Topic: Do you use bitcoin when gambling? (Read 720 times)

Yeah, men but have you ever have the thought of hitting the high roller using Bitcoin in a bear market?

This is the most fun part of bear market bets using Bitcoin because the reward payment will be a large amount in Bitcoin and that way, you end up accumulating more Bitcoins as your rewards, the same with minimizing your total loss amount when the loss comes, so in a bear market I prefer to use bitcoin rather than using fiat or stable coins to gamble during that time.

But it can also be the other way round.
If you gambled in 2022 for the whole year bitcoin was going down so you started gambling at 40k and a month later it was worth 30k.
It makes no sense to always look at the trading price of your asset unless it's avaliable on exchange and you can trade it at that moment. If you're going to miss the trade anyway, don't look at the price and waste your time thinking what if because it's a waste of time.

Stablecoin my choice in crypto gambling and still using the Fiat currency, not Bitcoin.
The percentage uses more stablecoin in gambling.
Not using Bitcoin not because of increasing transaction costs, but because of the Bitcoin Assets that I continue to maintain and not to be spent.

Using a credit card to make a deposit I limit. More actively using financial applications in making deposits to get stablecoin.
I limit using a credit card in gambling games to avoid addiction that has the potential for balance will be empty.

For the record, I haven't seen, heard or read about any gambling site that will charge you to deposit funds onto their platform unless they have their own exchange rates which could lead to a slight difference with what was deposited.

Secondly, when a gambling site chooses to pay for transaction fees when players are making withdrawals then it becomes a feature that could help invite new players and keep the old players without having to be afraid of high transaction fees when wanting to take out funds.

Agreed, Gambling with bitcoin is impractical at the moment because of the high fees, and also makes perfect sense to use altcoins with practical & affordable tx fees that have short waiting times too.

The affordable amount to deposit plays a huge role also. Making a deposit of $100 and spending $10-15 just to have it appeared quicker on casino balance is much different from depositing $100k and paying a hundred just to start gambling as fast as possible. For me, it does not matter what will be the withdrawal commission, but the time required to get my deposit on the balance is most important to me. Because while I wait, I can change my mind and postpone playing.

Current Bitcoin transaction situation remind me the same situation with expensive transactions in ETH during DeFi/Dex trend. Few were able to afford using platforms. Now, few use Bitcoin for gambling. I think Bitcoin in general is not suitable for gambling. Gambling industry needs cheap and quick blockchains.

You choose your own asset to deposit to the gambling site, so why should the gambling site pay the commission for your deposits/withdrawals?

Currently, the commissions in the Bitcoin network are so high that using this cryptocurrency for gambling becomes impractical. I am sure that if the Bitcoin network becomes more and more congested, gambling providers will stop using it altogether.

Back in the day I use to use bitcoin as I thought it was the fastest way to grow my stash, but because of a couple of losses and putting into consideration its value I prefer to use a denomination that am more familiar with which is either the Fiat -dollar or use tether as a way to manage my risk and know the true value of how much am winning or losing. Not forgetting with high transaction fees using Bitcoin isn't attractive as most bookies/Casinos pass this cost on to the user and not the house.

Relatable!

And with these ordinals at play, getting next block transactions require paying a premium when it gets to using want fastest confirmation times

I think that bitcoin should not be gambled as gambling involves risk and holding bitcoin for long term investment can yield huge profits. Gambling involves capital risk and the expectation of future profits aim gambling is usually a short lived activity while bitcoin investment can be good here there is no fear of losing funds. There is no need to despair even if the price drops if you wait patiently the price of bitcoin will increase several times. Also gamblers have negative expected returns on average and in the long run.

I have selected other crypto, as I usually deposit only those cryptocurrencies that have quick transactions. For me Bitcoin is either to slow, or to expensive. Instant transactions cost a lot, but when I gamble, I dont like to wait until transaction gets confirmed. Mostly my gambling sessions are short; 30-60minutes max. And waiting 30-60minutes for confirmation is not acceptable for me.

Exchanges charges $1 to $1.3 when withdrawing USDT TRC20, while sending them from non-custodial wallet maybe much more expensive


It is still feasible considering the current transaction fee of Bitcoin. Aside from that, USDT TRC20 is way faster to get confirmed and credited than BTC except for those casinos that does not need any confirmation to credit our BTC deposits.  But if we really wanted to have cheaper tx fee, and faster confirmation, I would suggest Dogecoin, LTC and TRX to be used.  They are way cheaper and faster than USDT and Bitcoin.


I believe the high risk of gambling will never be fruitful unless a person hits a lottery jackpot.  Since the result of gambling is random and mostly affected by luck, with the advantage of the house because of house edge and how the game result is designed like in slots,  gambler will more likely lose their fund than winning.  This kind of result can never be called fruitful regardless of what cryptocurrency a person is using, IMO.

in these days when the price of cryptocurrencies, particularly the price of bitcoin was the currency that rose the most in price, I could see how important it is to analyze the altcoin market well if you think about playing using altcoins, because now for example in that the price of bitcoin has risen a lot, we can see that the price of altcoins has fallen a lot in relation to the btc pair - alts, only manage to have a small price increase in relation to the US dollar, so if a person decides to play using altcoin without first do a lot of research to find out about the history of this same altcoin and how the cryptocurrency market is currently doing

so this person will go through situations in which he will be very angry and frustrated because he will deposit 100$ in altcoin for example, with good bankroll management, he expects to make 10 bets, with 10$ in each bet, so in the first one day he bets on 4 games and loses, leaving him with a bankroll of $60, he leaves the casino to relax and the next day when he enters the casino he sees that he only has a bankroll of $40 and when he goes to do research on the price of the altcoin in which he he is using it to make a bet, he finds out that the altcoin he uses to make a bet has fallen a lot because of some bad news about the project

At that moment the person has already lost $20 and may continue to lose due to the fall of the altcoin and we all know that when a crypto project has very serious bad news, the price of the altcoin falls very quickly, which is why in my opinion the ideal is to use USDT to place bets, the minimum usdt withdrawal amount on stake.com is very low, as expected from the best casino on this market. The person can deposit in usdt and place bets and will not have to worry about high withdrawal values that have been seen in other casinos. To get an idea of how the benefits are very good at stake.com, the minimum usdt withdrawal amount is 2.50 USDT and the fee is just 1 USDT. I see this being very advantageous. the person avoids fluctuations

It's okay if you feel lucky using certain coins and if I could also be like you, it would certainly be very fun
So we both can feel the same thing
But maybe later I will try to follow what you do. Who knows, maybe I will also get lucky like you and can win big so I can get lots of Litecoin.
That's the point if the casino has other coins besides bitcoin so that it can make it easier for gamblers to gamble. But unfortunately, few casinos have exchanges within their casinos. Hopefully, the current casino sites can add exchanges to their casinos so that we can exchange them for other coins.

They have other options at times like now, where they don't need to gamble and choose to hold their coins. But if they still want to gamble, altcoins and stablecoins are a choice. But for now, I prefer to refrain from gambling because looking at market conditions, it seems like restraint is the best for me. Besides, this is good for me so I can train my self-control not to gamble for a while. After conditions of the market gradually recover and bitcoin transaction costs can decrease drastically and return to normal, maybe I will return to gambling.

Yeah that's why I'm thinking to avoid using it for a short while since I can't afford to pay such huge fee for just depositing some amount in my casino wallet. For a short while a just explore another alts since I like to avoid paying extra fees just to gamble. Maybe for now USDT is my best option since volatility can't hurt us and it gives us convenient while market is so congested and painful. I'd better prefer to hold bitcoin for now than pushing something that I can't afford to get. And I believe many gamblers especially those small time players will shift to other coins to since same as I they can't afford to pay huge fee each time they want to deposit. TRX and XRP is also good solution but let see what will happen to bitcoin these days.

I have never used Bitcoin to gamble, even though I will think of such is not now that the transaction fee is high, I prefer crediting my preferred sports sites wallet with the help of my bank mobile app, if consider using Bitcoin now when I lose, the lose will affect me in different ways, it will start from the transaction fee, let's say is a 50$ that I used to place the bet, if I convert both the transaction fee and the fund itself in my country currency, it will be very huge amount of money that would have solved so matter for me if I utilize it well, I can not take the risk of using my bitcoin for gambling because I didn't get it in a platter of gold, so won't joke with it.

You are right. Gamblers have different reasons and some of them are superstitious beliefs.
Like me, I always think that I am luckier when I am using Litecoin and until now I feel the same way. I deposited BNB 2 weeks ago and it's rekt. I deposited Ethereum a week ago and it's also rekt.
But one time I received a tip from another gambler through Litecoin and I made it to a decent amount that was ready for withdrawal. The tricky part is, I didn't do it just once but twice already in my gambling history.
This is what made me think that I had more luck using that certain coin and now I am a superstitious believer too.
It is true that one of the big reasons why I don't want to use Bitcoin is the transaction fees and it's a waste of Bitcoin that I want to keep as an asset only.

Regardless the high TX fees, I still feel Gambling with Bitcoin is more preferable to other cryptos or even fiat. I have s many reasons but I'll only pickpoint two of the most important reasons which are Security and Privacy.
When gambling I'm very. Skeptical about these two factors, and I believe Bitcoin offers the wildest range of these. Bitcoin has the highest level anonymity and safety and despite and these factors can't be compromised. I'm not saying other cryptos do not have these qualities but what I'm saying is that I feel safer with Bitcoin.

Again, we all know that Bitcoin transactions are the fastest, so irrespective of the high tx fees, Bitcoin still beats every other payment methods when it comes to safety, speed and security. No one would want a situation where your transactions are being delayed, whether with deposits or withdrawals.

Well, I believe how much the player stakes also plays a vital role here. A high staker would likely always prefer to use Bitcoin to bet regardless the tx fees, while it is likely to be quite the opposite for a low staker.

I have never thought of it this way but if Bitcoin is viewed as a currency then when you gamble with Bitcoin or gamble with any of your other funds but both are your funds.  It may also happen that if you invest the fund in bitcoins without gambling bitcoin, the bitcoins will not be lost. If I actually consider from your point of view, if you lose by gambling, then your funds that could have been invested in bitcoins, so Bitcoin will also loss if I consider this point. But in gambling it may happen that you gamble with bitcoins and win and your bitcoin amount increases several times. I mean basically anyone can play whatever they like but gambling with stable coins makes things a little easier for me.

Yes, as we can see from the poll statistics in this thread, everyone chooses fiat money or other cryptocurrencies, after all, bitcoin is a future that has quite a high value and is also expensive, gambling using bitcoin in my opinion is very risky of losing its value too, just look at the gamblers who already using bitcoin a few years ago surely they saw the statistics of the amount of bitcoin they spent on it if valued at today's prices, it's really sad

Bitcoin is a hedge where they should be used only for investment purposes, it is not suitable to be used for gambling let alone to pay for something, but it all comes back to each individual's view, personally I also don't use bitcoin, I prefer other cryptocurrencies or fiat money, such as you say that using bitcoin for betting is not a wise approach. 

In most of my gaming sessions I always like to use bitcoin, because it is the type that I want to add satoshis the most, so when I play I do it in bitcoin but that is what I use the most, the truth is that altcoins are some very good to use here in the caisnos , but in what I Always think is bicoin, there may be some that prefer more to altcins, but it is a matter of taste, each person decides what to do, how to move their money and what they can achieve Instead, and I could say The things when it comes to casinos and money, I prefer that because playing with USD is not to my liking, as I said before, I prefer to use my ATHs to have a broader path of the game, some people do not risk the transaction at this time. The fact is that it is going up more than normal, it could be that it is selling at that time, I hope so because it is very necessary for me to be able to get a good ATH at this time, it wouldn't be bad at all.

Now when we are in a casino and Anyone can choose the currency they want, of course if it is available, in my case as I said before, even if bitcoin is rising in price I still play, because I see btc as btc, not like value of fiat money, it is something that will always be something great, the good thing about this is that the way to have BTC money will always be valued, because I like it more with bitcoin than with an alt, which in a moment well The alt would die if like it has done to many other alts, for that reason it costs me more btc, although there are still people who bet the other alts and can win a lot , Because they feel comfortable betting the alts than their own money fia, and they have the same direction or way of thinking as mine , because it is Easier to Do it that way , I think this is something that can be noticed from a distance, we are ordinary people and here in the caisnos you usually see a lot, I would think It's like a tradition , since my first casino was all with BTC, which I played.

Using bitcoin when transaction costs are increasing, like now, makes many people avoid it and prefer to use altcoins or even stablecoins for gambling. This saves more on transaction costs so that they can use more or the same money as before to gamble. And you're telling the truth about preferring to use altcoins or stablecoins over bitcoin. It's better to keep the bitcoins rather than use them for gambling. But I still often use bitcoin for gambling and in times like now, I prefer not to gamble until everything returns to normal. If I wanted to gamble, I would also choose TRX or XRP or USDT because the transaction costs are still low.