Topic: Gambling with stablecoins, Fiat, or crypto? - page 5. (Read 2444 times)

I agree with OP.  Indeed, the use of cryptocurrencies in gambling is now much less than fiat, but this ratio is constantly shifting towards greater use of cryptocurrencies. 
Here we all must take into account the possibilities of non-custodial wallets, when you are actually both the owner of your money and at the same time a banker for this money.  And this combination of possibilities has one obvious advantage: no one will be able to block your money.  But with bank accounts, you are constantly under the threat of such a decision from the banks where your accounts are opened and used.  I see this option of non-custodial wallets for cryptocurrencies as an undeniable advantage compared to regular fiat accounts. 
And here, stablecoins can very well perform the function of your money while playing in a crypto casino.

Of course. It wouldn't make sense to gamble with crypto purchased from a KYC-compliant exchange. You can easily get caught by the government. To achieve true anonymity and privacy, you'd need to acquire crypto in-person, or through a decentralized exchange. Anything that doesn't require you to verify your identity would be fine (no KYC).

I see no reason to gamble privately unless you're living in a country where online gambling is illegal or simply want to avoid paying taxes (which is not recommended). Most people have nothing to hide, so they wouldn't mind about the currency of their choosing. While Fiat is still "King" for gambling, that doesn't mean there is no future for stablecoins/crypto. The latter is just starting to blossom. Just wait a few more years, until the crypto gambling industry becomes a "force to reckon with". Exciting times ahead for gamblers.

Gambling using fiat or stable coin can be a solution for some people because they don't have to thinks about the volatility of the price. I also use stable coin to playing gambling but I don't use fiat because I am not feels comfortable to use fiat to playing gambling.
If those think that Bitcoin is worthy for them, they don't have to use it for gambling instead just keep their Bitcoin in their wallet. Using any currency will be depends on each people because they will find whatever that can make them comfortable in playing gambling.
If they thinks that they can use crypto to gambling, they will use it and no problem with their losses. But if they feels that using fiat will be better for them, that will be no problem too.

Indeed, however there is no clear distinction between the investor and the gambler mindset. One person can be either of them or both. If they are both, then they will treat their money like anything without care. They are the type of gamblers the casinos want to milk out money from.

They usually use crypto that they have invested in, including stablecoins. For them it does not matter if the coin is poised to go up or down, they just have to gamble.

We can all agree that gambling with money that one has earned is foolish, because it is a complete waste, but there will always be people trying to increase what they have because of their greed.

Many people consider crypto to be their type of investing, so it can be a bit foolish to gamble that away. Unless you are very sure about the origins of your bitcoin, many people can find that their funds are traceable back to an exchange account which probably has your KYC information and may be even doing analysis on how you are spending your money - you might not be as hidden as you think. To me gambling with fiat currency is a bit better actually, because of one of the reasons you mention and that is price stability. I would be disappointed if trading it back out and finding that the 20% I won was swallowed up by a big lurch downwards and there are often additional fees involved at various levels if you want it back into fiat currency.

Yes, it may be so, because it is very convenient. I have never seen a casino mention this, but it is understandable, because the main goal is not to convince their players of this. The main goal is to attract as many players as possible and have them play for a long time with a large number of bets. Some casinos use their own token that gives a small advantage and it is profitable to use it, especially if someone plays often. Different casinos may have different functions and benefits for the average player.

I try to use those tokens and cryptocurrencies in the game that have the lowest fee, and if the casino takes all the costs on itself, then it does not really matter to me what to use, although it is easier to do the calculations in stablecoins.

That is true, but it does not matter, in the end of the day both exchanges and casinos have to count on having a big enough liquidity to satisfy the withdrawal of funds from their wallets to the non-custodial wallets of their gamblers. In the meantime, as one spends time gambling one does not actually have any possession over the Satoshis deposited in the casino or exchange, the old saying "not your keys, not your Bitcoin".

I am comfortable enough keeping balance on exchanges and casinos which have been proven through time and track record to hold enough liquidity in their possession, so one does not have much to worry about, in the case of Stake, for example, they had enough liquidity to continue to operate after suffering an attack, which only talks wonders of their excellent liquidity to honor the withdrawals of their lucky gamblers and bettors.

Stablecoins are NOT cryptocurrencies. They're just digital Fiat. At least, that's the way I see them. When you use a stablecoin, you're subject to the will of the issuing company. I've read that both Tether and Circle censored (blacklisted) stablecoin transactions in the past.

Would you imagine being prevented from gambling with stablecoins just because the government doesn't want you to? Truly-decentralized cryptocurrencies like Bitcoin, Litecoin, and Monero are better choices. Not even Fiat is worth it. The taxman will come at your door if you earn big profits and don't pay your taxes. Gambling with the aforementioned coins (or even privacy coins which are better) will allow you to achieve true piece of mind. I'm yet to see a physical casino accepting crypto for deposits/withdrawals. Maybe someday, right?

I think most casinos act basically like an exchange.

What I mean by that is that you don't really move around Bitcoin when you're betting, you are most probably just betting with an IOU version of Bitcoin.

That way they can have a centralized version of it and move that quickly.

It's only when you withdraw Bitcoin that you actually get Bitcoin.

Using crypto to gamble helps you bypass bank attention on what you are using your funds to do because you are just sending funds from your wallet to your gambling account. It also makes it more convenient will lower fee.

I think crypto casinos are the best to enjoy your gambling activities on, and I am enjoying the new technology because I am a crypto fan. There are a lot of cryptocurrency which one can use in gambling unlike fiat.

I don't know which crypto casinos, which provide such services for my country, where today gambling is in the spotlight in my country, and some casino sites are blocked because they are officially banned in my country, so if there is a third party that cooperates then it is likely to get a violation for providing it to gamblers in Indonesia.

I also when I want to withdraw my gambling proceeds not directly from the casino to my local exchange platform, but I first park it on binance or bybit and then send it to my local exchange for exchange so that it is not indicated as money from gambling.

Betting using crypto and stablecoins is a very good choice because after all, I feel that using them seems to have its own freedom because it will remain anonymous. Therefore, I am never interested in betting using fiat on any gambling platform, because when we use fiat then at least our gambling is no longer anonymous and at least that is something I don't like.

Indeed, using crypto has high volatility but I personally never mind it. Because my goal in gambling is to remain anonymous, so even though I use crypto and at the same time the price can rise and fall quickly, I personally will still enjoy gambling itself and not worry about the volatility that occurs.

in other words, you're not classifying stable coins aren't cryptocurrency or what?

actually I will make do with cryptocurrency in situations where I have to choose one else I'm not not bothered using either of them as the target is to make profit and not the gambling currency provided the casino is a good and reputable one.

just as I've always written that, I'm not bothered giving out my kyc especially if I feel safe with a casino as I have no intentions of using their platform for any criminal act or what so ever 

What specific country you are residing because some casino especially those offer fiat currencies supports already e-wallet direct payment for your deposit since they typically partner with local 3rd party payment provider.

I’ve been using my e-wallet on several occasions to deposit on crypto casino. There’s a lot of currency available so I think your country might be available if it allow online gambling.

The only downside on using e-wallet is the transaction for withdrawal since casino usually charge extra fro fiat currency.

I don't know what kind of feeling you get from using Bitcoin betting. I also use Bitcoin more often, but there are some times that I might use altcoins and stable coins. Nothing bothers me with using Bitcoin or altcoins to bet. Maybe by chance the allocation that I have prepared in the form of Bitcoin to bet then I bet with Bitcoin. But if the situation allows or forces me to make a deposit and play with altcoins and stable coins, I have no problem.

Wait a minute, is there crypto gambling that can use e-wallets from our country? What is it, maybe once in a while I want to try it to bet when I'm lazy to use crypto?

So far I have never done that as long as I know crypto gambling, I need to add new experiences for some knowledge to compare my judgment later in assessing cases like this.

As of now I prefer to be in bitcoin as capital for gambling. It's not that stablecoin or some altcoins are bad but indeed maybe this is because of the habit that I always do every time in gambling so that I still do it in bitcoin regardless of the increase and decrease in the price of bitcoin that occurs.
It's like a habit that is difficult to change and when I use stable coin or altcoin there is a sense of discomfort because it is too often in bitcoin as the main choice. Maybe on the other hand I don't seem to care too much when I gamble but there is a certain satisfaction when I am in gambling using bitcoin so there is a certain comfort and satisfaction for me personally.

No. I use e-wallet to gamble. I don't use a bank account to receive and deposit to the gambling site.

Correct. Ease of conversion to Fiat may not be so difficult. The ease of withdrawing from the casino to a private address is also not difficult if the casino we choose to gamble prioritizes good service. Many complaints have arisen because of withdrawal services even though I don't know how the actual process.

Yes, it's true that whether a gambler gambles with either stablecoin such as USDT or Bitcoin, what matters most is that they are all money, hence, when it comes to me, one approach i have always used is by sticking to gambling with Bitcoin, and then change the amount setting to USD, instead of it bee displayed in BTC, so as to know the value of the amount of Bitcoin I'm gambling with, because one thing certain amount these two phenomenon is that whether a game is gambled with either fiat or crypto, it doesn't affect the value of that money, because $100 in Bitcoin will always be the same in stablecoin and fiat. However, what matters most in gambling is success.

So that depends on ourselves to choose which one we want to use to playing gambling. If you want to use big money to playing gambling, you must prepare for the verification that you should do from the casino. You can't choose to avoids that verification unless you moves to other casinos that doesn't have strict rules to verify yourself when you use big money.

We can't avoid the verification and maybe that will apply in all business in the future especially if the governments wants to know furthermore about their citizen that playing gambling. We must know and understand the rules so we can adapt with the current situation so we can enjoy our time to playing gambling.

That's why before we choose the casino, we must research furthermore to find out about their rules so we can thinks and decide what we need to do. Most people just follow other people suggestion without research to find out if that casino is a place that they want to playing gambling. They forget that finding a casino for them will depends on themselves and not just from other people suggestion.

If they use one casino but that casino require us to verify ourselves and we accept that rule, we will not complain with anything and will not be a problem with that. We can use any coins we want to playing gambling especially if a casino gives many coins as their members choice to playing gambling. We will not have a problem to use XMR as a coin to playing gambling because we feels that XMR is our favorite coins.

Maybe the government will difficult to trying to verify the identities of gamblers using such dApps but we should know and understand that the government can force the casino to require their members to do KYC even if that casino is decentralized casino. We know what the government can do with the business and they will do many things to know what they wants. We can't do anything except follow the rules on the casino but we can choose what we wants by research the casino that we needs.

If we still use crypto to playing gambling, we take care of ourselves from anything that can happens including the taxman that will chase us. We can be careful when we want to use crypto to playing gambling and that's why we can still use crypto than use fiat especially we know that use crypto gives benefit to us. The crypto gambling industry will evolve in the future following the rules from the casino and the government and we can only follow if we still want to playing gambling.