Price fluctuations make it difficult to decipher how much I'm wagering

Discussion in 'General Bitcoin Gambling Discussion' started by BitcoinAnarchist, May 31, 2017.

  1. BitcoinAnarchist

    BitcoinAnarchist Member

    When I started gambling with bitcoin a couple of years ago the price was always around $200 and it didn't fluctuate much during the first year. When I wanted to place a bet I knew 1 BTC was roughly worth $200, which made things easy. The price has being going up and down so much in the past few weeks, I'm never quiet sure how much I'm wagering. Three weeks ago I bet 0.5 BTC thinking that as worth about $700 but when I checked the price after I realized that I'd gambled almost $1,400. Thankfully I won on that occasion but I just want to warn fellow gamblers to check the currency price before you wager as it can fluctuate by $500 in a single day.
     
    BitcoinAnarchist, May 31, 2017
    #1
  2. SuckIt

    SuckIt Member

    Online gamblers should regularly check how much cryptocurrency they are gambling over the coming months. With the risk of a chain split, I predict that there is going to be a lot of price volatility.
     
    SuckIt, Jul 5, 2017
    #2
  3. Freddy

    Freddy Member

    is anybody planning to cash out their bitcoin before august 1st in case there is a hard fork and the prices crashes?
     
    Freddy, Jul 12, 2017
    #3
  4. Humble Servant

    Humble Servant Active Member Staff Member

    The problem with cashing out before a hardfork is that you don't get the free coins from airdrop. Those who were holding bitcoin on August 1st received an equal number of Bcash coins on that date which they could then sell on exchanges. The price of a single BCC/BCH coin has ranged between $400 and $800.
     
    Humble Servant, Oct 2, 2017
    #4
  5. Terry

    Terry Member

    now that btc is hovering around $10,000, it's pretty easy once again to figure out how much you're betting. i'm still hoping we can get back over $20,000 this year.
     
    Terry, Feb 23, 2018
    #5
  6. BeastyBoy

    BeastyBoy Member

    BeastyBoy, Dec 14, 2018
    #6
  7. Doyle

    Doyle Member

    The problem with stable coins from JP Morgan, Circle or Gemini is that you will never be allowed to deposit them at offshore gambling sites. They would never take the legal risk. What gives bitcoin value is that it is censorship resistant so you can deposit it at an offshore bookmaker or even send it to Iran or North Korea if you like. You will never be able to do that with JP Morgan coin.
     
    Doyle, Feb 20, 2019
    #7
  8. Jake21

    Jake21 Member

    This will get easier with the Lightning Network because you will no longer need to leave crypto in your betting account that fluctuates in value all the time. Instead, for example when you place a $50 bet on a particular game, a Lightning Network invoice will be generated which you can pay instantly so you'll know exactly how much you wagered in satoshi's and dollars.
     
    Jake21, May 10, 2019
    #8

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