Topic: Gambling with stablecoins, Fiat, or crypto? (Read 2415 times)

The important thing for me is to win at bets and have fun, learning how to position myself better. Betting is a 50/50 risk thing anyway, so it doesn't matter to me whether I win or lose, because I bet very little anyway, and I still don't have the confidence to bet larger amounts.

Regarding the question in this topic, I always use crypto like Bitcoin and Litecoin to fund my casino account, as it is faster, cheaper and more private. I prefer casinos that support crypto, I've never used stablecoins to fund my accounts or fiat. For me, the casino accepting crypto is more important, as it is an additional use for my coins.

Even more so now that Bitcoin fees are cheap, anyway, in cases of congestion in the mempool, just use a cheaper coin for this, like Litecoin.

Gambling with crypto us like gambling on top of gambling.  By the time ypu win or lose it could actually hurt or help you.  Meaning if you lost but the coin went down anyway in price then ypu really didn't lose that much value, so long as ypu buy the same amount back at the lower price.  But on the flip side if ypu win but the price goes down ypu increase your stack of coins but not fiat value of that stack.  I don't mind gambling with either to be honest.  It's small enough to not impact my life one way or another.

I always prefer to use Bitcoin when holding even though there is some volatility it is still my preference. But most players use stablecoins for betting while some people prefer to use cryptocurrencies. People who use stablecoins don't want to be exposed to market volatility, but people who use currencies like Bitcoin and Ethereum are often exposed to market volatility. But in any case I personally prefer virtual currencies bitcoin and ethereum for betting and it is the best for me.

I think personally I'll go for stable coins and my reasons are quite simple. Firstly casinos that accept fiat are often KYC regulated and require some decent levels of KYC verification to be able to even make a deposit. And place a bet . On the other hand crypto casinos usually offer optional KYC with almost no limits or restrictions. Most of the time people will prefer to use stable coins like USDT which would definitely make it feel like making use of the good old fiat without having to do KYC verifications.
Making use of other crypto currencies is not a bad idea as long as it's ok by the gambler in question. however some gamblers may hesitate making use of bitcoin since they take it more seriously as an investment plan than a regular crypto for normal P2P transactions.

Yes, maybe there are also many who gamble with stablecoins, it is easier to carry out gambling transactions, using fiat can also be done in gambling. I myself have also bet with fiat. Yes, most casinos use USDT and different currencies depending on which country the gambler is playing in to bet, in this era of growing number of ways that crypto can be targeted, many people now prefer betting besides using USDT and fiat.

I am also familiar with gambling only thanks to cryptocurrencies. It all started with the fact that I participated in a lottery on a forum where they gave out bonus spins. And I liked the fact that I did not need to link my payment card or show my documents. Only one address was enough to withdraw and deposit cryptocurrencies to an online casino.
After that, I was convinced more than once that crypto casinos are the coolest, because they do not need gamblers' documents. After all, everyone just wants to play in a casino, and no one wants the casino to sell their documents to third parties.

I never gamble with fiat because I don't want my bank account connected or have transaction history of making deposits to gambling sites, even though I can use digital money, gambling with fiat is still not something I want to try.

So far I have always used crypto and also stablecoins, whichever is available in my wallet is what I will use, the reason for using crypto is because it is from crypto that I know gambling, and the reason for KYC seems to be no longer relevant because it is now difficult to find a crypto casino without KYC

Gamble with stablecoins is a good way to prevent the worrying of the volatility of crypto price. They will not have to think about their coin currency price is down and make them lose before they gamble. The fee of the transaction is small compare to Bitcoin but we have another altcoin that have a low fees too.

Many casinos have a list of cryptocurrency on their site. Their members can choose what coins they like to gamble. But no matter what gambling games you play, you should use the money you can afford to lose.

That will be your key to prevent the big lose but you can enjoy your time to gamble. No matter what currency you use, if you can stay with your limit, that will not give a problem for you.

There are some crypto-based casinos (or gambling sites) that aren't KYC-compliant. I believe Bitvest is one of them. The thing is, governments can't force regulations on truly-decentralized gambling sites. Especially those running on smart contracts (aka dApps). Without a central operator (in this case, the house) to prosecute, enforcing KYC would be in vain. This is only possible in crypto gambling (including stablecoins). With Fiat, it's another story. At least, debit/credit card transactions. I'm not so sure about cash-based (paper money) gambling.

You must be aware of each type of currency's advantages/disadvantages to make your own move. As with any kind gambling, don't spend more than what you can't afford to lose. It's an addiction, but it can be easily beaten with professional help.

Of course, stablecoins are much more convenient for playing in crypto casinos in many cases. Simply because you understand how much you have won or lost. And this is immediately clear and you do not need to mentally convert another cryptocurrency into dollars, clarify the current rates of this cryptocurrency in relation to the dollar or your local currency, and also remember about exchange fees and other red tape. Yes, you can simply pay more attention to the game itself than to these very calculations.

But about the mandatory and widespread KYC here, I think that the development of decentralized casinos will still eventually make it so that players will be able to play without providing personal data and at the same time they will still have at least a minimum level of guarantees of the integrity of such a casino and guarantees of payment of winnings to the player without any KYC. This is simply the next stage in the development of this area of ​​​​the gambling market. And by the way, it is in demand by millions of people around the world who want to gamble anonymously.

This is something that have been discussed on this forum on several occasions, maybe 3 or 4 different threads ive come across in the past that is particularly on this same topic, but thats by the way.

Let me point out to you that this days, even kyc have become mandatory for cryptocurrency only casinos, and this is due to the regulations coming to cryptocurrency, nowadays, it no longer matter whether or not, you are depositing and playing with cryptocurrency, you will still have to pass kyc verification when ever the casinos calls for it, which is often times, after you have encountered a large winning and requests for withdrawal.

Personally, for several reasons, I prefer to gamble using cryptocurrency stable coins, and one of the reasons is because it helps me keep accurate record of my winnings and loses traditional cryptocurrencies are volatile in price, and this means that, losing 0.1 bitcoin Today may not be the same as losing 0.1 bitcoin tomorrow when we consider the value of 0.1 bitcoin in dollars, and this because, the dollar value of 0.1 bitcoin changes, 0.1 bitcoin may be worth $500 at the time you lose it to gambling, but tomorrow, the same 0.1 bitcoin may be worth $1000 or even more.
But stablecoins remains the same in their dollar value, making a $500 loss to remain a $500 loss for as long as money exists.
This is why I prefer to gamble using stablecoins than any other option.

in bookmakers I use only usdt because I need a fixed result and it’s easier to control winnings or losses, and if these are slots, for example, then I play on different alts because the process itself is more interesting and I don’t feel a strong loss, of course it all depends on the minimum bet In fact, it feels more fun.

In my opinion, other people's superstitions and various beliefs can be taken very, very seriously by them, even if they make you smile or even laugh. But for them, this is a powerful limiter of their further actions in general, and of course, this also happens in gambling. The most correct thing is not to try to convince them of the stupidity of such signs and predictions, but to treat this with understanding and at least neutrally. You should not argue with such a superstitious person and in no case scold them for stupidity. Simply because it is useless and in such a matter the psyche of a superstitious person will choose a sign or prediction in ahny case, and not your admonitions that this is stupidity. Let's just state that superstitions and predictions exist, everyone encounters them during life and all people live, including taking these superstitions into account in their actions. And of course, when betting in gambling, this takes place.

That is very true. I think many, if there is such an option in casino, immediately choose "display in fiat" their balances. Because it is not just easier to count profit, but to understand what you have won. For example you have won 3251 TRX. Can anyone instantly tell how much it is? Even by knowing exchange rate, it still requires to use calculator. That is $500. When a person sees that he has won $500, he can already understand that this is half of his salary, or for that amount it is possible to buy a new mobile phone. But when you win 3251 TRX, it looks confusing, if you should start celebrating, or this is only a decent amount. That is why no matter what gamblers use for gambling, many use "display in fiat" kind of option, and makes no big difference what is used for betting.

If it's easier, then you can play for USDT, sometimes I hear that it's easier for players to play this way, because it's easier to count profits, but I think there's no big problem if you bet for bitcoins, in the end you can get satoshi, which in my opinion is even more preferable if you do it in a bull market and especially on the eve of a bullrun. Most often, bets are a short-term action within one day, so there is no difficulty here with the fact that the price of bitcoin can change very much, holders hold bitcoin for years and consider it a good solution.

With stable coins, you can have better imagination of your bet value and assigned bet capital so you can control your gambling fund better. With stable coins, you also have one more advantage, that is stable coins are on altcoin blockchains which in turn can give you cheaper on chain transaction fees. Moving your fund in and out gambling platforms or centralized exchanges or even on decentralized exchanges with expensive fees is not favorite by all users.

As a business operator, they must provide good products and diversifying options for users. Some of these things is providing multiple available payment methods for users. With developments and adoption of Bitcoin and cryptocurrencies recent years, casinos surely have to provide these things on their platforms if they don't want to easily fail in race with other competitors.

I prefer to gamble with stablecoins most of the time. Also, I like betting with fiat, and I have gambled with bitcoin before. I think it's best to use stablecoins because there is no chance of volatility, most casinos use USDT. However trusted casino platforms allow gamblers to choose different currencies to bet on, not only fiat and local currencies but also cryptocurrencies nowadays are preferred by people.

Well I think that not all gambling sites supports the bitcoin lightning network and therefore if you use bitcoin for gambling then you have to bear the high transaction fees plus the high transaction confirmation times depending upon bitcoin network conjection at that time.

Most people will prefer to use stable coins or even if they want to use the crypto they may use litecoin, dogecoin and other popular crypto coins that are available on the gambling sites for deposit and withdrawals.

So true. Betting on centralized gambling sites with KYC greatly defeats the purpose of crypto. You're better off using Fiat for that matter. To each, their own currency of preference. Neither crypto-based gambling sites will replace traditional Fiat-based ones, or vice versa. With plenty of options to choose from, anyone can gamble with ease.

Be aware that crypto is extremely-volatile (especially altcoins). You could lose a lot more money than initially invested if things go south. I guess that's why most gamblers choose Fiat or Stablecoins instead of crypto. If you don't care about the money, then crypto gambling is for you. Otherwise, look elsewhere. Gambling is a multi-billion dollar ($USD) industry, so don't expect it to go anywhere soon.

Well, you can always use Lightning with Bitcoin, which is almost free to use and almost instant as well.

This is possible because there are funds in Bitcoin that are secured on chain that are transacted in the second layer.

Any other coin will have the same scaling issues, Bitcoin is the best coin you can use with widespread usage.