Topic: Gambling with stablecoins, Fiat, or crypto? - page 8. (Read 2417 times)

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.

In my case I have been using USDT, but in the recent past I used Litecoin because it has a very low transaction fee, but the problem is that with this market volatility, using Litecoin to bet gave me a headache. for example I deposit 10$ in litecoin, the next day the price of litecoin drops and I have only 9$, I choose a game that has odds of 2.00 and I bet 1$, the next day I see the result of the bet and realize that I won, but instead of earning 2$, I get 1.80$ because the price of Litecoin fell and in my balance instead of me having 9$, I get 8$ because the price of litecoin fell, so 8$ + 1.80$ = 9.80 $, so there is a scenario in which I deposited 10$, chose a game that has an odd of 2.00 and got it right, but even so I still made losses because in my jump I had 9.80$

I know they can say that it could also happen that the price of Litecoin goes up and with that the money in my balance will also go up, and that would be good, but this falling scenario is what irritated me the most and I preferred to stay using the USDT because it is stable, so I have 10 USDT, I don't need to worry about the next day becoming less than 10 USDT without me having made any bets. I think stablecoins are ideal for playing in casinos. I would not use a bank card to play at any online casino because the transaction fees are very high, banks charge high transaction fees for deposits and even withdrawals. for example, if I wanted to deposit 20$ in a casino using my bank, I would have to have 30$ in my bank account and 5$ to 7$ would be transaction fees, in the casino I would receive 20$ and in my bank account I would have 3 $ to 5$. If I wanted to withdraw 20$ from the casino to my bank account, then 15$ would arrive in my bank account, 5$ would be a bank fee, it's simply not worth it

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.

Yes, that's right, it depends on us as gamblers. I prefer to use crypto because I hold more crypto and the one that I use most often is TRX. There are several reasons why I prefer to use TRX for gambling, one of which is because the fees are relatively cheap when I make a deposit into my gambling account.
However, at certain times I also used others, for several reasons, one of which was that what was available at that time was only stable coins, for example. Although I could convert it to crypto but I prefer to use whatever is available at that time.
This is actually a very simple thing, because again it depends on us, the situation or even the available assets that we can use for gambling. It's true that some people prefer to just use what they like, that's not a problem, so just use what we like.

I don't get the issue with taxes while converting the money you received.

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.

I use whatever fund is available since I am gambling in a centralized platform where different cryptocurrency is enabled.  I am trying to play in a decentralized gambling platform but the thought of paying for transaction fee each bet stopped me since it would be way more expensive than playing in a centralized platform.  I am not playing a few bet but rather hundreds to thousands of bet in a game, so using a decentralized gambling platform where every bet needs to pay a transaction fee may eat up my allocated bankroll just for the transaction fee.

I do not mind providing my KYC as long as the casino platform is reputable.  Besides our country's citizen database is already breached so I do not think that my information is still safe out there.

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.

In other words, this preference still depends on the person. As we have different considerations on why we are using certain currency, it is on your own accord whether you go to fiat, stablecoins or crypto. And most of the time, the usage of currency depends on the situation in front of you. Like for an example - you want to play at the comfort of your home, and you only have crypto in your wallet - definitely, you will likely use your crypto to deposit in your online casino account. You won't go to the extent of going outside and find a land-based casino because you are too lazy to go out that day. You know what I mean here. We can't say, we want to use fiat or crypto all the time. Sometimes, it is the situation that calls for it.

Yes. Cash is "King" when it comes to gambling anonymously. But even physical casinos require you to provide some sort of ID (if I'm not mistaken). You can only obtain true anonymity by betting with privacy coins such as Monero or Grin. A truly-decentralized gambling platform (powered by smart contracts) using ZKPs would be the perfect solution for those seeking anonymity and privacy. But this might be "illegal" under the eyes of mainstream governments. They're the ones who make the rules anyways.

If you don't care about your privacy, then gambling with either stablecoins, Fiat, or traditional cryptocurrencies wouldn't make any difference. You're free to decide the way you gamble. I'd stick with crypto, no matter what.

The thing is that fiat doesn't have a future, really.

Most central banks hope for a 2% devaluation.

If you just keep your money in Bitcoin, you will not get that kind of devaluation over long periods of time

That would be so bad if he decide to gamble all his savings since there would be a chances that he will be broke for that. But also for sure he provably know the risk since he provably got a lot of knowledge and warnings about this possibilities thru discussions made it.

In my case I choose depends on the situation also the funds availability since if I earned some currency then that is the one which I'm going to use. But if there are times that there are issue on the market then USDT will be the best option since we will not worry about anything and we can continue to gamble without getting any further more issues.

I think there is a typing error in your title. It must be other payment processors instead of stablecoins. Because, stablecoins are already a combination of both crypto and fiat. Anyways, I can see that you already clear it out in your description.

Since I'm playing in a fiat-based casinos right now, obviously I'm using a fiat to play. Some of them still support cryptos and even though some of those cryptos are cheap, I still stick with fiats because this is the only thing that I have right now and I find it a bit hard to top up my crypto wallet with a crypto.

Cryptos are only a currency and not some kind of a platform for us to say that they can be KYC-free. Cryptos volatility is not a downside, if you know how to utilize them well. Centralized services, do actually have that kind of protection you are talking about but we must not depend on them of course because some aren't still guaranteed. If you're in a country where gambling is illegal, then you shouldn't insist to gamble by using a crypto, and/or a VPN because that's not right. 

Thanks for drawing back my attention because I was actually mistaken stable coin to be fiat because I was actually referring to stable coin because already there has been some regulations that made our government to stop banks from direct deposit into crypto trading platform, so you are right because since there has been a law imposed by government anybody who violate it by using there bank to deposit will have his or her bank account freezing, so actually the best way is using stable coin deposit because already in every gambling platform stable coin like USDT is always considered one of the best because is free from any fluctuation than any normal crypto.

Short answer; I prefer stablecoins for many reasons. In my experience in gambling as I have started with Fiat and virtual banks, honestly, it wasn’t a good experience for me and also for many people, starting from the complicated way of verifying your bank account, identity, matching the name and address of both casino and bank accounts. Small deposits only allowed until you verify the source of your money, which sometimes it isn’t possible in some countries that doesn’t have english written documents or the casinos simply doesn’t have agents to read other languages. Simply it was a very bad experience with fiat.
This experience pushed me to switch for crypto, starting from Bitcoin in small casinos, betting on sports without even opening an account. The thing that pushed me also to stablecoins is the volatility of market, when you leave the crypto in your casino account just to notice the value of your coins went down.

With stablecoins, you will have the feature of quick deposits, quick withdrawals and very low fees, with the ability of exchanging your stablecoins in decentralized exchanges if you want to keep your identity hidden or you are just lazy for a KYC process.

Make sure you don't gamble all your savings so you have some left when the bull run comes. Consider it as an investment, though there is no risk in saving. However, with the volatility of bitcoin's price, it may drop in value in the future, so that's the risk.

There's definitely an advantage to using bitcoin in gambling as all crypto casinos accept bitcoin. However, sometimes the fees are high, so you might miss the action if that happens. That's why, for me, I choose altcoins or stablecoins when I'm gambling so I don't have to worry about the fees. I also have an investment in bitcoin that is dedicated solely for investment. I don't take any from it for gambling as I believe that gambling and investment should not be mixed.

The truth is that I use all of them and it depends on the betting platform I want to use at that time. But presently, I use Fiat and USDT for obvious reasons, the volatile cryptocurrencies could cause you a huge loss if care is not taken, especially if you are the type that holds your money on the betting platform for months.

However, if they can fall back and start rising in the wake of another bullish cycle, I may reconsider them as a crypto enthusiast and an investor in addition to the betting goal.

I agree!

I like to gamble with those casinos that have different options to deposit and play. And I prefer casinos that are here and also accept fiat for deposit and in the casino you can convert it to cryptocurrency and use it to play gamble. Though one thing I discovered is that, many of them do not have doe not allow the fiat currency to play games in the casino and they can only allow deposit and you convert it to any of the cryptocurrencies. That is also good.

And depositing cryptocurrency is more faster than depositing fiat. And one of the best play to play gamble with nice slots and spin games is spinarium. You can check their website and see the games by yourself.

Yes, I will also do the thing that if I buy Bitcoin, I should save it to invest instead of playing it in gambling and trying to multiply it in the end losing everything, I have done this in the past so I regret now that I have lost some BTC in gambling, but that's it. I don't have to regret it every time, which in essence just makes it an experience that doesn't have to be repeated again next season, I prioritize Stablecoin over cryptocurrencies, especially Bitcoin, which may still be worth more than its price today in the future.

No one knows, but don't ever store cryptocurrencies on gambling sites or online casinos because there are also many cases where casino sites or gambling sites make it difficult for users to withdraw and even steal their users' money. Make sure to use money directly when gambling, use money that is not used or ready to be lost. , it's better to use stablecoins even though sometimes everyone likes risk and has different views, it all comes down to each person.

Well I say hey, betting is betting, for me it is risking money in any way , if I do it from the fucking point of view that it is money, being crypto then at least I am a little more anonymous, in Fiat more problems can be generated, with banks, governments, etc., so I am one of those people who avoid 100% that they know my movements, and since for governments playing in a Casino is a luxury , then I Avoid a government applying the law to me by making me pay taxes for it, if I play in a casino purely with fiat money, there is no other Choice, but in a crypto casino for me it makes no sense to use fiat.

I love to gamble by using cryptocurrency and it is bitcoin. Personally, the reason why i use bitcoin because i love to save my fund in bitcoin, even i save my monthly salary and always convert it in bitcoin, so, when i try to use my saving for gambling, i just take some of it from my saving fund. And, the other reason why i love to use Bitcoin is because it is not only easy for me, but also it is really acceptable in every gambling site and It really makes it easier for me to play on any site that i want to try. I am sure there are people who feel that way too, or maybe agree with my opinion, right ?