Topic: Does bitcoin dump have any impact on gamblers ? - page 18. (Read 3186 times)

This is true, based on my personal experience though I'm just a small time gambler, I usually convert my funds to USDT so the current Bitcoin price doesn't affect me. I guess it will only affect holders if they aren't converting their funds to USDT right away. Gamblers usually focus on the profit and not the market situation because there are other alternatives to avoid being affected.

I don't think that bitcoin drop would cause some issues to the gamblers, because usually they converts their USDT to BTC only when they bet, or play directly with USDT. Cryptocurrency is a way for play, a method, but its

price doesn't impact directly to the activity. I'm not concerned about, because when I want to play, I use my USDT directly into my casino account.

Their motive is to play gamble but you still didn't mentioned if this was for fun or for profit. If it's for fun then yes they won't care whatever the price will be but if they are playing for profit then yes price matters because what if they already won huge but suddenly the price plummets more?

Those winning are also going to decrease dramatically but if the price rise, they will also be thankful with it because their winnings can get doubled or even more of it. For those who play for profit, they know that bitcoin is too volatile now and the chance to decline more is still there so they will try to avoid btc but will use stable coins or other altcoins.

I think so too, it doesn't matter even though the Bitcoin price plummets.

As far as I know people make bets in Bitcoin, gambling sites offer many options in fiat currency across countries, for example: dollars, and so on, if bettors want to place bets in Bitcoin it can be adjusted to their own fiat currency.

The impact of the decline in Bitcoin for gambling sites, maybe not, but for users there may be, for example: from the betting side, Bitcoin is down for those who want to bet, if they want to deposit they are able and affordable, another example: you have $100 you can get Bitcoin 0.0044 at a price of $22.442, if Bitcoin is at $44,844, you only get 0.002, means: if the price of Bitcoin is high you can place a 10x bet, if Bitcoin goes down you can place a 20x bet, that's just an example.

Bottom line: it only affects the users themselves, for gambling sites I don't think so.
because aitus gambling, not the same as exchange sites, the rise and fall of Bitcoin is not a problem.

Traders, investors, and gamblers are three different groups.  The most impact when Bitcoin dumps go to investors because they are holding BTC in hopes to sell it at a profit.  Traders play with fluctuation of the market, it may affect them during the dump. Still, they will definitely adjust until they grasp the range of volatility and continue their buy and sell activities.  Gamblers might be the least affected by the Bitcoin dump.  They are gambling not because of the BTC price fluctuation but because they are either trying their luck to multiply their funds or spending their fund to entertain and relax.  So gamblers play without concerning whether their BTC holdings will increase in price or vice versa, since they are playing with BTC their concern is more on multiplying their BTC funds.

It seems to me that all gamblers (or most) are worried about such a sharp decline in the price of bitcoin because even if they use bitcoin, they keep the amount in dollars in their heads. It is very unpleasant to lose 10-15% of the deposit before you started playing simply because of a change in the rate. And I know that many gamblers use tricky and complex strategies to "reliably" win 10% of their deposit. For them, such losses are sensitive.

For gamblers with less BTC in their wallet, I'm sure they are affected. They often gamble for money and if the value of BTC decreases this low, they may bet higher. Like you said they need to win as they lose amount due to this dump.

Traders somehow are like gamblers. If they become impatient in spot, the futures market can become an option.

For a gambler, it doesn't matter if the price of bitcoin goes up or down. Because when someone gambles with Bitcoin, they place a certain amount of Satoshi bet. They do not calculate the dollar there.  Their purpose is to increase the amount of satoshi.  If they win, it increases the amount of their bitcoin. So I don't think it's a problem for bitcoin gamblers. btc price goes up or down.

If mostly the coins being held on his gambling accounts or wallets is not in stablecoins, for sure it will have some significant impact. Most online casino sites these days tend to follow the usd valuation compare to the the actual value of the hold tokens on an individual accounts. I don't care too much in it, it's more like another opportunity in me.

Long-time gamblers already know how to deal with this bearish situation. The price of Bitcoin might affect them especially if they're big-time players but for sure, they already know what to do and handle the volatility of the market. Some gamblers prefer holding during their Bitcoin during the bearish market and just gamble when the market recovers. Their strategies depend on their purpose in having Bitcoin whether to hold it or spend it on gambling.

Measuring each crypto to fiat bet is going to leave you "crazy"   and it is a very bad bankroll management, that is we bet on crypto, no!.

 If you do it in a stable coin, this explanation will not help you, so, if anything crypto has, it is that if you do not change it to Fiat, then e.g. 1btc=1btc.

1BTC (let's use round numbers) is now worth $25k, and who cares! so you still have 1 BTC, it is worth mentioning the opposite case you are happy when it is at $50k! if that is your situation with money in a casino, the above, remember the premise do not bet money that you do not allow yourself to lose.

The reason! well, you are using money that can affect you even without even having bet it, that is serious, you feel that you lose money without even making a bet.

As long as you have your money in a casino your goal is to make a profit, on what factor (ROI)? well, that is a very personal matter, but if you deposit 1BTC and then withdraw 1.5BTC you won 50%, it is profits very good...

After that money leaves the casino, taking it to -fiat has a relationship associated with your losses or profits from the trade at that moment, in this precise case 50%, that is, you now have +$12.5K in fiat and 1BTC.

And it is worth saying in the same way that the calculation of the size of the bet is made based on 1BTC, and that is a separate issue because it depends on the game, but making it generic if your strategy is to make 1000 bets to obtain a return on profit,  you betting is 0.001 BTC.

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^{This Post is not gambling advice, investment, deposit.
Hypothetical case(e.g.):
bitcoin price $50k deposit.
bitcoin price $25k withdrawal.
Tip: please do not deposit money in a casino that you do not allow yourself to lose and also remember the volatility of the crypto market.}

I think the recent price drop of Bitcoins has only smaller impacts for gamblers. I don't expect any of the veteran gamblers to fall for the recent drop and to quickly sell his coins. Why would anybody sell his coins at such low levels? It means to give up all the profit we made in gambling when converting now back to fiat money. To be honest at low crypto levels we should be gambling more. The money we can make in gambling will offset any losses from trading. The only problem is if we use bitcoins to play poker on tables which are fixed in USD, that got 25% more expensive in the last 5 days. Best to stick to crypto casinos and avoid fiat money for now.

The number of gamblers is increasing all over the world and ‍most of them support crypto gambling. We know that with crypto you can easily make deposits and withdrawals which is not so easy with any other platform. As a result, the use of crypto is increasing day by day. However, there is a question that if the price goes down suddenly, then what is the problem for the gamblers? I think there are a lot of gamblers who hold bitcoin and other altcoins, the price of bitcoin has a big impact on them. But those who do not hold they do not have any problem by depositing crypto from Fiat.

On paper value we can say yes because if they keep holding their btc on gambling site accounts for sure they feel the heavy strike of bear market season and if the person who hold a huge volume of bitcoins easily to get panic then most provably they lose a lot on it. But if we just relax and let those balances sit on our wallet accounts for a while then this is not totally give huge effect to the gambler.

Until 1 BTC = 1 BTC your funds are safe, so dont worry much about it, as this coin has other side What I am saying, since people gamble with crypto, they dont feel any significant difference from price changes. They still bet same amount they wish. Price dump only matters who has turned gambling into earning or only source of income. Until we see in shops prices in crypto, they are loosing with every dump

I also cant say that when Bitcoin cost 68k, people gambled less or more, compared to when its price is 22k. Gamblers either have a "stop button" or lose everything

Many gamblers use bitcoin because their countries banned gambling and their are also countries that limit the amount gambled. Rich people travel overseas and there are some that use crypto currencies specifically bitcoin. Speaking about the present dump on bitcoin prices obviously affect these gamblers. Take for instance a gambler's 1 million dollars is now worth only $700,000. No one will be happy on this devaluation of assets. Except for gamblers that also believe in bitcoin and its long term potential. 

Yes, it does have a big disadvantage and advantage at different situations of the market. I had a few coins on a popular casino a while ago when the price was above $30 000 per coin and it dropped to $22 000 today.... so I basically lost $8000 per coin, without betting a single satoshi.  

The opposite is also true.... I had a few coins on another site when the price was $34 000 per coin in Jan 2021 and then the price went up to $58 000 in March 2021..... so I basically had +/- $24 000 per coin more to gamble with. (I actually forgot about the site and re-visited it, when the price skyrocketed)

Most people do not have coins in these casinos for long enough to feel the real impact of the price fluctuations. You see the balance going up and down, but with small balances... it is less noticeable.  

I prefer to keep my coins in Stablecoins for gambling, if the casino accept it... because the price fluctuation is a lot less. 

In my opinion, a decrease in the price of bitcoin will lead to more active use of it to replenish deposits in online casinos. 

This is due to the fact that players will perceive it not as an investment tool, but as a means of payment (a tool for everyday transactions). 

By the way, now Snowden also advises to forget for a while that bitcoin is digital gold and the best investment tool in the world, and focus on its function as a means of payment. 

When the price of Bitcoin is constantly growing, it is a pity to lose it in a casino. 

If the price of Bitcoin falls, then the first cryptocurrency begins to be treated more lightly.

From my point of view, bitcoin pump and dump, or any worlds financial system changes does not have a great impact on gamblers. They dont gamble to win certain amount of money, they do it for the process. This is an addiction. Similar to smoking. If cigarettes prices goes up, those who smoke wont quit smoking. They will smoke cheaper cigarettes or search for an alternative brand and etc. If a gamblers spends several hours a day playing, he will continue doing it no matter what happens around him.

I think some casinos use the conversion from bitcoin to USDT to place bets, making it easier for us to gamble. But sometimes I feel bad if I bet using BTC because if I look at the number of satoshis used to bet, it can be big and make me lose all those satoshis quickly. But if I use the conversion from bitcoin to USDT, for some satoshis, I can have more than $10-$25 so I can bet $0.2 for a single bet, which can cost me $5-$7.5 in a day. I'm also not a gambler who likes to bet a lot of money.