BTC getting too expensive to gamble with - page 25.

Zicadis

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Dump it!!!

Quote from: Lucky7btc on May 03, 2017, 02:56:08 PM

What other cryptocurrency are you using and which casino are you playing at? BTC is getting to expensive to be depositing and playing in just BTC.

I guess we expected this to happen but am still using bitcoin because the other cryptocurrencies am holding can not be used for any gambling pleasures and am a bit reluctant in getting altcoins because there is a high risk of whales wanting to dump their hold should there be a bull run of the alt
and might end up losing on my short term investment.

Gintama214

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Quote from: Lucky7btc on May 03, 2017, 02:56:08 PM

What other cryptocurrency are you using and which casino are you playing at? BTC is getting to expensive to be depositing and playing in just BTC.

Well for me I'm using BTC for gambling but some people use other cyprtocurrency like ETH or LTC thats because they say its more easy to deposit and more convenient but I haven't tried it at all, but soon I will. You are actually right BTC is getting expensive over time especially now its like $1k+ unlike before when it was just starting it was really low but now its really hard to get 1 BTC. In this generation BTC is really going to increase overtime thats because most people right now are connected to the internet. Base on the research of 2016 there are 100 million people who are currently using BTC, you can check in here => http://www.coindesk.com/2016-bitcoin-challenge-100-million-users/. So how much more in the future, it is really advance now in this generation and BTC is going to be big in the future for sure. Wink

darkangel11

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Don't let others control your BTC -> self custody

Quote from: lite on May 04, 2017, 02:28:25 PM

Quote from: Lucky7btc on May 03, 2017, 02:56:08 PM

What other cryptocurrency are you using and which casino are you playing at? BTC is getting to expensive to be depositing and playing in just BTC.

Currently not using any other cryptocurrency as most of them are expensive too. i'm gambling with bitcoin as bitcoin not as fiat, i'm gambling as i did when bitcoin price was at $400 or $600. i'm not a frequent gambler, i only spend <0.02 BTC.

Explain it to me because I don't get it.
What does it mean that it's expensive? AFAIK the lower limits in casinos are extremely low, so you can play with cents really. It shouldn't matter if you're paying $100 or $1000 for one bitcoin if you don't have to play with fixed amounts.
What if it costs $5000 next year? If people were thinking like you gambling would have died years ago, because people would decide that it's not worh to gamble since bitcoin went from $100 to $1000 in a year.

lite

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Quote from: Lucky7btc on May 03, 2017, 02:56:08 PM

What other cryptocurrency are you using and which casino are you playing at? BTC is getting to expensive to be depositing and playing in just BTC.

Currently not using any other cryptocurrency as most of them are expensive too. i'm gambling with bitcoin as bitcoin not as fiat, i'm gambling as i did when bitcoin price was at $400 or $600. i'm not a frequent gambler, i only spend <0.02 BTC.

South Park

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Quote from: Lucky7btc on May 03, 2017, 02:56:08 PM

What other cryptocurrency are you using and which casino are you playing at? BTC is getting to expensive to be depositing and playing in just BTC.

You can always adjust your bets and bet smaller amount of bitcoin but in the end you are betting the same amount in fiat, but personally I don’t see the problem with bitcoin being more valuable, then you can make more bets with less bitcoin and obtain the same profits, if any.

milewilda

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Quote from: Lucky7btc on May 03, 2017, 02:56:08 PM

What other cryptocurrency are you using and which casino are you playing at? BTC is getting to expensive to be depositing and playing in just BTC.

Theres no difference at all because you can anytime adjust the amount of bitcoin youd want to deposit just like on betting or depositing while the price is still low on bitcoin.We can just able to say that thing because bitcoin is already valuable and we do hesitate to spend it out on playing gambling but i really strongly argue that its just the same.If you do really like to play on alts then you can use one there are lots of sites do offer such option on betting on altcoin just like on FJ.

tyz

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Well, if the price gets to high for you then you have got two options. Either you pick a different casino which allows to play with less stakes (there are big differences from my experience) or you choose a casino which allows to play with altcoins. Many casinos offer gambling with Litecoin and Ethereum. A few casinos also offer gambling with other altcoins like Doge, DASH etc.

olushakes

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Quote from: Lucky7btc on May 03, 2017, 02:56:08 PM

What other cryptocurrency are you using and which casino are you playing at? BTC is getting to expensive to be depositing and playing in just BTC.

I don't think the price of bitcoin should for whatever reason make any difference to a serious gambler because you are not the only one that is feeling the pain of it being expensive the feeling is mutual for the gambling site who will lose more if you happen to win because of the multiplying effect on the amount wagered. The moment the site is proven to be provably fair, then I won't mind to gamble any amount of btc I deem fit.

FiiNALiZE

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Bitcoin is not getting that expensive to gamble with, from what I see the portions of Bitcoin are the same for gambling and regular payments. Having the whole price of a single Bitcoin paired to USD will get you confused on what is actually going on, the amount of money that you use will get spent through Bitcoin -it will just be a smaller amount of Bitcoin and the Casino's will find that they won't make any money by keeping a high limit in Bitcoin to gamble with online or offline.

iv4n

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I don't have this feeling that OP is talking about, I gamble with bitcoins and how much and how big I wish to gamble I deposit that much, simple. And bitcoin will cost more in the future, that will not stop me from gambling with bitcoins, I just hope that some casino's will lower minimal bet, now some minimum bets are high for me already. That can be a big problemo.

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Quote from: serjent05 on May 04, 2017, 07:53:22 AM

Quote from: shulio on May 04, 2017, 07:34:53 AM

Quote from: Idrisu on May 04, 2017, 07:12:51 AM

Before now I was thinking the same thing but letter I came to understanding that the more bitcoin increase in values the more people desire to make more bitcoin and the high they will gamble with their income.I do believe that this is the best time to make it big from bitcoin through gambling, trading and buy and hold.

It will encourage people to bet less because the price is high right now. 0.1 btc is around $150 right now and it is a high amount that most people dont want to afford. Imagine what would it looks like when the price reach $2000, it will be insane and people will keep on betting less or even stop betting

and how much is 0.00000001 BTC? Is it still expensive?

If you want to make money from gambling then you will not gamble less than 1 mbtc. That amount is the amount that most people including me use when we are only play for fun. Im sure the majority here play for profit so even if you could get hundred satoshi from 1 satoshi, you are still only getting dust as profit

JL421

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U'm what is bitcoin gambling getting expensive??.
Most of the gambling sites accept bitcoin to deposit and they deposit exactly your payment in bitcoin itself. So let's say you gambled 1 btc when price was 100$ and won 2 btc. You withdrew you got 200$. But now if you deposit 1 btc and you still get 1 btc the only thing changed is the price. Most sites pay you back in bitcoin.

coolcoinz

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It's never too expensive, since you can play with just a few satoshi. The price shouldn't concern you at all because the value of your bets remain the same, unless you're one of those "lucky charm" guys who think betting the same number every time increases their chances of winning.

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Quote from: Lieldoryn on May 03, 2017, 02:59:53 PM

And you are that someone makes to put bets in btc? For this there are Satoshi. You can always adjust the level of their rates. I only trust bitcoin because it is the most promising cryptocurrency.

I agree, why do we need to gamble with BTC when we can use satoshi and it is too cheap to gamble with BTC. Anyway if you do not like to gamble with BTC you can always have several altcoins as alternative. You can check my sig link to see what possible altcoin you can use to play in a Casino.

Quote from: shulio on May 04, 2017, 07:34:53 AM

Quote from: Idrisu on May 04, 2017, 07:12:51 AM

Before now I was thinking the same thing but letter I came to understanding that the more bitcoin increase in values the more people desire to make more bitcoin and the high they will gamble with their income.I do believe that this is the best time to make it big from bitcoin through gambling, trading and buy and hold.

It will encourage people to bet less because the price is high right now. 0.1 btc is around $150 right now and it is a high amount that most people dont want to afford. Imagine what would it looks like when the price reach $2000, it will be insane and people will keep on betting less or even stop betting

and how much is 0.00000001 BTC? Is it still expensive?

shulio

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Quote from: Idrisu on May 04, 2017, 07:12:51 AM

Before now I was thinking the same thing but letter I came to understanding that the more bitcoin increase in values the more people desire to make more bitcoin and the high they will gamble with their income.I do believe that this is the best time to make it big from bitcoin through gambling, trading and buy and hold.

It will encourage people to bet less because the price is high right now. 0.1 btc is around $150 right now and it is a high amount that most people dont want to afford. Imagine what would it looks like when the price reach $2000, it will be insane and people will keep on betting less or even stop betting

Idrisu

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Quote from: Lucky7btc on May 03, 2017, 02:56:08 PM

What other cryptocurrency are you using and which casino are you playing at? BTC is getting to expensive to be depositing and playing in just BTC.

Before now I was thinking the same thing but letter I came to understanding that the more bitcoin increase in values the more people desire to make more bitcoin and the high they will gamble with their income.I do believe that this is the best time to make it big from bitcoin through gambling, trading and buy and hold.

Lucky7btc

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Let me clarify. I DO NOT PLAY DICE. Only slots and table games which has a set min. When playing slots there is not way to adjust to .000xxxxx So in terms what used to be .01 or a $10 bet is now a $15 bet though its the same .01. This becomes expensive if you are purchasing bitcoins. Because what you used to get for $500 in bitcoin amounts is not the same as it was a little while ago.

Lucky7btc

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Quote from: chris200x9 on May 04, 2017, 04:12:34 AM

Quote from: ralle14 on May 04, 2017, 02:03:57 AM

Quote from: Lucky7btc on May 03, 2017, 02:56:08 PM

What other cryptocurrency are you using and which casino are you playing at? BTC is getting to expensive to be depositing and playing in just BTC.

Only using btc for now when I gamble on sportsbook. As a bitcoin user I don't care much about the price going up when betting , to me I still see 0.02btc as 0.02btc back then. The only thing expensive in btc is the fees when you plan to make a deposit/bet that's the reason I stopped going to on chain betting sites.

Your mindset is like that, And you look only for BTC, not that value, so you don't care for BTC price increase. But many people will place a calcultaed bet. They will calculate the betting amount and place the bet. Because they need that extra money. Yes for example last week 0.02 BTC value is now almost 20% increase. If we keep that 20% amount means it is one type of profit. For me, the BTC is getting a bit expensive to gamble.

EXACTLY...If I bought $500 worth of bitcoin last week its not the same as buying $500 worth of bitcoins this week. I am getting less bitcoins. The online casinos I bet at min spins aren't adjusted for the inflation...

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Quote from: iluvbitcoins on May 04, 2017, 05:46:47 AM

Quote from: BlockEye on May 04, 2017, 05:42:05 AM

Quote from: iluvbitcoins on May 04, 2017, 04:30:31 AM

Quote from: chris200x9 on May 04, 2017, 04:12:34 AM

Quote from: ralle14 on May 04, 2017, 02:03:57 AM

Quote from: Lucky7btc on May 03, 2017, 02:56:08 PM

What other cryptocurrency are you using and which casino are you playing at? BTC is getting to expensive to be depositing and playing in just BTC.

Only using btc for now when I gamble on sportsbook. As a bitcoin user I don't care much about the price going up when betting , to me I still see 0.02btc as 0.02btc back then. The only thing expensive in btc is the fees when you plan to make a deposit/bet that's the reason I stopped going to on chain betting sites.

Your mindset is like that, And you look only for BTC, not that value, so you don't care for BTC price increase. But many people will place a calcultaed bet. They will calculate the betting amount and place the bet. Because they need that extra money. Yes for example last week 0.02 BTC value is now almost 20% increase. If we keep that 20% amount means it is one type of profit. For me, the BTC is getting a bit expensive to gamble.

I would not expect this from a Hero member, how can bitcoin be too expensive to gamble??
Bitcoin = Bitcoin
You divide it to smaller fractions
WTF Huh

IMO,the price of bitcoin he means was the actual conversion and not the bitcoin itself. He just want to tell that we need to gamble based on current valie of BTC so if he are allocating 0.02BTC then the price increase by 20% after a week. So it means that he will not gamble 0.02BTC amount anymore but only 0.016BTC which is equal amount in fiat value to his normal budget on gambling. I think that was his logic.

He still deposited the same amount in FIAT
Except for he already won a 1.2 bet

Exactly, he really mean to play same amount in fiat rather than on quantity of BTC due to the expensive price. Personally, My bankroll was 1BTC when BTC is equivalent to 1000$ but now, I lower my bankroll due to price surge of BTC.

michkima

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Two things I see why this is a problem for OP.

1. The transaction cost of using bitcoins become bigger too when converted to fiat (deposit cost and some times cashing out cost)
2. If OP is betting satoshis only. Meaning if he just bets the bare minimum 0.00000001 per bet. That means it gets a lot more expensive to bet the minimum compared to before.

Topic: BTC getting too expensive to gamble with - page 25. (Read 9460 times)