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Topic: Deposits in crypto while balance in USD (Read 622 times)

hero member
Activity: 2856
Merit: 667
December 05, 2024, 10:12:51 PM
#71
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.
legendary
Activity: 3346
Merit: 3130
December 05, 2024, 08:42:15 PM
#70
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.
hero member
Activity: 896
Merit: 654
Leading Crypto Sports Betting & Casino Platform
December 05, 2024, 06:21:36 AM
#69
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.
copper member
Activity: 2156
Merit: 983
Part of AOBT - English Translator to Indonesia
December 05, 2024, 04:41:30 AM
#68
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
hero member
Activity: 1904
Merit: 541
December 05, 2024, 01:07:25 AM
#67
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.
sr. member
Activity: 546
Merit: 265
December 05, 2024, 12:46:20 AM
#66
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.
hero member
Activity: 2604
Merit: 816
🐺Spinarium.com🐺 - iGaming casino
December 05, 2024, 12:20:45 AM
#65
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.
hero member
Activity: 2856
Merit: 667
December 04, 2024, 10:12:52 PM
#64
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.  Smiley
legendary
Activity: 3234
Merit: 1214
DGbet.fun - Crypto Sportsbook
December 04, 2024, 06:58:06 PM
#63
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.
copper member
Activity: 2422
Merit: 1313
Playbet.io - Crypto Casino and Sportsbook
December 04, 2024, 06:38:46 PM
#62
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.
hero member
Activity: 1904
Merit: 541
November 24, 2024, 05:52:23 AM
#61
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.
hero member
Activity: 2856
Merit: 667
November 24, 2024, 05:33:35 AM
#60
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.
legendary
Activity: 2254
Merit: 2003
A Bitcoiner chooses. A slave obeys.
November 24, 2024, 05:27:43 AM
#59
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.
legendary
Activity: 1358
Merit: 1565
The first decentralized crypto betting platform
November 24, 2024, 04:51:50 AM
#58
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.
hero member
Activity: 3010
Merit: 666
November 24, 2024, 02:08:57 AM
#57
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.
legendary
Activity: 3346
Merit: 1191
November 23, 2024, 03:27:10 PM
#56
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.
legendary
Activity: 3346
Merit: 3130
November 23, 2024, 03:01:56 PM
#55
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.
sr. member
Activity: 2618
Merit: 439
November 23, 2024, 01:32:21 PM
#54
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.
hero member
Activity: 2548
Merit: 769
November 23, 2024, 01:06:26 PM
#53
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.
copper member
Activity: 2422
Merit: 1313
Playbet.io - Crypto Casino and Sportsbook
November 23, 2024, 11:52:19 AM
#52
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.
hero member
Activity: 896
Merit: 654
Leading Crypto Sports Betting & Casino Platform
November 23, 2024, 09:09:13 AM
#51
-snip-
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 your view and it shows you are casino-incline, but I see nothing wrong with crypto helping its adopters further. I am also sure that casinos would have noticed that as well and it is left for them to decide on what they would act upon. But first, the Ts&Cs at which the customer agreed upon is binding until it changes otherwise, so it is their luck with the way things have turned now even if it will change later. Bitcoin continues to bless people, so pushing them quickly to the VIP level with its unwavering appreciation in price should be a form of Thank You to those who associate themselves with it.
hero member
Activity: 2940
Merit: 715
November 23, 2024, 07:03:56 AM
#50
Maybe you are right, I have never thought about it from this point of view before. I think that most players play in USD because it is more convenient for calculating profits, since it can be simply unusual to do this in satoshi. I understand that you can also get used to this, and keeping a deposit in bitcoins can give you the benefits you are talking about, but first you need to try it. There are players like me who have not even thought about becoming a VIP. )

The biggest advantage of using Bitcoin for gambling is the privacy it offers, especially with casinos that don’t require KYC. Even if they do, your wallet details are the only thing exposed, unlike fiat casinos where your full banking info is out there. While many casinos accept various cryptocurrencies, they still often stick to USD as the standard measure. And here’s a nice bonus, most casinos have VIP levels. As you keep gambling, you’ll climb the ranks or level, and it’s a subtle way of tracking just how much you’ve wagered over time. At least it feels a bit rewarding, right?
hero member
Activity: 1008
Merit: 755
November 23, 2024, 06:51:51 AM
#49
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 is so normal and it does make sense why casinos would calculate wagers in USD or local currencies rather than in the crypto amounts deposited. From a business perspective it keeps the VIP system fair and prevents users from leveling up due to market fluctuations rather than actual wagering activity, sometimes it can be a mess with the volatility of market as these days.

As someone who started gambling young and has since learned the hard way this practice also avoids giving players a false sense of progress. Imagine a user betting a small amount of crypto when prices are low only to see their VIP level acheived even when he quits because the market pumped. That could push someone who especially an inexperienced gambler like my younger self, to gamble even more, thinking they unlocked rewards they didn’t truly earn.

The balance in USD or fiat equals keeps things consistent and avoids issues caused by crypto market volatility. It’s bothering for users when their balances drop in value due to market crashes but tying wagers to stable values ensures a fairer system for both players and the casino.
full member
Activity: 238
Merit: 297
November 23, 2024, 06:12:45 AM
#48
Maybe you are right, I have never thought about it from this point of view before. I think that most players play in USD because it is more convenient for calculating profits, since it can be simply unusual to do this in satoshi. I understand that you can also get used to this, and keeping a deposit in bitcoins can give you the benefits you are talking about, but first you need to try it. There are players like me who have not even thought about becoming a VIP. )
hero member
Activity: 2912
Merit: 541
Leading Crypto Sports Betting & Casino Platform
November 23, 2024, 05:46:04 AM
#47
And when you keeps your Bitcoin in your gambling account for such as 0.001 BTC and waits until Bitcoin price increase to $100,000, that means you will have more values in USD. That can makes you have more money in USD values to playing gambling and maybe that will makes you gambling longer than usual because you will see your money value increase.

However, casino know how they can make a profit in the fluctuating the market price. When the price increase and gambler have more Bitcoin, they can playing gambling for more and if they lose, that will be the profit for the casino.
sr. member
Activity: 1204
Merit: 486
November 23, 2024, 05:39:19 AM
#46
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 totally agree this simple calculation never occurred to me while playing in the casino. And after thinking about it it does make sense for casinos to use USD as a benchmark in the percentage increase in bets. Every casino does the same thing because with the instability of crypto prices it will be overwhelming for them to set a betting system every time you play along with the price increase at the same time.
legendary
Activity: 1862
Merit: 1209
November 23, 2024, 04:28:06 AM
#45
For the casino side, they definitely choose the option that will give them benefit, but I see there's an another reason why they show the balance in USD instead of in cryptocurrency.

It's due to gambling providers, haven't you realized in slots you're asked to stake $0.2 at minimum and $1 in sports. They not ask in cryptocurrency, that's why the casinos are forced to serve everything in USD.

This is an exception for casino without gambling providers, they can show in crypto or USD.
hero member
Activity: 770
Merit: 538
Leading Crypto Sports Betting & Casino Platform
November 23, 2024, 04:16:24 AM
#44
Some months ago, a member actually asked this question, I just can not find the thread or remember the OP correctly but I know the person wanted to know why casino claim to enable the use of crypto for gambling but they don't allow players balance to replace in that crypto but rather in Fiat. This topic actually answers the question. I think what casinos only do is to allow deposits with any valid  crypto that is allowed.
hero member
Activity: 3010
Merit: 666
November 23, 2024, 03:52:37 AM
#43
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.
So, are you disagreeing with what OP shared?  Roll Eyes

We can simplify the explanation, all casinos typically use a USD value to rank their VIP clients. For instance, let me share an example from one of the most popular casinos, which I’m sure many of us here are familiar with and actively use.

https://help.stake.com/en/articles/9968893-what-are-the-stake-vip-levels-benefits

Quote
VIP Levels & Benefits (1 point = $1)
These are the points you need to level up as a VIP player:
Bronze: 10,000 points
Silver: 50,000 points
Gold: 100,000 points
Platinum I: 250,000 points
Platinum II: 500,000 points
Platinum III: 1,000,000 points
Platinum IV: 2,500,000 points
Platinum V: 5,000,000 points
Platinum VI: 10,000,000 points
Diamond I: 25,000,000 points
Diamond II: 50,000,000 points
Diamond III: 100,000,000 points
Diamond IV: 250,000,000 points
Diamond V: 500,000,000 points
Obsidian: 1,000,000,000 points
hero member
Activity: 938
Merit: 605
Leading Crypto Sports Betting & Casino Platform
November 23, 2024, 03:50:56 AM
#42
This doesn't bother me as it's a factor that I have understood beforehand and that's why I only have to leave an amount of money I intend to use for my gambling at the moment. I simply resist the idea of leaving goods sum of money in any of my gambling account because obviously they are a centralised entity and I can't trust them more than I already have.

If anyone wants to make extra cash aside using his money to gamble to earn a win, then the best shot is to have it invested in an asset which a gambling platform isn't typically one and that's why they won't allow oir crypto deposits to remain as crypto but in USD.
sr. member
Activity: 336
Merit: 365
The Alliance Of Bitcointalk Translators - ENG>PID
November 23, 2024, 03:48:25 AM
#41
In most casino I've played on, I think the total balance remains in USD in respect to the value of the crypto that was deposited.. I've not actually noticed though, but I think what op said totally true. The casino would not want to loss due to the volatility of crypto market, paying more to their users according to the current market price. The only thing I know very much is that you can only withdraw through the same medium of deposit. That if you deposit in crypto, you will withdraw in that's same cryptocurrency..
legendary
Activity: 2422
Merit: 1451
Leading Crypto Sports Betting & Casino Platform
November 23, 2024, 03:42:18 AM
#40
This works both ways because many casinos that have this feature have been long enough to have gone through one or more bear markets. If the price of BTC drops significantly I'd rather not really remember.

Maybe it would be nice if more casinos had a function to swap your coins to stablecoins, but I'm sure they'd rather avoid it because it would attract unwanted attention from legislators looking to down them for money laundering other hand just unlicensed gambling this time which is the usual.

Honestly it's quite interesting that casinos will go though all these hoops to let you gamble in crypto, without KYC, being registered to shody jurisdictions or none at all, and will stop at letting you convert your money within their service. These issues could have been avoided so easily.
hero member
Activity: 882
Merit: 800
November 23, 2024, 03:35:16 AM
#39
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.
hero member
Activity: 2940
Merit: 715
November 23, 2024, 02:35:31 AM
#38
The user who wants to profit from the appreciation of their assets must withdraw the required amount from the casino and keep only what they will bet in the casino, knowing that the balance there will be in conventional fiat currency.

Some casinos provide an estimated value of your crypto balance, but when you withdraw, you’ll still get the exact crypto amount you deposited + winning  (assuming you’ve won your bets). However, this doesn’t guarantee you’ll benefit from price appreciation upon withdrawal, that still entirely depends on the market conditions at the time.

This isn’t really about price appreciation, though. It’s about meeting the VIP criteria, which is usually based on USD value. That’s the benchmark you need to hit if you want to reach a certain VIP level.
hero member
Activity: 2702
Merit: 672
I don't request loans~
November 23, 2024, 01:03:01 AM
#37

It's also just in general a LOT easier for people to see how much they have. Yes, we say that 1BTC is 1BTC but fact of the matter is USD (or any local currency really) is still what most people find familiar with. It's stable as well so there's actual worth in trying to use it as a basis, unlike Bitcoin which is a lot more volatile. Pretty much the same reason as well why we don't use gold as a metric of measure lol.

And lets be fair, not all people who play crypto currencies know a lot about crypto. They just use it because that's what the casino wants them to use.
legendary
Activity: 1372
Merit: 2017
November 22, 2024, 11:41:47 PM
#36
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.

As far as I remember there are the two separate options in different casinos, but no choice. In the past I remember depositing bitcoin in some casino and betting in bitcoin (if I remember correctly in bitvest.io it was like that). And more recently for example at MetaWin, you deposit in bitcoin and when you go to play slots for example they do the instant conversion so you are betting the dollars of the spin ($0.20, $1, etc).
legendary
Activity: 2576
Merit: 1860
November 22, 2024, 08:26:33 PM
#35
Yeah, that makes sense. That has to be the rule because of crypto's volatility. The USD equivalent of your bet in crypto at the time when the bet was placed has to be the basis. Otherwise, it would be disorderly or unnecessarily complicated. Or if the wagering requirement for VIPs will be denominated in crypto, it will have to be adjusted every once in a while because of how restless cryptocurrencies' prices are.

This is the same concern if the prices of goods and services are denominated in Bitcoin.
legendary
Activity: 3472
Merit: 3217
Playbet.io - Crypto Casino and Sportsbook
November 22, 2024, 07:00:18 PM
#34

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. .  
That's actually a pretty bad practice and I'm sure players can't able to wager that amount if its usd or in crypto due to price pump.

I believe the only solution is to change it to how many times the deposit amount, like on playbet, so it does not matter if it is in USD or Crypto because we can't control the market there's always a drop and pump in crypto except to casinos that only accepts stable coins.
hero member
Activity: 1120
Merit: 540
Duelbits - Play for Free | Win for Real
November 22, 2024, 06:27:43 PM
#33
Another factor linked to the fact that casinos keep the balance that the user deposits using crypto in fiat USD/EUR is related to UX, so as not to confuse a potential user who doesn't understand the market fluctuations that crypto undergo, and also, as many have said here, to mitigate risks and keep their operations running profitably.

The user who wants to profit from the appreciation of their assets must withdraw the required amount from the casino and keep only what they will bet in the casino, knowing that the balance there will be in conventional fiat currency.
hero member
Activity: 798
Merit: 509
Leading Crypto Sports Betting & Casino Platform
November 22, 2024, 06:12:01 PM
#32
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.  
Away from that,USD has gotten to the point it now feels like the standard measures for value and at some point it became a global financial adoption and standard so for Bitcoin to understand it's value enough to you can only get a measure of such in dollars. so if this coins are used in their quantity, the other
legendary
Activity: 2688
Merit: 1192
November 22, 2024, 04:39:47 PM
#31
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.
legendary
Activity: 2814
Merit: 1192
November 22, 2024, 03:42:57 PM
#30
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.
sr. member
Activity: 812
Merit: 436
November 22, 2024, 03:28:02 PM
#29
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.
hero member
Activity: 1778
Merit: 907
November 22, 2024, 02:36:46 PM
#28
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.
hero member
Activity: 1540
Merit: 772
November 22, 2024, 02:07:56 PM
#27
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.
legendary
Activity: 1512
Merit: 4795
Leading Crypto Sports Betting & Casino Platform
November 22, 2024, 02:05:08 PM
#26
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.

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.
sr. member
Activity: 336
Merit: 292
20BET - Premium Casino & Sportsbook
November 22, 2024, 01:47:12 PM
#25
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.
legendary
Activity: 2002
Merit: 2534
The Alliance Of Bitcointalk Translators - ENG>SPA
November 22, 2024, 01:42:02 PM
#24
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.
legendary
Activity: 3808
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Contact @yahoo62278 on telegram for marketing
November 22, 2024, 01:15:16 PM
#23
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.
sr. member
Activity: 560
Merit: 265
November 22, 2024, 11:40:56 AM
#22
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.
sr. member
Activity: 392
Merit: 277
November 22, 2024, 11:25:09 AM
#21
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.
legendary
Activity: 1162
Merit: 2025
Leading Crypto Sports Betting & Casino Platform
November 22, 2024, 11:23:08 AM
#20
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.
sr. member
Activity: 686
Merit: 398
November 22, 2024, 11:20:14 AM
#19
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.
legendary
Activity: 3318
Merit: 1247
Bitcoin Casino Est. 2013
November 22, 2024, 11:12:16 AM
#18
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.
copper member
Activity: 2940
Merit: 1280
https://linktr.ee/crwthopia
November 22, 2024, 11:02:12 AM
#17
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.
legendary
Activity: 1792
Merit: 1296
Playbet.io - Crypto Casino and Sportsbook
November 22, 2024, 10:48:48 AM
#16
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).

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.
hero member
Activity: 1260
Merit: 765
Top Crypto Casino
November 22, 2024, 10:48:40 AM
#15
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.
hero member
Activity: 2800
Merit: 595
https://www.betcoin.ag
November 22, 2024, 10:44:36 AM
#14
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.
hero member
Activity: 798
Merit: 702
November 22, 2024, 10:42:38 AM
#13
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.
legendary
Activity: 2268
Merit: 1379
Fully Regulated Crypto Casino
November 22, 2024, 10:34:05 AM
#12
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.

legendary
Activity: 1512
Merit: 4795
Leading Crypto Sports Betting & Casino Platform
November 22, 2024, 10:23:51 AM
#11
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 it is in fiat should be when casino will find it difficult to maintain if it is bear market. Because people will deposit bitcoin while the casino will estimate it in dollar but the crypto continue falling. If you deposited bitcoin and your balance is in bitcoin, there is nothing hard for the gambling site to maintain there. It is simple and the best and which is the reason almost all crypto gambling sites are making use of the method. The gambling site will also continue to make money from its customers.
legendary
Activity: 3346
Merit: 1134
Leading Crypto Sports Betting & Casino Platform
November 22, 2024, 10:21:59 AM
#10
It's spent at what price the cryptocurrencies are. I've thought about the same thing before. Let's say I've spent half a Bitcoin in all of my gambling activities before so I should've got $45000+ in wager but that won't happen of course.
There are games though where it's still cryptocurrencies that you will see but in Stake.com you will also see the value in USD of the satoshis that you are betting above the bet amount.
In slots, it's different, you won't even see how many satoshis you are using in every bet, it's all just in USD and I think that's the correct way to do things or else it will be a big confusion in their system.
hero member
Activity: 882
Merit: 501
November 22, 2024, 10:20:28 AM
#9
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.
hero member
Activity: 2366
Merit: 793
Bitcoin = Financial freedom
November 22, 2024, 10:13:47 AM
#8
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.
hero member
Activity: 1190
Merit: 901
Livecasino.io
November 22, 2024, 10:12:52 AM
#7
That’s exactly how casinos operate, they’re not investment entities. While they accept crypto like Bitcoin, they prioritize risk management because they know how volatile crypto prices can be, especially Bitcoin. To handle this, they don’t just hold onto Bitcoin; instead, they cash out some or convert it into stablecoins like USDT. This strategy protects them if the price drops, ensuring their business stays stable.
When I read the OP, I didn't understand but this explains it better. Now I see why my favourite casino prefers to make their payout in Stable coin as the default even though the gambler has the option to choose another coin. It is all about managing risks as much as possible.

Gamblers using Bitcoin for gambling don’t usually focus on its future value. For us gambers, it’s like a cycle that we buy Bitcoin, gamble with it, and if we win, we sell it back, so we really think of it like a currency. That’s why it makes perfect sense for casinos to use USD as the standard to reflect the value. It helps them calculate how much you’ve wagered to determine your VIP level or other perks. This approach keeps things consistent and simple. In fact, it seems to be the standard, as nearly every casino I’ve signed up with uses the same metric.
Yes, another great point.
Personally, I am already used to see the value of my deposit or winnings in dollars. I remember one time I saw something like the mBTC but it made no sense to me.
legendary
Activity: 1512
Merit: 4795
Leading Crypto Sports Betting & Casino Platform
November 22, 2024, 10:01:12 AM
#6
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. 
The reason why people will deposit money on a gambling site is to use the money to gamble and not a means of investment. Most people make use of noncustodial wallet and exchanges for investments. Although, the proper way is to use noncustodial wallet because you will have full control over your coins.

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.
hero member
Activity: 2954
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Message @Hhampuz if you are looking for a CM!
November 22, 2024, 09:49:19 AM
#5
Gamblers using Bitcoin for gambling don’t usually focus on its future value. For us gambers, it’s like a cycle that we buy Bitcoin, gamble with it, and if we win, we sell it back, so we really think of it like a currency. That’s why it makes perfect sense for casinos to use USD as the standard to reflect the value. It helps them calculate how much you’ve wagered to determine your VIP level or other perks. This approach keeps things consistent and simple. In fact, it seems to be the standard, as nearly every casino I’ve signed up with uses the same metric.
hero member
Activity: 1974
Merit: 502
Vave.com - Crypto Casino
November 22, 2024, 09:38:35 AM
#4
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.  
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.
hero member
Activity: 1400
Merit: 623
November 22, 2024, 09:28:39 AM
#3
This is 100% percent accurate. Crypto volatility will be a pain in the ass for casino bonuses especially loyalty rewards to calculate if there’s a sudden change in the price.

It can also work the other way, their VIP will be hard to reach if the target is still in crypto value like betting 1BTC before is much easier compared to current time due to the price is already on insane level.

Blackjack.fun is the best example here, they transition their wager count from Bitcoin to $ now when they revamped their VIP system since the price of Bitcoin will make previous players that wager huge amount of BTC reach the max level easily.
hero member
Activity: 2856
Merit: 667
November 22, 2024, 09:24:53 AM
#2
That’s exactly how casinos operate, they’re not investment entities. While they accept crypto like Bitcoin, they prioritize risk management because they know how volatile crypto prices can be, especially Bitcoin. To handle this, they don’t just hold onto Bitcoin; instead, they cash out some or convert it into stablecoins like USDT. This strategy protects them if the price drops, ensuring their business stays stable.

So, it makes sense that everything is measured in USD value, from transactions to the casino’s overall net worth. It’s all about minimizing risk and keeping their operations running smoothly regardless of market swings.
legendary
Activity: 3346
Merit: 3130
November 22, 2024, 09:17:12 AM
#1
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.  
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