch supporter of free markets, so I can't blame you for testing competing currencies against each other. However, you might be overlooking some downsides of supporting multiple currencies:

- Cognitive load: Users have to stop and consider many options for their deposit method
- Backend maintenance: Administrators have to monitor multiple networks and update those nodes
- Convertability (or lack thereof): If you accept deposits in a particular currency, that assumes you will also support withdrawals of that currency. Accumulation of profits in currencies that have a fluctuating/dropping value is a headache.

[Betflexi]

I'm a staunch supporter of free markets, so I can't blame you for testing competing currencies against each other. However, you might be overlooking some downsides of supporting multiple currencies:

- Cognitive load: Users have to stop and consider many options for their deposit method
- Backend maintenance: Administrators have to monitor multiple networks and update those nodes
- Convertability (or lack thereof): If you accept deposits in a particular currency, that assumes you will also support withdrawals of that currency. Accumulation of profits in currencies that have a fluctuating/dropping value is a headache.

Thank you for the insightful comment.
In fact, the points you raised were part of the reasons we thought of accepting only Bitcoin...
but in the great debate of our tiny boardroom, we felt the cons outweigh the pros.🚀

[FatFork]

Let me know what you think about the decision and how useful that is.

As long as Bitcoin remains a deposit option on your platform, you can continue promoting the casino on the bitcointalk.org gambling board. However, if Bitcoin is removed as a deposit option, you would need to move your main thread to the Altcoins section.

[legiteum]

Thank you for this testimonial. I think there is a lot of room in this market for many different kinds of digital currencies.

While we are still in Beta testing, please take a look at the Haypenny API, which makes integration very easy for vendors like yourself:

https://haypenny.net/dev.html

Haypenny is the fastest digital currency in the world, with an internal transaction latency of approximately 2ms. Our transaction fee is fixed at $0.005, or a half-cent, also known as a "haypenny"--which is the name of our product.

We hope to be available for negotiable currencies in the a coming months. (We are doing extensive testing and are being very careful before handling tradable currency).

[Betflexi]

Let me know what you think about the decision and how useful that is.

As long as Bitcoin remains a deposit option on your platform, you can continue promoting the casino on the bitcointalk.org gambling board. However, if Bitcoin is removed as a deposit option, you would need to move your main thread to the Altcoins section.

Bitcoin is, and will always be the core part of our payment system. Right now we accepts over 20 major Cryptocurrencies as you can see from the list below:

[Darker45]

That's practicality and that's probably the best path to take for a business. After all, you're not here just to promote something. You're entering the market to make money. Especially in the crypto gambling market, there's a rather tight competition. One can't afford to be left behind in terms of innovations, adaptability, and features. It's more or less a suicide to be adamant on something which practically translates to lesser costumers, inconvenience, and so on.

I think your team made a wise decision.

[PX-Z]

Let me know what you think about the decision and how useful that is.

Your decision is pretty straight forward and very practical, that's pretty normal, as long you have bitcoin as deposit and withdrawal option then that's enough. Also, FatFork is right about the board where to post your thread. One of the pros of having bitcoin as  deposit and withdrawal option is because Bitcoin related boards have more viewers/visitors than those on Altcoins boards.

[Solosanz]

It's up to you, most of business did the same thing, that's why it's hard to see a business being idealist and not looking to make a lot of money.

Since you're a casino and not focusing in privacy, it's completely fair to accept other coins or even add KYC requirement, because sooner or later the regulation will force you to add that. There have been many no KYC casino become KYC casino now.

[BitcoinGirl.Club]

Good to see a new casino. You did not need a separate topic to post the update about your casino. You could just post it on your announcement topic which is in gambling board. I think you need to read and understand forum rules and try to keep everything in one place to make discussions easier in the community.

[shield132]

No one should really crate Bitcoin only casino, it's not financially profitable because it's not 2015 today, altcoins are in demand too and there are many reasons why there is a necessity to add altcoins, one of them being low transaction fees. When mempool is clogged, people use altcoins for deposit and withdrawal and in similar cases, the demand on altcoins increases in crypto casinos.

Players might worry about losing value during transactions. Including stablecoins could put their minds at ease and offer more financial security for everyone involved.

Bitcoin isn't that volatile to ruin your finances till the miner tries to include your transaction in the upcoming block which usually takes 10 minutes on average.

[Betflexi]

Good to see a new casino. You did not need a separate topic to post the update about your casino. You could just post it on your announcement topic which is in gambling board. I think you need to read and understand forum rules and try to keep everything in one place to make discussions easier in the community.

We just felt this discussion should be separate, instead on being muddled into the main Thread.

[BitcoinGirl.Club]

Bitcoin isn't that volatile to ruin your finances till the miner tries to include your transaction in the upcoming block which usually takes 10 minutes on average.

When the transaction fees increase to a few hundreds sat/vB then it's a threat for any business that allows micro payments. In a casino someone will want to deposit $10 or $20 and they will not consider depositing if the transaction fee is $15 to $30. On the other hand to process a withdrawal of $10 or $20 it's completely a loss for a casino to spend $15 to $30 mining fees.

Bitcoin is good for large transaction. 

We just felt this discussion should be separate, instead on being muddled into the main Thread.

A rule is there to follow. I am not expecting anything bad from it but according to the rules it's more desirable to discuss anything related to a project in their announcement topic.

[Z-tight]

We just felt this discussion should be separate, instead on being muddled into the main Thread.

It is understandable, but i suggest that next time you have an announcement to make, you should just post it in your ANN thread. As for your decision, it is a good one for your business, i am a pro bitcoiner, but i know it is not feasible for you to only accept BTC in your casino, you should have other options are allow your customers choose the one they want, which is what you have done, so all good, and goodluck too.

[un_rank]

When the transaction fees increase to a few hundreds sat/vB then it's a threat for any business that allows micro payments. In a casino someone will want to deposit $10 or $20 and they will not consider depositing if the transaction fee is $15 to $30.

Most casinos do not allow one to switch currencies within the app after a deposit has been made. If you deposit in bitcoin you will have to deal with the fees if you want to withdraw during a period of high transaction fees. I love websites that allow one to switch easily between currencies on the site.

On the other hand to process a withdrawal of $10 or $20 it's completely a loss for a casino to spend $15 to $30 mining fees.

Casinos always push the fees to the user. If you are withdrawing $20 and the priority fee is $15, you will only be getting $5 or less cause many poorly estimate fees.

- Jay -

[FinneysTrueVision]

Bitcoin-only casinos are extremely rare. I only know of one and they have seen better days. From a business perspective, accepting multiple currencies seems like a wise choice for Betflexi. Altcoiners love to gamble as much as anybody, and might even be more predisposed to taking greater risks. Bitcoin does have a much larger amount of users, but it has become more of a store of value and people prefer to save their sats instead of spending them frivolously or gambling with them.

[Betflexi]

When the transaction fees increase to a few hundreds sat/vB then it's a threat for any business that allows micro payments. In a casino someone will want to deposit $10 or $20 and they will not consider depositing if the transaction fee is $15 to $30.

Most casinos do not allow one to switch currencies within the app after a deposit has been made. If you deposit in bitcoin you will have to deal with the fees if you want to withdraw during a period of high transaction fees. I love websites that allow one to switch easily between currencies on the site.

On the other hand to process a withdrawal of $10 or $20 it's completely a loss for a casino to spend $15 to $30 mining fees.

Casinos always push the fees to the user. If you are withdrawing $20 and the priority fee is $15, you will only be getting $5 or less cause many poorly estimate fees.

- Jay -

That's a good point. The issue of transaction fees is one of the main reasons we refused the idea of a Bitcoin-only casino. And one great thing about Betflexi is that you can switch cryptos. For example, you can deposit Bitcoin, play with USDT, and withdraw Litecoin. This flexibility is why we're named Betflexi.com. Join us and experience the unmatched versatility we offer in managing your cryptocurrency! https://betflexi.com

Bitcoin-only casinos are extremely rare. I only know of one and they have seen better days. From a business perspective, accepting multiple currencies seems like a wise choice for Betflexi. Altcoiners love to gamble as much as anybody, and might even be more predisposed to taking greater risks. Bitcoin does have a much larger amount of users, but it has become more of a store of value and people prefer to save their sats instead of spending them frivolously or gambling with them.

Yes, people seem to spend USDT more, just like they would spend USD. And it's a wise idea for us to hold some funds in USDT. We should actually prefer to payout in USDT.

[Pmalek]

Accepting alternative cryptocurrencies isn't a problem. Why limit yourself to only one group of bettors if you can attract more of them?!

2. Market Volatility
 
Bitcoin's Volatility: Bitcoin can be really up and down in terms of price. Players might worry about losing value during transactions. Including stablecoins could put their minds at ease and offer more financial security for everyone involved.
  
Risk Management: Accepting a mix of cryptocurrencies could help spread out any price fluctuation risks.

As volatile as bitcoin is, altcoins are even more volatile. You will rarely find yourself in a situation where bitcoin is losing value without the same happening with altcoins that lose the same or more. Stableocoins are, of course, an exception here.

Speed of Transactions: Some cryptocurrencies support quicker transaction times compared to Bitcoin. Offering these options can really improve the overall experience for players who want faster deposits and withdrawals.

The way to mitigate this problem is by accepting 0-confirmation bitcoin transactions. Some crypto casinos do that. Fund player accounts as soon as the nodes pick up the unconfirmed transaction, let your players gamble, but don't let them withdraw until deposits have been confirmed on the blockchain.

[un_rank]

That's a good point. The issue of transaction fees is one of the main reasons we refused the idea of a Bitcoin-only casino. And one great thing about Betflexi is that you can switch cryptos. For example, you can deposit Bitcoin, play with USDT, and withdraw Litecoin. This flexibility is why we're named Betflexi.com. Join us and experience the unmatched versatility we offer in managing your cryptocurrency! https://betflexi.com

Trading features in a casino is an added advantage. I have had this issue with some casinos where I can only withdraw in a fixed currency which may be experiencing network congestion at that time. Do you charge for conversions?

The way to mitigate this problem is by accepting 0-confirmation bitcoin transactions. Some crypto casinos do that. Fund player accounts as soon as the nodes pick up the unconfirmed transaction, let your players gamble, but don't let them withdraw until deposits have been confirmed on the blockchain.

This is a good workaround, but there is a way this can be exploited. A player can set a ridiculously low fee which will take several hours to be completed, place a bet and if the bet goes bad they double spend the transaction. This makes it very low risk for them, only that it cannot be repeated multiple times if there are strict registration requirements.

- Jay -

[Pmalek]

This is a good workaround, but there is a way this can be exploited. A player can set a ridiculously low fee which will take several hours to be completed, place a bet and if the bet goes bad they double spend the transaction.

Unfortunately, that danger exists just like there is a possibility to perform a double spend for any other unconfirmed transaction. The casino would, in that case, lose the money they would have otherwise made from that player. At the same time, they are not losing any of their own money. If a player did a double spend, the casino should ban them and blacklist anything they know about the person, like their IP, device used, etc. Additionally, they can share their findings with sister casinos (if there are any), partners, game providers, etc. Cheaters don't deserve protecting.