Post
Topic
Board Gambling
Merits 2 from 2 users
Re: To convert or not to convert ❓ This is the Esportsbook’s question…
by
avikz
on 02/07/2019, 15:07:26 UTC
⭐ Merited by jakelyson (1) ,legendster (1)
Quote
What is your opinion on converting crypto deposits to FIAT?

Let me give you two scenarios and let me know how your casino would do in those situations.

Scenario 1:
Date: 1 July 2019
Deposited: 0.5 bitcoin at 10k EUR/btc exchange rate
Converted value at my bankroll: 5k EUR
 
Date: 3 July 2019
Winning from games: 500 EUR
Current bankroll value: 5500 EUR
Bitcoin market price: 12k EUR
Converted to btc while withdrawing: 0.4583 btc

So in this scenario, I will be getting less numbers of bitcoin even after winning 500 EUR from the games. How do you handle this??

Now Scenario 2:
Date: 1 July 2019
Deposited: 0.5 bitcoin at 10k EUR/btc exchange rate
Converted value at my bankroll: 5k EUR
 
Date: 3 July 2019
Loss from games: 500 EUR
Current bankroll value: 4500 EUR
Bitcoin market price: 8k EUR
Converted to btc while withdrawing: 0.5625 btc

In this scenario, I am making losses but getting more bitcoins while withdrawing.

Please let me know how do you propose to handle such situations? I think it is wise to implement crypto wallets instead of converting cryptos to fiat. You will be significantly exposed in exchange rate fluctuation risk.