Gambling In Crypto - page 2. | Bitcointalksearch.org

DoublerHunter

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Quote from: bitzizzix on January 28, 2022, 04:36:36 PM

the most striking and most important difference is KYC, because many players do not want to reveal their identities and therefore using crypto is the right solution because it is anonymous.
Crypto casinos continue to grow and become popular because of the many advantages, especially identity security, convenience and also fast and cheap transactions that make people who are familiar with crypto switch to using crypto for betting, and many other advantages over casinos that use fiat.

^ But the fact is, due to the KYC compliance there are few crypto gambling casinos that are mandatory to have KYC procedure.
So not all crypto gambling casino is free from KYC, they can also ask KYC especially if you are a big player which is expecting large deposits.
However, a crypto casino is very convenient to use and while you can also hold your asset while waiting when it will raise back again and if that will happen, it seems you have been won twice.

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Quote from: AmoreJaz on January 28, 2022, 05:06:21 PM

Quote from: Zilon on January 28, 2022, 04:50:01 PM

Quote from: bitzizzix on January 28, 2022, 04:36:36 PM

the most striking and most important difference is KYC, because many players do not want to reveal their identities and therefore using crypto is the right solution because it is anonymous.
Crypto casinos continue to grow and become popular because of the many advantages, especially identity security, convenience and also fast and cheap transactions that make people who are familiar with crypto switch to using crypto for betting, and many other advantages over casinos that use fiat.

Not all crypto gambling. It's only in Blockchain gambling platforms that you see a total KYC free gambling sites. I will buy into the fast and convience opportunity created with crypto gambling and to add to it it's more easier funding with larger amount and moving them back to your wallets without having the centralized financial institution interfering in how much moves between your gambling wallets and your non-custodial wallet

what do you mean by blockchain gambling here? do you mean decentralised casinos? anyway, i somewhat agree about most casinos here - even if they say they are not requiring KYC, but if you are a high roller, expect that at some point they may ask KYC from you. this is to avoid possible violation from their respective gaming license authority.
but i noticed that most popular casinos are centralised. those dapp casinos are not doing good as compared to popular centralised casinos. but maybe, that's just my observation.

For sure most of us aren't blind on not to see that decentralized casinos doesn't really get much attention compared to centralized casinos that we do have as of today basing off with numbers then theres

really a huge gap in between two which we can really conclude that majority of gamblers are fine on dealing on popular sites now.I don't have much idea if those big depositors or rollers would be asked

out with some mandatory KYC or would not ask despite of being a whale player but I wont be surprised if they would considering the amount involved plus its a platform which is
really abiding some government rules.

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Quote from: coin-investor on January 27, 2022, 08:01:20 AM

I wonder what makes things different by the word effective, effective on what? winning, playing, or depositing, there's hardly difference except you are using a Crypto where you are anonymous and you can track your payment and the transaction is fast when it comes to games and features, there's little difference,

Maybe the likes of him and it's more convenient to him to gamble in crypto and not with fiat. People who have experienced both which mostly all of us here got into both of them.

Quote from: coin-investor on January 27, 2022, 08:01:20 AM

Crypto casinos are beating the fiat-based casinos, there are always new casinos every month in Cryptocurrency gambling.

Crypto casinos are popular these days because of the easier process that they implement rather than the fiat online casinos. And as we see new casinos coming, we also need to be careful with them because not all of them are here in business.

AmoreJaz

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Quote from: Zilon on January 28, 2022, 04:50:01 PM

Quote from: bitzizzix on January 28, 2022, 04:36:36 PM

the most striking and most important difference is KYC, because many players do not want to reveal their identities and therefore using crypto is the right solution because it is anonymous.
Crypto casinos continue to grow and become popular because of the many advantages, especially identity security, convenience and also fast and cheap transactions that make people who are familiar with crypto switch to using crypto for betting, and many other advantages over casinos that use fiat.

Not all crypto gambling. It's only in Blockchain gambling platforms that you see a total KYC free gambling sites. I will buy into the fast and convience opportunity created with crypto gambling and to add to it it's more easier funding with larger amount and moving them back to your wallets without having the centralized financial institution interfering in how much moves between your gambling wallets and your non-custodial wallet

what do you mean by blockchain gambling here? do you mean decentralised casinos? anyway, i somewhat agree about most casinos here - even if they say they are not requiring KYC, but if you are a high roller, expect that at some point they may ask KYC from you. this is to avoid possible violation from their respective gaming license authority.
but i noticed that most popular casinos are centralised. those dapp casinos are not doing good as compared to popular centralised casinos. but maybe, that's just my observation.

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Quote from: madnessteat on January 28, 2022, 11:15:39 AM

If you are worried about the volatility of cryptocurrencies, do not deposit large sums at gambling sites, and if you increase your account by winning, then withdraw funds and change them into stabelcoins. Many gambling sites offer an opportunity to deposit and play in stabelcoins which have no volatility compared to BTC or Ethereum.

From that point of view, it will be really easier just do not use crypto for gambling, rather deposit small sums etc
Especially, that nowadays crypto casinos ask for KYC the same as ordinary. But, for example, pokerstars.com have a license of UK/USA and i'm more confident that my personal data will be in safe with licensed casino.

So there only two reasons to play with crypto: if you want to make more crypto or if you found crypto casino without KYC

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Quote from: bitzizzix on January 28, 2022, 04:36:36 PM

the most striking and most important difference is KYC, because many players do not want to reveal their identities and therefore using crypto is the right solution because it is anonymous.
Crypto casinos continue to grow and become popular because of the many advantages, especially identity security, convenience and also fast and cheap transactions that make people who are familiar with crypto switch to using crypto for betting, and many other advantages over casinos that use fiat.

Not all crypto gambling. It's only in Blockchain gambling platforms that you see a total KYC free gambling sites. I will buy into the fast and convience opportunity created with crypto gambling and to add to it it's more easier funding with larger amount and moving them back to your wallets without having the centralized financial institution interfering in how much moves between your gambling wallets and your non-custodial wallet

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the most striking and most important difference is KYC, because many players do not want to reveal their identities and therefore using crypto is the right solution because it is anonymous.
Crypto casinos continue to grow and become popular because of the many advantages, especially identity security, convenience and also fast and cheap transactions that make people who are familiar with crypto switch to using crypto for betting, and many other advantages over casinos that use fiat.

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Quote from: mindrust on January 28, 2022, 11:03:55 AM

Quote from: Raflesia on January 27, 2022, 02:10:29 PM

Quote from: jrrsparkles on January 27, 2022, 11:58:03 AM

Even if we have mandatory KYC it is more convenient in crypto casino when it comes to deposit and withdrawals because we don't have to wait for the banks to approve our transaction or ask the source of funds when it comes to deposit. Apart from that everything is similar but in future more crypto casino then it will give better choice for the gamblers to pick.

Indeed, some casinos have been required to KYC according to their procedures as a condition, but it will still be the cryptocurrency of choice compared to fiat, we are easier to use in transactions called P2P so there is no other party and our deposits or withdrawals will remain anonymous, that's what becomes my choice.
Honestly, that's what is doubtful about depositing Fiat when later you are asked where the source of the funds will come from, then this will be more difficult to explain and of course it will take time to provide an explanation.

It is not anonymous gambling anymore when you get KYC'ed by the casino which kills the purpose of gambling with cryptocurrencies. There are certain casinos like freebitco.in which don't ask for KYC. (they never did as far as I know) Unless you play on these casinos, it makes no difference whether you use FIAT or crypto. They'll know who you are.

Correction accepted
You're right maybe more accurately anonymity is really difficult when casinos ask us to complete KYC. It's just not enough at one or two bets because we have a lot of options to play. KYC is unavoidable, it's just that as much as possible choosing and selecting a reputable casino can minimize something that is not expected. It goes back to the gambler's own criteria, does he really want to stay away from KYC? almost every casino is now under government surveillance.

So do you feel up to this moment your personal data is still safe?

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If you are talking about the gambling experience itself, then I would say it's almost the same regardless of whether you're playing with fiat or cryptos. Fiat and crypto casinos have practically the same games and offer the same features.

There are few advantages in gambling in crypto though, such as the low transactions fees, higher withdrawal limits, less stringent kyc requirements and most of all availability in countries where thete are limits for foreign transactions.

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Quote from: rijaljun on January 28, 2022, 10:55:24 AM

Most of us here are crypto gamblers, the pros I can see with crypto is that it's anonymous and there's a lot of available coins that gambling site accepts cryptocurrency, the downside is that the price is volatile but not much of a problem another downside is the tx fee especially with Bitcoin and Ethereum. In regards with fiat if it is stable but most of the gambling sites won't allow you to withdraw big amount of money.

If you are worried about the volatility of cryptocurrencies, do not deposit large sums at gambling sites, and if you increase your account by winning, then withdraw funds and change them into stabelcoins. Many gambling sites offer an opportunity to deposit and play in stabelcoins which have no volatility compared to BTC or Ethereum.

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Quote from: Raflesia on January 27, 2022, 02:10:29 PM

Quote from: jrrsparkles on January 27, 2022, 11:58:03 AM

Even if we have mandatory KYC it is more convenient in crypto casino when it comes to deposit and withdrawals because we don't have to wait for the banks to approve our transaction or ask the source of funds when it comes to deposit. Apart from that everything is similar but in future more crypto casino then it will give better choice for the gamblers to pick.

Indeed, some casinos have been required to KYC according to their procedures as a condition, but it will still be the cryptocurrency of choice compared to fiat, we are easier to use in transactions called P2P so there is no other party and our deposits or withdrawals will remain anonymous, that's what becomes my choice.
Honestly, that's what is doubtful about depositing Fiat when later you are asked where the source of the funds will come from, then this will be more difficult to explain and of course it will take time to provide an explanation.

It is not anonymous gambling anymore when you get KYC'ed by the casino which kills the purpose of gambling with cryptocurrencies. There are certain casinos like freebitco.in which don't ask for KYC. (they never did as far as I know) Unless you play on these casinos, it makes no difference whether you use FIAT or crypto. They'll know who you are.

rijaljun

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Most of us here are crypto gamblers, the pros I can see with crypto is that it's anonymous and there's a lot of available coins that gambling site accepts cryptocurrency, the downside is that the price is volatile but not much of a problem another downside is the tx fee especially with Bitcoin and Ethereum. In regards with fiat if it is stable but most of the gambling sites won't allow you to withdraw big amount of money.

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Quote from: delfastTions on January 28, 2022, 02:11:19 AM

As our colleagues from BTT note here in the topic, the obvious advantage of cryptocurrencies is the elimination of an unnecessary intermediary in payments - the bank. Moreover, he usually takes a commission for the transfer. But with cryptocurrency and payments, of course, there can be difficulties, first of all, when you make a withdrawal of funds to your wallet. This is where the casino may start requiring various identity verification options (which is frustrating if you wanted to remain anonymous). Moreover, this personal data can include even video selfies or utility bills. I think these requirements are too high. But many people demand it.

Wouldn't the one would find to play in in the first place in casinos that don't have strict KYC requirements, even when withdrawals? Some casinos have strict KYC requirements though already in the first place though afaik, as long as you read the TOS well enough it should be pretty easy to understand if a casino has withdrawal KYC requirements. It's not really high, it's KYC in the first place, it's supposed to be strict and stuff like that.

Quote from: goinmerry on January 27, 2022, 07:25:59 PM

Self-advantage or disadvantage will depend on your experience.

Eventually while continuing to be involved in gambling, you will determine those advantages and disadvantages for you.

Not on experience really, but rather based on what coins/exchanges you are using since the experience on using crypto is pretty linear, it's just dependent on "what" you actually use.

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Quote from: Wawa2013 on January 27, 2022, 10:34:23 PM

I also never thought about how much victory I got from gambling. In fact, to be honest, I have experienced more losses when playing gambling.
Because from the very beginning my goal of playing gambling was just for entertainment and to release the stress that I get when I work.
So even if I get a win, I think it's just a bonus. I don't want to make gambling a source of income, because it is very difficult to expect to get
a consistent profit from gambling. In my opinion, gambling, which relies on luck to win, can make us stressed if it is used as a source of income.
So making gambling for entertainment is the best decision, so when gambling, either losing or winning, we can enjoy it.

We should do that if we want to play gambling so we do not have to get more stress from gambling.
As long as you can treat gambling as it is, you will have a chance to enjoy and release the stress you get from the other places, but you should not have any target on how many winning you can get as that will depend on your luck.
I think the other gamblers will have the same thing as us so we can still play gambling anytime we want and not get stressed because we lose because we do not use too big money to gamble.
But that will give more stress if you use big money and do not know when to stop.

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As our colleagues from BTT note here in the topic, the obvious advantage of cryptocurrencies is the elimination of an unnecessary intermediary in payments - the bank. Moreover, he usually takes a commission for the transfer. But with cryptocurrency and payments, of course, there can be difficulties, first of all, when you make a withdrawal of funds to your wallet. This is where the casino may start requiring various identity verification options (which is frustrating if you wanted to remain anonymous). Moreover, this personal data can include even video selfies or utility bills. I think these requirements are too high. But many people demand it.
Here is a very good table on KYC requirements:

https://bitcointalksearch.org/topic/m.58974603

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Quote from: The_Crypto_Gambler on January 24, 2022, 03:09:06 PM

Recently I have started to gamble with crypto, and other coins. Looking to speak with anyone who has had similar experiences. I find it much more effective than gambling with fiat. Let’s use this thread to discuss pros/cons and how us users can improve it!

Thanks!

Gambling with crypto currencies are much more efficient than gambling with fiat currency. To make a deposit, you just have to send it from your wallet. It takes only few seconds to send. No third parties involved, so no hassle. When withdrawing, you send it to your address and you receive it within seconds. No funds are on hold or frozen once it has been sent. But with fiat, it is sometimes much more complicated since third parties are involved. Sometimes bank transfer might take few days. There are sometimes delay when receiving your funds. And there is always a chance that the banks might freeze your funds. Cons? Can't actually think of any.

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Quote from: Oceat on January 27, 2022, 07:59:08 PM

Quote from: South Park on January 27, 2022, 04:50:33 PM

Quote from: Reid on January 27, 2022, 02:35:29 PM

What I find amusing when using cryptocurrencies to gamble is you forget how much it is. You don't convert to USD when you got used to crypto payments. Example is I gamble 10k satoshis and won 17k, I won't have the urgency to try and look at google BTC - USD conversion with how much I made, I just know I won more from betting and that's it. Less stress, No KYC, and you will be able to relax knowing you just bet for a tiny amount in Bitcoin specifically. I think that is enough reason for me to use it more.

This is something that has also happened to me, at the beginning I thought about it and tried to convert the amount of bitcoin that I was betting into dollars to get an idea of how much I was betting, but now I do not even bother with such a thing, it is just a waste of time to try to think in terms of dollars when I am not even using it, it is way better to just think in terms of satoshis as not only this faster but easier to do as well.

Don't stress yourself out just knowing how much you win or earn but instead enjoy the game since gambling is for entertainment only you don't have to necessarily count how much you earn because it's not for making money, it's for entertainment. Although, earning while playing is better since you can play more.

I think you have to set a winning x lose record so that you can determine how much you really win and by doing that you do the math later.

I also never thought about how much victory I got from gambling. In fact, to be honest, I have experienced more losses when playing gambling.
Because from the very beginning my goal of playing gambling was just for entertainment and to release the stress that I get when I work.
So even if I get a win, I think it's just a bonus. I don't want to make gambling a source of income, because it is very difficult to expect to get
a consistent profit from gambling. In my opinion, gambling, which relies on luck to win, can make us stressed if it is used as a source of income.
So making gambling for entertainment is the best decision, so when gambling, either losing or winning, we can enjoy it.

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Quote from: coolcoinz on January 27, 2022, 08:44:36 PM

Quote from: Reid on January 27, 2022, 02:35:29 PM

What I find amusing when using cryptocurrencies to gamble is you forget how much it is. You don't convert to USD when you got used to crypto payments. Example is I gamble 10k satoshis and won 17k, I won't have the urgency to try and look at google BTC - USD conversion with how much I made, I just know I won more from betting and that's it. Less stress, No KYC, and you will be able to relax knowing you just bet for a tiny amount in Bitcoin specifically. I think that is enough reason for me to use it more.

I know how it is. I played a few times in 2018 and 19 when the market was bearish and I had some signature money to spend. Stupid me thought what's another 0.001 BTC Losing $10 doesn't hurt at all. Losing $50 in a single bet begins to hurt when you know you could have even more than that if you held your coins.
Anyway, there's no use crying over spilled milk. Gambling is like spending. You decided to spend early on, your loss.

Most of us know what it feels big losing money in a single bet and I am sure many of us already have that experience. We may not remember how much the price is because we enjoy playing gambling. But after we send the coin to the market or the other place to sell the coins, we know how much money we can convert from the coin.
As long as we know how much money we spend on gambling and do not spend more than we can afford, we will be okay.

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Quote from: Reid on January 27, 2022, 02:35:29 PM

What I find amusing when using cryptocurrencies to gamble is you forget how much it is. You don't convert to USD when you got used to crypto payments. Example is I gamble 10k satoshis and won 17k, I won't have the urgency to try and look at google BTC - USD conversion with how much I made, I just know I won more from betting and that's it. Less stress, No KYC, and you will be able to relax knowing you just bet for a tiny amount in Bitcoin specifically. I think that is enough reason for me to use it more.

I guess that depends on your betting style at first I barely look at the fiat value of my deposit but as the price continues to go up I slowly became conscious of the amount i'm placing so I tend to use conversion rates.

Also, most casinos have the price of bitcoin posted somewhere on their page so it's easy to calculate the value mentally.

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Quote from: Reid on January 27, 2022, 02:35:29 PM

What I find amusing when using cryptocurrencies to gamble is you forget how much it is. You don't convert to USD when you got used to crypto payments. Example is I gamble 10k satoshis and won 17k, I won't have the urgency to try and look at google BTC - USD conversion with how much I made, I just know I won more from betting and that's it. Less stress, No KYC, and you will be able to relax knowing you just bet for a tiny amount in Bitcoin specifically. I think that is enough reason for me to use it more.

I know how it is. I played a few times in 2018 and 19 when the market was bearish and I had some signature money to spend. Stupid me thought what's another 0.001 BTC Losing $10 doesn't hurt at all. Losing $50 in a single bet begins to hurt when you know you could have even more than that if you held your coins.
Anyway, there's no use crying over spilled milk. Gambling is like spending. You decided to spend early on, your loss.

Topic: Gambling In Crypto - page 2. (Read 721 times)