Source rate exchange of gambling website

piloder

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Quote from: corybrackett on November 02, 2017, 07:03:32 AM

Quote from: piloder on November 02, 2017, 07:00:28 AM

Most of the fiat based online casino accepts bitcoin using third party payment gateway like bitpay so their conversion of bitcoin into fiat is based on bitpay exchange rate.

You can find current exchange rate here, usually there is 1% deposit fee when depositing through bitpay https://bitpay.com/bitcoin-exchange-rates

I mean if the price is changing like for now bitcoin is 7k2$ so where is the source of odds exchanging to other currencies? Sorry for my bad english but i guess you can barely understand me.

Like I have said before it depends on the current buy order in trading platform used by the payment gateway. For example if gambling site is accepting bitcoin with bitpay than price will be the price of bitcoin in the trading platform where bitpay will immediately exchange the same amount of bitcoin so that they can remain safe from price volatility while providing best exchange rates for merchants and users.

ralle14

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Quote from: LuanX3 on November 02, 2017, 09:37:48 AM

Quote from: corybrackett on November 02, 2017, 06:50:29 AM

I wonder where is the main source rate exchange between currencies for gambling website? Coinmarketcap?

It really depends on their management. Usually, they depend on a big exchange to base their rates. However, the problem with on-site exchanges are that it usually is with mark up to it. They charge a higher price to exchange than if you just bought it yourself over at the exchange you use. So, I would not really bother use these on-site exchanges unless extremely necessary.

There's no way to avoid this if OP is on a casino that accepts bitcoin deposit but they turn his bitcoin in to fiat once it goes to his account. Like 5dimes for example they use the current price on bitstamp to convert every bitcoin deposit to usd.

Cubits is another payment system that is being used by online casinos (just like bitpay) i've used them before but the gambling site I go to doesn't convert my bitcoin to fiat.

LuanX3

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Quote from: corybrackett on November 02, 2017, 06:50:29 AM

I wonder where is the main source rate exchange between currencies for gambling website? Coinmarketcap?

It really depends on their management. Usually, they depend on a big exchange to base their rates. However, the problem with on-site exchanges are that it usually is with mark up to it. They charge a higher price to exchange than if you just bought it yourself over at the exchange you use. So, I would not really bother use these on-site exchanges unless extremely necessary.

tabas

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Quote from: corybrackett on November 02, 2017, 07:03:32 AM

Quote from: piloder on November 02, 2017, 07:00:28 AM

Most of the fiat based online casino accepts bitcoin using third party payment gateway like bitpay so their conversion of bitcoin into fiat is based on bitpay exchange rate.

You can find current exchange rate here, usually there is 1% deposit fee when depositing through bitpay https://bitpay.com/bitcoin-exchange-rates

I mean if the price is changing like for now bitcoin is 7k2$ so where is the source of odds exchanging to other currencies? Sorry for my bad english but i guess you can barely understand me.

We don't know where there source it but just like the different trading platforms, they have their own way of adjusting the rates. I don't know if there is an online casino that depends on preev rates.

Aleister Crowley

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Quote from: corybrackett on November 02, 2017, 07:03:32 AM

Quote from: piloder on November 02, 2017, 07:00:28 AM

Most of the fiat based online casino accepts bitcoin using third party payment gateway like bitpay so their conversion of bitcoin into fiat is based on bitpay exchange rate.

You can find current exchange rate here, usually there is 1% deposit fee when depositing through bitpay https://bitpay.com/bitcoin-exchange-rates

I mean if the price is changing like for now bitcoin is 7k2$ so where is the source of odds exchanging to other currencies? Sorry for my bad english but i guess you can barely understand me.

it seems you mean to say other exchange places other than bitpay .. if that's what you mean ,, so far only bitpay has been tested and used a lot of gamblers .. if there is any other place ,, I also have not dared to try before others start with a new place

corybrackett

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Quote from: piloder on November 02, 2017, 07:00:28 AM

Most of the fiat based online casino accepts bitcoin using third party payment gateway like bitpay so their conversion of bitcoin into fiat is based on bitpay exchange rate.

You can find current exchange rate here, usually there is 1% deposit fee when depositing through bitpay https://bitpay.com/bitcoin-exchange-rates

I mean if the price is changing like for now bitcoin is 7k2$ so where is the source of odds exchanging to other currencies? Sorry for my bad english but i guess you can barely understand me.

piloder

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Most of the fiat based online casino accepts bitcoin using third party payment gateway like bitpay so their conversion of bitcoin into fiat is based on bitpay exchange rate.

You can find current exchange rate here, usually there is 1% deposit fee when depositing through bitpay https://bitpay.com/bitcoin-exchange-rates

Other crypto based gambling sites also have inbuilt crypto to crypto exchange feature and most of them are using shapeshift api for this. Only few have their own exchange rates based on one of the altcoin trading platform they are using for trading.

corybrackett

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I wonder where is the main source rate exchange between currencies for gambling website? Coinmarketcap?

Topic: Source rate exchange of gambling website (Read 140 times)