It doesn't make sense for a gambling site to accept only its own coin no matter how valuable and scalable the native coins are, casino need multiple deposits of currency to stay up-to-date with demand in transactions which is a most important aspect of running casinos as anythimg that limit the inflow of cash flow will definitely hampered the activities of the casino.
I dont know of any casino that accept only their own native coins and this is the first time I am seeing such a level of availability centralization in the gambling industry toady.
Topic: What is your take on this crypto gambling use case idea? - page 3. (Read 1081 times)
When some casino decides to create their token from start, most times it means that it hasn`t enough money and they want to get it selling this token. The token holders usually gas some advantages but the main problem that the price of this token falls down too often. In other ways the gamblers have to make additional actions before the game and it is a bad way to attract gamblers.
If the casino can operate well, even if the casino tokens fall frequently, it won't be a problem because it benefits investors to buy the casino tokens at low prices. They can use it for gambling or staking if the casino provides this feature so investors can get more returns later. It depends on how the casino manages to maintain the price of its token, which is often a tool for pumping and dumping investors or traders who have large capital in search of additional profits.Some gamblers are not traders so provably they might not care about on what value they bought their used coins and what figure they are pulling it out since most provably the one they care is about what type of game they want to play and the strategy they want to use. Research is the best action we need to do since its really bad for us to fall on bad casino since even if they create a token that doesn't give any sense at all since they could just manipulate anything with this or worst they could abandon it and continue their casino operation.
Do you think it makes sense if a crypto gambling platform only accepts it's own token for gambling and gambling on it's platform? If the games they offer are one-of-a-kind, new, and addictive wouldn't this make the gambling token very valuable? I am asking on behalf of a friend who wants to build his own crypto gambling project on the blockchain. Will this work? Will this fail? What's your take on this?
Yes, I'm sure, it will. If it will be a unique game and, at the same time, gamblers will be preferring it over others, not only it will be generating huge profits for the creators/owners, but the token associated with it will go to the moon, and many people will be making profits only from buying the token in the early stage. The only problem is to create such a game, a game that despite many hundreds of years of evolution of gambling industry will be better than all its competitors.
When some casino decides to create their token from start, most times it means that it hasn`t enough money and they want to get it selling this token. The token holders usually gas some advantages but the main problem that the price of this token falls down too often. In other ways the gamblers have to make additional actions before the game and it is a bad way to attract gamblers.
If the casino can operate well, even if the casino tokens fall frequently, it won't be a problem because it benefits investors to buy the casino tokens at low prices. They can use it for gambling or staking if the casino provides this feature so investors can get more returns later. It depends on how the casino manages to maintain the price of its token, which is often a tool for pumping and dumping investors or traders who have large capital in search of additional profits.
When some casino decides to create their token from start, most times it means that it hasn`t enough money and they want to get it selling this token. The token holders usually gas some advantages but the main problem that the price of this token falls down too often. In other ways the gamblers have to make additional actions before the game and it is a bad way to attract gamblers.
Most of this happen since we can see from those casino who own a token on what is the current state of their tokens. But what's important key factor to trust them is their reputation and how their business perform well since it can determine if they can support their created token for long term period. I'm nothing against about those casino creating tokens since somehow they are just expanding their business and maybe that's their way to get additional funds and to widen up their reached to huge crowd in cryptocurrency scene.
When some casino decides to create their token from start, most times it means that it hasn`t enough money and they want to get it selling this token. The token holders usually gas some advantages but the main problem that the price of this token falls down too often. In other ways the gamblers have to make additional actions before the game and it is a bad way to attract gamblers.
If the casino can operate well, even if the casino tokens fall frequently, it won't be a problem because it benefits investors to buy the casino tokens at low prices. They can use it for gambling or staking if the casino provides this feature so investors can get more returns later. It depends on how the casino manages to maintain the price of its token, which is often a tool for pumping and dumping investors or traders who have large capital in search of additional profits.
I hope you know that liquidity is what pushes the price of cryptocurrency. That is why you will see that liquidity always fluctuate. Sometimes liquidity varies depending on some factors which involves the number of trading pairs of the coin, trades like buy and sell and many more. The nature of the team will also decide how valuable the coin would be. This is the major reason why we need to hold coins that has strong and reliable team that are working to make sure that the project keeps souring higher everytime.
-But also know that liquidity refers to various things and is not only limited to coin trading pairs alone even though we are discussing that presently, bankroll is also liquidity, in my country, before you can operate a finance e e is institution like a bank, but you will also have to pay into CBN as insurance and nce in case the platform run bankruptcy CBN will pay investors.
-Sure there is high rate of fluctuation in the market, that is how the stock market work.
Do you think it makes sense if a crypto gambling platform only accepts it's own token for gambling and gambling on it's platform? If the games they offer are one-of-a-kind, new, and addictive wouldn't this make the gambling token very valuable? I am asking on behalf of a friend who wants to build his own crypto gambling project on the blockchain. Will this work? Will this fail? What's your take on this?
^I don't think so because I have seen successful casinos those are accepted a wide variety of coins accepted.People now are wanted always a convenient way of funding casinos, sometimes convenience and privacy always matter to players who are looking for a good casino. We have here a lot of gambling casinos, and I noticed those casinos successfully making a profit are those that accepted a wide variety of coins and have a lot of games. However, you can try to market it because it depends on how you will manage the marketing strategy, if you search Bustabit and Bustadice, they had 1 one of the games still yet they exist now.
Do you think it makes sense if a crypto gambling platform only accepts its token for gambling and gambling on its platform? If the games they offer are one-of-a-kind, new, and addictive wouldn't this make the gambling token very valuable? I am asking on behalf of a friend who wants to build his crypto-gambling project on the blockchain. Will this work? Will this fail? What's your take on this?
This will not work because cryptocurrency doesn't work in isolation as long as the user case of the gambling token requires liquidities to sustain its value, it is better for a gambling platform with their native tokens will accept other cryptocurrencies and if there should be any preferal treatment to a gambling site native token is in the areas of percentage payment of bet rewards and odds, If a players use the casino native token to place bets, it rewards are higher than using another cryptocurrency to bet, so this way team build more liquidity for the native token to sustain it values.Tokens need a very clear use case. Liquidity is easy to achieve, all you need is a market maker and that's easy if it is your own token you are using. You can even try to make it stable or reach a certain value, but still in the end is about the users getting used to it and finding some value in the use case (discounts, promos or the like), else is just a shitcoin going to the mass graves of crypto.
Do you think it makes sense if a crypto gambling platform only accepts its token for gambling and gambling on its platform? If the games they offer are one-of-a-kind, new, and addictive wouldn't this make the gambling token very valuable? I am asking on behalf of a friend who wants to build his crypto-gambling project on the blockchain. Will this work? Will this fail? What's your take on this?
This will not work because cryptocurrency doesn't work in isolation as long as the user case of the gambling token requires liquidities to sustain its value, it is better for a gambling platform with their native tokens will accept other cryptocurrencies and if there should be any preferal treatment to a gambling site native token is in the areas of percentage payment of bet rewards and odds, If a players use the casino native token to place bets, it rewards are higher than using another cryptocurrency to bet, so this way team build more liquidity for the native token to sustain it values.
Do you think it makes sense if a crypto gambling platform only accepts it's own token for gambling and gambling on it's platform? If the games they offer are one-of-a-kind, new, and addictive wouldn't this make the gambling token very valuable? I am asking on behalf of a friend who wants to build his own crypto gambling project on the blockchain. Will this work? Will this fail? What's your take on this?
^I don't think so because I have seen successful casinos those are accepted a wide variety of coins accepted.People now are wanted always a convenient way of funding casinos, sometimes convenience and privacy always matter to players who are looking for a good casino. We have here a lot of gambling casinos, and I noticed those casinos successfully making a profit are those that accepted a wide variety of coins and have a lot of games. However, you can try to market it because it depends on how you will manage the marketing strategy, if you search Bustabit and Bustadice, they had 1 one of the games still yet they exist now.
Most of this happen since we can see from those casino who own a token on what is the current state of their tokens. But what's important key factor to trust them is their reputation and how their business perform well since it can determine if they can support their created token for long term period. I'm nothing against about those casino creating tokens since somehow they are just expanding their business and maybe that's their way to get additional funds and to widen up their reached to huge crowd in cryptocurrency scene.
Do you think it makes sense if a crypto gambling platform only accepts it's own token for gambling and gambling on it's platform? If the games they offer are one-of-a-kind, new, and addictive wouldn't this make the gambling token very valuable? I am asking on behalf of a friend who wants to build his own crypto gambling project on the blockchain. Will this work? Will this fail? What's your take on this?
^I don't think so because I have seen successful casinos those are accepted a wide variety of coins accepted.People now are wanted always a convenient way of funding casinos, sometimes convenience and privacy always matter to players who are looking for a good casino. We have here a lot of gambling casinos, and I noticed those casinos successfully making a profit are those that accepted a wide variety of coins and have a lot of games. However, you can try to market it because it depends on how you will manage the marketing strategy, if you search Bustabit and Bustadice, they had 1 one of the games still yet they exist now.
Do you think it makes sense if a crypto gambling platform only accepts it's own token for gambling and gambling on it's platform? If the games they offer are one-of-a-kind, new, and addictive wouldn't this make the gambling token very valuable? I am asking on behalf of a friend who wants to build his own crypto gambling project on the blockchain. Will this work? Will this fail? What's your take on this?
^I don't think so because I have seen successful casinos those are accepted a wide variety of coins accepted.People now are wanted always a convenient way of funding casinos, sometimes convenience and privacy always matter to players who are looking for a good casino. We have here a lot of gambling casinos, and I noticed those casinos successfully making a profit are those that accepted a wide variety of coins and have a lot of games. However, you can try to market it because it depends on how you will manage the marketing strategy, if you search Bustabit and Bustadice, they had 1 one of the games still yet they exist now.
I don't think it's a wise move. It seems as though you are restricting their options and pressuring them to utilize your token. Players won't become engaged in the game, stay longer, or perform effectively as a result of this. Additionally, your friend is reducing his earning potential. Some players or possibly the majority have a coin preference. Casinos now provide a variety of currencies to provide customers with more choices.
Well said. Don't give your customers the hassle of exchanging their coins for a specific one just so they could play on a gambling site.
"Especially, on a gambling site" because they are looking for a place to wind down, and if there's a restriction of choices there's a chance they look for another online gambling website where they won't have to do that exchange.
The competition is getting bigger in this industry and it's better if you can have more payment choices being offered than just a single one unless there will be promotions that will look inviting to your patrons.
Like what Binance did for creating BNB, transaction fees for every trade at lower prices.
Do you think it makes sense if a crypto gambling platform only accepts it's own token for gambling and gambling on it's platform? If the games they offer are one-of-a-kind, new, and addictive wouldn't this make the gambling token very valuable? I am asking on behalf of a friend who wants to build his own crypto gambling project on the blockchain. Will this work? Will this fail? What's your take on this?
^I don't think so because I have seen successful casinos those are accepted a wide variety of coins accepted.People now are wanted always a convenient way of funding casinos, sometimes convenience and privacy always matter to players who are looking for a good casino. We have here a lot of gambling casinos, and I noticed those casinos successfully making a profit are those that accepted a wide variety of coins and have a lot of games. However, you can try to market it because it depends on how you will manage the marketing strategy, if you search Bustabit and Bustadice, they had 1 one of the games still yet they exist now.
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That is probably the only way this could be made to work, because if we take a look at one of the most common demands of gamblers we will find out that they want more cryptocurrencies being accepted at their favorite casinos and not less, and a casino which was so restrictive that only accepted their own token to gamble there will lose a lot of customers, if they ever had them, or will simply fail to gain any customers at all if it is a new casino.
I used to hold a few gambling tokens before but when I stop playing on their casino I just converted them to Bitcoin hard it witdrwen to my wallet, gambling tokens may not be the best possible choice when it comes to user cases most especially cross-chain transactions are not seamlessly easy for must holders as must of the gambling token is listed only on Uniswap. I personally do not see why casinos are creating tokens in the first place., when they know that their type of business will not offer any tangible use case to the token they are creating, which is required for a token to be valuable to community that holds it.
That is probably the only way this could be made to work, because if we take a look at one of the most common demands of gamblers we will find out that they want more cryptocurrencies being accepted at their favorite casinos and not less, and a casino which was so restrictive that only accepted their own token to gamble there will lose a lot of customers, if they ever had them, or will simply fail to gain any customers at all if it is a new casino.
Yes, casino with multiple-choice cryptocurrencies is what gamblers are looking for and even if a casino have their own native token, their still accept deposits in other coins such as bitcoin, ethereum, or dogecoin and any other cryptocurrency that will give player different choices to choose from. I used to hold a few gambling tokens before but when I stop playing on their casino I just converted them to Bitcoin hard it witdrwen to my wallet, gambling tokens may not be the best possible choice when it comes to user cases most especially cross-chain transactions are not seamlessly easy for must holders as must of the gambling token is listed only on Uniswap.
Do you think it makes sense if a crypto gambling platform only accepts its token for gambling and gambling on its platform? If the games they offer are one-of-a-kind, new, and addictive wouldn't this make the gambling token very valuable? I am asking on behalf of a friend who wants to build his crypto-gambling project on the blockchain. Will this work? Will this fail? What's your take on this?
This will not work because cryptocurrency doesn't work in isolation as long as the user case of the gambling token requires liquidities to sustain its value, it is better for a gambling platform with their native tokens will accept other cryptocurrencies and if there should be any preferal treatment to a gambling site native token is in the areas of percentage payment of bet rewards and odds, If a players use the casino native token to place bets, it rewards are higher than using another cryptocurrency to bet, so this way team build more liquidity for the native token to sustain it values.
Do you think it makes sense if a crypto gambling platform only accepts its token for gambling and gambling on its platform? If the games they offer are one-of-a-kind, new, and addictive wouldn't this make the gambling token very valuable? I am asking on behalf of a friend who wants to build his crypto-gambling project on the blockchain. Will this work? Will this fail? What's your take on this?
This will not work because cryptocurrency doesn't work in isolation as long as the user case of the gambling token requires liquidities to sustain its value, it is better for a gambling platform with their native tokens will accept other cryptocurrencies and if there should be any preferal treatment to a gambling site native token is in the areas of percentage payment of bet rewards and odds, If a players use the casino native token to place bets, it rewards are higher than using another cryptocurrency to bet, so this way team build more liquidity for the native token to sustain it values.I have no doubt that the tokens on the platforms are a good idea, because they create a more stable way for casinos to manage their money in a more centralized way, but what all players expect if they put a casino with a native token, that token goes to heaven in a famous excchange, because if they don't have a chance to win in the game, they have a chance to win in the investment of the token, and if a casino has full control of the token they can upload it when they want because they are the only ones that can inject enough money or liquidity, the example of this is Betfury that has a native token.
Will this work? Will this fail? What's your take on this?
Yes, it might. If the platform offers unique and addictive games, users may be more inclined to use the platform's token in order to participate. But, that's only part of the equation. The game must also be fun and engaging, otherwise users won't stick around for long. There are also other factors that may determine whether a user will be more likely to participate in the platform's ecosystem, or not. For instance, how easy is it to convert other currency (crypto or fiat) into the platform's token? If a user has to go through several steps before being able to use their money for transactions on the platform, it might discourage them from doing so. The token could also be used for rewards, to purchase in-game items or simply to pay for games. For example, if the platform offers exclusive discounts on in-game items or purchases with its token, that could be a good reason to use it.
Ultimately, it's all about creating a fun and engaging gaming experience for people. Whether users will accept your token as a way to interact with the platform depends on how well you execute on that gaming experience - not just the token functionality.
Do you think it makes sense if a crypto gambling platform only accepts its token for gambling and gambling on its platform? If the games they offer are one-of-a-kind, new, and addictive wouldn't this make the gambling token very valuable? I am asking on behalf of a friend who wants to build his crypto-gambling project on the blockchain. Will this work? Will this fail? What's your take on this?
This will not work because cryptocurrency doesn't work in isolation as long as the user case of the gambling token requires liquidities to sustain its value, it is better for a gambling platform with their native tokens will accept other cryptocurrencies and if there should be any preferal treatment to a gambling site native token is in the areas of percentage payment of bet rewards and odds, If a players use the casino native token to place bets, it rewards are higher than using another cryptocurrency to bet, so this way team build more liquidity for the native token to sustain it values. Jump to: