Cryptocurrencies price and their effect on gambling industry

Dread Pirate Roberts

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Quote from: bryant.coleman on August 22, 2021, 07:11:28 AM

For the last several months, I am witnessing extremely low transaction fee with the Bitcoin network. Today I sent a few transactions with a fee of 3 Sat/Byte, and they got confirmed almost immediately. ETH fees on the other hand was much higher than that. If you are using altcoins to make deposits, then the question is which one is more suitable for this purpose. ETH can't be used here because of high fees. Other alts, such as LTC, BCH and ETC are way too volatile to be used for this purpose. So if you are depositing amounts in excess of $50, I would still advise you to use BTC.

I didn't notice the fee from bitcoin network that low, I almost rarely do bitcoin asset transfers because of high exchange fees Cheesy

. maybe some people has their assets in some exchanges that have a fixed fee. we know the fix fee on the exchange for bitcoin and eth is high thats why most people who use exchange wallets choose coins that have low fees from the exchange.

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Whenever there is some bullish trend on the market, we can see the price to be high. When the price is high, people believe to hold it rather than risking to multiply through gambling. This way there is more of a negative effect on the gambling industry. When the price increases people tend to spend in terms of USD, whereas the same people will use it in terms of bitcoin when the market is at the low bottom.

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Quote from: bryant.coleman on August 22, 2021, 07:11:28 AM

For the last several months, I am witnessing extremely low transaction fee with the Bitcoin network. Today I sent a few transactions with a fee of 3 Sat/Byte, and they got confirmed almost immediately. ETH fees on the other hand was much higher than that. If you are using altcoins to make deposits, then the question is which one is more suitable for this purpose. ETH can't be used here because of high fees. Other alts, such as LTC, BCH and ETC are way too volatile to be used for this purpose. So if you are depositing amounts in excess of $50, I would still advise you to use BTC.

I never imagine that the situation will change where Bitcoin is much cheaper than Ethereum, I also transacted just last week, and my transaction was confirmed within minutes and I only spend 70 cents, I did not even use a transaction accelerator which I also do every time I transacted with Bitcoin, I am avoiding Ethereum especially when trading on DEX because the transaction is quite high.

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Quote from: mv1986 on August 22, 2021, 12:30:48 AM

Regarding the fees, I haven't been using Bitcoin for gambling exactly because of the fees. We have had the topic here over and over again. Unless you are playing very, very high stakes Bitcoin is just not suited for gambling anymore.

For the last several months, I am witnessing extremely low transaction fee with the Bitcoin network. Today I sent a few transactions with a fee of 3 Sat/Byte, and they got confirmed almost immediately. ETH fees on the other hand was much higher than that. If you are using altcoins to make deposits, then the question is which one is more suitable for this purpose. ETH can't be used here because of high fees. Other alts, such as LTC, BCH and ETC are way too volatile to be used for this purpose. So if you are depositing amounts in excess of $50, I would still advise you to use BTC.

Woodie

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Basically what this means is if a casino has set a minimum players can wager with say for example 0.0001 btc, this 0.1mbtc 10 years ago would be worth a few cents but with the rise of bitcoins value this is worth a couple of dollars today which means casinos are banking more money and players will be wagering more than they are used to .
And for people new to crypto they might look at these zeros to be nothing but in reality you are wagering more if you try to get to the nearest whole number which is a win win for the casino.

mv1986

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Quote from: Sithara007 on August 21, 2021, 10:20:15 PM

Quote from: michellee on August 21, 2021, 08:41:30 PM

When someone knows crypto for a long time, they will think that bitcoin is worthy and keep it in their wallet without using it for anything except selling at the top price. So they will not use it for gambling and will use altcoin because many online gambling sites have that option. Besides that, they do not want to pay a high fee for the transaction so they decide to use altcoin and that is why many people prefer to use altcoin than use bitcoin to gamble. But some gamblers will use bitcoin, especially if they have many bitcoins and do not feel too sad if they lose the bitcoin in the gambling games.

If this is the reason for using altcoins in gambling, then I have to say that the strategy is wrong. Because if the user is so sure about the altcoin prices going up, then he should be converting his altcoins as well to Bitcoin. On the other hand, if the users are preferring altcoins because of the low transaction fee, then it is understandable. The transaction fee for many of the alts (not talking about Ethereum here) can be very low, especially if we use Bitcoin Cash, USDT, Ethereum Classic or Litecoin for the payment.

I do actually understand the thought process that Bitcoin feels a bit more unique, but the end result would be the same. Most likely are you buying the alt coins with your Bitcoin in the first place and if you then lose it, it is the same.

Regarding the fees, I haven't been using Bitcoin for gambling exactly because of the fees. We have had the topic here over and over again. Unless you are playing very, very high stakes Bitcoin is just not suited for gambling anymore.

Sithara007

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Quote from: michellee on August 21, 2021, 08:41:30 PM

When someone knows crypto for a long time, they will think that bitcoin is worthy and keep it in their wallet without using it for anything except selling at the top price. So they will not use it for gambling and will use altcoin because many online gambling sites have that option. Besides that, they do not want to pay a high fee for the transaction so they decide to use altcoin and that is why many people prefer to use altcoin than use bitcoin to gamble. But some gamblers will use bitcoin, especially if they have many bitcoins and do not feel too sad if they lose the bitcoin in the gambling games.

If this is the reason for using altcoins in gambling, then I have to say that the strategy is wrong. Because if the user is so sure about the altcoin prices going up, then he should be converting his altcoins as well to Bitcoin. On the other hand, if the users are preferring altcoins because of the low transaction fee, then it is understandable. The transaction fee for many of the alts (not talking about Ethereum here) can be very low, especially if we use Bitcoin Cash, USDT, Ethereum Classic or Litecoin for the payment.

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Quote from: sunsilk on August 21, 2021, 05:43:49 PM

Quote from: BuNga_cute on August 19, 2021, 02:05:19 AM

It's true that even though Bitcoin is expensive compared to altcoins, but if the capital is from fiat then convert it into any coins when making a deposit,
it won't be a big problem. I mean the psychic effect that we will feel losing Bitcoin will stress me more than losing an altcoin, even though when
the initial deposit has the same value. Or maybe it's just me who feels that way, so I really prefer to gamble with altcoins over Bitcoin.

Not just you. There are gamblers that do prefer to gamble with altcoins because they feel that they're lesser guilty losing those altcoins while losing bitcoin makes them feel bad and regretful.

It is because of the fact that bitcoin is becoming more expensive lately and being used as a store of value which is common to most of us.

When someone knows crypto for a long time, they will think that bitcoin is worthy and keep it in their wallet without using it for anything except selling at the top price. So they will not use it for gambling and will use altcoin because many online gambling sites have that option. Besides that, they do not want to pay a high fee for the transaction so they decide to use altcoin and that is why many people prefer to use altcoin than use bitcoin to gamble. But some gamblers will use bitcoin, especially if they have many bitcoins and do not feel too sad if they lose the bitcoin in the gambling games.

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Quote from: just_Alice on August 21, 2021, 04:39:06 PM

Quote from: adzino on August 17, 2021, 11:28:56 AM

It usually should be profitable for both the casino and the players. If the price of cryptocurrencies goes up, we should be seeing the number of bets placed and the wagered amount increase (in fiat value). This is because, when the price increases, gamblers will have more money to gamble but will be using less number of coins. Better for casino because they will also be having a larger bankroll.

I think for the sake of safety most casinos convert a cryptocurrencies to fiat right away. Same happens with online deposits on casino wallets, as I noticed numerous times, it is fixated in $ price, so that the customer won’t lose money while it is on the account.

In addition, the increase in Bitcoin price is often accompanied by increased fees, which is not beneficial for both customers and casinos.

You never know what they are doing with their crypto. To play it safe they certainly have strong reserves, but when you look at a well doing gambling site like Cloudbet, I can imagine they are sitting on a good bunch of Bitcoin. The thing is if they only offer cryptocurrencies, it doesn't matter for them whether the price falls or increases, they only owe you the Bitcoin you have on your balance. Running a successful casino must be a lot of fun in particular with cryptocurrencies.

sunsilk

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Quote from: BuNga_cute on August 19, 2021, 02:05:19 AM

It's true that even though Bitcoin is expensive compared to altcoins, but if the capital is from fiat then convert it into any coins when making a deposit,
it won't be a big problem. I mean the psychic effect that we will feel losing Bitcoin will stress me more than losing an altcoin, even though when
the initial deposit has the same value. Or maybe it's just me who feels that way, so I really prefer to gamble with altcoins over Bitcoin.

Not just you. There are gamblers that do prefer to gamble with altcoins because they feel that they're lesser guilty losing those altcoins while losing bitcoin makes them feel bad and regretful.

It is because of the fact that bitcoin is becoming more expensive lately and being used as a store of value which is common to most of us.

just_Alice

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Quote from: adzino on August 17, 2021, 11:28:56 AM

It usually should be profitable for both the casino and the players. If the price of cryptocurrencies goes up, we should be seeing the number of bets placed and the wagered amount increase (in fiat value). This is because, when the price increases, gamblers will have more money to gamble but will be using less number of coins. Better for casino because they will also be having a larger bankroll.

I think for the sake of safety most casinos convert a cryptocurrencies to fiat right away. Same happens with online deposits on casino wallets, as I noticed numerous times, it is fixated in $ price, so that the customer won’t lose money while it is on the account.

In addition, the increase in Bitcoin price is often accompanied by increased fees, which is not beneficial for both customers and casinos.

Silberman

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Quote from: Sithara007 on August 20, 2021, 09:55:04 PM

Quote from: BuNga_cute on August 19, 2021, 02:05:19 AM

It's true that even though Bitcoin is expensive compared to altcoins, but if the capital is from fiat then convert it into any coins when making a deposit,
it won't be a big problem. I mean the psychic effect that we will feel losing Bitcoin will stress me more than losing an altcoin, even though when
the initial deposit has the same value. Or maybe it's just me who feels that way, so I really prefer to gamble with altcoins over Bitcoin.

Doesn't surprises me much. Many of the investors have this thinking that altcoins are more like a lottery. So for them, it doesn't matter if they divert some of it to gambling. Bitcoin is not like that. We are guaranteed of a return in the future. Regarding altcoins, we can't say with 100% guarantee that all of them will survive in the distant future. Even for the top altcoins such as Ethereum, Binance Coin and Cardano, there is a strong change of getting replaced by some new project in the future.

This is an interesting take and one that makes sense, after all we have absolute certainty that bitcoin will eventually become more valuable in the future, so losing a high amount of bitcoin for us is always painful, but when it comes to altcoins that we know can crash in price at any moment and then disappear they not generate this kind of worry as people were willing to lose money the moment they invested in those altcoins and their loss is not that of a big deal to a significant number of people.

Sithara007

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Quote from: BuNga_cute on August 19, 2021, 02:05:19 AM

It's true that even though Bitcoin is expensive compared to altcoins, but if the capital is from fiat then convert it into any coins when making a deposit,
it won't be a big problem. I mean the psychic effect that we will feel losing Bitcoin will stress me more than losing an altcoin, even though when
the initial deposit has the same value. Or maybe it's just me who feels that way, so I really prefer to gamble with altcoins over Bitcoin.

Doesn't surprises me much. Many of the investors have this thinking that altcoins are more like a lottery. So for them, it doesn't matter if they divert some of it to gambling. Bitcoin is not like that. We are guaranteed of a return in the future. Regarding altcoins, we can't say with 100% guarantee that all of them will survive in the distant future. Even for the top altcoins such as Ethereum, Binance Coin and Cardano, there is a strong change of getting replaced by some new project in the future.

BuNga_cute

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Quote from: Sithara007 on August 18, 2021, 11:18:41 PM

Quote from: BuNga_cute on August 18, 2021, 05:32:25 AM

We can indeed use other coins to gamble, we don't have to use Bitcoin which is very expensive. Moreover, some gambling sites continue to add
a choice of coins that can be used to play gambling, this makes it easier for gamblers to make a deposit. Then as you said playing gambling does not
have to be every day, I even only play once a week. So the price of cryptocurrency does not affect the development of the gambling industry,
whether crypto prices fall or rise, there are always new people joining gambling sites and making deposits. Therefore the gambling industry continues
to grow until now.

How do you define Bitcoin as "expensive"? I understand that the deposit fee and withdrawal fee may be slightly higher than the other cryptocurrencies, but eventually the coins will be converted to fiat currency once they are deposited. So there is no point in being expensive. For $100 deposit, you can either deposit BTC0.002 or 0.03 ETH. In both cases, it represent the same amount when converted to fiat currency. There are only a few online casinos, where you can play games where the amount is denominated in cryptocurrency.

It's true that even though Bitcoin is expensive compared to altcoins, but if the capital is from fiat then convert it into any coins when making a deposit,
it won't be a big problem. I mean the psychic effect that we will feel losing Bitcoin will stress me more than losing an altcoin, even though when
the initial deposit has the same value. Or maybe it's just me who feels that way, so I really prefer to gamble with altcoins over Bitcoin.

Sithara007

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Quote from: BuNga_cute on August 18, 2021, 05:32:25 AM

We can indeed use other coins to gamble, we don't have to use Bitcoin which is very expensive. Moreover, some gambling sites continue to add
a choice of coins that can be used to play gambling, this makes it easier for gamblers to make a deposit. Then as you said playing gambling does not
have to be every day, I even only play once a week. So the price of cryptocurrency does not affect the development of the gambling industry,
whether crypto prices fall or rise, there are always new people joining gambling sites and making deposits. Therefore the gambling industry continues
to grow until now.

How do you define Bitcoin as "expensive"? I understand that the deposit fee and withdrawal fee may be slightly higher than the other cryptocurrencies, but eventually the coins will be converted to fiat currency once they are deposited. So there is no point in being expensive. For $100 deposit, you can either deposit BTC0.002 or 0.03 ETH. In both cases, it represent the same amount when converted to fiat currency. There are only a few online casinos, where you can play games where the amount is denominated in cryptocurrency.

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Quote from: Silberman on August 18, 2021, 03:38:21 PM

Quote from: shield132 on July 29, 2021, 07:05:35 AM

We all know that there are games like Dice, Bustabit and other very popular in crypto casinos. The minimum amount that people can bet is usually 0.00000001 BTC.
The value of 0.00000001 is more than 70x high compared to 2016 year. So, the current 0.00000001 is equal of 2016's 0.00000070 satoshi. How does this price increase affect the crypto business? Do you see less profit in bitcoins and or in USD? Or even very significantly higher? Its understandable that years of marketing had it's effect on business but if we somehow make equal statistics, compare the fixed amount of average bettors of 2016 and 2021 year, how do the statistics look? Or how are old but still active bettors doing on your casino right now?

How much of your reserves are kept in Bitcoin and in USD/Euro? Do casinos trade with their coins when a serious rise or crash happens?

Would like to hear opinions mostly from the representatives of different crypto casinos that also operate on this forum.

We must understand that most of the costs that casinos must pay come in the form of fiat so they do not really have any option to keep holding their coins for long and they have to sell them probably as soon as they get them, it would have required a visionary that believed in cryptocurrencies and specifically in bitcoin above all to keep most of their profits in bitcoin and keep holding their coins, and for the few casinos that did something like that and have been around for a long time then the profits that they have obtained by just holding their coins are massive, and many times bigger than any profits that they could have gotten from the casino itself.

Depends on the owner but you do actually have the point because it would really be needing for it to be converted considering that there are lots which you do consider on paying up from maintenance upto staff salaries and other expenses which would really be needing for the owner on paying it up. Maybe they do allocate some percentage overall conversion on their net worth and the rest would be served as a bankroll or hotwallet.
No matter what decision they would make then it wouldnt matter because its their business then its just right that they would really be making their own decision in regards to finances or all other aspects.

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Quote from: shield132 on July 29, 2021, 07:05:35 AM

We all know that there are games like Dice, Bustabit and other very popular in crypto casinos. The minimum amount that people can bet is usually 0.00000001 BTC.
The value of 0.00000001 is more than 70x high compared to 2016 year. So, the current 0.00000001 is equal of 2016's 0.00000070 satoshi. How does this price increase affect the crypto business? Do you see less profit in bitcoins and or in USD? Or even very significantly higher? Its understandable that years of marketing had it's effect on business but if we somehow make equal statistics, compare the fixed amount of average bettors of 2016 and 2021 year, how do the statistics look? Or how are old but still active bettors doing on your casino right now?

How much of your reserves are kept in Bitcoin and in USD/Euro? Do casinos trade with their coins when a serious rise or crash happens?

Would like to hear opinions mostly from the representatives of different crypto casinos that also operate on this forum.

We must understand that most of the costs that casinos must pay come in the form of fiat so they do not really have any option to keep holding their coins for long and they have to sell them probably as soon as they get them, it would have required a visionary that believed in cryptocurrencies and specifically in bitcoin above all to keep most of their profits in bitcoin and keep holding their coins, and for the few casinos that did something like that and have been around for a long time then the profits that they have obtained by just holding their coins are massive, and many times bigger than any profits that they could have gotten from the casino itself.

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Quote from: ipanks on August 17, 2021, 09:17:19 AM

Quote from: BuNga_cute on August 17, 2021, 03:24:44 AM

Crypto prices have been very volatile for a long time, so I agree that gamblers will continue to gamble whether they are bullish or bearish.
I still play gambling regularly once a week, whether the market is going up or down. This means that crypto prices do not affect the gambling
industry, we as gamblers will still use capital that comes from fiat, but we will convert according to the current crypto price when gambling.

The crypto price will not stop gamblers from continuing to gamble because they like playing gambling and as long as they can use the other coins that are not too high as bitcoin, that will not be a problem for them. But we as gamblers should realize that playing gambling does not need to be too often because we are only searching for pleasure inside gambling games. The gambling industries itself will still grow, whether it used crypto or fiat money and many new people will trying to playing gambling to fills their curiosity.

We can indeed use other coins to gamble, we don't have to use Bitcoin which is very expensive. Moreover, some gambling sites continue to add
a choice of coins that can be used to play gambling, this makes it easier for gamblers to make a deposit. Then as you said playing gambling does not
have to be every day, I even only play once a week. So the price of cryptocurrency does not affect the development of the gambling industry,
whether crypto prices fall or rise, there are always new people joining gambling sites and making deposits. Therefore the gambling industry continues
to grow until now.

Sithara007

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I have to disagree with most of the posters here. From what I have seen, the inflow of funds to online casinos and sportsbooks decline when the exchange rate goes up. Because the users are more careful with their funds in such occasions and they may be converting a part of the holdings to fiat to benefit from the higher prices. Even those who had deposited cryptocurrencies with these sites may use the opportunity to withdraw some of the funds and convert to fiat. I am witnessing this pattern ever since I first purchased by coins in 2014.

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Quote from: harizen on August 16, 2021, 06:39:25 PM

Quote from: ?? on ??

I would expect gamblers to be more willing to gamble with their coins when the bitcoin price is low. Sure when the price higher we can also make more money with gambling, but we are always at risk to lose out on another price increase.

Didn't seeing it that way as whatever the price, gamblers are gamblers. The betting style is just the same especially for those who are relying on USD value like in other gambling sites where you can base your bet on USD value but with the use of your current crypto.

We are in bullish and bearish many times and gambling activity just grows. It means even in a bullish trend, people won't stop doing gambling.

Currently there are many bettors who are not betting with BTC, ETH, and the main currencies, players and bettors are preferring to play with tokens, with coins that do not consume much fee, among these many enter and play with TRX, ADA, BNB, because they usually have friendly fees, also some can take it to USDT, and within some platforms they are incorporating currencies such as UNI, LINK, DOT, and the restrictions of introducing new currencies in casinos are not like before, now the casinos that more They are looking for the ones who have the highest.

Topic: Cryptocurrencies price and their effect on gambling industry (Read 1295 times)