Deposits in crypto while balance in USD - page 3.

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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.

Casinos are businesses and need stability, so converting a crypto number into USD will give them that extra bit of control. You're unlikely to see USD swing more than 5% within a day, however that has been shown repeatedly with bitcoin and other crypto. The bonuses and reward levels are not going to be affected by the balance fluctuations because that's not how they work - they only start to accumulate towards levelling up after funds are wagered. Besides that, wagering in USD give users a more stable anchor and reference point, which might be unconsciously and subtly influencing gambler's to instill more faith in their betting.

coolcoinz

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It's also for tax reasons. It's much easier for them to do the books when everything is in stable numbers that an accountant will understand, not in a balance that has to be rechecked every week.

Also, imagine that they'd need a system that would save your wager in the logs with current price of BTC at the time of the bet because otherwise if you lost $100 in BTC and by the end of the fiscal year that $100 because $1k, they'd have to tax it like if they got $1k from you, even though they sold the bitcoin long ago when it was worth $100.

Crypto is hard for companies to operate on, especially because tickers that tracks the price change the code all the time and you have to upgrade your site to keep track of the prices.

Aanuoluwatofunmi

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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.

It makes sense truly to have your account balance in crypto or a the same time in USD as we may have it, because the market is volatile in crypto, we tend to make more profits form it when the market rises and we also run on losses when it dips, but some will tell that they prefer wagering in USD because they know the intrinsic value of their deposits made and they can conveniently gamble with such amount without being altered, the same way we can also make more profits with the use of crypto, this is more profitable in times like this when we are having a bullrun.

Ultegra134

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Quote from: Porfirii on November 22, 2024, 01:42:02 PM

Users should be able to choose.

If you hold your balance in crypto, it is like gambling twice: the games you play/bets you place, and the volatility itself. In a bull run it is great for the customer, but it can also mean losing your profits if the bears take control of the markets. On the other hand, holding stablecoins or fiat is more safe, but less exciting.

To me, the best would be the ability to swap the deposited coins inside the casino as you please, so you could choose on the go the risk you want to accept. But casinos are not exchanges, and I don't think this is a usual feature.

Well, you can choose to deposit stable coins such as USDT to avoid taking a double risk, which is what I personally do. However, 0.001 BTC always remains 0.001 BTC; its value might fluctuate, but that's not necessarily an issue. I've stopped bothering how much Bitcoin is worth; it is what it is. How is using stable coins less exciting, and why should casinos have a built-in function to exchange coins? You've said it yourself; they're not exchanges, and we shouldn't expect them to be. Deposit the coins you prefer from scratch, and you should be good to go.

Stablecoins seem the safest option to avoid impermanent loss due to price fluctuations and it's what I prefer.

aylabadia05

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seoincorporation, I agree with you, but what if the opposite situation occurs?
Is it possible that everyone who has claimed the VIP level at that time is willing to accept the fact that the level drops due to the price drop?

In reality, any type of crypto used for gambling will be interpreted as a means of payment. This will be adjusted to real-time prices at that time. There will be no changes when prices fluctuate in the future, meaning the VIP level will be determined by how much USD you have spent regardless of what coins you use to gamble.

Charles-Tim

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Quote from: Porfirii on November 22, 2024, 01:42:02 PM

If you hold your balance in crypto, it is like gambling twice: the games you play/bets you place, and the volatility itself. In a bull run it is great for the customer, but it can also mean losing your profits if the bears take control of the markets. On the other hand, holding stablecoins or fiat is more safe, but less exciting.

It depends on the coin that you deposited on your gambling site account. If it is an altcoin, it is more of gambling. But if it is bitcoin and you are able to make good predictions in simple long term speculations, you will know the right time to use bitcoin.

Quote from: Porfirii on November 22, 2024, 01:42:02 PM

To me, the best would be the ability to swap the deposited coins inside the casino as you please, so you could choose on the go the risk you want to accept. But casinos are not exchanges, and I don't think this is a usual feature.

Some gambling sites will let the coin you deposited to be in fiat value and you will be able to withdraw it in any other coin available on the gambling site. I do not like this option in my opinion. The is the work of stable coins on gambling sites that this is not possible but which is better.

HONDACD125

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Quote from: Findingnemo on November 22, 2024, 10:13:47 AM

And also for convenient reasons because people mix up when the units are in bitcoins or in sats and every time they may have to check using another tool which could affect the user experience as well. While some casinos that don't have rank up system just offers the betting as in bitcoins like bustadice.

I agree with this. Usually, even if what's discussed in the OP isn't a concern, I would still want to use a stable coin or currency for gambling because it makes it easier to keep track of your progress. Imagine gambling with Bitcoin, depositing a certain amount and then playing some games and at the end, you check your balance and see it in Bitcoin but you don't know how much you gambled, and how much you won exactly.

If the same thing is done using USDT, you can easily determine how much you had deposited, how much you have won or lost in that particular session. So it's a lot more convenient to use stable currencies for gambling even if the price ups and downs aren't considered.

Porfirii

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Quote from: yahoo62278 on November 22, 2024, 01:15:16 PM

Quote from: bias on November 22, 2024, 10:20:28 AM

Quote from: Charles-Tim on November 22, 2024, 10:01:12 AM

There are some gambling sites that will have the amount in fiat like USD but I can not use them. I prefer the gambling sites that leave the money in the coin that their customers deposited. This is how crypto gambling sites are and they are making money from their customers.

Although I agree with you, I understand crypto casinos that have their balance in dollars and not in crypto. Indeed, they are called crypto casinos precisely because you deposit in crypto and play with crypto, so your balance should be measured in crypto. On the other hand, however, it is very difficult for a casino to maintain this, especially when everything goes up (crypto price) and when it goes down.

If you deposit $100 in bitcoin on a site such as gamdom, you can sit there and watch your balance change as the price of bitcoin rises or falls. I am not sure if all sites do that, but I like how this particular site does it.

As long as they are not screwing the players over, either way is ok.

Users should be able to choose.

If you hold your balance in crypto, it is like gambling twice: the games you play/bets you place, and the volatility itself. In a bull run it is great for the customer, but it can also mean losing your profits if the bears take control of the markets. On the other hand, holding stablecoins or fiat is more safe, but less exciting.

To me, the best would be the ability to swap the deposited coins inside the casino as you please, so you could choose on the go the risk you want to accept. But casinos are not exchanges, and I don't think this is a usual feature.

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Quote from: bias on November 22, 2024, 10:20:28 AM

Quote from: Charles-Tim on November 22, 2024, 10:01:12 AM

There are some gambling sites that will have the amount in fiat like USD but I can not use them. I prefer the gambling sites that leave the money in the coin that their customers deposited. This is how crypto gambling sites are and they are making money from their customers.

Although I agree with you, I understand crypto casinos that have their balance in dollars and not in crypto. Indeed, they are called crypto casinos precisely because you deposit in crypto and play with crypto, so your balance should be measured in crypto. On the other hand, however, it is very difficult for a casino to maintain this, especially when everything goes up (crypto price) and when it goes down.

If you deposit $100 in bitcoin on a site such as gamdom, you can sit there and watch your balance change as the price of bitcoin rises or falls. I am not sure if all sites do that, but I like how this particular site does it.

As long as they are not screwing the players over, either way is ok.

Alphakilo

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Quote from: Marvelockg on November 22, 2024, 11:25:09 AM

the idea of accepting crypto in casino is basically to enable them to get to a wider range of audience and also have an alternative payment option which can be okay with gamblers in the crypto space.

Casinos have thought it through and through and concluded that accepting crypto is to bring in more revenue because it appeals to younger people. And it is more younger people that are into online gambling now and they want to gamble at a place where there is ease of deposit and withdraw which is what the crypto makes it do. As a person who considers themselves as a Gen-Zer, I really don't care if what my balance is, the things are look out for are, am I able to deposit and withdraw in crypto? And what is the ease of this. If my balance is in Yen, Euro, Pounds, that is not my business.

Marvelockg

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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.

the idea of accepting crypto in casino is basically to enable them to get to a wider range of audience and also have an alternative payment option which can be okay with gamblers in the crypto space. doing that doesn't mean that they are ignorant of the volatile nature of bitcoin and would want to risk being bankrupt just because they are using crypto as a payment option. truth is that the advantage out ways the disadvantage most especially considering how bitcoin is getting bullish but what happens when bitcoin experiences a bear? would the business they alt their business because they wouldn't want to encounter a loss if they sell or convert their capital at a DIP? the idea is to make it easily for all party to have a mutual benefit because in the real sense, the USDT is supposed to be the best currency for gambling since its stable.

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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.

I had always assumed it was because it was easier for both the casinos and gamblers to track the wins and losses in the platform in the default currency was the United States dollar, instead Bitcoin (which goes up and down in value. Though, your explanation makes much sense if we consider most casinos out there in the market rank their gamblers according to the amount they have wagered in USD and not in Bitcoin.

Still, I believe it would be possible for a casino to allow people to have a track record in Bitcoin for their accumulated tier benefits, but it would take to keep an eye on the fluctuation of the market, unlike with Fiat.

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Quote from: cabron on November 22, 2024, 10:44:36 AM

This is happening in the Betfury casinos AFAIK, I tried sending some BTC on my account, and then when I tried betting on sports, the amount they prompted was in USDT. It's kind of odd, that was just one time I did it. Unfortunately, I lost my first bet and then not trying it again.

It's not just common in one casino; as far as I also know, I have seen it on most casinos that I have made use of. Once you run your deposit into the casino, your deposit will be available on the crypto you use in depositing it, but the overall balance will be visible as USD for those that use USD to place their bet and some in EURO depending on the casino. It's something I have just found to be normal among casinos nowadays since I have seen it in almost all casinos I make use of.

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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.

I think this can be true but the casino can limit as how the VIP level increases, they can enforce the policy that the VIP ranking will only go up when people do actual wagering and the fact that they just deposit does not count. I know though that most users deposit and play when the price of Bitcoin is higher so this way they will equate to longer game play sessions and consequently the VIP levels will grow up really fast compared to if they play when the price of Bitcoin is 5x lower for example. I also use this very same method when I want to grow up my level I just deposit in these times, not only that but also change to IDR as currency and get to dice 98% win chance, no faster way to level up than this, so it is common practice and common sense to do this.

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I thought it was pretty evident from the start knowing that the price of crypto is so volatile that it cannot be a profitable business in the long run, especially if the market goes down. It’s better for them and business if it’s always in USD.

I know that when you deposit crypto in casinos, it’s automatically converted. Thank you for sharing; your explanation has a more significant impact.

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

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.

Have you ever thought about the fact that the casino did it this way on purpose so that gamblers would not increase their levels so easily? The VIP level is a special incentive for users to play more and lose more in favor of the casino, and not so that these users would receive bonuses. In the sense that bonuses are bait for gamblers. If every second gambler has a VIP level in the way you suggested, the casino will lose some profit (they will be written off as bonuses).

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

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

Not for the casino.
The casino creates conditions and rules that are beneficial to itself, not to the gambler.

Wiwo

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Casinos have everything in place and have arranged things as relates to the currency and wagering records and for sure casinos make the display currency in USD at any point regardless of what coin you have in your balance and your wagering value is auto-pegged to the USD which means even if you use bitcoin the value of that bitcoin as at now is what is recorded, and whatever price bitcoin become later has nothing to do with your wagered record which is calculated in USD.

So there is no need to worry so much about this, since casinos have perfect long-term plans and arrangements to sort this potential disagreement out, when the price of bitcoin increases or decreases, the only thing that could be affected is your current balance in bitcoin, but aside from that, anyone that has gone through the wagering process is a time stamp and price pegged without change.

cabron

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This is happening in the Betfury casinos AFAIK, I tried sending some BTC on my account, and then when I tried betting on sports, the amount they prompted was in USDT. It's kind of odd, that was just one time I did it. Unfortunately, I lost my first bet and then not trying it again.

I'm not sure if this is happening regularly to other casinos in crypto but its best they won't convert BTC into USDT when users bet. Most of us are trying to accumulate BTC and not USDT.

Nwada001

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Quote from: AliMan on November 22, 2024, 09:38:35 AM

Every player can buy crypto to be used for casino gambling, as long as you have enough funds for gaming. It does make sense at all times and wagering responsibly is very important to avoid huge losses. I'd love to see more winnings in crypto rather than fiat cash, you have chances to increase its value while holding it on your wallet.

I think you miss the whole story here. The content is not about who can gamble responsibly or how much the person spends to buy crypto, which they use in gambling, but the major reason why casinos decide to measure their bet based on the price of the crypto as of the time the gambler places the bet and not by the volume used in playing the bet, which could have been a bit confusing for them or make someone upgrade to VIP level so easily when the price of that particular coin/token skyrocket.

cryptoaddictchie

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Yeah definitely. I think most of the casino are like this, or does any casino site pegged it to crypto cause everytime I play the amount catered but deducted even in bitcoin is in form of $ so I think its almost the same for everyone.

Probably when you do slots you just keep deducting some $ but you dont know how much it was on sat but assuming they based in on realtime value.

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