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Topic: Cryptocurrency In The Gambling Industry: All You Need To Know About Bitcoin - page 5. (Read 1114 times)

full member
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At the same time, the saturation of the market will lead to some of these sites disappearing, with only those dedicated to the development and growth sticking around. However, the user base is expected to grow further as more users begin to understand and adopt crypto. The convenience and security of cryptocurrencies are factors that have helped grow this area.


This is already happening. The market is getting saturated by those who think gambling is lucrative business. It's more like what happened in ICOs were  lots of people who knew nothing about cryptocurrency nor believed in it launched their own coins and got the market saturated with lots of confusing and substandard projects


Those who have solid foundation will stay but those who are only after for the quick cash will always disappear. You can evaluate a gambling site if they have the intentions to operate long-term or short-term. One way to check is the gambling licenses they possess. If they find time to apply and acquire those licenses, I believe they are not here for couple of months or so but looking for years of operations. A developer can easily make a gambling website but to sustain it is another thing to consider. You can check also the amount of bankroll they have. A lot of them are faking their figures but you will know in time if they are faking the numbers on their site.
Ucy
sr. member
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At the same time, the saturation of the market will lead to some of these sites disappearing, with only those dedicated to the development and growth sticking around. However, the user base is expected to grow further as more users begin to understand and adopt crypto. The convenience and security of cryptocurrencies are factors that have helped grow this area.



This is already happening. The market is getting saturated by those who think gambling is lucrative business. It's more like what happened in ICOs were  lots of people who knew nothing about cryptocurrency nor believed in it launched their own coins and got the market saturated with lots of confusing and substandard projects
legendary
Activity: 3094
Merit: 1127
I agree with the op, cryptocurrency gambling is here to stay.
There are far too many benefits (many not included in oplist, such as privacy).

Also, those gambling Dapps are much safer for both gamblers and the house.
Privacy-This is one of the things i do really like about cryptocurrency gambling yet you can hide out your true identity online without being known that you are doing gambling unlike on playing locally or on physical gambling places and this is why this crypto industry being preferred by most gamblers who are hardly concern for their identity.You can gamble without minding too much about privacy.
sr. member
Activity: 994
Merit: 252
Why Use Crypto For Gambling?

Of course, many regard cryptocurrencies as safer and more secure since everything is tracked on the blockchain. If for whatever reason, users want to keep their activity private, using Bitcoin or other even more anonymous currencies such as Monero make that much easier to achieve. It is reasons such as these that may help cryptocurrency become the top choice for online casinos.

There are other benefits too. The blockchain allows systems to be put in place such as KTC and AML that will help to ensure funds are sourced legally. Other features such as deposit limits and cool-off periods can be imposed as needed.
Not only because of this, there is another main reason for why to use crypto in gambling: There is about 2 milliards people haven't yet access to bank services and some of them doesn't even have an ID card, and those willing to make some bets are forced to use false identity or use a legit account of another user who will pay when the bet wins (it's a whole hidden industry of those creating accounts in betting platforms using their bank cards then sell bets for other people). When with cryptocurrencies, it becomes more easier for anybody from everywhere to make bets by only having a mobile device and internet connection. This causes the enlargement of the crypto-gambling market with a huge growth potential compared to old gambling site (bet365/planetwin...).
  I think there are places where it is fully legal to gamble and use crypto as well. In such places, not all out there care about their identities and it leads them to even gamble without KYC. So I think that KYC is not a bad thing but yes it is not good in one aspect and that is that you get your information disclosed which might lead to possible hack of your wallet.
legendary
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It's a good overall review of the reasons, but I think there are some inconsistencies in the "Why Use Crypto For Gambling?" part. At first, you say that cryptos allow safe and private experience (hiding identity). But then you say that Blockchain allows KYC and AML. Well, surely these things can be enforced with blockchain, but definitely not only with blockchain. And people who enjoy privacy would not call KYC a "benefit". Moreover, basically, KYC just identifies the person. It still does not provide proof that the money the person is using is 'clean'. When suspicions arise, there can be an investigation, but I believe the same happens in official fiat casinos as well, is not it right?
sr. member
Activity: 1176
Merit: 301
Cryptocurrencies has really helped gambling industry more than any other industry. I honestly believe that with the way things are going we are going to have all the gambling companies adopting blockchain technology! It is clear that in this forum alone we have over 50 gambling sites been discussed daily here and that means it is most favour.
Cryptocurrencies are the best for gambling specially for those who wants to keep it secret ,
And it is way more easier to access it and less effort unlike other gambling platform or casino's .
Fiat casino requires a lot of things before you could enjoy your game but in crypto you just need to know which site to use and deposit some crypto then your good to go,
No more requirements no more hassle on going somewhere to play just sit back and log in on your account to play.
hero member
Activity: 1274
Merit: 519
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People prefer to gamble in cryptocurrency since it's more convenient and it's easy to access as long as your country is not restricted in online gambling. Not  to mention, people also enjoy being anonymous when gambling since most gambling sites does not require you to pass KYC. There are also different kinds of gambling games to choose from, like dice, crash games, video poker, poker, sports betting  etc.
full member
Activity: 952
Merit: 104
Great sharing and effort, almos got perfect your article about crypto currency in the gambling industry, people are choosing crypto currency or bitcoin is all about because of the freedom of anonymity and security soeciall those site not requiring KYC to continue protect of identity of the gamblers.
legendary
Activity: 1484
Merit: 1004
crypto greatly facilitates gambling because they are free to enter the world of gambling without government interference which often restricts someone to gamble or prohibit it, anonymity is very important now and often people do not like to use fiat as a transaction tool because they do not have access to certain banks, very limited to make people sick, the ease of giving in transactions is very good and there are no obstacles about crypto and gambling.
jr. member
Activity: 84
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First of all I want to thank you for a helpful post like this. Hopefully this new post will benefit you new users. Here you have highlighted several points which are really very useful. Here are some basic questions to be answered, and these questions remain with almost all new users. Hopefully they will benefit from your post.
legendary
Activity: 2352
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I agree with the op, cryptocurrency gambling is here to stay.
There are far too many benefits (many not included in oplist, such as privacy).

Also, those gambling Dapps are much safer for both gamblers and the house.
sr. member
Activity: 882
Merit: 269
Cryptocurrencies has really helped gambling industry more than any other industry. I honestly believe that with the way things are going we are going to have all the gambling companies adopting blockchain technology! It is clear that in this forum alone we have over 50 gambling sites been discussed daily here and that means it is most favour.
sr. member
Activity: 1176
Merit: 301
I like to gamble with crypto because it is much more easier .
I could gamble anytime anywhere because of crypto casinos.
And not just because of it crypto casino also doesn't need some KYC so I could gamble without even giving my real information
legendary
Activity: 2492
Merit: 1018
Gambling Industry is one of the first to adopt crypto, it contributes the rise of BTC demand.


Using crypto for gambling is fine. You just have to make sure not to be against the rules and regulation of the Bitcoin that may check on its whitepaper page. I'm so much afraid the someday, being anonymous as the cryptocurrency gives us would disappear because of the updates for rules and regulations. We can't tell but there is a big chance to really have it.
If you are looking for a different answer and a really personal one. For me, since everything is based on algorithm and gambling sites were made to make profits, then you will not be able to predict when will you win.

Its not just about algorithm specially in terms of sport betting. Anonymity is another thing to deal with if regulations are going to require us all to submit KYC. The exchanges are up to it years ago, it won't be long we may not be able to hide from all these anon coins unless the casinos won't be collecting our information as well.
hero member
Activity: 2968
Merit: 687
There is only one reasons why Bitcoin/cryptocurrency gambling is a HIT

No one knows you (Anonymous account/transaction)
It is hard for anyone to trace you with you Public wallet address and determine your transaction. Although KYC is a must now days in certain countries but, how they (government) will determine it is an online casino Public wallet address that you are sending your Bitcoins.

There are few more reasons - like lots of Giveaways (what I have been getting from Stake.com) and bonus. Faster deposit and withdrawal and awesome support. These are some of the things that make Gambling more pleasant and fun.
 

Nope.You are not anonymous with crypto gambling.
Anyway,I like long articles copy pasted from somewhere that tell me what I already know about cryptocurrencies and gambling.
Thank you,OP. Grin
Have you considered on what you are saying? He's not the OP and they are entirely different user.
Talking about the topic, these are already been known reasons or things about Cryptocurrency towards gambling and that's why we are currently seeing how this gambling industry
booms up,
hero member
Activity: 2590
Merit: 644
Using crypto for gambling is fine. You just have to make sure not to be against the rules and regulation of the Bitcoin that may check on its whitepaper page. I'm so much afraid the someday, being anonymous as the cryptocurrency gives us would disappear because of the updates for rules and regulations. We can't tell but there is a big chance to really have it.
If you are looking for a different answer and a really personal one. For me, since everything is based on algorithm and gambling sites were made to make profits, then you will not be able to predict when will you win.
full member
Activity: 1092
Merit: 117
One of the main reasons why people use cryptocurrencies for gambling is because they can remain anonymous and they can play even from countries where gambling is restricted. Another advantage of using crypto for gambling is because all deposits and withdrawals are processed in a very short time and most important they work 24/7. Gambling with cryptocurrencies becomes more and more popular every year and I think soon many popular fiat casinos will start using Blockchain technology on their online platforms.
legendary
Activity: 2394
Merit: 2223
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Looks OP took lot of efforts to write this thread. There is lot of reason why gambler like to use crypto currency as a payment of gambling website. The main reason is anonymity, easy and fast transactions. Even gambling legal on few countries but you need to pay TAX. If you use crypto currency like bitcoin then you can save TAX as well. That's the main issue about crypto-currency uses on gambling site in my opinion.
hero member
Activity: 3150
Merit: 937
There is only one reasons why Bitcoin/cryptocurrency gambling is a HIT

No one knows you (Anonymous account/transaction)
It is hard for anyone to trace you with you Public wallet address and determine your transaction. Although KYC is a must now days in certain countries but, how they (government) will determine it is an online casino Public wallet address that you are sending your Bitcoins.

There are few more reasons - like lots of Giveaways (what I have been getting from Stake.com) and bonus. Faster deposit and withdrawal and awesome support. These are some of the things that make Gambling more pleasant and fun.
 

Nope.You are not anonymous with crypto gambling.
Anyway,I like long articles copy pasted from somewhere that tell me what I already know about cryptocurrencies and gambling.
Thank you,OP. Grin
hero member
Activity: 2156
Merit: 803
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There is only one reasons why Bitcoin/cryptocurrency gambling is a HIT

No one knows you (Anonymous account/transaction)
It is hard for anyone to trace you with you Public wallet address and determine your transaction. Although KYC is a must now days in certain countries but, how they (government) will determine it is an online casino Public wallet address that you are sending your Bitcoins.

There are few more reasons - like lots of Giveaways (what I have been getting from Stake.com) and bonus. Faster deposit and withdrawal and awesome support. These are some of the things that make Gambling more pleasant and fun.
 
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