Bitcoin Is Dumping, Does It Really Push You to Gamble More?

[Findingnemo]

... Added benefit is when you withdraw you get cheapest withdrawal fee and almost instant confirmation.

That depends on the network, but you are right, most of the networks which are supported by USDC and USDT have very good transaction fees and confirmations are very quick when compared to the main network of Bitcoin.

Convenience continues to be the usual reason why anyone would prefer to gamble using stablecoins instead of Bitcoin or other floating Cryptocurrencies. It is easier to keep track of the capital being put at stake and track of one's losses.

Though, I would understand if some gamblers have simply grown fond of gambling with Bitcoin and it is harder for them to move onto other assets, which are way more stable.

I don't consider anything as bitcoin other than it's network, but some people think they are saving money by withdrawing BTC on other chains but what they are doing is, trading their custody of bitcoin to a centralized shitcoin.

While stable coins are already centralized and I am well aware of it, so I will not keep it as it is, immediately swap them to bitcoin or fiat into bank account as per the situation.

[Anayochukwu]

Obviously I think some gamblers might likely want to use gambling to recover back their losses in Bitcoin, but unfortunately it wouldn't going to work out for them because gambling is already losses itself. However, as a gambler that also invest in Bitcoin I think this period should be a time that you would even lower amount in gambling because going more further in other to recover quickly through gambling would be a very big mistake for you and that would make you lose more than you expected because sooner or later Bitcoin would definitely bance back.

[Kelward]

With Bitcoin dumping again so I’m wondering how this actually affects people who are into gambling.

Some treat this like “inflation.” and that is when BTC keeps losing value, they start thinking about pulling funds out and trying to double it through casinos or betting, just to recover losses.But honestly, does that really make sense? If you take that risk, you’re basically moving your BTC from something that can still recover over time into a game where the odds are already against you. One bad session and your “recovery plan” is gone. Even if you win once, most people end up playing again, trying to win more, until they give everything back.

From a gambler’s perspective, do you really feel more confident taking risks during a dump, or is it just frustration talking?

It depends on your motive for holding Bitcoin if it's for trading or you're planning to sell and it dip then it would make sense to pull out some of it and deposit into your gambling account to spend it before it loses more value. But if your aim for holding is long term there is no need to touch your Bitcoin, instead of spending it it's better to use the opportunity to buy more. I will rather spend my Bitcoin to fund my gambling or any other things when it is bullish, better to use my profit to gamble than use it when I'm in lose because there's no guarantee that I can recover my Bitcoin lose in gambling.

[mitchr4]

Obviously I think some gamblers might likely want to use gambling to recover back their losses in Bitcoin, but unfortunately it wouldn't going to work out for them because gambling is already losses itself. However, as a gambler that also invest in Bitcoin I think this period should be a time that you would even lower amount in gambling because going more further in other to recover quickly through gambling would be a very big mistake for you and that would make you lose more than you expected because sooner or later Bitcoin would definitely bance back.

You're completely right about this. When Bitcoin drops, some people think they can win back their losses by gambling more but that's a terrible idea. Gambling always favors the house, so you're just going to lose more money. If you're holding Bitcoin, just be patient and wait for it to go back up. Don't make your situation worse by gambling.

[bakasabo]

When Bitcoin is dumping or pumping, it does not make me gamble more or less. I gamble only when I want. Moreover, when Bitcoin price is going down, I prefer to use that opportunity to sell and buy at lower price more Bitcoin (but when it goes up, I hold). I will never use gambling as a way to keep same amount of fiat equivalent when crypto price is going down. It ismt smart to use gambling as a way to cover price drops or inflation. I think that will never help.

[lizarder]

Some treat this like “inflation.” and that is when BTC keeps losing value, they start thinking about pulling funds out and trying to double it through casinos or betting, just to recover losses.But honestly, does that really make sense? If you take that risk, you’re basically moving your BTC from something that can still recover over time into a game where the odds are already against you. One bad session and your “recovery plan” is gone. Even if you win once, most people end up playing again, trying to win more, until they give everything back.

Honestly this doesn't make sense to me because there's no connection between Bitcoin's price drop and recovering losses in gambling, despite some perspectives linking the situation. Let's say people are willing to take that risk and think they can recover or double their winnings in gambling. Then the question is, how likely is that to be and we all know that the risks of gambling are much greater? It's better to continue holding Bitcoin than to take this kind of approach because under certain conditions, Bitcoin will recover and the value of our assets will remain the same.

This method is much riskier in my opinion because it is better for us to engage in gambling using other capital that has nothing to do with the Bitcoin assets we own so that when losses occur in gambling, the effect will not be much greater and we should be wiser in taking action. Don't get carried away by bad situations because sometimes it can cause greater losses if you make the wrong decision.

[Zadicar]

Some treat this like “inflation.” and that is when BTC keeps losing value, they start thinking about pulling funds out and trying to double it through casinos or betting, just to recover losses.But honestly, does that really make sense? If you take that risk, you’re basically moving your BTC from something that can still recover over time into a game where the odds are already against you. One bad session and your “recovery plan” is gone. Even if you win once, most people end up playing again, trying to win more, until they give everything back.

Honestly this doesn't make sense to me because there's no connection between Bitcoin's price drop and recovering losses in gambling, despite some perspectives linking the situation. Let's say people are willing to take that risk and think they can recover or double their winnings in gambling. Then the question is, how likely is that to be and we all know that the risks of gambling are much greater? It's better to continue holding Bitcoin than to take this kind of approach because under certain conditions, Bitcoin will recover and the value of our assets will remain the same.

This method is much riskier in my opinion because it is better for us to engage in gambling using other capital that has nothing to do with the Bitcoin assets we own so that when losses occur in gambling, the effect will not be much greater and we should be wiser in taking action. Don't get carried away by bad situations because sometimes it can cause greater losses if you make the wrong decision.

It might doesnt make sense but for sure there are people who are that mindful about their Bitcoin spending on which it is that totally contradicting on what they do wanted to do specially if they are trying out to accumulate Bitcoin amount but doing gambling is totally opposite if they are trying out to do this method. We do know that on the moment that the price of Bitcoin is that lower then the amount of Bitcoins that you would gonna spend or waste on gambling is much more in compared when the price is on the peak or something that do talks about ATH prices or with those levels. Now on the question if it would be pushing you to gamble more? If you are in accumulation then you wont be thinking on wasting up your precious Bitcoins to gambling on which of course it will be depending on you on how you would be reacting into it.

Some people doesnt care up that much because whats more important is that they can be able to gamble and dont mind on whatever the coins that they would be using up at the time that they do gamble.

[danherbias07]

I did this before,e but I felt stupid when I lost a lot of Bitcoin in gambling. It could've doubled the value just by waiting and keeping the Bitcoin, not gambling it. Sure, it's the same amount of Bitcoin, but the value is very different from the time I gambled it compared to now.

The frustrating part is when you realize how much Bitcoin you wasted in the past. It won't sink in if you do it now because it's the same value, but when you see the growth from just being patient and selling it at some point in time, it grows in value. Now, I am not using Bitcoin as a means to gamble anymore. I don't want to feel that frustration again. It's actually stupid of me not to trust Bitcoin.

[Slow death]

With Bitcoin dumping again so I’m wondering how this actually affects people who are into gambling.

Some treat this like “inflation.” and that is when BTC keeps losing value, they start thinking about pulling funds out and trying to double it through casinos or betting, just to recover losses.But honestly, does that really make sense? If you take that risk, you’re basically moving your BTC from something that can still recover over time into a game where the odds are already against you. One bad session and your “recovery plan” is gone. Even if you win once, most people end up playing again, trying to win more, until they give everything back.

From a gambler’s perspective, do you really feel more confident taking risks during a dump, or is it just frustration talking?

I believe that everyone entering the cryptocurrency market needs to learn about two concepts:

1 - Investment

2 - Gambling

These two things should never be mixed, these two things should never be confused. If a person enters the cryptocurrency market to invest in cryptocurrencies, then they should remain in the investment phase, which is something very serious, although people are advised to only invest amounts of money they can afford to lose.

Gambling is just entertainment, like when people go to the movies, watch football, basketball, or tennis live. It's not something to take seriously. Therefore, it makes no sense for someone to withdraw the money they invested in cryptocurrency to put into gambling thinking they will recover losses.

[Emitdama]

This is unreasonable for them to withdraw BTC, then double up on bets to get a recovery, there is not a profit to recover, but the BTC will lose due to your bet losing, I dare not do this because it is stupid.
In gambling, you will not take too much risk, even if BTC is now falling in price, the only thing to do is to hold it, not to bet on gambling.

Well, not all are the same. Maybe it is truly unreasonable for you, for me and for some but not really for the others. In gambling, we are not always losing but we can win too if our luck strikes, so why not? That gives us an instant recovery if we can't wait for a natural recovery.

In gambling, we are actually taking more risk because this is a highly risky game, although we can still or always lessen our capital and the bets that we are placing. Gambling is different from investing after all. It provides entertainment if done well. This is not only about earning money and maybe some has extra BTC to spare while waiting for the price to recover, only to kill the boredom.

[pawanjain]

With Bitcoin dumping again so I’m wondering how this actually affects people who are into gambling.

Some treat this like “inflation.” and that is when BTC keeps losing value, they start thinking about pulling funds out and trying to double it through casinos or betting, just to recover losses.But honestly, does that really make sense? If you take that risk, you’re basically moving your BTC from something that can still recover over time into a game where the odds are already against you. One bad session and your “recovery plan” is gone. Even if you win once, most people end up playing again, trying to win more, until they give everything back.

From a gambler’s perspective, do you really feel more confident taking risks during a dump, or is it just frustration talking?

Oh no, I can't take that risk of putting my main portfolio amount into gambling just to recover the losses from bitcoin price volatility.
I am more of a strong bitcoin believer and choose to hold it for long term.
So I am not worried about these dumps since I know I am in it to win it in the long term.
For gambling, I have a strict budget set and I tend to stick to it since it's something that I know is gonna end up in a loss.

[Lida93]

If any person should do this then it's just another form of madness for me because this isn't risk taking but foolishness of the highest order
Perhaps the individual didn't know what he was doing at the very start but just jump onto the moving train just because he heard that people are investing in bitcoin and so he followed without proper thought plan and knowledge. Gambling risk taking isn't same with bitcoin investment risk taking.

[Beparanf]

I feel this urge to gamble in the past when the market is dumping if I hold altcoins while my holdings value decreases significantly. I use gambling as way to recover all my losses that always resulted on losing more instead of just holding it.

In the end, I was supposed to recover and gain profit if I just hold since the market recover again.

After experiencing that multiple times in the past, I never resorted to gamble anymore when market crash.

[Porfirii]

I have just written in another thread about the relationship between the falling markets and the rise in gambling, but instead of Bitcoin it was about altcoins. Differently to what I think about alts trading, which I consider pure gambling and nothing more, and while it could be even preferable to gamble than to trade altcoins at this point, I don't think the same when it comes to Bitcoin.

As I said in this topic before, spending or gambling with BTC during the bear market feels bad to me.I can't help but think of the future value I'm wasting for the pleasure of the moment.

[o48o]

It's really funny that someone would want to increase the worth of their Bitcoin through gambling. Gambling is risky and most times leads to losses. Thinking that you would recover your losses through gambling is like seeing gambling as a guaranteed money doubling scheme. Gambling with Bitcoin when the price is falling is like digging deep into losses. This time is for holding because the price will appreciate in the future.

While i don't gamble more just because bitcoin is dropping, what's the difference of increasing the worth (or amount) of your bitcoin, then increasing amount of money you have by gambling?

I mean this is a gambling section and we all likely gamble and understand the risks. That doesn't mean we wouldn't be dreaming of a jackpot (aka increasing our bags). So what makes gambling with bitcoin more ridiculous then gambling with money. Both have same exact risk to lose in gambling in them.