Topic: Gambling with Fiat or Crypto? - page 12. (Read 3102 times)

And you are quite have a point there, even if people will try to convert their funds going back to fiats after a profit in gambling, the point here is that, they prefer gambling using cryptocurrency. We all know that there is really other gambling sites that utilizes fiat funds, national currencies to transact. And for me, the reason why people choose cryptocurrency is because it is comparably safe and anonymous. This feature enables people to play at their convenience without fear of being a subject to illegal gambling.

Doing verification every time you withdraw is not very comforting but this is done for the security purposes. Playing in crypto currencies has its own pros and cons. Winning a bet is like doubling the amount and investing at the same time. As far as regulations are considered, no decentralized coin plans for that. The percentage of crypto gamblers will be also increasing with time as these coins are the future.

Crypto gambling is actually a nice thing. It has made possible for players to enjoy playing with digital currencies which in itself is an amazing experience. Players should not care about the market bleeds because definitely, they are not gambling for making profits as this cannot happen. Tradition casinos are for people who like an environment with energetic audience. Some people do not like that.

I guess that will not be a problem since we have the services that will help us to convert the crypto into fiat money. People who involved in crypto will still prefer using crypto to gamble because we don't have to get many things to prepare, and we can get directly to play the gambling games after we deposit. Besides that, the most advantage of crypto gambling game is we can hide our identity from any people, so we don't have to tell them that we are playing gambling.

Unfortunately, governments have successfully implemented KYC/AML rules within crypto gambling sites too. While this defeats the purpose of anonymity, one could easily resort to other means such as decentralized gambling sites which rely on smart contracts. So far, gambling sites of this type haven't required a single user to comply with KYC/AML. After all, there's no central operator in charge of the online casino. Tightening regulations towards the crypto-gambling industry would only make matters worse over the long term. Still, I believe that some crypto-gambling sites would be able to survive for the foreseeable future if they comply with every single regulation imposed by worldwide governments.

Nonetheless, with the many benefits crypto gambling provides on top of Fiat, I'm sure that we'll able to see new sites emerge over time. It's only a matter of how many people will adopt crypto within the mainstream world, to make the crypto-gambling industry relevant. The growth is still there, but at a slow pace than usual. If physical casinos started accepting crypto more thoroughly, we would see more gamblers using crypto on top of Fiat. Sometimes I'd wish that all casinos would turn out to crypto instead of Fiat, but it seems very unlikely this will happen anytime soon because of crypto's volatility and regulatory uncertainty. All in all, people at least have different options to choose from whenever it's gambling with crypto or Fiat within the mainstream world. Just my thoughts

People try to save the crypto beacuse their is always a chance that prices will Shoot up in coming time and will make us rich but Fiat currency will only deprecate and not otherwise . And in gambling you will lose out maximum times than winning it .

Don't forget if using crypto is more anonym than fiat.
People are more comfortable with crypto because of those things, IMO
But some crypto casino doing KYC nowaday.

Crypto become popular because of crypto gambling sites that help to promote the use of this currency. And for some reason that gamblers are preferred to make use of this rather than using fiat money because they want anonymity.
We can have this advantage in using crypto but in a certain thing that we can't deny that we will just convert it into fiat money after withdrawal. This means that we are using both of them in gambling.

I think its better to go with fiat than to go with crypto. It' because of my personal reasons. I feel cryptocurrencies as just number and don't feel it as money. Therefore i don't even feel sad when I lose it. This is pretty harmful when it comes to gambling because you won't feel you are losing money so you won't stop gambling. However some people object that crypto gambling is safer because you atleast don't get notice in the eyes of your government and you can even hide most of your earnings and not pay taxes on it.

I started playing gambling when I got to know Bitcoin. So I have been comfortable playing using this currency compared to Fiat money. I don't care what happens to the price of Bitcoin at least it still has value. Using Bitcoin is easier because it doesn't require a personal identity to make a deposit. As we know to deposit on gambling sites using fiat money, we must provide a full name and bank account. Staying anonymous is the most important thing for me.

It is better to gambling with crypto than using fiat money. There are online casinos that requiring their users to submit their i.d's before they able to play in online casino using fiat money. You can ensure that in gambling trhough cryptocurrencies are less hassle. Remember that there is also illegal casino so there are risks if you will gamble with fiat currencies.

Okay, let's look a little bit deeper into this

And when we do that, we cannot but see that those casinos which "rarely ask" ("often ask") are also often accepting regular currencies. So it kinda makes sense. And as you say yourself in your reply, they are asking for verification "when it comes to withdrawing a higher amount of winnings"

Therefore, it immediately begs the question, i.e. does it actually have anything to do with the real purpose of KYC/AML or rather with the casino trying to prevent people from making its bankroll run dry and instead forcing players to keep on gambling (KYC/AML being only a convenient excuse)? So what's your take?


And here we are

I don't gamble with crypto right now when everything is down. I don't feel like paying more Bitcoins compared to my local fiat currency. At the moment I use fiat, once the Bitcoin value goes up again I will switch back to crypto gambling.

just like the answers of the majority here in this thread,i prefer playing in Crypto if we are talking about online gambling because why need to use fiat when the volatility of cryptocurrency is advantage?
and besides there are lots of currency to use and you can choose the most trusted coins of yours to use so when the bull comes you may double the value right?

but of course if in real casino things will change as there are limited use of cryptocurrency in gambling worldwide but soon for sure when adoption comes?all the crypto can be use to play in live cainos as well.

I've seen the small detail about onehash. They are already accepting altcoin deposits through third-party, coinswitch. But this is eligible only for registered users but withdrawals will be made through bitcoin.

The same service and process as changelly.

Of course you will always find many online site cryptocurrency payments options. Any online casino emerging or planning to been around for a long time are quietly implementing cryptocurrency in their method of payment but this does not apply for offline casinos.
This will be one of the reasons why many people will continue to choose online casinos or gambling sites to offline casinos.

I agree that there are still cryptocurrency casinos without KYC/AML check but this changes very fast and many well-known casinos start to ask for verification when one tries to withdraw higher winnings.

Here is the actual state of KYC/AML requirements in all known crypto casinos:



As you can see from 12 most known cryptocurrency casinos already 7 ask for KYC/AML verification and please don't be fooled by this statement "Rarely Asks" because it means that for sure they will ask you for verification when it comes to withdrawing a higher amount of winnings, which was almost always the case in my personal experience. So far I was forced a couple of times to do verification on withdrawal in casinos mentioned above and of course, they are marked "Rarely Asks".

To be honest, sometimes I just think that they are using these "regulations" to their advantage. Just look at how many complaints are out there from people who couldn't withdraw their winning because of failed KYC/AML verification in crypto casinos. This is just overwhelming and for sure many times misused by online casinos.

crypto definitely but not with my bitcoin, its an era of accumulation and hodl, I prefer gambling with altcoins especially for the gambling site. Fiat is not easy to use online and cryptocurrency is safer with one's identity. I want cryptocurrency to get on playstation game if possible or similar live games that can be online and one can also bet while playing games on it with anyone any where.

See here the List of the best Gambling Sites that accept Cryptocurrency: http://topbuki.com/list-of-cryptocurrency-gambling-sites-eng/

Such development is highly unlikely if you ask me

Unlike exchanges (though it is fully applicable to exchanges as well, especially those trading only cryptocurrencies, not even speaking of the DEX variety), the total majority of online casinos are cryptocurrency only, i.e. you can neither deposit nor withdraw fiat. Thus they are encouraged to get the softest regulation possible as it means more players, and that basically means no KYC or AML. Regulating such casinos comes pretty close to regulating the whole of the Internet (read, it is next to impossible and prohibitively expensive)