Bitcoin Forum>Alternate cryptocurrencies>Marketplace (Altcoins)>Service Discussion (Altcoins)
Author

Topic: 🔴Accepting LTC and ETH deposits but not storing them, need your help! 📌🔴 (Read 86 times)

devans
sr. member
Activity: 528
Merit: 368
🔴Accepting LTC and ETH deposits but not storing them, need your help! 📌🔴
March 07, 2021, 02:27:41 AM
#2
The OP asked me to give my thoughts below.

From a technical perspective this isn't difficult. All of the major exchanges provide some sort of API, so both getting a deposit address and initiating a sell order whenever that address receives funds programmatically should be simple. However, there are other considerations:

  • Is having customers of a casino deposit directly to an exchange's deposit addresses an accepted use of their service or will you run afoul of their terms of service or acceptable use policy?
  • When players withdraw, where will the withdrawal be processed from? If it will be processed from the exchange, you'll likely end up paying more in fees than if you had simply offered a flat, no-strings-attached deposit bonus to offset the players' transaction costs. If it will be processed from your own hot wallet, you need to move it there from the exchange first, which creates more complexity and costs.
  • If players that deposit one currency are able to withdraw another you will possibly run into legal/regulatory issues as you would be providing a financial service in most jurisdictions.
My initial thought is that this is way too complicated and expensive just to avoid holding altcoins. Using something like ShapeShift's API to give your customers an Ethereum/Litecoin address that they can deposit to while you receive Bitcoin may be the simplest option. I suspect that after fees your players will be looking at overhead similar to depositing Bitcoin in the first place.

Alternatively consider properly supporting the altcoins you want to accept and using financial instruments like futures, swaps or options to offset your own exposure to these altcoins' prices.
Pali
member
Activity: 221
Merit: 13
Re: 🔴Accepting LTC and ETH deposits but not storing them, need your help! 📌🔴
March 05, 2021, 03:06:16 PM
#1














Hello,

I'm working on a project that allows for playing with BTC only at this time. However with the increase of network fees this has become an issue. We now want to add LTC and ETH as a deposit option. The LTC or ETH would be converted to BTC to play with. We don't want to store anything else then BTC for long term value.

Now here is the issue... We want to avoid the fee people are forced to pay when using BTC.  Paying the network fee as the player when depositing ltc or eth is okay.

So we need an API service for say an exchange site you recommend that allows us to let the player deposit onto our ltc or eth address. After that is confirmed we buy the value in BTC.

We need a solution that allows for all of this to be automated.


EG this proccess automated through an API:

1) Player gets a deposit address that is our ltc or eth address
2) player sends funds over the eth or ltc network
3) funds get confirmed and a buy order is triggered for the value in btc
4) we store the btc on the exchange site and credit the player on site with the value his eth/ltc was at the time we bought the btc.


Any suggestions for this? We don't want to use coinbase. The nature of the game is gambling.


Code:
[center]
[url=http://beta.btcarena.gg][img]https://u.cubeupload.com/Gladiator/EVENTTHREADv201.jpg[/img][/url]
[url=https://forms.gle/audcxuZTh9eQkV3N9][img]https://u.cubeupload.com/Gladiator/EVENTTHREADv202.jpg[/img][/url]
[url=https://discord.gg/KPkAUbCCWN][img]https://u.cubeupload.com/Gladiator/EVENTTHREADv2031.jpg[/img][/url]
[url=http://beta.btcarena.gg/?modal=register][img]https://u.cubeupload.com/Gladiator/EVENTTHREADv204.jpg[/img][/url]
[img]https://u.cubeupload.com/Gladiator/EVENTTHREADv205.jpg[/img]
[url=http://beta.btcarena.gg][img]https://u.cubeupload.com/Gladiator/EVENTTHREADv20506.jpg[/img][/url]
[/center]



Code:
[center]
[url=http://beta.btcarena.gg][img]https://u.cubeupload.com/Gladiator/EVENTTHREADv3011.jpg[/img][/url]
[url=http://beta.btcarena.gg/?modal=register][img]https://u.cubeupload.com/Gladiator/EVENTTHREADv3021.jpg[/img][/url]
[url=http://beta.btcarena.gg][img]https://u.cubeupload.com/Gladiator/EVENTTHREADv3031.jpg[/img][/url]
[/center]


Code:
[center]
[url=http://beta.btcarena.gg][img]https://u.cubeupload.com/Gladiator/EVENTTHREADv201.jpg[/img][/url]
[url=https://forms.gle/audcxuZTh9eQkV3N9][img]https://u.cubeupload.com/Gladiator/EVENTTHREADv202.jpg[/img][/url]
[url=https://discord.gg/KPkAUbCCWN][img]https://u.cubeupload.com/Gladiator/EVENTTHREADv2031.jpg[/img][/url]
[url=http://beta.btcarena.gg/?modal=register][img]https://u.cubeupload.com/Gladiator/EVENTTHREADv204.jpg[/img][/url]
[img]https://u.cubeupload.com/Gladiator/EVENTTHREADv205.jpg[/img]
[url=http://beta.btcarena.gg][img]https://u.cubeupload.com/Gladiator/EVENTTHREADv20506.jpg[/img][/url]
[b]How to get the beta role on discord:[/b]
[img]https://u.cubeupload.com/Gladiator/instructions.png[/img]
[/center]








How to get the beta role on discord:

Bitcoin Forum>Alternate cryptocurrencies>Marketplace (Altcoins)>Service Discussion (Altcoins)
Jump to: