Betting : A big problem to crypto? - page 11.

cp_underground

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Quote from: Tccrypto on August 14, 2019, 09:06:18 AM

I once came across an article where it was stated that over 60 percent of most crypto transaction were used for betting. I don't see anything wrong with that. But don't you think it portrays crypto in a bad way?

that's one of the cryptocurrency ecosystem, and now many people are launching their betting/gambling platform using few Blockchain like Tron, Ethereum, EOS.

this is a good, because by using blockchain broker can't cheating user in gambling because broker don't have the decentralized of the platform

Mianae

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Speculation is what literally moves cryptocurrency space. Prices of coins/tokens are not known its not backed by anything except the speculating powers of individuals who are key players in the market. Betting is not long lasting that's why its effect on crypto is dangerous it keeps fluctuating every now and then to an extent I think that's why there's mjor volatility in cryptocurrency.

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Quote from: Tccrypto on August 14, 2019, 09:06:18 AM

I once came across an article where it was stated that over 60 percent of most crypto transaction were used for betting. I don't see anything wrong with that. But don't you think it portrays crypto in a bad way?

In most places there are difficulties in accepting crypto as payment so gambling might looks as most used place of cryptos but it could change any time when more places started to have crypto payments.

Bananington

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Betting has been in existence even before crypto, I don't think it's an issue to crypto. People who indulge in betting already know the level of risk involved, it's a 50:50 chance of winning. Since no one is forced to involve in betting, it's not a big problem for crypto in anyway. Moreover, some few people still get lucky with betting.

cahbagus555

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Quote from: Tccrypto on August 14, 2019, 09:06:18 AM

I once came across an article where it was stated that over 60 percent of most crypto transaction were used for betting. I don't see anything wrong with that. But don't you think it portrays crypto in a bad way?

I think crypto for betting is good because this is a legal business in many countries. It will be a problem if crypto is used for illegal goods transactions and this will make the cryptocurrency image worse in the eyes of new investors.

shadowduck

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Quote from: cudora on September 22, 2019, 06:50:30 AM

Why it should be bad? I think that crypto currencies can bring a lot more security into betting, because it is always clear stated on blockchain and you cannot hide any secret fees that betting companies are likely to add.

I think this is bad for people and not for the cryptocurrency market. so many people lose their money because of the excitement that they have.

jazmuzika217

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I agree I don't see any problem with that as long as they use their own crypto and not stealing to others. But I can say that this is one of disadvantage of usage of crypto because government did not like that kind of activity so they did not gave legalization. And all we the real essesns of crypto is not betting or gambling but to make our life easy in terms of paying and online transactions.

Ucy

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I guess the betting includes cryptocurrency trading or price speculation.. Even price of fiat currencies are speculated on by traders. You can't do much about it unless you make everything stable so that fiat currency fluctuation is no longer based gdp & economic strength.

cudora

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Why it should be bad? I think that crypto currencies can bring a lot more security into betting, because it is always clear stated on blockchain and you cannot hide any secret fees that betting companies are likely to add.

akirasendo17

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Well if we say crypto is use for betting ,
what we also use money for betting
the only difference is that its digital
I dont see anything wrong with that,
what is bad is too much spending and betting
will result to bad things, so what we really need to do is less spending and keep on saving, because we are now
slowly going to digital, and we might be using less paper bills
since crypto is slowly, getting introduce to the people
its only a matter of time

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Quote from: Tccrypto on August 14, 2019, 09:06:18 AM

I once came across an article where it was stated that over 60 percent of most crypto transaction were used for betting. I don't see anything wrong with that. But don't you think it portrays crypto in a bad way?

Cryptocurrency has many characteristics that are suitable for the betting industry as it is highly anonymous, easy to trade, if you look at the fact that the most developed dapps are related to betting games. Cryptocurrencies are used for illegal bets I think is the problem.

ivaf

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I see nothing wrong with that. Is there really a problem? Cryptocurrency, as well as fiat currencies, can be used for bets.
There is even a special service for bets made on the blockchain - Wagerr (https://www.wagerr.com) (I myself sometimes use it).

BITDV

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Betting is not big and bad problem in crypto. There will always betting in any other way. Betting is suitable in crypto because of crypto is very easy to use for payment, and also still no need regulations.

shadowduck

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Quote from: freedomgo on August 26, 2019, 06:47:11 AM

Quote from: fathur01 on August 25, 2019, 06:26:26 PM

Cryptocurrency is used for even worse things. So betting is not the worst thing. I don't see any problem with that either. This also helps people to make a profit and also requires brain activity. I bet sometimes, too.

Betting is not bad, but I don't agree with your statement that it helps people to make a profit, it does not work that way, gambling is an entertainment, most of us enjoy and most of us loss, and that makes gambling sites more profitable because the adoption in crypto gambling will increase over time.

For me, it's us who control ourselves, gambling sites are not forcing us, they are here to operate and offer us fun, so let's just be responsible.

few people accept this responsibility and as a rule, people who play casinos are obsessed with it and they don’t know when to stop. therefore, if you look from all sides, then it is hard to see something good

letyouearn

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Quote from: Tccrypto on August 14, 2019, 09:06:18 AM

I once came across an article where it was stated that over 60 percent of most crypto transaction were used for betting. I don't see anything wrong with that. But don't you think it portrays crypto in a bad way?

Why in bad one?

Crypto is just very convenient payment system for such cases, no wonder that gamblers and cappers are using it. It's just the beginning of mass crypto adoption

Duzter

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Quote from: freedomgo on August 26, 2019, 06:47:11 AM

Quote from: fathur01 on August 25, 2019, 06:26:26 PM

Cryptocurrency is used for even worse things. So betting is not the worst thing. I don't see any problem with that either. This also helps people to make a profit and also requires brain activity. I bet sometimes, too.

Betting is not bad, but I don't agree with your statement that it helps people to make a profit, it does not work that way, gambling is an entertainment, most of us enjoy and most of us loss, and that makes gambling sites more profitable because the adoption in crypto gambling will increase over time.

For me, it's us who control ourselves, gambling sites are not forcing us, they are here to operate and offer us fun, so let's just be responsible.

It is a true statement, gambling needs to be given importance as a fun or an entertainment source. One should never prioritize gambling as a source of income or a way to earn. This I've realized from my real life experience. It always tempts us even when we're experiencing loss we should have the mind to control ourselves.

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Quote from: fathur01 on August 25, 2019, 06:26:26 PM

Cryptocurrency is used for even worse things. So betting is not the worst thing. I don't see any problem with that either. This also helps people to make a profit and also requires brain activity. I bet sometimes, too.

Betting is not bad, but I don't agree with your statement that it helps people to make a profit, it does not work that way, gambling is an entertainment, most of us enjoy and most of us loss, and that makes gambling sites more profitable because the adoption in crypto gambling will increase over time.

For me, it's us who control ourselves, gambling sites are not forcing us, they are here to operate and offer us fun, so let's just be responsible.

Chuky92

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Just like fiat is used in betting in most traditional systems, cryptocurrency is used for same purpose, so does that make fiat a problem? I don't think so, same is with cryptocurrency. If you study the nature of cryptocurrencies now, you will see that in almost all the areas where fiat is used, crypto is used too. Using crypto for betting doesn't endanger or cause problems for the crypto space rather it is being exposing to more users.

fathur01

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Cryptocurrency is used for even worse things. So betting is not the worst thing. I don't see any problem with that either. This also helps people to make a profit and also requires brain activity. I bet sometimes, too.

javadsalehi

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Quote from: rdluffy on August 25, 2019, 06:10:11 PM

I don't know why this could be a problem Huh

I know some exchanges don't allow deposits from gambling websites, but I can't find a good reason to become a big problem as you said
There are a lot of countries where gambling is legal, and things are changing in technology, everyone can do what they want with their money, and this is not illegal nor antiethical

Gambling is legal in many countries. Also, there are many different legal platforms in these countries. But there are some differences between these platform and gambling websites that are using cryptocurrencies. One of the main differences is performing KYC. Authentication is mandatory in legal gambling websites. Another difference is legal websites are more safe. They cannot run away and scam people. Another difference is taxes legal websites pay to governments.

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