Why there's no USDT (trc20) deposit method in gambling sites

RapTarX

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Quote from: logfiles on April 10, 2021, 06:19:41 PM

If I stake my 10 TRX with and odd of 2.00 I will get 20 TRX. Whether the price of TRX drops or increases, it's only fair that I have I won 20 TRX. If a site lets you deposit TRX but only lets you withdraw winnings in fiat terms then run away from that site Wink

My goal was to play with fiat amount, check with OP. Playing with any coins are risky in my opinion because they may dump anytime. That's why I was looking for some cheap ways to play with stablecoin.

Quote from: Wexnident on April 10, 2021, 08:00:14 PM

Well, it most probably stems from the difference between the erc20 network vs the trc20 network.

You probably haven’t read what we are discussing.
Have to lock the thread.

Wexnident

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Well, it most probably stems from the difference between the erc20 network vs the trc20 network.

	TRON (TRX)	ETHEREUM (ETH)
Decentralization (Nodes)	450 (25 Active)	9155 Active
Speed (Transactions per Seconds)	2000	15
Social Rating	9.6%	23%
Developer Community (Devs/Month)	60+	315+
Consensus Algorithm	Proof of Stake	Proof of Work
Market Capital	$1.77 Billion	$53.32 Billion

I believe this isn't everything that is taken into account, but this should provide a comparison enough to differentiate between the two. Although the disadvantage ETH has vs Tron (Speed ) is set to be removed should ETH 2.0 be released. Adding on to that the dev community difference between the two, I'd suppose it's why most casinos would opt to only add USDT ERC20 network. Imo though, the most taken into account factor would be the number of people who use ERC20 vs the TRC20 network. It's just the natural result of using the popular one compared to the other.

Source: https://wolf.bet/blog/tron-vs-ethereum/).

ene1980

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Quote from: RapTarX on April 09, 2021, 06:26:20 PM

I have never seen a reputed gambling site to allow gambling with stablecoin like USDT (trc20). Even very few sites have stablecoin. Sportsbet.io allows USDT but that's ERC20, which requires very high fee ATM. I have been playing with USDT (ERC20) though. Why on the earth it’s not a preferred method to the gambling sites, any logical explanation?

You need to ask the site representatives to explain the logical reasoning why they cannot add a feature that will be helpful for the users, they need to upgrade the wallet but if the site allows USDT (ERC20) then they need to give the alternative with a much lower transaction charge USDT (TRC20). If enough people request them in their ANN thread then they will make the necessary changes Wink

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logfiles

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Quote from: RapTarX on April 10, 2021, 12:07:45 PM

Quote from: logfiles on April 09, 2021, 06:34:47 PM

Why would one use USDT (TRC20) yet they can still use Trx with an equally low transaction fee?

Imagine you have placed bet with tron when price of TRX is $0.10; you won the bet with an odd of 2.00, you discovered in the next few hours that TRX price has been decreased to $0.05. What's your net gain? IMO, nothing cause you are still with the same USD value.
At the end of the day, if TRX loss value much, you will be loser.

Does the site payout in terms of TRX or fiat?

Also "imagine you have placed bet with tron when price of TRX is $0.10; you won the bet with an odd of 2.00, you discovered in the next few hours that TRX price has been increased to $0.15. What's your net gain?"

If I stake my 10 TRX with and odd of 2.00 I will get 20 TRX. Whether the price of TRX drops or increases, it's only fair that I have I won 20 TRX. If a site lets you deposit TRX but only lets you withdraw winnings in fiat terms then run away from that site Wink

Twinkledoe

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Quote from: Renampun on April 10, 2021, 12:12:09 PM

at betfury you can make a deposit with USDT TRX...
for when there are still very few gambling sites that accept deposits and withdrawals with USDT Trx, their reason might be to avoid users who make withdrawals too often IMO 'lol'.

This is right. You can choose which network are you going to use for USDT in betfury. Deposit or withdraw. I tried already a small amount of USDT withdrawal on this site using TRC20 and it went smoothly. Really cheap.

magneto

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Quote from: RapTarX on April 09, 2021, 06:26:20 PM

I have never seen a reputed gambling site to allow gambling with stablecoin like USDT (trc20). Even very few sites have stablecoin. Sportsbet.io allows USDT but that's ERC20, which requires very high fee ATM. I have been playing with USDT (ERC20) though. Why on the earth it’s not a preferred method to the gambling sites, any logical explanation?

I suspect that there are some sort of legislative repercussion associated with using a stablecoin.

A lot of casinos may use the legal loophole that BTC/other cryptos are not formally recognised as currency in the jurisdiction they incorporate in.

Even with coins like USDT, this is no longer the case. Clearly it is backed by USD (supposedly, at least), and their legal arguments become a lot weaker.

Moreover, the adoption in other variants of stablecoins other than the ERC20 version of USDT is simply too little to make it feasible for casinos to accept.

CarnagexD

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I believe it's a matter of convenience. Most crypto enthusiasts and gamblers alike are fond of using ERC20 tokens rather than TRC20, so gambling sites wouldn't waste thousands of dollars to integrate a system feature that wouldn't be used that much anyway. Plus there are much more cheaper options than using USDT. There are DOGE, RIPPLE, TRX, to name a few. So it doesn't really look like people are going to profit or benefit that much from being able to use a TRC20 token on gambling sites.

romero121

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Everything is connected to money. Even this might've got something profiting to the gambling sites. I haven't thought about it, but from this thread only I understand even the addition of specific cryptocurrencies have got different reasons behind it. Anyhow TRX is there with majority of the gambling site which is one of the best for low fee transaction.

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Quote from: RapTarX on April 09, 2021, 06:26:20 PM

I have never seen a reputed gambling site to allow gambling with stablecoin like USDT (trc20). Even very few sites have stablecoin. Sportsbet.io allows USDT but that's ERC20, which requires very high fee ATM. I have been playing with USDT (ERC20) though. Why on the earth it’s not a preferred method to the gambling sites, any logical explanation?

The developer of a gambling site does not immediately add to the deposit feature via USDT (TRX) i think because there are still many who make deposits in other ways such as by Bitcoin, ethereum, credit cards and paypal. My advice, if you want to make a deposit with ethereum and usdt (erc) then do it from FTX exchange, the fee charged is very cheap.

Quote from: DarkStar_ on April 09, 2021, 09:59:07 PM

Some of the newer sites do take USDT (TRC-20), such as Chips.gg or BetFury.

yep, Chips.gg made a quick step by adding a USDT (TRX) deposit option while Betfury basically already has a TRX (BFG) based token making it easier for them to add USDT (TRX) deposit options.

Quote from: Zilon on April 10, 2021, 12:31:51 PM

There are lists of gambling sites that accepts USDT.
snip
This is just a few I believe many more still exist. You can do more research on this

Don't make me say you are BOT "lol", what ^@OP is asking is USDT based on TRC20 and not USDT based on ERC20.

ChuckBuck

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Quote from: Zilon on April 10, 2021, 12:31:51 PM

There are lists of gambling sites that accepts USDT.

Have you read carefully what we discussed? We are talking about USDT on the TRC20. Nearly all casinos right now have long supported USDT on ERC20, but TRC20 is only supported by a few.

Edit: it seems I was later than Pmalek Cheesy

Pmalek

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I think the reason why they don't support it is because the majority of casinos were developed and became operational several years ago before DeFi became a trend. Before DeFi, transacting cheaply with ETH was possible. It's a totally different situation right now. The developers are slow to introduce new features. You can compare that with Native SegWit compatibility on crypto exchanges. There are still many exchanges that don't recognize bech32 addresses for withdrawals.

Quote from: RapTarX on April 10, 2021, 12:07:45 PM

Imagine you have placed bet with tron when price of TRX is $0.10; you won the bet with an odd of 2.00, you discovered in the next few hours that TRX price has been decreased to $0.05. What's your net gain? IMO, nothing cause you are still with the same USD value.
At the end of the day, if TRX loss value much, you will be loser.

How is that different from when you place bets with other cryptocurrencies? If you place a bet with bitcoin at $61.000 and bitcoin falls to $50.000 the day after, you find yourself in a similar situation. The probability of that happening isn't important right now because theoretically it can.

Quote from: Zilon on April 10, 2021, 12:31:51 PM

There are lists of gambling sites that accepts USDT.

It's not about whether or not they accept USDT, it's about whether or not they accept USDT over the TRON network.

Zilon

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There are lists of gambling sites that accepts USDT.

bitcoin.ag
betcoin.ag
Bitcoincasino.io
bitsler.com
sportsbet.io
This is just a few I believe many more still exist. You can do more research on this

ChuckBuck

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If I'm not mistaken, Chips.gg is supporting USDT on the TRC20 platform Wink

I believe recently opened casinos will also support USDT on this platform. Unless ERC20 has any other way to minimize costs, otherwise no one will want to use it anymore. TRC20 is becoming a trend, I believe other casinos will also look and support in the future, maybe Cheesy

fiulpro

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Quote from: RapTarX on April 09, 2021, 06:26:20 PM

I have never seen a reputed gambling site to allow gambling with stablecoin like USDT (trc20). Even very few sites have stablecoin. Sportsbet.io allows USDT but that's ERC20, which requires very high fee ATM. I have been playing with USDT (ERC20) though. Why on the earth it’s not a preferred method to the gambling sites, any logical explanation?

Well I do think that this problem is the same with not just stable coins but at the same time there are actually very limited options to gamble online. Many sites just have BTC and ETH , which is extremely minor considering we have 1000's of Altcoins. I do think that this is personal in regards to every site, something that only they can change , at the end of the day I do think that such options would mean we will have a bigger audience and at the same time we can evade some deposit and withdrawal fee also. Which for btc and eth is now sky rocketing.

By the way there are sites with 30$ withdrawal fee when you are withdrawing BTC which makes me really uncomfortable, I do hope the sites will incorporate more options and at the same time would also look into this matter to reduce the fee since this is a problem of not just one person but actually of everyone.

Renampun

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at betfury you can make a deposit with USDT TRX...
for when there are still very few gambling sites that accept deposits and withdrawals with USDT Trx, their reason might be to avoid users who make withdrawals too often IMO 'lol'.

RapTarX

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Quote from: logfiles on April 09, 2021, 06:34:47 PM

Why would one use USDT (TRC20) yet they can still use Trx with an equally low transaction fee?

Imagine you have placed bet with tron when price of TRX is $0.10; you won the bet with an odd of 2.00, you discovered in the next few hours that TRX price has been decreased to $0.05. What's your net gain? IMO, nothing cause you are still with the same USD value.
At the end of the day, if TRX loss value much, you will be loser.
However, I have discovered that betcrypt.io which I'm promoting have option to use stablecoin on EOS chain.

MAAManda

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Quote from: RapTarX on April 09, 2021, 06:26:20 PM

I have never seen a reputed gambling site to allow gambling with stablecoin like USDT (trc20). Even very few sites have stablecoin. Sportsbet.io allows USDT but that's ERC20, which requires very high fee ATM. I have been playing with USDT (ERC20) though. Why on the earth it’s not a preferred method to the gambling sites, any logical explanation?

Have you ever heard of bc.game? they accept deposits from various cryptocurrencies such as Bitcoin, Ethereum, Trom, Doge, Monero and many more...

They also have multiple networks, so you can deposit and withdraw via various networks including USDT (TRC20).

Yaunfitda

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There is one in Betnomi:

But I guess this is not the norm for most of the sites as they prefer crypto and not stable coins.

DarkStar_

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It might be that the older sites don't really have an incentive to change since in the end, it's the player paying the fee. Setting up an extra deposit method might take a decent amount of dev work (especially if they don't already support TRX) without an obvious benefit.

Some of the newer sites do take USDT (TRC-20), such as Chips.gg or BetFury.

ralle14

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I guess there's not enough demand for it and probably it's not worth the hassle for them to add another if the main reason is only for the fees. And there's still a lot of gamblers playing with the popular coins regardless of the big fees. Afaik on sportsbet they have a convenient feature where you can exchange your crypto to fiat while betting and convert it back once your done playing.

logfiles

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Perhaps it's because they have alternative cheap fee main net deposit and withdrawal methods which are popular like Trx, EOS, Ripple, Doge, Litecoin. Unlike exchanges where people will be looking to deposit and withdraw various types and chains of coins and tokens. Gambling site don't need to work with so many coin/token options.

Why would one use USDT (TRC20) yet they can still use Trx with an equally low transaction fee?

RapTarX

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I have never seen a reputed gambling site to allow gambling with stablecoin like USDT (trc20). Even very few sites have stablecoin. Sportsbet.io allows USDT but that's ERC20, which requires very high fee ATM. I have been playing with USDT (ERC20) though. Why on the earth it’s not a preferred method to the gambling sites, any logical explanation?

Topic: Why there's no USDT (trc20) deposit method in gambling sites (Read 224 times)