Topic: Gambling with stablecoins, Fiat, or crypto? - page 7. (Read 2462 times)
All the ones Op listed are good to deposit and it is good to use the most easiest one and that I think is the fiat. And why in most time I chose Fiat is because it is transaction free. But in cryptocurrency, you have to pay for the transaction fee. But if I don't have cash in the fiat bank the. I use bitcoin foe the deposit and the two transactions I have carried out in the gambling process, it is the bitcoin transaction that is more faster than the Fiat transaction.
We are in a bitcoin forum, so it is crypto all the way.
Back in 2015 most casinos were bitcoin-centric, eventually altcoins started pouring in and they had to accommodate those too. Then came stable coins and the urge to view balances in fiat currencies, casinos did that too.
Now comes in the casinos which allow deposits in all types of coins and are become KYC abled. Lot of changes in the last decade.
Back in 2015 most casinos were bitcoin-centric, eventually altcoins started pouring in and they had to accommodate those too. Then came stable coins and the urge to view balances in fiat currencies, casinos did that too.
Now comes in the casinos which allow deposits in all types of coins and are become KYC abled. Lot of changes in the last decade.
~snip~
Even you use XMR or private wallet, if casino asks you to verify your account, and casino will do that for all of their members, you should follow what the casino wants. Gambling with privacy coins can protect you but we know how the government works so the government can force the casino to reveal their members identity to search for illegal things in that casino. We can only trying to use crypto playing gambling and we must take care of ourselves while playing gambling. If we think that playing gambling using small money is enough to prevents the completed verification, we can do that so we don't have to send any verification to the casino.
Even you use XMR or private wallet, if casino asks you to verify your account, and casino will do that for all of their members, you should follow what the casino wants. Gambling with privacy coins can protect you but we know how the government works so the government can force the casino to reveal their members identity to search for illegal things in that casino. We can only trying to use crypto playing gambling and we must take care of ourselves while playing gambling. If we think that playing gambling using small money is enough to prevents the completed verification, we can do that so we don't have to send any verification to the casino.
Yeah, that's the thing.
When you are dealing with fiat withdrawals, it doesn't matter if you bet in Bitcoin or anything else, at the end of the day it is fiat.
So, they will want to link your identity to that deposit.
And I think most crypto payment are getting into that link anyway in the casinos, same as fiat.
hero member
Activity: 2912
Merit: 541
Leading Crypto Sports Betting & Casino Platform
If the gambling site is truly-decentralized, governments won't be able to verify its members. Especially if the creator is anonymous. Sadly, this is not the case as many so-called decentralized applications rely on centralized infrastructure and creators have publicly-known identities. Even so-called decentralized exchanges are becoming a victim of government crackdowns and heavy regulations. So gambling online in a private and truly-decentralized way is almost impossible. Our options are limited.
I've stumbled across a handful of XMR gambling sites, but I'm not sure if they're legit. Gambling with privacy coins might protect you from the "taxman". Using cash (Fiat) to gamble physically is another option. Just remember to never gamble what you can't afford to lose, and there should be nothing to worry about.
Even governments will not be able to verify its members, government can asks the casino to apply verification to their members and force the casino to follow their suggestion. We don't know how strong the government that can push some business to follow the government wants so that will makes the casino will change their rules. We as a member of some casinos will not have any choice except following the casino rules but we can reject the verification by searching and moving to the other casinos.I've stumbled across a handful of XMR gambling sites, but I'm not sure if they're legit. Gambling with privacy coins might protect you from the "taxman". Using cash (Fiat) to gamble physically is another option. Just remember to never gamble what you can't afford to lose, and there should be nothing to worry about.
Even you use XMR or private wallet, if casino asks you to verify your account, and casino will do that for all of their members, you should follow what the casino wants. Gambling with privacy coins can protect you but we know how the government works so the government can force the casino to reveal their members identity to search for illegal things in that casino. We can only trying to use crypto playing gambling and we must take care of ourselves while playing gambling. If we think that playing gambling using small money is enough to prevents the completed verification, we can do that so we don't have to send any verification to the casino.
The title says it all. Which currency do you prefer to use when betting? Is it stablecoins, good-old Fiat, or traditional cryptocurrencies such as Bitcoin or Ethereum?
Personally, I like to gamble with crypto not only because it's "KYC-free", but also because it represents freedom. The only downside is market volatility. Stablecoins always have their value pegged to Fiat (usually the USD), but they're too centralized and often lack investor protections or guarantees of any kind.
We all love being behind a mask to do our gambling activities, and I love it when you mention the freedom that comes with it, although most times these freedoms come with a significant cost. It can really be costly to deposit bitcoin into the casino platforms except for some notable casinos that compensates for that. Slightly discouraging though, but it gives me personally that feeling that my privacy is upheld. Personally, I like to gamble with crypto not only because it's "KYC-free", but also because it represents freedom. The only downside is market volatility. Stablecoins always have their value pegged to Fiat (usually the USD), but they're too centralized and often lack investor protections or guarantees of any kind.
Another shortcoming of depositing crypto is that you can overspend without knowing unless you've learnt to gamble with a budget and only deposited amounts you can afford to loose.
But all of that will be worth it, if we use large amounts of money and can really get the desired convenience, then costs will never be burdensome problem.
Moreover, there are several cryptos that can be used at cost that is still relatively friendly, but the speed of withdrawal or deposit transactions is also no less fast, this makes it easy and provides many choices for gamblers.
Most important thing is that we can understand it and we are able to use what we have prepared.
Using crypto for playing gambling can hide us from paying the taxes because we can send our crypto to our personal wallet. If we wants to send it to our bank account, we can only send enough money and still hides our crypto in a safe place. We can still saving our crypto in our personal wallet and waiting for the right time to sell the coins at a high price so that will be additional profit for us.
But if we use decentralized gambling, the government will not stops from tracking the gamblers and still asks the casino to verify their members. But hopefully, there will still any casino that doesn't use strictly rules for their members so members doesn't have to do KYC for just playing gambling especially for small gamblers who only wants to spends their spare time.
But if we use decentralized gambling, the government will not stops from tracking the gamblers and still asks the casino to verify their members. But hopefully, there will still any casino that doesn't use strictly rules for their members so members doesn't have to do KYC for just playing gambling especially for small gamblers who only wants to spends their spare time.
If the gambling site is truly-decentralized, governments won't be able to verify its members. Especially if the creator is anonymous. Sadly, this is not the case as many so-called decentralized applications rely on centralized infrastructure and creators have publicly-known identities. Even so-called decentralized exchanges are becoming a victim of government crackdowns and heavy regulations. So gambling online in a private and truly-decentralized way is almost impossible. Our options are limited.
I've stumbled across a handful of XMR gambling sites, but I'm not sure if they're legit. Gambling with privacy coins might protect you from the "taxman". Using cash (Fiat) to gamble physically is another option. Just remember to never gamble what you can't afford to lose, and there should be nothing to worry about.
legendary
Activity: 2716
Merit: 1102
Leading Crypto Sports Betting & Casino Platform
You are right, look for and play on sites that do not require KYC 
. I prefer making deposits using crypto because it's easier and the prices are not flat, so when we make a profit, we may end up doubling our gains with the increase in the coin's price.
Finding a site that doesn't require KYC is not difficult, but that doesn't mean that everything will be easy enough for you to do because what is being discussed is about how to use money in gambling, not in trading as you mentioned. It will be quite difficult for anyone to be able to win simultaneously at one time so what you said by doubling profits will always be difficult for everyone to achieve through gambling even though it is something that is not impossible for just one or two people to happen. . I prefer making deposits using crypto because it's easier and the prices are not flat, so when we make a profit, we may end up doubling our gains with the increase in the coin's price.
I gamble with all of them. When gambling locally, I bet with cash of course. Neither stablecoins nor Bitcoin is accepted in casinos and other gambling places here. I also can't bet with crypto when betting around my neighborhood.
It's when I'm gambling online that I mainly use crypto. Lately, however, I have been gambling with altcoins, not Bitcoin. It seems Bitcoin is too valuable to play with. But there are also other online gambling platforms that I've used that don't accept crypto, so fiat is the only way.
That's the good thing if you have local casinos that will accept your fiat as there will be no problem and it will be very easy for you. But there could be majority here who are using crypto, Bitcoin, Ethereum and other altcoins that are very quick. And in the last quarter of the year and going into the first of this year, Bitcoin fees are so high that we look for other alternative, and yeah it could be valuable as the price could go up as we are in the bull run already. However, I think there will still Bitcoin gamblers here, no matter what are the circumstances that we are facing. For PvP in my local neighborhood, of course it will be fiat to be used. But I still prefer crypto, to be honest then fiat and stablecoins. It's when I'm gambling online that I mainly use crypto. Lately, however, I have been gambling with altcoins, not Bitcoin. It seems Bitcoin is too valuable to play with. But there are also other online gambling platforms that I've used that don't accept crypto, so fiat is the only way.
hero member
Activity: 2912
Merit: 541
Leading Crypto Sports Betting & Casino Platform
In this case, isn’t it better to keep your capital entirely in crypto? and if you want to exchange for dollars, use a crypto x crypto broker no kyc... Paying taxes is only one option when you are in the cryptocurrency ecosystem. It is interesting to use the decentralized financial system to our advantage, instead of exchanging for fiat and paying taxes every time.
Exactly. That's crypto's main selling point. You can use it (spend it) without being taxed. Assuming you don't cash out or sell to Fiat. It's like how the rich uses their shares (stocks) in a company to get loans on top of other ones. They avoid having to pay capital gains tax to the government. At least, this is the case in the US. I can't say the same about other countries. To stay on the safe side, just gamble with privacy coins on a non-KYC casino or gambling site. I'm waiting for the day when decentralized gambling (Web3) takes over the world by storm. It would be truly revolutionary. Especially if it makes use of scaling techniques like L2s, ZKPs, and whatnot. You are free to gamble with any currency you want. Just be aware of the advantages/disadvantages of each before going all in.
But if we use decentralized gambling, the government will not stops from tracking the gamblers and still asks the casino to verify their members. But hopefully, there will still any casino that doesn't use strictly rules for their members so members doesn't have to do KYC for just playing gambling especially for small gamblers who only wants to spends their spare time.
I gamble with all of them. When gambling locally, I bet with cash of course. Neither stablecoins nor Bitcoin is accepted in casinos and other gambling places here. I also can't bet with crypto when betting around my neighborhood.
It's when I'm gambling online that I mainly use crypto. Lately, however, I have been gambling with altcoins, not Bitcoin. It seems Bitcoin is too valuable to play with. But there are also other online gambling platforms that I've used that don't accept crypto, so fiat is the only way.
It's when I'm gambling online that I mainly use crypto. Lately, however, I have been gambling with altcoins, not Bitcoin. It seems Bitcoin is too valuable to play with. But there are also other online gambling platforms that I've used that don't accept crypto, so fiat is the only way.
In this case, isn’t it better to keep your capital entirely in crypto? and if you want to exchange for dollars, use a crypto x crypto broker no kyc... Paying taxes is only one option when you are in the cryptocurrency ecosystem. It is interesting to use the decentralized financial system to our advantage, instead of exchanging for fiat and paying taxes every time.
Exactly. That's crypto's main selling point. You can use it (spend it) without being taxed. Assuming you don't cash out or sell to Fiat. It's like how the rich uses their shares (stocks) in a company to get loans on top of other ones. They avoid having to pay capital gains tax to the government. At least, this is the case in the US. I can't say the same about other countries.
To stay on the safe side, just gamble with privacy coins on a non-KYC casino or gambling site. I'm waiting for the day when decentralized gambling (Web3) takes over the world by storm. It would be truly revolutionary. Especially if it makes use of scaling techniques like L2s, ZKPs, and whatnot. You are free to gamble with any currency you want. Just be aware of the advantages/disadvantages of each before going all in.
. I prefer making deposits using crypto because it's easier and the prices are not flat, so when we make a profit, we may end up doubling our gains with the increase in the coin's price.In this case, isn’t it better to keep your capital entirely in crypto? and if you want to exchange for dollars, use a crypto x crypto broker no kyc... Paying taxes is only one option when you are in the cryptocurrency ecosystem. It is interesting to use the decentralized financial system to our advantage, instead of exchanging for fiat and paying taxes every time.
Exactly. That's crypto's main selling point. You can use it (spend it) without being taxed. Assuming you don't cash out or sell to Fiat. It's like how the rich uses their shares (stocks) in a company to get loans on top of other ones. They avoid having to pay capital gains tax to the government. At least, this is the case in the US. I can't say the same about other countries.
To stay on the safe side, just gamble with privacy coins on a non-KYC casino or gambling site. I'm waiting for the day when decentralized gambling (Web3) takes over the world by storm. It would be truly revolutionary. Especially if it makes use of scaling techniques like L2s, ZKPs, and whatnot. You are free to gamble with any currency you want. Just be aware of the advantages/disadvantages of each before going all in.
~snip~
It's true you will not be taxed for converting USDT to BTC or vice versa, but if you sold your BTC or any other altcoins higher than what you win from gambling, you will need to pay capital gains tax.
Let's say you convert $5,000 to BTC, you will get 0.074 BTC.
In sports you're betting in USD, not in BTC, so you will see $5,000 in your account, you stake all of your money on football match where the odds is @2.00.
Turns out you win, which mean your money now $10K or 0.148 BTC.
You choose to withdraw your coins to exchange or wallet, then you wait until bull season.
Bitcoin price up, your 0.148 BTC now worth $20K.
If you sell all of your coins, you need to pay both taxes, $5K is the profit from gambling and $10K is the profit from capital gains.
It's true you will not be taxed for converting USDT to BTC or vice versa, but if you sold your BTC or any other altcoins higher than what you win from gambling, you will need to pay capital gains tax.
Let's say you convert $5,000 to BTC, you will get 0.074 BTC.
In sports you're betting in USD, not in BTC, so you will see $5,000 in your account, you stake all of your money on football match where the odds is @2.00.
Turns out you win, which mean your money now $10K or 0.148 BTC.
You choose to withdraw your coins to exchange or wallet, then you wait until bull season.
Bitcoin price up, your 0.148 BTC now worth $20K.
If you sell all of your coins, you need to pay both taxes, $5K is the profit from gambling and $10K is the profit from capital gains.
Yeah, but in the end you only end up paying taxes on the extra money you get.
If the value of BTC increases and you sell, you made a profit, you got extra money.
If you got paid in BTC, you got a profit, and so on.
In the end you only pay tax on the increased amount of money that you end up with.
You don't pay tax twice, or anything like that, only when there is more value in the end than when you started.
Even if you don't sell all your coins, if you bought two at $1 each and sold one at $2, you pay taxes on that extra $1.
In this case, isn’t it better to keep your capital entirely in crypto? and if you want to exchange for dollars, use a crypto x crypto broker no kyc... Paying taxes is only one option when you are in the cryptocurrency ecosystem. It is interesting to use the decentralized financial system to our advantage, instead of exchanging for fiat and paying taxes every time.
~snip~
It's true you will not be taxed for converting USDT to BTC or vice versa, but if you sold your BTC or any other altcoins higher than what you win from gambling, you will need to pay capital gains tax.
Let's say you convert $5,000 to BTC, you will get 0.074 BTC.
In sports you're betting in USD, not in BTC, so you will see $5,000 in your account, you stake all of your money on football match where the odds is @2.00.
Turns out you win, which mean your money now $10K or 0.148 BTC.
You choose to withdraw your coins to exchange or wallet, then you wait until bull season.
Bitcoin price up, your 0.148 BTC now worth $20K.
If you sell all of your coins, you need to pay both taxes, $5K is the profit from gambling and $10K is the profit from capital gains.
It's true you will not be taxed for converting USDT to BTC or vice versa, but if you sold your BTC or any other altcoins higher than what you win from gambling, you will need to pay capital gains tax.
Let's say you convert $5,000 to BTC, you will get 0.074 BTC.
In sports you're betting in USD, not in BTC, so you will see $5,000 in your account, you stake all of your money on football match where the odds is @2.00.
Turns out you win, which mean your money now $10K or 0.148 BTC.
You choose to withdraw your coins to exchange or wallet, then you wait until bull season.
Bitcoin price up, your 0.148 BTC now worth $20K.
If you sell all of your coins, you need to pay both taxes, $5K is the profit from gambling and $10K is the profit from capital gains.
Yeah, but in the end you only end up paying taxes on the extra money you get.
If the value of BTC increases and you sell, you made a profit, you got extra money.
If you got paid in BTC, you got a profit, and so on.
In the end you only pay tax on the increased amount of money that you end up with.
You don't pay tax twice, or anything like that, only when there is more value in the end than when you started.
Even if you don't sell all your coins, if you bought two at $1 each and sold one at $2, you pay taxes on that extra $1.
It depends on my mood. If I gamble in a crypto casino, I use traditional cryptocurrencies and if I gamble in a local online casino, I use a local currency, fiat. There are some crypto casinos that allow betting as low as 0.00000001 Dogecoin for example and I like to gamble with Doge on such casinos because it allows me to have very long gambling sessions without losing anything at all. When I want to test my luck, I deposit crypto again but this time I deposit Bitcoin or Matic and gamble as usual. When it comes to sports betting, I mix it, sometimes I bet with fiat in local online casinos and sometimes I bet with crypto.
I would say that Bitcoin is rather strange solution for gambling, since you say you gamble with 0.00000001 Dogecoin or with small values. Because withdrawal fees for Bitcoin can be a fortune since you like to gamble with low bank. And frankly speaking, I dont understand why people gamble with 0.00000001 Dogecoin or any other altcoin that allows to place a tiny bet. You can have a longer gambling sessions, but the same you will never win big. Even if you hit 9999x, you will still get less than 1 doge. Isnt it that with such tiny bets, you just waste time?
I also like betting low amounts but not as low as that. I think my current lowest in casino games provided they let me do it is 0.005 in USDT. I can still feel a bit of loss when it goes to thousands but there's always the RTP that will bring back a part of that money that you loss. As long as we still enjoy our games, I don't think money matters.
I did not mean to look disrespectful or hurt someone. Everyone gamble with the amount the want, I just dont get why people spend hours and hours to turn 1 cent into 2 cents, when they probably burn electricity for a bigger amount. That is why I prefer sometimes fiat over crypto. Nevertheless, with such a low bet, would it be no different from playing with game money?
Right now it's more practical for me to gamble with stablecoin, since Stake is paying the signature campaign through Tether currency. If I have to convert it into Bitcoin or fiat in order to gamble, it means I will be wasting some money through taxes which can be completely avoided if I just use the USDT currency. But some time ago, when they were paying through BTC currency, I prefered using Bitcoin to gamble for the same reasons stated above.
If I had to deposit money at the casino to play, I would choose Bitcoin, though. It's more convenient when playing at online casinos when compared to fiat currency, which is heavily traceable and taxable by local regulators.
I don't get the issue with taxes while converting the money you received.If I had to deposit money at the casino to play, I would choose Bitcoin, though. It's more convenient when playing at online casinos when compared to fiat currency, which is heavily traceable and taxable by local regulators.
In most countries receiving a payment for posting would be taxed, if you then convert it to another form of currency, say Bitcoin to USDT or whatever, then you wouldn't be paying tax again for that conversion since your cost basis is basically the same as the price. So, in reality, in terms of tax it doesn't matter if you use the same coin you received or you convert it to something else, the tax is basically the same.
And i don't know where uneng lives where it's still easy to hide bitcoin, but bitcoin is traceable and continues to be more traceable with latest tracking open softwares. And meanwhile tracking fiat money requires all sorts of extra steps like forms and permissions as there are different networks and different banks.
It depends on my mood. If I gamble in a crypto casino, I use traditional cryptocurrencies and if I gamble in a local online casino, I use a local currency, fiat. There are some crypto casinos that allow betting as low as 0.00000001 Dogecoin for example and I like to gamble with Doge on such casinos because it allows me to have very long gambling sessions without losing anything at all. When I want to test my luck, I deposit crypto again but this time I deposit Bitcoin or Matic and gamble as usual. When it comes to sports betting, I mix it, sometimes I bet with fiat in local online casinos and sometimes I bet with crypto.
I would say that Bitcoin is rather strange solution for gambling, since you say you gamble with 0.00000001 Dogecoin or with small values. Because withdrawal fees for Bitcoin can be a fortune since you like to gamble with low bank. And frankly speaking, I dont understand why people gamble with 0.00000001 Dogecoin or any other altcoin that allows to place a tiny bet. You can have a longer gambling sessions, but the same you will never win big. Even if you hit 9999x, you will still get less than 1 doge. Isnt it that with such tiny bets, you just waste time?
I also like betting low amounts but not as low as that. I think my current lowest in casino games provided they let me do it is 0.005 in USDT. I can still feel a bit of loss when it goes to thousands but there's always the RTP that will bring back a part of that money that you loss. As long as we still enjoy our games, I don't think money matters.
I prefer using cryptocurrency to gamble, this is because with cryptocurrency as deposits or withdrawals I don't face any third party issues and also at some point the outcome and rewards come in more, let say you stake the bet with Bitcoin or USDT, by the time you are lucky to win the bet you will have big amount when you excahge it to your local currency and this is also as there won't be anything like tax on cryptocurrency deposits unlike fiat currency where banks and payment system charge you aside from the fees and sometimes there is a fed tax on it if the Casino is a licence casino.
Among my most favourite coins to gamble with, I prefer bitcoin since bitcoin volitility is ok for me and I can easily convert my winning into investment my simply withdrawing my bitcoin and holding it in my wallet, this is most accurately easy way for me to utilise my gambling winnings, because if I receive fiat the next thing that will come with it is how to liquidate the available balance to excape inflation since it worthless holding fiat in your bank account,
Among my most favourite coins to gamble with, I prefer bitcoin since bitcoin volitility is ok for me and I can easily convert my winning into investment my simply withdrawing my bitcoin and holding it in my wallet, this is most accurately easy way for me to utilise my gambling winnings, because if I receive fiat the next thing that will come with it is how to liquidate the available balance to excape inflation since it worthless holding fiat in your bank account,
It depends on my mood. If I gamble in a crypto casino, I use traditional cryptocurrencies and if I gamble in a local online casino, I use a local currency, fiat. There are some crypto casinos that allow betting as low as 0.00000001 Dogecoin for example and I like to gamble with Doge on such casinos because it allows me to have very long gambling sessions without losing anything at all. When I want to test my luck, I deposit crypto again but this time I deposit Bitcoin or Matic and gamble as usual. When it comes to sports betting, I mix it, sometimes I bet with fiat in local online casinos and sometimes I bet with crypto.
I would say that Bitcoin is rather strange solution for gambling, since you say you gamble with 0.00000001 Dogecoin or with small values. Because withdrawal fees for Bitcoin can be a fortune since you like to gamble with low bank. And frankly speaking, I dont understand why people gamble with 0.00000001 Dogecoin or any other altcoin that allows to place a tiny bet. You can have a longer gambling sessions, but the same you will never win big. Even if you hit 9999x, you will still get less than 1 doge. Isnt it that with such tiny bets, you just waste time?
The title says it all. Which currency do you prefer to use when betting? Is it stablecoins, good-old Fiat, or traditional cryptocurrencies such as Bitcoin or Ethereum?
Personally, I like to gamble with crypto not only because it's "KYC-free", but also because it represents freedom. The only downside is market volatility. Stablecoins always have their value pegged to Fiat (usually the USD), but they're too centralized and often lack investor protections or guarantees of any kind.
We all love being behind a mask to do our gambling activities, and I love it when you mention the freedom that comes with it, although most times these freedoms come with a significant cost. It can really be costly to deposit bitcoin into the casino platforms except for some notable casinos that compensates for that. Slightly discouraging though, but it gives me personally that feeling that my privacy is upheld. Personally, I like to gamble with crypto not only because it's "KYC-free", but also because it represents freedom. The only downside is market volatility. Stablecoins always have their value pegged to Fiat (usually the USD), but they're too centralized and often lack investor protections or guarantees of any kind.
Another shortcoming of depositing crypto is that you can overspend without knowing unless you've learnt to gamble with a budget and only deposited amounts you can afford to loose.
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