putting stable coins on gambling sites is a good concept IMO...
stable coins like USDT & USDC are not different from the usual dollar value, if a gambling site puts the option of choosing stable coins on their site it will definitely be very interesting, at this time I see there are no gambling sites that place stable coins CMIIW.
Topic: Is it beneficial for the crypto casinos to add stable coins? (Read 394 times)
I think this will not be successful, although you need to look in practice. Until you try, you won’t know.
My personal opinion, it would be better if they tried to implement the blockchain platform instead of adding stablecoins.
My personal opinion, it would be better if they tried to implement the blockchain platform instead of adding stablecoins.
Gambling site adding stablecoins have been discussed before but majority believe the idea is not and said its better for gambler to play using altcoin like Dogecoin and it good that Cloudbet see it as a brilliant idea.
Meanwhile, the current stance of the world economy and cryptocurrency market changing it momentum simultaneously it is beneficial for crypto related gambling site to implement stable coin but the Tether adding by Cloudbet is still not a good choice because of it protocol.
Meanwhile, the current stance of the world economy and cryptocurrency market changing it momentum simultaneously it is beneficial for crypto related gambling site to implement stable coin but the Tether adding by Cloudbet is still not a good choice because of it protocol.
Crypto gambling is booming because it allows gamblers and casinos to bypass regulations and bans, and as the result it even creates better terms for players, because it allows crypto casinos to have way lower house edge than the fiat money ones. Now when you add stablecoins, you'll either have to legalize yourself and rise your house edge due to higher costs of operating, and put obstacles for players like KYC and taxes; or risk getting all your stablecoin bankroll frozen.
It will create more problems for the casino (and for you) probably.
... Stick with real crypto.
... Stick with real crypto.
Agreed - having read this thread from top to bottom it's clear the stable coins have some issues that need attention, that's not to say they aren't great coins, but other cryptos are much easier to implement. And, as long as you wager with those crypto, the price can yo-yo all day long, but your payout is still in the crypto you wagered with.
I don't want that kind of headaches. Stick with real crypto.
Understand, too many rules faced by gambler who come from gambling sites is not a good choice to consider. I also dont really like stable coins used for gambling and I am used to real crypto in general. I prefer Ethereum, Bitcoin, and LTC when gambling and it gives me another chance to get a higher price anytime I win a bet.Using a stable coin to gamble is not much different from using fiat. I dont think there are many gambler who want this coin option to be enjoyed. The average gambler prefers real coins to be used for gambling such as bitcoin, ethereum, doge, ltc, and others.
I came across the article below as I was browsing for gambling news today, it was cloudbet that I just found out they added stable coins already since I am not really an active user of the site though I created an account their years ago, which I can still access for sure.
Cloudbet Adds USD Tether as First Stablecoin Solution
Now, here's my questions, is it beneficial for the crypto gambling industry and can we expect other popular casinos in the forum will soon add stable coins?
Cloudbet Adds USD Tether as First Stablecoin Solution
Now, here's my questions, is it beneficial for the crypto gambling industry and can we expect other popular casinos in the forum will soon add stable coins?
It will create more problems for the casino (and for you) probably.
I would stay away from any of these stable coins. FIAT means regulation and since stable coins guarantee the same value as FIAT currencies, they are essentially the same. That means the same regulations can be applied to them as well.
I don't want that kind of headaches. Stick with real crypto.
I think that a lot of casinos don't want to accept stablecoins simply because they are a proxy for fiat, and most cryptocurrency casinos don't want to be seen handling fiat currencies in any form.
That's why a lot of these places partner with external currency exchange platforms to automatically convert stablecoin deposits into a decentralized cryptocurrency like BTC, LTC etc, just to avoid this issue.
That said, I'd like to see a casino that allows users to stake their balances, e.g. TRX, Cardano etc. So far I haven't seen any casinos that offer this feature.
That's why a lot of these places partner with external currency exchange platforms to automatically convert stablecoin deposits into a decentralized cryptocurrency like BTC, LTC etc, just to avoid this issue.
That said, I'd like to see a casino that allows users to stake their balances, e.g. TRX, Cardano etc. So far I haven't seen any casinos that offer this feature.
I think yes. The more opportunities a casino provides, the better.
I believe people will be more willing to go to a casino where it is possible to transfer all funds to stable coins without the need to make a withdrawal of funds, which may take some time.
All that remains is the question of how much this is beneficial for the casino, and whether it will also be technically convenient to provide a withdrawal in stable coins.
I believe people will be more willing to go to a casino where it is possible to transfer all funds to stable coins without the need to make a withdrawal of funds, which may take some time.
All that remains is the question of how much this is beneficial for the casino, and whether it will also be technically convenient to provide a withdrawal in stable coins.
more coins more moeny, and people like bettin i demntions tey know like usa dollar
Adding stable coins is more beneficial for both gamblers and casino.
It may be good in gamblers to the point that there is no more hassle in converting your usdt or other stable coins into bitcoin or ethereum. If you want to gamble your money, there are many choices that you can deposit. And lastly, when it comes in real betting, I think we can easily determine our lose or value of our bets for every game if it is in form of stablecoins.
It is good in casino because, there is a chance that the number of their gamblers will arise. Since we all know that there are some who are preferred to use stablecoins in transacting than in cryptocurrency which is more volatile.
Actually many gambling site have their stablecoins already but I am using bitcoin every time I play in gambling site because there are some that accepts only bitcoin and ethereum.
Here is the reason why stablecoins are good: https://bitcasino.io/blog/cryptocurrency/a-guide-to-usdt?utm_campaign=2020h01q02m05&utm_content=blog-btctalk&utm_medium=&utm_source=BTCTALK&utm_term=lnk
It came from bitcasino.io
It may be good in gamblers to the point that there is no more hassle in converting your usdt or other stable coins into bitcoin or ethereum. If you want to gamble your money, there are many choices that you can deposit. And lastly, when it comes in real betting, I think we can easily determine our lose or value of our bets for every game if it is in form of stablecoins.
It is good in casino because, there is a chance that the number of their gamblers will arise. Since we all know that there are some who are preferred to use stablecoins in transacting than in cryptocurrency which is more volatile.
Actually many gambling site have their stablecoins already but I am using bitcoin every time I play in gambling site because there are some that accepts only bitcoin and ethereum.
Here is the reason why stablecoins are good: https://bitcasino.io/blog/cryptocurrency/a-guide-to-usdt?utm_campaign=2020h01q02m05&utm_content=blog-btctalk&utm_medium=&utm_source=BTCTALK&utm_term=lnk
It came from bitcasino.io
There's a trend in casinos to add stablecoins. Stablecoins would make it much more easier for traditional gamblers to move to crypto gambling sites. Most of the crypto casinos provide better house edge than traditional casinos and some form of gambling are still exclusive to crypto users.
I've seen on most casino sites that people are asking how to buy and sell crypto and how it's value is determined. They'll feel easy gambling with stablecoins.
Probably because they have less capital and maintenance compared to the traditional casinos where they maintain the place and they have a a lot of employees to play. Starting an online caisino does not need a big capital, so we are seeing a lot of online casinos and that makes the competition better in crypto, but this will only serve gamblers which are fan of online betting, not on the gamblers who like to play cards in a traditional casinos. I've seen on most casino sites that people are asking how to buy and sell crypto and how it's value is determined. They'll feel easy gambling with stablecoins.
For now this is the only benefit I see for the crypto industry, some online gamblers who gambles in fiat will somehow be introduced to an online crypto gambling casino. They may try crypto for once or maybe a start for them to get interested in the crypto community. However, they may also feel that it is better to stay gambling in fiat cause yup, their money is protected from the volatility.
But this whole thing, I think all the benefits will go to the casino sites, they can have more traffic, they somehow got a solution for the volatility problem the gamblers faced in their platform. They have a choice for their customers who are tired of playing without a fixed price.
Now, here's my questions, is it beneficial for the crypto gambling industry and can we expect other popular casinos in the forum will soon add stable coins?
I guess yes, many gamblers wanted this to add stable coin just for the safety of their fund throughout the volatility in cryptocurrency, this is the nature of decentralized work. Most gambling platform uses this table coin just because maybe they knew there are gamblers prefer to use a stable coin. The beneficial brings might be a safe fund from volatility and have from a wide selection of crypto usage aside from bitcoin and ethereum which is very common in online casinos.
thanks to directbet (a gambling site that has been closed) I have sent a lot of transactions paying a lot of fees in bitcoin.
I think this was another way to support the growth of bitcoin.
Since more fees means more earning for miners = more profitable ecosystem for all of us.
I am scared to see this hype behind stablecoins. You're accepting the risk to get your funds seized or freezed, blacklisting your personal account and so on.
It's really worth it? I mean we are using bitcoin just to avoid fiat, we really need another version of classic fiat (plus this is not emitted/controlled by central entities?)
We really need this for betting? I think a real better with bitcoin doesn't need at all these kind of stuff...
I think this was another way to support the growth of bitcoin.
Since more fees means more earning for miners = more profitable ecosystem for all of us.
I am scared to see this hype behind stablecoins. You're accepting the risk to get your funds seized or freezed, blacklisting your personal account and so on.
It's really worth it? I mean we are using bitcoin just to avoid fiat, we really need another version of classic fiat (plus this is not emitted/controlled by central entities?)
We really need this for betting? I think a real better with bitcoin doesn't need at all these kind of stuff...
Nope, not unless they add a convert function between Bitcoin to Tether and vice versa. Then it's a good idea but if not then my answer is no.
First of all their regulated you might get tax evasion lawsuit in your doorstep if you try and use it.
First of all their regulated you might get tax evasion lawsuit in your doorstep if you try and use it.
It could be beneficial but aren't USDT centralized? wouldn't that defeat wanting to gamble anonymously or without a central authority?
I don't think adding USDT makes any difference. Cloudbet is a centralized gambling platform who also asks verification if needed anyway. ~
Blacklisted how? I think it's volume is big enough for gamblers to think that USDT is quite good for online gambling since its very liquid.
Can you enlighten me a bit on the "Blacklisted" thing?
Maybe he meant USDT can be frozen unlike DAI.Blacklisted how? I think it's volume is big enough for gamblers to think that USDT is quite good for online gambling since its very liquid.
Can you enlighten me a bit on the "Blacklisted" thing?
~
Like the Crypto casino doesn't have KYC which is most fiat-based gambling sites do.
They don't always implement it but they do require KYC in cases like huge withdrawals or when they suspect users of fraudulent activities. Like the Crypto casino doesn't have KYC which is most fiat-based gambling sites do.
Well, expect that some of them may add it soon. As long as there is some players who are asking them to do so, that's a gain for them if ever they are granting the demand of their players. And there is no loss in their part if ever they will accept it.
It's a tradable stable coin so there should be no problem on any casino that will add it to their accepted cryptocurrencies. For those who are conservative with the fluctuations can convert to stable coins and keep gambling.
It's a tradable stable coin so there should be no problem on any casino that will add it to their accepted cryptocurrencies. For those who are conservative with the fluctuations can convert to stable coins and keep gambling.
.......
Now, here's my questions, is it beneficial for the crypto gambling industry and can we expect other popular casinos in the forum will soon add stable coins?
Now, here's my questions, is it beneficial for the crypto gambling industry and can we expect other popular casinos in the forum will soon add stable coins?
It is the dream of most gamblers here, to somehow have a safe haven for their holdings. With the common volatility of decentralized cryptocurrencies, many find it difficult to have a certain and stable amount of their winnings. They might win a hundred dollars now, but the time they need it, it could be only 90.
Meanwhile, some would still find having stable coins unnecessary and unrealiable, due to the fact that having stable coins could also be risky (even riskier) as you couldn't expect that later it could cost half of its price today depending on the big time holders of that certain coin (with USDT, once the USDs price suddenly go down, then their holdings in USDT would be pretty off as well)
Both have pros and cons. It would only depend on how and when would the holder withdraw his holdings.
Most casinos that WANT a stablecoin anyway just accept bitcoin deposits and then simply convert everything to USD so the concept of a stable unit of currency hasn't been a new one. I can see the benefit of stablecoins for businesses than run in actual dollars but since most crypto casinos only deal in crypto,,, adding Tether or others is simply adding another coin, nothing much to do with stable value IMO.
There's a trend in casinos to add stablecoins. Stablecoins would make it much more easier for traditional gamblers to move to crypto gambling sites. Most of the crypto casinos provide better house edge than traditional casinos and some form of gambling are still exclusive to crypto users.
I've seen on most casino sites that people are asking how to buy and sell crypto and how it's value is determined. They'll feel easy gambling with stablecoins.
I've seen on most casino sites that people are asking how to buy and sell crypto and how it's value is determined. They'll feel easy gambling with stablecoins.
its not a trend when only few casinos are doing that because trend means atleast 80 percent of them are joining . its because traditional gamblers use fiat , it means they can be convinced to play if they saw that stable coins are now added ? im not sure with that . maybe yes and maybe not . yes because they dont join crypto as it is too volatile and no because they dont get impressed on how online gambling work . not knowing the value of the crypto is not a reason to not gamble because there are converters online .
Having stable coins on a crypto gambling site for me is abosolutely fine, At least the casino gave us more options on what token we are going to use.
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