If you only want to use casino to store your coins, it's really a bad idea. I mean how can you have such idea when there's a free non custodial wallet you can use and it's already way way more safe than relying on centralized platform.
Some people use casino to store their coins, but they're invest in casino bankroll, so they will make profit as long as the casino make profit too. But there's a risk of getting hacked and your coins will be gone too.
Topic: Can money be saved in gambling sites? - page 19. (Read 2193 times)
If an individual doesn’t gamble, I would be more curious on what would prompt that individual to open an account on a gambling site and then think it’s safe to save your money on there. It’s almost crazy.
It’s much better to save your money in your fixed deposit account at your local bank than thinking of saving it on a gambling site. There are just many things that could go horribly wrong saving on a gambling site that could end up with you losing your funds.
It’s not advisable to save funds on gambling sites cause they’re there for entertainment purposes solely and not to safeguard anyone money.
It’s much better to save your money in your fixed deposit account at your local bank than thinking of saving it on a gambling site. There are just many things that could go horribly wrong saving on a gambling site that could end up with you losing your funds.
It’s not advisable to save funds on gambling sites cause they’re there for entertainment purposes solely and not to safeguard anyone money.
Why would you? That's high risk.
Get a wallet, save the seed phrase or private keys, and keep it there for a long time. We should've learned our lessons with different exchanges suddenly getting bankrupt or just like bubbles exploding in thin air.
Not your keys, not your coins.
Gambling sites don't offer any keys, just an account. It means if they close business, it includes the amount you keep on their website. This is not a recommended feat. Use the right way, keep it in cold storage if you are thinking about keeping it long term. Even with how much reputable a gambling site is, there will be a time they will close shop or rebrand. You would not like be in a position where you will have a difficult time to withdraw it.
Get a wallet, save the seed phrase or private keys, and keep it there for a long time. We should've learned our lessons with different exchanges suddenly getting bankrupt or just like bubbles exploding in thin air.
Not your keys, not your coins.
Gambling sites don't offer any keys, just an account. It means if they close business, it includes the amount you keep on their website. This is not a recommended feat. Use the right way, keep it in cold storage if you are thinking about keeping it long term. Even with how much reputable a gambling site is, there will be a time they will close shop or rebrand. You would not like be in a position where you will have a difficult time to withdraw it.
If you are saving money for future use, why not deposit it on a bank. Or in any wallet that offers an interest for your savings. It would be better than keeping it in a gambling site with no interest. Also, saving it in gambling site might make you spend that money in gambling. As you have said, it is for your future use, then it means that you have a plan in the future. What you need is to make money with that savings of yours.
I know it might be very hard to save money in a gambling site because we might have the feelings of winning if we try to stake, it can be hard for a gambler to save money in a gambling site but it will be easy for a non gambler, I put in mind that everything start one day so even a non gambler can try at the first, I bring this discussion here so we can discuss about it to keep our selfs busy.
Is good to save money for future use so we can make good use of it when ever we need to, now what if you decide to save money in your betting account will that be possible to?
We can decide not to save money in our fiat bank account or any other micro finance bank account for one reason or the other and save it in a licensed gambling sites can that idea be possible, will the money deposited there not be tempered with from the gambling platform or removed automatically from the account after keeping it for a long period of time?
I know it might be very hard to save money in a gambling site because we might have the feelings of winning if we try to stake, it can be hard for a gambler to save money in a gambling site but it will be easy for a non gambler, I put in mind that everything start one day so even a non gambler can try at the first, I bring this discussion here so we can discuss about it to keep our selfs busy.
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What? Saving money and betting accounts couldn't have been more far from each other in your idea. Not to mention that casinos/sportsbooks hold no responsibility in trying to save your money in case they decide to lock it due to "unscrupulous activities". In the first place, why even save in a gambling account? Why not just banks? or crypto wallets if crypto? Building a premise to not do so is the first thing you'd have to build to start persuading people, if there's none then the arguments basically useless.
Just as I said, the basic fact of security in casinos is more than enough for people to shy away from doing so. Casinos are not wallets, they're not designed to protect your funds, they're only designed to hold it temporarily.
If you possess the discipline not to succumb to temptation easily, you can hold onto your money within the gambling site. Nevertheless, it's important to realize that a gambling site is designed for wagering your funds, not for saving them. I'm uncertain about how the gambling site might handle your funds if you merely keep depositing without engaging in gambling activities. There's a possibility that you could be subjected to KYC protocols or that your account might undergo investigation.
Therefore, I recommend keeping your savings in the appropriate place, such as a bank, or consider investing in cryptocurrencies and holding onto them.
Therefore, I recommend keeping your savings in the appropriate place, such as a bank, or consider investing in cryptocurrencies and holding onto them.
Yes, you can but saving funds on gambling sites is the same as saving in a custodial wallet where you do not have access to the Private Key and it is highly not recommended.
You intend to save on a gambling site in the hope that it will be used in the future but what you will get is the opposite, such as the gambling site is a scam or your account has been hacked so that your money is no longer your money.
Another thing that is no less unpleasant is that some gambling sites charge fees for dormant accounts on their gambling sites, so that every month your money will decrease so that in the end your initial goal of saving money there becomes detrimental, and like an exchange which is a place for trading, a gambling site is also a place for gambling, not a place for saving money, so use the platform according to its designation.
You intend to save on a gambling site in the hope that it will be used in the future but what you will get is the opposite, such as the gambling site is a scam or your account has been hacked so that your money is no longer your money.
Another thing that is no less unpleasant is that some gambling sites charge fees for dormant accounts on their gambling sites, so that every month your money will decrease so that in the end your initial goal of saving money there becomes detrimental, and like an exchange which is a place for trading, a gambling site is also a place for gambling, not a place for saving money, so use the platform according to its designation.
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You don't need to save money on gambling sites or in exchanges because you never know what will happen with those sites. You can keep the money in private wallets that have been launched a lot so that you can control how the money is used and avoid hacking or anything bad that might happen. Do not risk saving money for your family's future on exchange or gambling sites because there is a risk behind it.
I hope you can separate the money for your family's future from the money you will use for gambling so that it doesn't get mixed up and if it gets mixed up, there is a possibility that you will forget how much you have to use for both purposes. This will make it difficult for you to manage your finances later, so separating the money for each need is best.
I hope you can separate the money for your family's future from the money you will use for gambling so that it doesn't get mixed up and if it gets mixed up, there is a possibility that you will forget how much you have to use for both purposes. This will make it difficult for you to manage your finances later, so separating the money for each need is best.
No profit,you can be deprive from your funds because you might be asked to wager before withdrawal and finally,your funds can be deducted for keeping it in their custody. Casino is the wrong place to save funds. If you are dealing with fiat,it is better you save in a bank but if you are saving in bitcoin, you should keep it in a noncustodial wallet which only you will have access to. Casinos believes that any money in users gambling wallet should be used to gamble and if it has taken a very long time that you were active,they might come up with excuse that your account is not active and they wouldn't give you access to your funds. It is unethical to keep funds there.
Is good to save money for future use so we can make good use of it when ever we need to, now what if you decide to save money in your betting account will that be possible to?
We can decide not to save money in our fiat bank account or any other micro finance bank account for one reason or the other and save it in a licensed gambling sites can that idea be possible, will the money deposited there not be tempered with from the gambling platform or removed automatically from the account after keeping it for a long period of time?
I know it might be very hard to save money in a gambling site because we might have the feelings of winning if we try to stake, it can be hard for a gambler to save money in a gambling site but it will be easy for a non gambler, I put in mind that everything start one day so even a non gambler can try at the first, I bring this discussion here so we can discuss about it to keep our selfs busy.
Nah, I don't think that is a good idea to save your money in a gambling site and used it as a wallet.
a. not your keys, not your coins, so if you have crypto in gambling sites then it's better to transfer it to a wallet that you have total control
b. you will be tempted to play if you have crypto in your wallet in a gambling site.
So if you wanted to save your money, then withdraw it right away and as I have said, put it to your own wallet.
Is good to save money for future use so we can make good use of it when ever we need to, now what if you decide to save money in your betting account will that be possible to?
We can decide not to save money in our fiat bank account or any other micro finance bank account for one reason or the other and save it in a licensed gambling sites can that idea be possible, will the money deposited there not be tempered with from the gambling platform or removed automatically from the account after keeping it for a long period of time?
I know it might be very hard to save money in a gambling site because we might have the feelings of winning if we try to stake, it can be hard for a gambler to save money in a gambling site but it will be easy for a non gambler, I put in mind that everything start one day so even a non gambler can try at the first, I bring this discussion here so we can discuss about it to keep our selfs busy.
imagine that casino will turn scam in the coming days? do you think that there will be a place for your money to be taken back?
as we can see there are even best casino turning into scammer in long term.
hoping that you will made up your mind and never consider this to be your save bolt for your money
There's nothing bad in receiving money through a gambling platform but the bad aspect of it is in making a decision to have your money stay on the platform for so long, anything that has to do with dealing with centralized exchanges, accounts, or whatever that does not gives you access to take charge of your wallet should be totally avoided, we should be reminded how many of these centralized institutions irrespective of gambling sites or exchange suddenly collapse and all their user's asset vanished along, if you have your money in any, send them to your personal wallet that you have it's private keys with you, gambling sites are best recommended for sending and receiving but not holding for long.
It is never a good idea and I don't recommend you doing it. If you do so, you're just putting yourself in high-risk situations. If you really want to save your money, put it somewhere where it should be. And I'm talking about trusted platforms, like wallet and banks.
Casino wallet is not for you to save your coins. It is basically for you to receive reward from the casino after you have played with them. I realize most gamblers don't keep sufficient money or coins on their gambling app for long, either they send it out to their noncustodial wallet for more safety, remember not your key, not your coin because casino can have issue and seize to exist. It is a big risk to keep your coins in casino wallet, it is better with your fiat bank account.
I don’t recommend bank savings either because it has a limited amount to be insured. Storing money on non-custodial wallet using Bitcoin is the best way to save money long term.
Savings in form of fiat and on cryptocurrency are different things. It is those who are highly crypto enthusiast would only keep just crypto without having to save fiat somehow or in the bank. Many users still don't like the fluctuation of bitcoin where they will wake up the next morning and see a sharp drop in their wallet although it could also happen in the other way by increasing but many prefer the value of what they have to be stable and by that they could know their worth. So it is totally a different thing to keep fiat and to keep bitcoin. Having your fiat in the bank has it own disadvantage likewise bitcoin.
Some casinos have vaults, and some of them offer annual returns if you hold your coins in their vault. The image is from BC.Games Vault Pro, and 10% is only for their BCD's, for other coins is 5%.
So the answer is yes, money can be saved on gambling sites, but it's just a foolish thing to do. It's okay only if you are a regular gambler, you trust the site enough to leave your money sitting there and wait for you to gamble with it.
Is good to save money for future use so we can make good use of it when ever we need to, now what if you decide to save money in your betting account will that be possible to?
You can deposit the funds but that would be a very dumb thing to do, As far as I know, casinos have wagering requirements even for a non-bonus deposit, so you are basically risking losing your money to gambling if you deposited your money on a gambling site. also, I remember reading that casinos have rules against idle/inactive accounts, It basically means that you risk your account being closed if you don't gamble for a certain period of time. anyway, just don't deposit your savings in a gambling account, it is a dumb thing to do.
This idea doesn't sound like a good idea to me. The primary purpose of gambling sites is not to help us save money. Gambling sites are part of the entertainment industry. On gambling sites we have the opportunity to make money while having fun. That's why we use gambling sites. Using something for something other than its purpose reduces its efficiency. If we use a spoon as a knife, we can see that it is not a good tool. But if we use a spoon to drink soup, it is a very good tool. If we use gambling sites to save money, we will surely fail in the end. Because it's not right to save money in centralized systems, and we can't save money in a place like gambling where we are likely to spend a lot of money.
CASINO it's not the wallet.
Do you know the word? "Not your key, not your wallet" even with exchange we always warn people not to stored the money on there. Just created a wallet, backup the data, and leave it to somewhere else.
In-case you want to use it, then opened the backup.
Do you know the word? "Not your key, not your wallet" even with exchange we always warn people not to stored the money on there. Just created a wallet, backup the data, and leave it to somewhere else.
In-case you want to use it, then opened the backup.
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