Is it worth using bitcoins anymore for gambling ? - page 7.

Lecam

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Quote from: erpbridge on July 20, 2017, 08:29:10 PM

I feel my bankroll management and savings all are highly unstable. Can go up or down by storing money in bitcoin to gamble. Some form of betting like poker requires good bankroll management and with value changing everyday, I don't see bitcoin as a good use for poker players and sportsbettors.

Well, I think that it's better if you wouldn't convert how much BTC are you going to bet when gambling. It will just ruin the fun. Just keep in my that if the $ exchange of BTC is high, bet low on BTC. And if it's low, you can bet high BTC. You don't have to convert or even compute the value of your BTC before gambling as you said the value is unpredictable and unstable. So, don't even bother.

aldrian09

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For me i think using bitcoin for gambling is not worth because of its volatility. I remember playing dice game few months ago and the price of what below $1,000 I buy bitcoin using my fiat to play in gambling site so if I did not gamble those bitcoin I bought then maybe I have money now to buy me a plane ticket for a vacation.

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Quote from: Thekool1s on July 23, 2017, 05:29:15 AM

Well you are going to gamble right? Why not gamble with the bankroll too? If the price goes up it will be a big win for you, And if the price goes down atleast you will have the same amount of btcs. You need to cash out at the right time, You need to gamble smart, If you are in gambling just for fun, these issues won't matter to you imo. That's my take on this issue.

Gamble yeah, but with control. Poker is a combination of both skill and luck.

But bitcoin price swinging up and down isn't a gamble a poker player or sportsbettor would like to take, because it throws off any bankroll management.

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Quote from: erpbridge on July 20, 2017, 08:29:10 PM

I feel my bankroll management and savings all are highly unstable. Can go up or down by storing money in bitcoin to gamble. Some form of betting like poker requires good bankroll management and with value changing everyday, I don't see bitcoin as a good use for poker players and sportsbettors.

For me, it is more preferable to use fiat currency than bitcoin for betting in gambling. Fiat has a fixed price value compare to bitcoin. Bitcoin is so volatile that a sudden pump in its price can result into a huge gain in your money. Bitcoin’s price fluctuate up and down, unlike the fiat wherein the price is stable, a $100 is a $100 while a 1 BTC changes value and recently, it pumped again increasing up to $3000.

I do really think that using bitcoin for betting can result to a great loss in the future that is why whenever I gamble, I only used fiat and I limit the amount so I know when I should stop.

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Quote from: MFahad on July 23, 2017, 07:11:00 AM

I am not agree with you, because in my thinking bitcoin is really worth full using for gambling.
I am confidently saying that 50% gamblers are playing online bitcoin gambling,
Because they want to earn bitcoin, then it is not right to say that bitcoin has no worth for gambling.

bitcoin makes gambling easier since we can play through ot just by depositing through our wallets with small fees sometimes and with easy transactions ,altcoins especially bitcoin were really in demand in gambling it can be seen in the number of players in different gambling sites.

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Quote from: bitcircle on July 23, 2017, 03:54:03 AM

If we interested to play anonymously than bitcoin always will be our first choice for betting. I think price is increasing so high so it's time to think about our strategy what we are losing there but if we compare bet amount is fiat before throwing our money there and it is just for fun than nothing wrong to place bets with bitcoin.

yes mate before we place our bets its better to convert it into fiat so we can calculate it much better and we will be able to adjust as bitcoin value
really jumping its very needed to make sure that your bets are according to the value that you are willing to risk, gamblers really loving using bitcoin
as they really can hide their personalities.

MFahad

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I am not agree with you, because in my thinking bitcoin is really worth full using for gambling.
I am confidently saying that 50% gamblers are playing online bitcoin gambling,
Because they want to earn bitcoin, then it is not right to say that bitcoin has no worth for gambling.

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Quote from: bitcircle on July 23, 2017, 03:54:03 AM

If we interested to play anonymously than bitcoin always will be our first choice for betting. I think price is increasing so high so it's time to think about our strategy what we are losing there but if we compare bet amount is fiat before throwing our money there and it is just for fun than nothing wrong to place bets with bitcoin.

I don't think bitcoin is still #1 if we want to play anonymously. The transactions are too slow and I bet it makes people who won a lot really nervous when they have to wait for days till they get the reward. Not even mentioning the sum they lose on transaction fee. Moreover, bitcoin can't prevent from scamming. I believe nowadays other currencies are better for casinos, because the fees are not that high, smart contracts reassure that everything will be scam-free and it all proceeds very fast.

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Quote from: Thekool1s on July 23, 2017, 05:29:15 AM

Well you are going to gamble right? Why not gamble with the bankroll too? If the price goes up it will be a big win for you, And if the price goes down atleast you will have the same amount of btcs. You need to cash out at the right time, You need to gamble smart, If you are in gambling just for fun, these issues won't matter to you imo. That's my take on this issue.

As well as you loose the same the amount in gambling. If you do it fun or serious definetely you will loose the bitcoins you have with you. Instead simply invest the bitcoin in trading or mining and get the regular income with any issues. According to me gambling is worst option in bitcoin.

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Well you are going to gamble right? Why not gamble with the bankroll too? If the price goes up it will be a big win for you, And if the price goes down atleast you will have the same amount of btcs. You need to cash out at the right time, You need to gamble smart, If you are in gambling just for fun, these issues won't matter to you imo. That's my take on this issue.

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Quote from: erpbridge on July 20, 2017, 08:29:10 PM

I feel my bankroll management and savings all are highly unstable. Can go up or down by storing money in bitcoin to gamble. Some form of betting like poker requires good bankroll management and with value changing everyday, I don't see bitcoin as a good use for poker players and sportsbettors.

I really can't see a problem here. Can you explain a bit more how does bitcoin's volatality affect your bankroll management? I mean, it can be either way, good or bad, it's not necessarily bad, right?

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Yes ,however if you can afford it it is still worth if not try some sites that have only a small bankroll needed or try the altcoin they accepted .Also for me a word worth meansit isprofitable and not only losing money.

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Quote from: erpbridge on July 20, 2017, 08:29:10 PM

I feel my bankroll management and savings all are highly unstable. Can go up or down by storing money in bitcoin to gamble. Some form of betting like poker requires good bankroll management and with value changing everyday, I don't see bitcoin as a good use for poker players and sportsbettors.

Bitcoin is a financial medium that will certainly facilitate every financial transaction that we do. We can withdraw and deposit very easily.
Bitcoin gives us all the convenience, we can do it wherever and whenever we are. In online use bitcoin is much better than fiat.

Obito

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Quote from: wolfgang56 on July 21, 2017, 11:22:46 PM

Quote from: erpbridge on July 20, 2017, 08:29:10 PM

I feel my bankroll management and savings all are highly unstable. Can go up or down by storing money in bitcoin to gamble. Some form of betting like poker requires good bankroll management and with value changing everyday, I don't see bitcoin as a good use for poker players and sportsbettors.

I think bitcoin is not worth it to gamble. I treat bitcoin as a precious coin since it's quite expensive. I see bitcoin has a potential to increase its price bit by bit in future as the demand increases as time goes by. I think it would be better if we'll use bitcoin for trading na investing so we can take advantage of time.

Indeed, when the time I was a beginner I was using gambling to gain profit and the money I used was bitcoin. Now, I'm regretting that I used bitcoin to play gambling because my perseption upon bitcoin is precious that cannot be used in such kind of transaction like that.

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If we interested to play anonymously than bitcoin always will be our first choice for betting. I think price is increasing so high so it's time to think about our strategy what we are losing there but if we compare bet amount is fiat before throwing our money there and it is just for fun than nothing wrong to place bets with bitcoin.

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Quote from: PokerFace3 on July 23, 2017, 03:03:11 AM

Quote from: xuan87 on July 20, 2017, 11:25:31 PM

Most of the gamblers using Bitcoin because of the anonymity, and I don't see any problems regard to the volatility, if the price go up then I just bet smaller and if going down I bet bigger, it is just the matter on how you manage your bankroll, fluctuating is going to affect on your gambling bet but you still can play and enjoy your gambling

I agree people use bitcoin casino to avoid social conflicts which may rise due to certain reasons such as the underage people involved in gambling and people with families or in relations may keep it secret so they use bitcoin casinos which are anonymous. Also bankroll can be affected even when you are not gambling at a time. The bitcoin price volatility have its effect either positive or negative when converted into fiat.

Yeah, there are social conflicts with the underage issues and in reality even with gambling websites operating on fiat with fake identity one can make use of it avoiding age conflicts. I have started using bitcoin for gambling years back and soon after that I stopped using fiat for the same. This is all because of the ease of access and the real time settlement of bitcoin in a short which is not that effective with fiat. This gives a confirmation that bitcoin is worthy for gambling.

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Quote from: xuan87 on July 20, 2017, 11:25:31 PM

Most of the gamblers using Bitcoin because of the anonymity, and I don't see any problems regard to the volatility, if the price go up then I just bet smaller and if going down I bet bigger, it is just the matter on how you manage your bankroll, fluctuating is going to affect on your gambling bet but you still can play and enjoy your gambling

I agree people use bitcoin casino to avoid social conflicts which may rise due to certain reasons such as the underage people involved in gambling and people with families or in relations may keep it secret so they use bitcoin casinos which are anonymous. Also bankroll can be affected even when you are not gambling at a time. The bitcoin price volatility have its effect either positive or negative when converted into fiat.

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Quote from: coolcoinz on July 22, 2017, 04:38:07 PM

Why would you convert to fiat? It really doesn't matter what the price is, it's all in your head. If you gambled 2 years ago with a fraction of a coin and ended up with 3 BTC it means you're good at this and the price shouldn't be a deterrent for you. Yes the price has dropped for a week or two but now it's back up, the holders and those who don't give a shit about bitcoin's value in USD win.

I am sure you wouldn't have said this, if the price instead of going up to 2800 had gone down to lower 1000s. Anyways I needed the money and I wasn't willing to take the risk with bitcoins rollercoaster. But that is exactly my point. You do have to take in another gamble with btc prices.

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Quote from: erpbridge on July 22, 2017, 10:38:14 AM

Quote from: okissabam on July 22, 2017, 10:28:57 AM

If you really are into gambling I don't think you would really care if bitcoin is worth using for gambling. Because as long as you can profit from gambling then it's still good to go. That just my own interpretation of being a gambler myself before.

So recently I had close to 3 btc on my bankroll after gambling for about an year. The value one month back was close to $7500. When the price dropped to 1800$ recently, the effective value came down to around $5400. I liquidated some of the amount. But that 2.1K drop was a lot for me to handle.

You might say that I can cashout after every bet. But then I will be giving up a big value in fees, and a lot of times I need to make a bet of a few hundred dollars.

Why would you convert to fiat? It really doesn't matter what the price is, it's all in your head. If you gambled 2 years ago with a fraction of a coin and ended up with 3 BTC it means you're good at this and the price shouldn't be a deterrent for you. Yes the price has dropped for a week or two but now it's back up, the holders and those who don't give a shit about bitcoin's value in USD win.

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Quote from: erpbridge on July 20, 2017, 08:29:10 PM

I feel my bankroll management and savings all are highly unstable. Can go up or down by storing money in bitcoin to gamble. Some form of betting like poker requires good bankroll management and with value changing everyday, I don't see bitcoin as a good use for poker players and sportsbettors.

I dont think that the gamblers will see the bitcoin price and gamble. Even in bankroll management also you dont see price but how much bitcoin you are betting is only calculated. So what you are telling are not the correct way of using bankroll manage in sports betting or poker betting also. Bankroll management only see that how much bitcoins you invest and how you are splitting them and betting it.

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