Topic: Gambling with stablecoins, Fiat, or crypto? - page 2. (Read 2414 times)

Honestly it will only become a problem if we hold the coin where its network is congested.  It does not matter if the network is gaining popularity or there is a surge or spike in transaction fee as long as we do not hold it.  Like for example, I don't mind the congestion of the BTC network if I am using USDT BEP20 in my transactions.  At the end of the day whether we are affected by a certain network congestion or not is dependent on what cryptocurrency we are holding.


True, most gamblers go with centralized gambling platform because it is much easier to access and play than the decentralized platform.  Btw, even if the token or cryptocurrency used is decentralized once it hits the centralized platform it will act as centralized cryptocurrency until it exits the centralized platform.

Referring to unfreedom and centralization in my opinion this is optional if it can still be used, as long as we do not commit crimes or our stable coins do not come from and or are sent to addresses that are being monitored by them, I think it is safe and as long as it is smooth, and there is also no need to worry if we do not commit fraud.

The problem of cost we can use alternative networks as you said, where you are more confident and do not burden you why don't you choose that network even though it is expensive for some people, in the end this will be our subjectivity in the use of coins that we want to use to interact with gambling, we will always find alternative solutions to everything that makes us uncomfortable.

Congestion only becomes a problem when the underlying blockchain network experiences a surge in popularity. Stablecoins are expensive on the main Ethereum blockchain. But not on L2 networks or highly-scalable L1s like Solana and BSC. The biggest downside of most stablecoins is not network congestion, but rather privacy/freedom. The vast majority of them are highly-centralized. Even Tether and USD Coin have a "blacklist" feature.

Gambling with truly-decentralized stablecoins like DAI and USDD is becoming scarce these days. If you only want convenience, then choose a centralized stablecoin instead. Fiat is even worse, imo. To each, their own currency of preference. At least we know the gambling industry won't be going away soon.

That is what happen if they become addicted to gambling. They will not thinks about their Bitcoin amount reducing as they only want to keep playing gambling. If they don't think that will effect to their finances or they can not make a profit when Bitcoin price increase, they will lose many things including they can bankrupt and will not make any profit. Getting addicted to gambling will not gives them a chance to realize what happen to them so they will still playing gambling without stop. Using fiat or crypto to playing gambling will not be a problem but they must avoids the chance to become addicted to gambling because gambling can make them easily to get tempts and can not stop from playing gambling. If they can have control over themselves, they will not have difficulty when playing gambling no matters what currency they use, whether that is fiat or crypto.

I agree with you that using stable tokens for gambling can help alleviate congestion issues on the blockchain. It's good to hear that sites like Stake are supporting L2 blockchains like Polygon and BSC to make transactions smoother. It's true that congestion can be a concern, especially when sending funds from one chain to another. We always need to double-check before making transactions to avoid any issues. Thanks for sharing your insights!

Yeah, I also use USDT on international betting platforms but when it comes to the local gambling sites, I use our own currency and it's actually cheaper that way.
I mean, I won't waste cryptocurrencies like LTC and Bitcoin if there's an option for local currencies. Also, that's the faster way to deposit and it's easier by using a cash application without any transaction fee included.
Maybe others prefer cryptocurrencies because they think they are lucky while using them but there's really no such thing. It's the algorithm is what we should always look at in casino games like slots not by currencies.

As for me, I must say that I mainly use different currencies for betting in gambling. However, I am more involved in online gambling and in this case I bet more on Bitcoin, Ethereum and TRX currencies. Since I am online in some cases I also bet in my native local currency.  In this case, betting in my local currency is very beneficial for me, especially for small amount bets I use my local currency.

It depends.

If I am using my local online bet platforms I do use fiat currency but if it's online casinos I prefer using crypto, could USDT or LTC or Doge, you can't go wrong with these three because of cheaper transaction fee, to say the truth I use less BTC for gambling because I always feel like I am wasting BTC, maybe it is because the value of BTC is so higher than others? I doubt I am the only one feeling this way.

You are free to choose which one makes thing easier for you, I use all three depending on the situation, from the casino or the payment solution, nothing here will increase your chance of making more money though, still I advice you risk only what you can afford to lose.

Indeed we have to still consider the mempool congestion before using a network for transaction or gambling, I'll prefer the use of stable coins than any other coin for gambling, reason being that it has good liquidity and fast transaction confirmation unlike other projects. Besides that, I see Bitcoin and some altcoins as more of a store of value than a currency to be used for gambling, I prefer using fiat for gambling, or using a stable coin like USDT for gambling, thought congestion is not the reason for my preference but it's what is see fit besides congestion don't last forever and it's just a matter of time and it'll go away.

Regardless if they see their Bitcoin amount reducing, they would not stop gambling because they are already addicted to gambling. Gambling addicts know that they are losing money but they can not stop if they wanted to. When they have not gambled, to them they do not care about any other things but just want to bet. Using Bitcoin, fiats or any currency will not make them to reduced the way they are gambling. Cryptocurrency is the worst currency that an addict can be using for betting because he is not emotionally attached to cryptocurrency since they are not physical and it might look like he is not losing anything but he has lost alot of money already. We are getting lots of gambling addicts recently because of online casinos and the introduction of digital currency to use in gambling.

Well let's just say good old fiat is like a limitation in the sense that it captures a smaller audience of gamblers which is only those using that particular fiat currency. In addition fiat only casino usually require a ton of KYC verifications unlike crypto casinos. Personally I prefer crypto casinos because they offer Thier services to a wider range of gamblers which infact is anyone capable of owning crypto. And coming to think of it you can buy crypto anywhere in the world.
Since crypto casinos have a wide audience, they usually offer more sporting activities and games and because of that most gamblers prefer them since they have so many options to choose from.

You can use any currency that you feels comfortable to use but what you must be aware is how you can treats gambling with right and not spend too much money to playing gambling. That is the thing that you should realizes to avoids the problem from gambling that can occurs after you ends your gambling activity. We know that gambling can tempts us easily and makes us spend more money if we don't have control when playing gambling so we must be careful to manages the funds to gambling.

As long as we can responsible with our gambling activity, we will not have a problem whether we use fiat or any cryptos because fiat and crypto is just a tools that will make us easier to playing gambling. We can choose the casino after we research and use any currency that we wants.

I don't know what gambling addiction has to do with the use of any currency used for betting. We know that as gamblers the risk is addiction, and as an anticipation, we must be aware of setting limits for ourselves. But what is the correlation with the currency being gambled?

I mean if we gamble irresponsibly, using Bitcoin or Fiat will not affect us from getting addicted. I don't think that's the point. If we only hold fiat, then we can bet at a casino that accepts fiat. If we hold Bitcoin, then we can also bet with Bitcoin at a crypto casino. The experience will be the same, and the risks are the same. You can lose or win. Even worse, you can also get addicted to it.

It seems those players just want to keeps playing gambling and not cares about the deflation of the price so that will not make them bother to think. When they can still playing gambling using their favorite currency, they will not stop and will doing that. But they can regret of what they do when they see their Bitcoin is decrease a lot and if they aware of that, they will start to reduce their gambling activity. But if not, they will still keep playing gambling using their favorite currency. We can not tells them to stop using their Bitcoin to playing gambling because that will be up to them. And if they still want to use Bitcoin, we can let them still using Bitcoin.

They should be wise to stake their Bitcoin or other alts and needs to responsible with their funds that they use for playing gambling. Even though they can use any currency they want, they still needs to be careful handling their gambling activity because the matter behind that will be gambling addiction that can comes to them without they realizes. If they still use Bitcoin but they can not handle their gambling activity with right, that will be a matter of time they will becomes addicted to gambling and that means, they must be ready to lose their Bitcoin in the gambling table. No matter what currency they will use for playing gambling, they must know how to treat gambling as an entertainment so they will not have any problem after they finish their gambling activity.

We can actually stop considering the congestion, and this is more reason why we should always verify before sending from the wallets, many have been victims of that and many more will be. It's however, lessened with the USDT because there are more than 10 alternatives to it and every one of them can't be congested at once.

But the underlying issue here is that some wallets will never allow you to send your USDT through another chain from the one you received it from, what if your chain is congested at that time? This is why we can't entirely undermine the concern. Recently, the TON network was very congested for days, I've seen the polygon and others too so congested, even the popular BSC.

In all, I noticed that the lower the transaction fee, the more the congestion likelihood of congestion due to more people using it, though it's not happening so frequently.

If you are a gambler, the desire to play is always there so it is just normal if they want to stake their bitcoin or their other alts in their games. The responsibility lies on their hands so whatever the repercussions will be, is their burden to carry. If you just want leisure gambling, you can always bet small amount of money even if you are using btc. Because these days, online casinos can accept small amount of bets unlike offline casinos, where you will be ashamed of placing a bet using 5 bucks.

Every gambler, you'd hear some interesting thoughts about what their beliefs are.
If they think that gambling with some specific currencies or cryptocurrencies are really dealing with their luck, it's up to you on how you would react on that.
It's sort of a fun thing to hear but they really are believing into that matter and we cannot break their beliefs and superstitious beliefs just because we have a different.

Not only to get more bitcoins at the end, but they also expect to get more profit if bitcoin price will go up by the time they request a withdrawal on the casinos. That's why usually people prefer to gamble with BTC since since aside for speculating for profits they are into gaining for more volumes since as mentioned gambling is one of the methods they see where they can earn a lot of volume aside from their investments made or buying phase they do.

But somehow we know how everything end up and I guess there's affecting factor on why people may shift to stable coins and that situation is when there's a network issue or rise of fees will happen. But this is temporary incidents only and I guess lots of people will came back to use their bitcoin since we know this is the most preferred asset compare to anything coins out there.

Yes, indeed, gambling on cryptocurrency and bitcoin in particular has the goal of increasing the number of bitcoins from the initial amount. But of course, they will often decrease, because the house needs to be maintained and this is a working business with cash flows from players.

Still, I think that most players don't even think about deflation and other things. If they have bitcoin and have an irresistible desire to gamble, they will do it here and now. And maybe over time they will remember their bets in five years and their lost bitcoin, when it will cost several times more and will think about holding it, and not gambling with it.

Yeah, I guess some would not understand but there are gamblers who want to accumulate more Bitcoin in a faster way and gambling is one of those options.
Truly, it is a risk because the value of it keeps on increasing and it will be a waste to gamble them. But, what if you win? That means you will be holding more and you can say goodbye to the gambling site and just keep it somewhere safe. Cold wallet.

Buy and sell. That's one tricky way to accumulate more. It's not recommended for those who cannot read the market and it's not like we have the crystal ball to tell where the fluctuation will go. It is a gamble, you are right.