Will an increase in bitcoin price affect the gambling industry - page 3.

gilangIDR

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Quote from: CryptopreneurBrainboss on March 12, 2019, 11:46:03 PM

Quote from: kingpin4321 on March 09, 2019, 03:29:13 PM

As we all know the value of bitcoin are down but we are still optimistic about the price bouncing back.
Am new to bitcoin sportbook I just want to ask what would change if bitcoin increases

Gambling with cryptocurrency is more of a risk as your cashing out via bitcoin keeps you at a 50/50 chance on benefiting from bitcoin price gain or losing to it price lost. If the price of bitcoin increasing the change will be, the massive profit made from holding the bitcoin you won before the sudden price spike (when it comes) and more gamblers will pick interested in cryptocurrency related gamble houses.

This is one of the attractions of cryptocurrency, with price increases so fast that when prices increase, the gambling industry will definitely get the benefits. The value of the assets we have will increase and that certainly makes cryptocurrencies on one track with the gambling industry. The gambling industry will increasingly develop when the use of cryptocurrencies can be maximized.

CryptopreneurBrainboss

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Quote from: kingpin4321 on March 09, 2019, 03:29:13 PM

As we all know the value of bitcoin are down but we are still optimistic about the price bouncing back.
Am new to bitcoin sportbook I just want to ask what would change if bitcoin increases

Gambling with cryptocurrency is more of a risk as your cashing out via bitcoin keeps you at a 50/50 chance on benefiting from bitcoin price gain or losing to it price lost. If the price of bitcoin increasing the change will be, the massive profit made from holding the bitcoin you won before the sudden price spike (when it comes) and more gamblers will pick interested in cryptocurrency related gamble houses.

spadormie

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Usually bitcoin price is affected by great news and I don't think that bitcoin price is being affected by the gambling industry.

MakeMoneyBtc

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Quote from: Adriano2010 on March 12, 2019, 08:50:02 PM

I don't think the price of bitcoin affect so much the gambling industry. There are a lot of sites who accept only fiat for bet, and there are less who accept crypto coins for gambling, but even for these who accept crypto for bets don't affect them, instead is better for them to have an increase in price.

For crypto gambling websites an increase in bitcoin price would be a good thing because most of them hold a lot of bitcoin in their wallet in case someone wins a high amount of money but in the same thing it could affect them if multiple persons win a couple of big bets and they don't have enough funds to pay them because they would have to buy the required bitcoin with fiat and they would have to pay more for it

Adriano2010

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I don't think the price of bitcoin affect so much the gambling industry. There are a lot of sites who accept only fiat for bet, and there are less who accept crypto coins for gambling, but even for these who accept crypto for bets don't affect them, instead is better for them to have an increase in price.

Oilacris

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Quote from: radjie on March 12, 2019, 04:27:28 PM

no, the main factor that can affect the growth of bitcoin is only a group of people who trade. as we know, bitcoin price movements tend to decline more often and many people are turning to get quick profits with gambling, although the risk is very large in gambling, but for most people who like to gamble, gambling is an alternative to generating faster profits if we have skill and courage in doing so compared to short-term trading that can generate profits every day

I don't see that way even how big the winnings you do have it wont still make effects to the entire market.Lets say you have won big amounts with a various number of gamblers on different gambling
sites but those funds would still circulate and even turning those coins or converted to fiats those funds would still come back on gambling itself.
Don't see any significant effects with gambling industry on overall market.

rodel caling

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Quote from: kingpin4321 on March 09, 2019, 03:29:13 PM

As we all know the value of bitcoin are down but we are still optimistic about the price bouncing back.
Am new to bitcoin sportbook I just want to ask what would change if bitcoin increases

Of course have a little bit affect from gambling if the price of bitcoin increase in the coin market cap, my own opinion and reason is bitcoin can contvert in the dollar rate the advantage of this gambler use the strategy in gambling usd and bitcoin betting.

akram143

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The price of the Bitcoin will not depends upon anything so it will not affect anything while it was developed or not but the demand will definitely but the increase of gambling industry will definitely gives the development to Bitcoin by the people getting attracted with gambling.

radjie

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no, the main factor that can affect the growth of bitcoin is only a group of people who trade. as we know, bitcoin price movements tend to decline more often and many people are turning to get quick profits with gambling, although the risk is very large in gambling, but for most people who like to gamble, gambling is an alternative to generating faster profits if we have skill and courage in doing so compared to short-term trading that can generate profits every day

greeklogos

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Quote from: crzy on March 11, 2019, 05:46:13 PM

Quote from: greeklogos on March 11, 2019, 04:41:57 PM

Interesting question indeed. I introduced with bitcoin exactly from crypto gambling. Any affect on the industry I see only in appearance of new crypto gambling sites, new games, new crypto entertainments.

Precisely, not the bitcoin itself because no matter how good the bitcoin is if you’re offering poor services with your gambling sites then don’t expect to gain more gamblers. This will still depend on every gambling sites, for sure the most trusted one will enjoy bigger profit.

Normally. But this bigger profit surely will attract newbies on the market of crypto gambling. The whole industry makes a lot of money today and bigger profit will attract new players, who will also wish to earn through creating a new gambling site. Of course only those ones who will suggest good games, good prizes, good services and support will stay. But again that can become a reason of a new wave of crypto gambling scamming. We may not expect that.

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In dollar terms ? I don't think so. In bitcoin terms ? Sure. As long as bitcoin price goes up the amount of bitcoin gambled will eventually start to go down, I remember we used to gamble with couple bitcoins on martingale like it was nothing because it really didn't mean nothing but very few people have the money and balls to do such thing now.

Moreover, if you look at the dollar value of how much they win/lose than I doubt it will have a difference, someone betting 50 bucks on a sports game will bet 50 bucks on that game no matter if that is 1 bitcoin or 1 satoshi.

Faucets maybe will be need to changed into a new amount since the price changed but I doubt anything else will be needed to change. Gamblers do not use x amount of bitcoin as their basis, they use dollars for it hence why it shouldn't really matter.

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Quote from: kingpin4321 on March 09, 2019, 03:29:13 PM

As we all know the value of bitcoin are down but we are still optimistic about the price bouncing back.
Am new to bitcoin sportbook I just want to ask what would change if bitcoin increases

I would say a very YES to your question. The increase in Bitcoin has a great way in affecting the gambling industry and mostly the online crypto gamblers. As a Bitcoin gambler, you can never tell what your bankroll would be like the next day. Bitcoin is volatile and that means the prices fluctuates on the marketplace.

The worth of your bankroll can be 0.1BTC and you wake up to find its now 0.008BTC if any drop happens. This is not just for Bitcoin gamblers but all other cryptocurrency because there is every guarantee that any drop or increase in Bitcoin affects all other related coins and that’s the same with increase, so every increase in Bitcoin leads to increase in bankroll.

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Quote from: kingpin4321 on March 09, 2019, 03:29:13 PM

As we all know the value of bitcoin are down but we are still optimistic about the price bouncing back.
Am new to bitcoin sportbook I just want to ask what would change if bitcoin increases

Definitely, I've seen gamblers are somewhat reluctant to play because bitcoin price is going to the moon. So I speculate that probably others might lessen their gambling habits. During the last all time high, we have problems with confirmation time that somewhat sway gamblers as well. So I do hope during the next run, we won't see this problems otherwise, I'm sure this will also be a contributory factors not the play using crypto.

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Quote from: Dreamchaser21 on March 12, 2019, 01:03:45 AM

Quote from: Carollzinha on March 11, 2019, 11:06:09 PM

As first and most likely investors will start selling as the price rises, their profits will be way higher then before.
And probabily more people will start joining BTC gambling, even more from alt users if there's a huge gap between each coin price and reliable profits.

A higher price doesn't attract more gamblers to gamble because they will hold for sure but i think if all the hodlers becomes gamblers the possible pump on the industry of gambling will increase. I think there is no need for an increase on gambling site because this is a good business and many gambling sites are still earning money despite of the market.

why not ? i love to gamble my cryptos when thier value is pumping and for sure im not alone with it . its easy to become a wealthy man if you can double your coins in a gambling site compare to when you do investing or trading because they takes alot of time . gambling site or the gambling industry is already huge , so your right . it does not need any extension , it does not need any people to enter the gambling scene . we better foccus on the crypto industry as it is more beneficial .

ethereumhunter

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Quote from: GreatArkansas on March 11, 2019, 07:58:41 PM

For me, there are effects on the gambling industry, we can consider the positive effect of it. Like there are more people will use bitcoin for gambling, the adaption will grow not only in gambling but also on cryptocurrencies like Bitcoin. That's my opinion about the effect of Bitcoin on the gambling industry.

But we need to suggest to people to not use bitcoin for gambling only because once they come to the gambling place, the chance to lose the money will bigger, and they could become addicted to gambling. Besides that, we need always to remind ourselves that gambling is only a part of having fun and it's better we can use the money for another thing. The other effect to the gambling industry is there will be more project related to gambling that will launch so it will give another chance for the people to use another coin.

bering

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Gambling industry still rapidly increase that i had seen there are plenty of new casinos were announcement almost everyday and those situations were not change until today even when bitcoin price was very high on 2017 people still visiting online casinos and gamble and when the price gradually dropped too such as the current situations then people still gamble too and some of reputable casinos still visited by their loyal players who willing to spend their money through them so in my view the price movement will never have impact for gambling industry

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Quote from: Carollzinha on March 11, 2019, 11:06:09 PM

As first and most likely investors will start selling as the price rises, their profits will be way higher then before.
And probabily more people will start joining BTC gambling, even more from alt users if there's a huge gap between each coin price and reliable profits.

A higher price doesn't attract more gamblers to gamble because they will hold for sure but i think if all the hodlers becomes gamblers the possible pump on the industry of gambling will increase. I think there is no need for an increase on gambling site because this is a good business and many gambling sites are still earning money despite of the market.

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Quote from: kingpin4321 on March 09, 2019, 03:29:13 PM

As we all know the value of bitcoin are down but we are still optimistic about the price bouncing back.
Am new to bitcoin sportbook I just want to ask what would change if bitcoin increases

For sure it will but wont effect the gamblers itself

Because people who bet using bitcoin will surely convert into other altcoins so they can preserve the bitcoin for holding longer"
They will surely use cheaper altcoin things that i will do also if bitcoin price will grow again like 2017 and hoping to happen soon

Carollzinha

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As first and most likely investors will start selling as the price rises, their profits will be way higher then before.
And probabily more people will start joining BTC gambling, even more from alt users if there's a huge gap between each coin price and reliable profits.

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Quote from: leonair on March 11, 2019, 06:13:27 AM

I've known some gambling site that's using chips and it's quite helpful for some players who want to gamble for a much lower balance.

Some other sites have bits, instead of chips.
Both of bits and chips allow gamblers to withdraw with small amount out of gambling sites.
It's convenient option for small gamblers.

Topic: Will an increase in bitcoin price affect the gambling industry - page 3. (Read 765 times)