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Topic: Cryptocurrencies price and their effect on gambling industry - page 5. (Read 1245 times)

legendary
Activity: 3206
Merit: 1885
Metawin.com
true but most gambling sites have no minimum deposit . only withdrawal fees are present all the time and it was annoying if a site demands high withdrawal fees like 0.01btc  . that gambling site are only for the whale gambler
Back then this was the case on most casinos but after a while it slowly become an issue as they're forced to spend tons of fees just to consolidate these deposits that's why most of them started introducing minimum deposits.

always has an effect and  the higher the value of the coins is the more attractive to gamblers is..
I think in bitcoin's case it's the opposite because in terms of spending it's getting to the point where the value is way too much and one example is the minimums which i've mentioned before.
member
Activity: 868
Merit: 63
The gambling industry have grown good along with the rise in the price of bitcoin. Myself state this based on the rise in circulation and increase in the number of online gambling sites with cryptocurrency acceptance. When the price was low myself preferred spending in USD equivalent to bitcoin that had specific value. Now also I'm following the same. Earlier betting 0.1BTC is possible, now I can only dream of it.
That claim is confirmed with how big the increase of gambling services there is even though there's an significant increase in the prices, plus it's not like bitcoin is the only cryptocurrency available for the clients to use when they are gambling so it's not really that much of a big effect.
full member
Activity: 1834
Merit: 166
Speaking for my side the price changes in bitcoin have no affect my gambling budget because i have set aside my monthly budget for all these bets and try to keep it consistent cashing out my profits or fueling the balance if negative out of loss.But the minimum bet place as said by you can be changed with price levels.But i also keep in mind that profits have also increased over time if we win with change in btc prices if we win.But the main thing is to keep playing with your stop limits set.
hero member
Activity: 2520
Merit: 783
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?

Most of the people buy bitcoins in USD value and play with them, there are a website Duelbits where you deposit the btc and it gets converted into USD value right after the deposit but I don't see other casinos doing the same, Well, for old people it might be a big inconvenient but there's always an option to use an altcoin if you're used betting 0.01 BTC/bet in 2016.
Talk about 0.01 btc in 2016 will not give you much USD because, at that time, the bitcoin price is not too high compared to 2017-2018. So with that amount of bitcoin, people will not have to feel too sad if they lose that amount. But when the bitcoin prices start to increase and reach more than $20k this year, losing 0.01 btc will give pain in their head, especially if we do not have many bitcoins.

But people will still gamble, whether it uses bitcoin or USD because they like gambling and it is hard to leave gambling forever. The crypto gambling industry will grow, no matter how high the bitcoin price will be, because the crypto gambling industry has altcoins, which can be many people's options to gamble. So that is why people will come to the crypto gambling site and play their favorite gambling games.

Actually sometimes those volatility incident is pain in the ass of the casinos since imagine if they bought at the peak for payout of winnings purposes then suddenly the bitcoin price soar down this incident makes them already a loser plus we add the high payment fees which is another painful scenario which take their balances for every transaction they made. But what good thing there is if the casino have strong balls and doesn't pull the selling button and surrender for sure they have chance to recover back. Those old casinos out there shows this strength that's why its good to gamble at that place compare to new ones which we don't know their capabilities yet.
full member
Activity: 2408
Merit: 202
★Bitvest.io★ Play Plinko or Invest!
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.

I don't think anyone who represents the casino is willing to provide this information about funds for security reasons. After all, talking about where you keep your money is simply encouraging hackers to empty your wallet.
I think the turnover of all cryptocurrency casinos is increasing more and more. Niot only due to the increase in Bitcoin's price, but mainly due to the increase in the popularity of cryptocurrencies.
Yeah just like the site that you are advertising that keeps om hiding behind their security safeties that's why the scam victims cannot ask for  proof of their account and amount freezing?  Grin sounds legit .
For me, it will actually benefit the gambling business, how not, if in the past some satoshi had no value in fiat but for now with high bitcoin prices it would certainly be more profitable, right. But about whether or not the impact on the businessmen of the bitcoin price is good, I think it depends on how they manage it. As we know, there were several gambling sites that closed when the price of bitcoin went up and the reasons for them varied but most of them have remained until now. So I think, the effect of the bitcoin price for the business or gambling industry is something positive or maybe very positive, because they continue to grow then I see that is something good and not something bad for sustainable development.

Bitcoin's rising price has a positive effect on its recognition among the masses. And since this asset is very often used by casinos and can still maintain a high level of player anonymity if used correctly, it clearly has a positive effect on the gambling business.
always has an effect and  the higher the value of the coins is the more attractive to gamblers is..
hero member
Activity: 2604
Merit: 816
🐺Spinarium.com🐺 - iGaming casino
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?

Most of the people buy bitcoins in USD value and play with them, there are a website Duelbits where you deposit the btc and it gets converted into USD value right after the deposit but I don't see other casinos doing the same, Well, for old people it might be a big inconvenient but there's always an option to use an altcoin if you're used betting 0.01 BTC/bet in 2016.
Talk about 0.01 btc in 2016 will not give you much USD because, at that time, the bitcoin price is not too high compared to 2017-2018. So with that amount of bitcoin, people will not have to feel too sad if they lose that amount. But when the bitcoin prices start to increase and reach more than $20k this year, losing 0.01 btc will give pain in their head, especially if we do not have many bitcoins.

But people will still gamble, whether it uses bitcoin or USD because they like gambling and it is hard to leave gambling forever. The crypto gambling industry will grow, no matter how high the bitcoin price will be, because the crypto gambling industry has altcoins, which can be many people's options to gamble. So that is why people will come to the crypto gambling site and play their favorite gambling games.
legendary
Activity: 2282
Merit: 2056
For me, it will actually benefit the gambling business, how not, if in the past some satoshi had no value in fiat but for now with high bitcoin prices it would certainly be more profitable, right. But about whether or not the impact on the businessmen of the bitcoin price is good, I think it depends on how they manage it. As we know, there were several gambling sites that closed when the price of bitcoin went up and the reasons for them varied but most of them have remained until now. So I think, the effect of the bitcoin price for the business or gambling industry is something positive or maybe very positive, because they continue to grow then I see that is something good and not something bad for sustainable development.

Bitcoin's rising price has a positive effect on its recognition among the masses. And since this asset is very often used by casinos and can still maintain a high level of player anonymity if used correctly, it clearly has a positive effect on the gambling business.
legendary
Activity: 2352
Merit: 1903
Leading Crypto Sports Betting & Casino Platform
I noticed a significant difference in two things - firstly, faucets and free chips stopped being issued in satoshi. Now you can get only virtual chips for free. The fees for depositing and withdrawing funds have changed significantly, earlier they were even more than now if you count in cryptocurrency, but if you evaluate it in dollars, now they are clearly higher than before.
That's what happens when the prices go up, they have to keep up so as to not experience losses because the price increase waits for no man and it's not like it's a bad thing, that's just how the market is, if the price is high then you will have to increase too but if the prices go down you have to go down too.

In the case of faucets, it is clear that the general state of the market is the case - the casino cannot afford to regularly distribute even small amounts of money for free. And in the case of commissions for replenishment or withdrawal of money from a deposit, the same thing - if the network is loaded and the commissions are expensive, then the casino is forced to shift the payment of these commissions to the player.
legendary
Activity: 3486
Merit: 1055
Leading Crypto Sports Betting & Casino Platform
For me, it will actually benefit the gambling business, how not, if in the past some satoshi had no value in fiat but for now with high bitcoin prices it would certainly be more profitable, right. But about whether or not the impact on the businessmen of the bitcoin price is good, I think it depends on how they manage it. As we know, there were several gambling sites that closed when the price of bitcoin went up and the reasons for them varied but most of them have remained until now. So I think, the effect of the bitcoin price for the business or gambling industry is something positive or maybe very positive, because they continue to grow then I see that is something good and not something bad for sustainable development.
full member
Activity: 1638
Merit: 122
unless if they agree to be paid by cryptos . usually those who apply for work in crypto related business are presented to get paid in crypto before they start

Agreed on this on the employee payroll part but they will be paying operational expenses in fiat though and I don't think that they will pay it on crypto as well as the owners profit. Because businessman always take profit on hard cash unless they are a trader but usually they always preferred a play safe which is converting cryptocurrency in to fiat or stablecoins.
yes agree in the operational cost .
 afterall we dont know what future awaits in crypto so its always a good idea to secure some of our wealth in fiats or also in stable coins  .

Quote
I believe we can get a best insight if casino owner like @lightlord from bitvest & 777 game can make a comment about this.  Wink
am not sure with this because our boss lightlord have been busy at all times because i heard that they are only 2 of them ( he and his business partner ) that manages their casino but maybe other casino owners and their representatives can discover this thread .
legendary
Activity: 2128
Merit: 1775
Would like to hear opinions mostly from the representatives of different crypto casinos that also operate on this forum.
Before I give my opinion on crypto and gambling industry, obviously I will choose 'Positive'.

the gambling industry is one of the main forms and evolutions based on Blockchain and technology, not a few of the online gambling industry wants to satisfy their customers for security and privacy for their customers, crypto the best way today.

There are a thousand reasons that can be stated behind the popularity of the crypto/Bitcoin gambling industry and also the potential for profit is very promising, In other words, the innovation of online casinos/gambling that is very influential on crypto, one of which is to have access to betting and playing games comfortably and easily, both via mobile and laptop.

On the other hand, as the number of gambling games that offer crypto also has good attributes, the world will slowly move away from paper money and pay special attention to digital technology and coins.

There is no doubt in this case the crypto based gambling/casino industry is a business that leads to internet adapters with the fastest facilities and great interest the public.
sr. member
Activity: 2310
Merit: 366
But it is probably also getting common for others to ask for a fee. If withdrawal fees are kept the same in terms of Bitcoin, then it is definitely increasing in terms of dollars because the price has been rising a lot.
Yup, most sites are asking for fees which i'm fine paying but the downside is that some of them ask for way too much even if the network isn't busy.

Because if I am not mistaken the fees imposed by many gambling sites are mostly fixed. They are not constantly updated according to the mempool so it cannot be avoided that there are certain days when the fees are really very high compared to the minimal requirement for a transaction to get confirmed easily. It would be appreciated if these gambling sites would have their fees immediately adjust according to mempool data. Or probably a feature allowing the user to adjust the fees he is willing to pay.
sr. member
Activity: 1820
Merit: 418
Telegram: @worldofcoinss
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?

Most of the people buy bitcoins in USD value and play with them, there are a website Duelbits where you deposit the btc and it gets converted into USD value right after the deposit but I don't see other casinos doing the same, Well, for old people it might be a big inconvenient but there's always an option to use an altcoin if you're used betting 0.01 BTC/bet in 2016.
full member
Activity: 1204
Merit: 110
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.

I don't think anyone who represents the casino is willing to provide this information about funds for security reasons. After all, talking about where you keep your money is simply encouraging hackers to empty your wallet.
I think the turnover of all cryptocurrency casinos is increasing more and more. Niot only due to the increase in Bitcoin's price, but mainly due to the increase in the popularity of cryptocurrencies.
legendary
Activity: 2940
Merit: 1083
What I am trying to say is, most probably all crypto gambling houses must be enjoying the profitable run of cryptos so far and might be trading to catch the waves of crypto markets and some other casinos must be simply holding like how a typical long term bitcoin holder is doing.

Simply, they are enjoying ~100x profits compared to what they made in 2016 as most crypto gambling houses are always treating 1 BTC = 1 BTC regardless of its USD value.

I also have the same idea that gambling sites are taking advantage of the bullish trends and might be selling too.

But we can't confirm it completely as gambling owners won't probably tell it or they will share it here.

I don't understand the feeling and experience of being a gambling owner but in terms of handling business and investment strategy, like in any other institution, turning the situation as an advantage is one of the keys to make the business a much stable one and that was gambling site is doing, turning the bull and bear trend into their advantage.
hero member
Activity: 2884
Merit: 659
The gambling industry have grown good along with the rise in the price of bitcoin. Myself state this based on the rise in circulation and increase in the number of online gambling sites with cryptocurrency acceptance. When the price was low myself preferred spending in USD equivalent to bitcoin that had specific value. Now also I'm following the same. Earlier betting 0.1BTC is possible, now I can only dream of it.
Even crypto didn't exist in the first place., gambling industry would still be on progress but since its already there then it do really make out some changes and give out some options for gamblers.

Talking into their price then it doesn't really affect the industry because gambling site owners specially accepting crypto do knows the risk and the opportunity that it could possibly give.

As a gambler then its either you would be minding about investment or wont really care at all as long you do able to get the leisure you do seek on gambling.

hero member
Activity: 2282
Merit: 532
Enterapp Pre-Sale Live - bit.ly/3UrMCWI
The gambling industry have grown good along with the rise in the price of bitcoin. Myself state this based on the rise in circulation and increase in the number of online gambling sites with cryptocurrency acceptance. When the price was low myself preferred spending in USD equivalent to bitcoin that had specific value. Now also I'm following the same. Earlier betting 0.1BTC is possible, now I can only dream of it.
full member
Activity: 2128
Merit: 180
We're talking about cryptocurrency casinos, that's why I think they don't need to convert their cryptocurrency when the market is in bearish trend, because they don't need cash to keep their casinos running and paying their players winnings. So, my conclusion is that they are only making profits or converting their cryptocurrency whenever they think it is good and buy the dip to deposit it on their casinos as a fuel to pay their players winning.

So yeah, it's not affecting them in a negative way because the winnings are fixed amount of cryptocurrency and not in any currencies.
We actually don’t know if the winning is fix though is right that it is cryptocurrency but still its value will always depend on how much you bet and on how much is the current price. Cheaper price during buying can increase the volume of your holdings and if the price rise, you can have more in terms of value. There’s no much effect of this over all, but still you’re lucky to buy at a cheaper price.
legendary
Activity: 3164
Merit: 1175
Honestly I have been around here for 8 years and I can say that I still only calculate on the fiat amount of it, so I am exactly the opposite of you. Whenever I gamble I only care about how much I am gambling in fiat terms at that moment. And the only reason for that is the fact that if I keep considering about how much bitcoin I ended up gambling then I will start thinking how much I could lose in the future, like what I lose today could be 4x more in the future.

I have lost many bitcoins while gambling, when I consider it that gives me big chills because I am not a rich person, even one bitcoin is a lot of money for me, but I did had one bitcoin in my life, I had multiple, but I never had 40k before, so that is how I think in order to keep sane.
We all probably shouldn't be frustrated when considering the amount of bitcoin we've spent gambling before. The value is never the same again and I don't think that we should round up the amount now and try to convert it to fiat equivalent. It doesn't make sense to me because the bitcoin we spent in the past are not worth tens of thousand. It's honest that most of the bitcoin I've spent now have been worth tens of thousand, but I never wanted to remember that long ago because that would just invite a lazy feeling for myself.

Well, that "counting" means something! Do you count in fiat or crypto, and what you put aside, one thing or the other! We can all agree, and that's a fact, the ones who saved in crypto have a reason to celebrate, even with the current prices, to not talk about the top from weeks ago! The ones who decided to keep stable (fiat pegged coins) missed a good chance to double, triple, and so on, their bankroll!
As casinos, we had the same opportunity! Some of us took it, some had weak hands! Whatever happened it's not the end of the world, the game is still on, and we have chances to do it better next time!
legendary
Activity: 2618
Merit: 1181
Honestly I have been around here for 8 years and I can say that I still only calculate on the fiat amount of it, so I am exactly the opposite of you. Whenever I gamble I only care about how much I am gambling in fiat terms at that moment. And the only reason for that is the fact that if I keep considering about how much bitcoin I ended up gambling then I will start thinking how much I could lose in the future, like what I lose today could be 4x more in the future.

I have lost many bitcoins while gambling, when I consider it that gives me big chills because I am not a rich person, even one bitcoin is a lot of money for me, but I did had one bitcoin in my life, I had multiple, but I never had 40k before, so that is how I think in order to keep sane.
We all probably shouldn't be frustrated when considering the amount of bitcoin we've spent gambling before. The value is never the same again and I don't think that we should round up the amount now and try to convert it to fiat equivalent. It doesn't make sense to me because the bitcoin we spent in the past are not worth tens of thousand. It's honest that most of the bitcoin I've spent now have been worth tens of thousand, but I never wanted to remember that long ago because that would just invite a lazy feeling for myself.
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