Deposits in crypto while balance in USD

Botnake

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Quote from: seoincorporation on December 05, 2024, 08:42:15 PM

That isn't true at all, there are some way to level up fast with low balance, if you search in google you will find some videos about gamblers placing bets in Dice with low chance to lose, that way with low balance users can level up fast. We are talking about 10k wager with 100 balance.

And there are some other games that let us wager a lot in the long run, games like Plinko on the low multipliers version.

If the wager is the only requirement, then qualifying for VIP status might seem easy. However, it’s not for everyone because not everyone can afford to risk large amounts of money, even if the odds are in their favor, just to meet the criteria.

The best way to reach VIP status is through organic betting. This means playing naturally over time rather than forcing big bets to qualify. By doing this, your total wager will grow steadily, and you’ll eventually earn VIP perks without overextending your bankroll. It’s a more sustainable and less stressful approach in the long run.

seoincorporation

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Quote from: gunhell16 on December 05, 2024, 01:07:25 AM

But we know that it is not easy to become a VIP in a casino gambling here in the crypto space, you need to have a large amount of funds or wagered that you need to achieve to reach it. So if you bet strongly when you play gambling in the casino, you may be able to reach the VIP level in a short time for sure.

So gamblers who always make small amounts of bets don't expect to become VIPs because all the privileges are always only for VIPs most of the time in the casino here in crypto gambling.

That isn't true at all, there are some way to level up fast with low balance, if you search in google you will find some videos about gamblers placing bets in Dice with low chance to lose, that way with low balance users can level up fast. We are talking about 10k wager with 100 balance.

And there are some other games that let us wager a lot in the long run, games like Plinko on the low multipliers version.

EarnOnVictor

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Quote from: shasan on December 04, 2024, 06:38:46 PM

Quote from: peter0425 on November 23, 2024, 01:32:21 PM

Some casinos (at least the ones that I know of and have tried) use their own coin that is equal to 1 USD. No matter what currency you use to deposit and buy the casino’s coins, it will give you the amount of coins you purchased at $1. It makes sense because if they were to use cryptocurrencies, it would be volatile and would cause disparities between betters and would allow some to take advantage and gain leverage. It is only right for the casino to base it in fiat where it is relatively stable while still offering the choice to buy with cryptocurrencies.

Only a few gambling sites who has used their own coins against the deposit of any crypto. I think it is not a big deal as the same risk is going both for the user as well as for the site. As if the price increase then the user will be loser, and if the price decrease then the site will be loser. But the fact is on another space then deduct convert charge while deposit and withdrawal.

If we look it your way, I don't even see the serious risk with the casinos, they know how to manage the vast of their unstable crypto assets. As we know, casinos gain daily, and by experience, they must have known the average of daily, weekly and monthly winnings, they can use this to know the amount they can be left in such unstable coins and convert the remaining to stablecoins or their chosen fiat currency. Peradventure, if there is a need to have more unstable coins due to more winning, they can easily do the conversion instead of risking everything in volatile assets, especially when it is the bearish season for the coins.

dansus021

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Quote from: seoincorporation on November 22, 2024, 09:17:12 AM

And that's why the balance in USD or Local Coins makes sense.

Your thought was right but here is my opinion is simple Crytpo is volatile as F*ck hahhaha take a look the Bitcoin or ETH 1 and 2 by marketcap with trillion dollar of market cap they still volatile as crazy Gold stock commodity is volatille but CRYPTO is another level hahahha

So the casino want all think stable so they calculate accurately on their backend. That is why they only show you the dollar or other fiat or maybe stablecoin

gunhell16

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Quote from: seoincorporation on November 22, 2024, 09:17:12 AM

I was thinking about this practice in casinos, and now after this crazy bump in the markets, it makes sense.

Casinos needs the wager in USD and not in cryptos, and that's because the wager affects the VIP level, so, if we wager 10 bitcoins while the btc price is in $20k that would mean $200k wager, but if the price goes up to $100k/btc then the wager for those 20 btc would be $2M.

So, if the casinos save the wager in crypto-amounts and not in USD the users would automatically level up their VIP without wagering, they only need to wait while the coin price goes up to the moon.

And that's why the balance in USD or Local Coins makes sense.

But we know that it is not easy to become a VIP in a casino gambling here in the crypto space, you need to have a large amount of funds or wagered that you need to achieve to reach it. So if you bet strongly when you play gambling in the casino, you may be able to reach the VIP level in a short time for sure.

So gamblers who always make small amounts of bets don't expect to become VIPs because all the privileges are always only for VIPs most of the time in the casino here in crypto gambling.

EluguHcman

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The casinos are literally out there for business and the only way they could loose is when bettors wins while played in their sites.
I am sure the crypto casinos would even hodl the crypto wagers and have a set aside USD push-in for bettors withdrawals in thrive of increasing the wagers values.
Though this might occur only when the market is green to increments just can equally keep holding when the platform is rich enough for a very long time goal.

Depositing USD with current values of Bitcoin really feel cheated by the VIPs as said because you will always have increase the USD values when the price of Bitcoin increases.
I guess most persons here would want to hold on... What if the price of Bitcoin does Dip? Lol.
No no no. I don't see the Dip of Bitcoin going so low to say it would make good decisions for the casinos VIPs because considering the current market condition, the price is not going below so much attractive value further or sooner since the we have lastly surged on the latest ATH which Bitcoin price has been floating within $90K +.

So it is definitely the more price of Bitcoin increases is the more USD wagers increases too.

michellee

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No wonder if casino can have much amount in crypto in their wallet. That means they will make a lot of profit when the price rallies so they can sell their saving and have more USD. They can buy back the crypto when the price drop so their crypto will be more than before.

That is a little trick to level up their rank into VIP as the wager are in USD. When they have $2,000 or more in their account and just keep that in their account, they can level up their rank when the price rallies. But casino will not let you just save your crypto without gambling, right? Grin

They will gives so many promotion so you will start use your money and lose it when you don't have luck. That is why you don't have to chase VIP level in a hurry because you can achieve that slowly so you can prevent the problem that may comes to you.

Botnake

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Quote from: romero121 on December 04, 2024, 06:58:06 PM

Unlike the price of bitcoin, my choice of betting used to be in USDT. With this I feel somewhat more in control than just spending in terms of bitcoin or other cryptocurrencies. While using USDT, I just start with 0.1, and it goes on increasing little by little. But with bitcoin, even 0.0001BTC will be a big value, and while increasing the bets, soon I'll end up losing everything. With the usage of USDT, at least the gambling session gets prolonged.

Then there’s no issue with the computation of the total wager, but betting such a low amount might make it hard to reach a good VIP level with decent bonuses. Actually, it’s better to gamble using USDT so we can focus on the gambling itself and forget about volatility.

In gambling, focus is essential, but let’s admit we have this feeling, with Bitcoin hitting $100k, it’s hard not to think, What if I didn’t gamble and just held onto it? The profits could have been massive by now.

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Unlike the price of bitcoin, my choice of betting used to be in USDT. With this I feel somewhat more in control than just spending in terms of bitcoin or other cryptocurrencies. While using USDT, I just start with 0.1, and it goes on increasing little by little. But with bitcoin, even 0.0001BTC will be a big value, and while increasing the bets, soon I'll end up losing everything. With the usage of USDT, at least the gambling session gets prolonged.

shasan

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Quote from: peter0425 on November 23, 2024, 01:32:21 PM

Some casinos (at least the ones that I know of and have tried) use their own coin that is equal to 1 USD. No matter what currency you use to deposit and buy the casino’s coins, it will give you the amount of coins you purchased at $1. It makes sense because if they were to use cryptocurrencies, it would be volatile and would cause disparities between betters and would allow some to take advantage and gain leverage. It is only right for the casino to base it in fiat where it is relatively stable while still offering the choice to buy with cryptocurrencies.

Only a few gambling sites who has used their own coins against the deposit of any crypto. I think it is not a big deal as the same risk is going both for the user as well as for the site. As if the price increase then the user will be loser, and if the price decrease then the site will be loser. But the fact is on another space then deduct convert charge while deposit and withdrawal.

gunhell16

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Quote from: seoincorporation on November 22, 2024, 09:17:12 AM

I was thinking about this practice in casinos, and now after this crazy bump in the markets, it makes sense.

Casinos needs the wager in USD and not in cryptos, and that's because the wager affects the VIP level, so, if we wager 10 bitcoins while the btc price is in $20k that would mean $200k wager, but if the price goes up to $100k/btc then the wager for those 20 btc would be $2M.

So, if the casinos save the wager in crypto-amounts and not in USD the users would automatically level up their VIP without wagering, they only need to wait while the coin price goes up to the moon.

And that's why the balance in USD or Local Coins makes sense.

That's the reason why they base their wagering on USD and not on cryptocurrency op, because as you mentioned, when bitcoin or other cryptocurrency rallies, their gambling platform will immediately lose money for sure in the end. That's why the casino gambling industry is doing the right thing in the field of crypto space.

Imagine if they based their wagering on bitcoin and then suddenly the price rallies, their players would easily become VIPs even though they don't gamble on their platform.

Botnake

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Quote from: goldkingcoiner on November 24, 2024, 05:27:43 AM

Yes, that sounds like a logical reason and I am sure it is correct, but I am also sure that the casinos have to follow certain regulations and legal frameworks which also plays a role in the entire thing.

Otherwise we would have seen casinos try to settle debts with winners by giving them items of equal value instead of actual, legal money.

There’s no regulation that specifically addresses that, it’s more like an internal policy that casinos use to determine the value of deposits, both for themselves and the players.

As for the debt thing, I’m curious. Are you referring to settlements made outside the casino? Because if it’s within the casino, when you bet with Bitcoin, your winnings are also in Bitcoin. It doesn’t make sense for a casino to convert it differently unless there’s some unique agreement involved.

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Quote from: seoincorporation on November 22, 2024, 09:17:12 AM

I was thinking about this practice in casinos, and now after this crazy bump in the markets, it makes sense.

Casinos needs the wager in USD and not in cryptos, and that's because the wager affects the VIP level, so, if we wager 10 bitcoins while the btc price is in $20k that would mean $200k wager, but if the price goes up to $100k/btc then the wager for those 20 btc would be $2M.

So, if the casinos save the wager in crypto-amounts and not in USD the users would automatically level up their VIP without wagering, they only need to wait while the coin price goes up to the moon.

And that's why the balance in USD or Local Coins makes sense.

Yes, that sounds like a logical reason and I am sure it is correct, but I am also sure that the casinos have to follow certain regulations and legal frameworks which also plays a role in the entire thing.

Otherwise we would have seen casinos try to settle debts with winners by giving them items of equal value instead of actual, legal money.

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Quote from: iv4n on November 23, 2024, 03:27:10 PM

I don't think that this makes a difference... at least in my case. When I gamble with Bitcoins (which I mostly do) I always have in mind the dollar equivalent. So when I spin a slot with $1 per spin (my favorite), so if the price of BTC is lower I spend more BTC, when it's higher I spend less BTC.

I think that the majority of gamblers think the same way... we always have in mind how many dollars/euros/some other fiat we spend for gambling. So when the price is rising we just spend less BTC for the same wager in dollars.

Yes, that is generally the case, I would say. In the same way that most wallets display the conversion of what you have into USD (or other currencies of your choice). I think not if you use Electrum, but most other wallets do.

Although I don't usually keep my money on the site long enough for the price difference to be noticeable. If I deposit $50 I lose it in two or three days (if I earn more than $200 or so I withdraw it), and when I made a deposit recently I did notice the price increase because it went up quite a lot in a short time but normally not even that.

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Quote from: mak013 on November 23, 2024, 01:06:26 PM

It is difficult situation. On the other hand, how calculate your balance, if you deposit in BTC and casino converts it in USD? I think your proposal has both strengths and weaknesses. As the result the casino can choose only one way and as the result in anyway some part of gamblers willn`t be pleased.

They won’t convert it into USD because they don’t have the authority to do so, unless it’s a feature they offer and you enable it. The value of Bitcoin is only reflected to calculate your total wager, and that’s all. They’ve got a solid algorithm designed to keep things simple, making it easy for gamblers to understand, especially those aiming to level up their VIP status.

iv4n

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I don't think that this makes a difference... at least in my case. When I gamble with Bitcoins (which I mostly do) I always have in mind the dollar equivalent. So when I spin a slot with $1 per spin (my favorite), so if the price of BTC is lower I spend more BTC, when it's higher I spend less BTC.

I think that the majority of gamblers think the same way... we always have in mind how many dollars/euros/some other fiat we spend for gambling. So when the price is rising we just spend less BTC for the same wager in dollars.

It's tricky when the casino converts your BTC to dollars (or some other fiat or stablecoin), and then they hold your withdrawal while the price of BTC is rising... so they will pay out less BTC in the end.

Anyway, the best thing is to play with the coin we deposited and if we win to withdraw the same coin.

seoincorporation

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Quote from: SmartGold01 on November 23, 2024, 03:35:16 AM

The casino does not see it that way, look to me how I understand the way they do their calculation is, they are using the current data as in price to factor out their VIP level up. It's just like saying you bought a lamborghini for $500m and after 10 years you still expect the newer version of it to worth same amount. No this will not happen that way, if you spent your bitcoin at 20k you don't go back to have them at same 20k rather the price has inflated, therefore casino would never do that because they will run into a series of lost if that is implement because there were people who lost 100 BTC to some gambling site if that is awaken automatically they leveled up to VIP causing a huge damage to the site. I hope you understand what I meant positively.

Well, this is simple, of you deposit 1 bitcoin now in the casino, and the price is $90k then you will have $90k balance in the site, and if the price goes up to $200k then your balance will be $200k without placing a bet. So, the balance is based on the amount of crypto, but when you place a bet the amount is based in USD or any local coin. The fact that you wager 1 BTC the record on the casino will be the amount of USD that the BTC price is at that moment.

So, we must have clear those are two different things, the wager and the balance.

peter0425

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Some casinos (at least the ones that I know of and have tried) use their own coin that is equal to 1 USD. No matter what currency you use to deposit and buy the casino’s coins, it will give you the amount of coins you purchased at $1. It makes sense because if they were to use cryptocurrencies, it would be volatile and would cause disparities between betters and would allow some to take advantage and gain leverage. It is only right for the casino to base it in fiat where it is relatively stable while still offering the choice to buy with cryptocurrencies.

mak013

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It is difficult situation. On the other hand, how calculate your balance, if you deposit in BTC and casino converts it in USD? I think your proposal has both strengths and weaknesses. As the result the casino can choose only one way and as the result in anyway some part of gamblers willn`t be pleased.

shasan

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Quote from: seoincorporation on November 22, 2024, 09:17:12 AM

I was thinking about this practice in casinos, and now after this crazy bump in the markets, it makes sense.

Casinos needs the wager in USD and not in cryptos, and that's because the wager affects the VIP level, so, if we wager 10 bitcoins while the btc price is in $20k that would mean $200k wager, but if the price goes up to $100k/btc then the wager for those 20 btc would be $2M.

So, if the casinos save the wager in crypto-amounts and not in USD the users would automatically level up their VIP without wagering, they only need to wait while the coin price goes up to the moon.

And that's why the balance in USD or Local Coins makes sense.

You are right in one case but if you think another thing then it might be benefitted for those who convert all the currency into fiat. And also they charge a few percentages for deposits as well as withdrawals. It may happen because they are afraid of the price hike in crypto. They took the chance of the price of the crypto.

Topic: Deposits in crypto while balance in USD (Read 634 times)