Crypto Bet: A wider Array of Altcoins are being usef

mak013

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Quote from: goldkingcoiner on June 07, 2022, 04:48:42 AM

I think that perhaps the biggest issue with using a diverse array of altcoins is the legal and regulatory aspect. When online gambling casinos use Bitcoin, they can feel safer than when they use some new or untested alternative which may or may not turn out to be a security risk or a regulatory risk. Especially if the coin is ruled a security under the sec for example.

How do you avoid this in your online gambling casino?

There are many altcoins which had recommended themselves, i don`t see a problem to use them. But the problem can be that some altcoins have big commissions(ETH), some have problems with blockchain stability(SOL), some altcoins have high volatility, for use some of them you have to use new cryptowallet or register on some new exchange. Right now i use 3 cryptowallets, registered on 6 cryptocurrencies exchanges and it is a problem sometimes to remember where my altcoins are.

goldkingcoiner

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I think that perhaps the biggest issue with using a diverse array of altcoins is the legal and regulatory aspect. When online gambling casinos use Bitcoin, they can feel safer than when they use some new or untested alternative which may or may not turn out to be a security risk or a regulatory risk. Especially if the coin is ruled a security under the sec for example.

How do you avoid this in your online gambling casino?

South Park

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Quote from: Slow death on May 30, 2022, 11:21:17 AM

The reason why cryptocurrencies are being used more in casinos in recent times is due to the fact that it is easier for anyone to create an account at an online casino and then play. Can you imagine how difficult it would be if casinos only accepted fiat and people were forced to KYC? how many people would do KYC, go to the bank to deposit money and be playing in a casino where the only option would be to deposit in FIAT? banks are complicated, banks have a lot of bureaucracy, and it would be hard to justify where the money is going every day. while with cryptocurrencies everything became easier. people don't need to worry about KYC and banks. they can only buy cryptocurrencies using bank accounts and then they can play at will for a long time until their money fits or if they win a lot of money they only have to withdraw in parts to the bank

Another reason simply has to do with the fact that many people like to keep their gambling a secret from their families or their coworkers, even in many places in which gambling is legal there is still a stigma against those that are gamblers, as many people think they are addicted to it even if they have their gambling under control, and the stigma is even worse at countries where gambling is illegal, so it makes sense that people like to gamble at cryptocurrency casinos as a way to keep a higher level of privacy.

shasan

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Quote from: CaVO32 on May 20, 2022, 07:36:32 PM

if you will go to traditional casino, can you go there just having 10 bucks in your pocket? I think you will be hesitant to go inside, right?

Agreed with you about the re-visit of the op. You are right that there is no way to go to a traditional casino with only 10 bucks even many gambling site does not allow 10 buks in btc but they allow with altcoin. And another thing is that altcoin can be available in shorten time than bitcoin. That is another reason of being famous of altcoin.

SirLancelot

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Quote from: Desmong on June 01, 2022, 03:22:04 AM

We ba know that gambling on with cryptocurrency is more safer and privacy covered than using the normal fiat method where you will have to disclose your credit card details to a casino having the power to remove your fund even without your permission. Cryptocurrency gambling just like using altcoins is a smart way to gamble even with a volatile market. There are stable coins one can use to prevent volatility of the market from giving a strange price that could reduce the value of our holdings.

Safer in terms of privacy related matters because cryptos are anonymous but when it comes to other stuffs, no. Crypto is not safer because it is more volatile and you can already start losing your money even if you don't start gambling yet and also transactions here are non reversible so make sure you have enough knowledge before dealing with cryptos because you can lose your crypto in the process, also once we get hacked or scam, it will be hard to trace the criminals. This is something that cant be experience when using a fiat. I am no way of defending fiat but I am still a crypto supporter that is why I am here but I am only telling the difference between them.

asyakashi

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I think some banking laws prohibit their customers from transacting for gambling, it might be detected as illegal. Meanwhile, the existence of cryptocurrency makes it easier for them from blocking accounts and cryptocurrencies in online transactions are indeed very easy to use. Using altcoins with gambling also seems easier to calculate, with very low withdrawal fees.

Jawhead999

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Quote from: Desmong on June 01, 2022, 03:22:04 AM

We ba know that gambling on with cryptocurrency is more safer and privacy covered than using the normal fiat method where you will have to disclose your credit card details to a casino having the power to remove your fund even without your permission. Cryptocurrency gambling just like using altcoins is a smart way to gamble even with a volatile market. There are stable coins one can use to prevent volatility of the market from giving a strange price that could reduce the value of our holdings.

When you're playing on casino where they ask your KYC, you're no longer safe and privacy protected. Every casino have a power to confiscate your funds since you don't have full control over your funds. Stable coins is similar like fiat where the price suppose to stick $1, what's the different than? and yeah don't forget about UST stable coin can fall down to below $0.1

Desmong

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Quote from: Frankolala on May 10, 2022, 03:57:16 AM

It has been reported that the online gambling industry has shown more people are starting to use crypto to gamble online forgoing Fiat. And that there is a greater interest in betting with Altcoins.
Over the past two years,gamblers using crypto online instead of Fiat has significantly increased.The study comes from softswiss,which provides software for managing iGaming operations.The organization holds several gaming license and was the first company in the world to offer a Bitcoin optimized casino solution.
Softswiss said the share of crypto in Q1 2022, increased by almost 10%: from 26.3% to 35.9%. In comparison to the first quarter in 2020,the share of crypto currencies has grown by 29%. If such dynamic continue,the share of Fiat and crypto currencies may become equal over the course of the next year,as Fiat currently is the most popular choice for online betting,64% of people use Fiat.
https://beincrypto.com/crypto-bets-a-wider-array-of-altcoins-are-being-used/

We ba know that gambling on with cryptocurrency is more safer and privacy covered than using the normal fiat method where you will have to disclose your credit card details to a casino having the power to remove your fund even without your permission. Cryptocurrency gambling just like using altcoins is a smart way to gamble even with a volatile market. There are stable coins one can use to prevent volatility of the market from giving a strange price that could reduce the value of our holdings.

LUCKMCFLY

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Quote from: Desmong on May 22, 2022, 07:54:07 PM

Quote from: Frankolala on May 10, 2022, 03:57:16 AM

It has been reported that the online gambling industry has shown more people are starting to use crypto to gamble online forgoing Fiat. And that there is a greater interest in betting with Altcoins.
Over the past two years,gamblers using crypto online instead of Fiat has significantly increased.The study comes from softswiss,which provides software for managing iGaming operations.The organization holds several gaming license and was the first company in the world to offer a Bitcoin optimized casino solution.
Softswiss said the share of crypto in Q1 2022, increased by almost 10%: from 26.3% to 35.9%. In comparison to the first quarter in 2020,the share of crypto currencies has grown by 29%. If such dynamic continue,the share of Fiat and crypto currencies may become equal over the course of the next year,as Fiat currently is the most popular choice for online betting,64% of people use Fiat.
https://beincrypto.com/crypto-bets-a-wider-array-of-altcoins-are-being-used/

All these started doing the covid-19 period where everybody was indoor. People had nothing to do with there time than to play online games and gamble to earn money since there was no other alternative for individual to work and earn money. Crypto gambling because more popular that the rate at which people go into gambling was enormous. The crypto gambling is becoming more popular and is making users to dump fiat as time goes on.

I understand the fact of seeking to bet with altcoins, now much more because of the current market situation, I know that this does not have much to do with gambling, but in some way there will always be a direct connection between them, it is for this reason that some players as the market is so low and the altcoins are so low, that they resort to gambling to try to multiply those coins, because trading for now is somewhat difficult to win with those coins, it is more feasible sometimes to make a couple of bets and leave something to chance to see what happens, I think that is one of the reasons why many seek to bet with altcoins.

Jody.Drummer

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Quote from: Desmong on May 22, 2022, 07:54:07 PM

All these started doing the covid-19 period where everybody was indoor. People had nothing to do with there time than to play online games and gamble to earn money since there was no other alternative for individual to work and earn money. Crypto gambling because more popular that the rate at which people go into gambling was enormous. The crypto gambling is becoming more popular and is making users to dump fiat as time goes on.

Depending on how the dominant community knows about crypto gambling or even fiat gambling itself, it has increased since the pandemic took place. Actually what I noticed was the environment in which people started playing in online casinos. Be it fiat or crypto gambling, crypto gambling is dominated by those who have interacted with crypto for a long time. Meanwhile, new gamblers still use fiat as a means of paying their bets.

This can only be seen on a regional scale, depending on whether people are more familiar with crypto or not.

Slow death

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The reason why cryptocurrencies are being used more in casinos in recent times is due to the fact that it is easier for anyone to create an account at an online casino and then play. Can you imagine how difficult it would be if casinos only accepted fiat and people were forced to KYC? how many people would do KYC, go to the bank to deposit money and be playing in a casino where the only option would be to deposit in FIAT? banks are complicated, banks have a lot of bureaucracy, and it would be hard to justify where the money is going every day. while with cryptocurrencies everything became easier. people don't need to worry about KYC and banks. they can only buy cryptocurrencies using bank accounts and then they can play at will for a long time until their money fits or if they win a lot of money they only have to withdraw in parts to the bank

mak013

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Quote from: Desmong on May 22, 2022, 07:54:07 PM

Quote from: Frankolala on May 10, 2022, 03:57:16 AM

It has been reported that the online gambling industry has shown more people are starting to use crypto to gamble online forgoing Fiat. And that there is a greater interest in betting with Altcoins.
Over the past two years,gamblers using crypto online instead of Fiat has significantly increased.The study comes from softswiss,which provides software for managing iGaming operations.The organization holds several gaming license and was the first company in the world to offer a Bitcoin optimized casino solution.
Softswiss said the share of crypto in Q1 2022, increased by almost 10%: from 26.3% to 35.9%. In comparison to the first quarter in 2020,the share of crypto currencies has grown by 29%. If such dynamic continue,the share of Fiat and crypto currencies may become equal over the course of the next year,as Fiat currently is the most popular choice for online betting,64% of people use Fiat.
https://beincrypto.com/crypto-bets-a-wider-array-of-altcoins-are-being-used/

All these started doing the covid-19 period where everybody was indoor. People had nothing to do with there time than to play online games and gamble to earn money since there was no other alternative for individual to work and earn money. Crypto gambling because more popular that the rate at which people go into gambling was enormous. The crypto gambling is becoming more popular and is making users to dump fiat as time goes on.

I don`t think that covid-10 helped to improve crypto gambling. It isn`t a problem with online casinos without cryptocurrencies - everyone can gamble from home without difficulties with wallets and crypto exchanges. I think that at least last 2 years we hear about cryptocurrencies from everyone. So people tries to understand what is it and how it works. And as a part of it is crypto gambling.

South Park

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Quote from: Desmong on May 22, 2022, 07:54:07 PM

Quote from: Frankolala on May 10, 2022, 03:57:16 AM

It has been reported that the online gambling industry has shown more people are starting to use crypto to gamble online forgoing Fiat. And that there is a greater interest in betting with Altcoins.
Over the past two years,gamblers using crypto online instead of Fiat has significantly increased.The study comes from softswiss,which provides software for managing iGaming operations.The organization holds several gaming license and was the first company in the world to offer a Bitcoin optimized casino solution.
Softswiss said the share of crypto in Q1 2022, increased by almost 10%: from 26.3% to 35.9%. In comparison to the first quarter in 2020,the share of crypto currencies has grown by 29%. If such dynamic continue,the share of Fiat and crypto currencies may become equal over the course of the next year,as Fiat currently is the most popular choice for online betting,64% of people use Fiat.
https://beincrypto.com/crypto-bets-a-wider-array-of-altcoins-are-being-used/

All these started doing the covid-19 period where everybody was indoor. People had nothing to do with there time than to play online games and gamble to earn money since there was no other alternative for individual to work and earn money. Crypto gambling because more popular that the rate at which people go into gambling was enormous. The crypto gambling is becoming more popular and is making users to dump fiat as time goes on.

Without a doubt the pandemic made gambling with cryptocurrencies way more attractive than in the past, people that were experimenting lockdowns were looking for any way in which they could entertain themselves during that time and gambling seemed like a good way to do it, and when we add the anonymity that gambling with cryptocurrencies bring to us then it is not really that surprising that as times passes this industry is getting more and more popular, now fiat casinos are still too dominant but it would not surprise me if in a few decades some of the most popular casinos around the world dealt exclusively with cryptocurrencies.

Desmong

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Quote from: Frankolala on May 10, 2022, 03:57:16 AM

It has been reported that the online gambling industry has shown more people are starting to use crypto to gamble online forgoing Fiat. And that there is a greater interest in betting with Altcoins.
Over the past two years,gamblers using crypto online instead of Fiat has significantly increased.The study comes from softswiss,which provides software for managing iGaming operations.The organization holds several gaming license and was the first company in the world to offer a Bitcoin optimized casino solution.
Softswiss said the share of crypto in Q1 2022, increased by almost 10%: from 26.3% to 35.9%. In comparison to the first quarter in 2020,the share of crypto currencies has grown by 29%. If such dynamic continue,the share of Fiat and crypto currencies may become equal over the course of the next year,as Fiat currently is the most popular choice for online betting,64% of people use Fiat.
https://beincrypto.com/crypto-bets-a-wider-array-of-altcoins-are-being-used/

All these started doing the covid-19 period where everybody was indoor. People had nothing to do with there time than to play online games and gamble to earn money since there was no other alternative for individual to work and earn money. Crypto gambling because more popular that the rate at which people go into gambling was enormous. The crypto gambling is becoming more popular and is making users to dump fiat as time goes on.

lienfaye

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Quote from: Frankolala on May 10, 2022, 03:57:16 AM

It has been reported that the online gambling industry has shown more people are starting to use crypto to gamble online forgoing Fiat.

Its not surprising if many gamblers now are using crypto to play online because its more convenient and less hassle and there's no need to undergo kyc especially to those who prefer to play anonymously. But I think Bitcoin is still the most popular crypto used by gamblers, though its possible that some gamblers opt to use alts due to low fees and fast transaction. Anyway, is there an accurate data to base the percentage of gamblers using crypto?

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Quote from: wildan88 on May 21, 2022, 02:50:40 AM

It is expected that the majority of people are still using fiat as they get used on that but it is good to know that there is an increase of interest of people in using cryptocurrency in gambling site I am sure that there is a lot of gambling site that that acccepts cryptocurrency that didn't open ANN thread here in the forum.

It is true that this forum is not at the center of where most of the action takes place and there are many casinos that ignore it and just promote themselves in social media, however it is undeniable that this forum is still influential and the majority of the most important casinos do in fact have an ANN thread here in the forum, as they understand the need to respond as quickly as possible to any problem that may arise and give it a prompt resolution, this in turn is helping cryptocurrency casinos to get more popular to the point that I think that in a decade or two several of them could rival fiat casinos in terms of popularity.

wildan88

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It is expected that the majority of people are still using fiat as they get used on that but it is good to know that there is an increase of interest of people in using cryptocurrency in gambling site I am sure that there is a lot of gambling site that that acccepts cryptocurrency that didn't open ANN thread here in the forum.

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Quote from: coin-investor on May 20, 2022, 07:28:40 PM

It will double in the next few years, I thought it's higher than that figure because almost every week we have a new casino launching here, these stable or old fiat casinos will soon accept Cryptocurrency because it's now what people prefer to play, they have privacy and anonymity compared to fiat where they are exposed.

It's a double-edged sword. It's true that we see new casinos popping up almost daily, but so do scam accusations and various issues from players who play at unlicensed and unknown platforms. If you get scammed by such a casino, chances are you will never get your money back.

Regulated fiat casinos are more secure in that regard, and you always have regulators and institutions to turn to if you aren't treated properly. Who do you turn to if you play at an unlicensed crypto casino that has no registered address, no public owner, and accepts only crypto? I am sure that some of the new crypto gambling sites are owned by scammers who got caught with their previous projects and now they are back with a new name and design.

uneng

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Altcoins may be getting a little more popular in comparison to last year's Q1. But it's undeniable bitcoin's dominance is still overwhelming, as we can see on the article provided by OP:

Interesting that eth's usage has increased 3,45%, even though it has the most expensive fees of crypto market for transactions.

Anyway, it is expected crypto influence in gambling industry continues rising faster and faster from now on, since the marketing is so strong and the promotions very competitive.

batang_bitcoin

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Quote from: CaVO32 on May 20, 2022, 07:36:32 PM

Alts are becoming popular not only because of the low fees but because of its availability in the casino, they can also play small. Small timers have no problem using small amount of funds if they just want to have fun. Because if you will go to traditional casino, can you go there just having 10 bucks in your pocket? I think you will be hesitant to go inside, right?

Yes, there's a requirement if you typically go to the usual and traditional casinos. But gambling with crypto casinos has a wide various acceptance of cryptos.
They're the ones where gamblers can easily deposit the coins that they like. And those that usually use altcoins, they also have bitcoin but they don't want to spend it because the purpose of it why they hold it is for HODL.

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