Is this possible? | Bitcointalksearch.org

Frankolala

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Quote from: Hatchy on November 26, 2024, 08:25:49 AM

Quote from: Perfectbaby on November 13, 2024, 03:11:32 PM

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For instance; If i deposit Cryptocurrency and gamble and with I win can i be able to withdraw my winning through NGN?

Is it possible to happened and is there any gambling platform permits that?

Like others have said, these casino systems are designed in such a way that you will only be able to make withdrawal through the same way you deposited.. I used to also wonder like you why this was done this way, but ufs as simple as so that the players might not make a fool out of the convert system. If you have heard of people buying on platforms at cheap rates and selling at higher rates somewhere else. So these casino tries to avoid these case scenario where exchange rates are used to make profits.

From my own understanding, this is a casino and not an exchange, therefore, they don't have such service because they are only out to entertain you through gambling and that's why it's not ideal for you to deposit usdt and want to withdraw bitcoin. That looks unserious and funny. If you want to deposit usdt and withdraw bitcoin, you should do that in an exchange. Casino only recognize the type of currency that you used to make deposit. It's a norm and same thing applies in a bank. You cannot deposit your local fiat currency to your bank account and want to withdraw usd.

Perfectbaby

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Quote from: alegotardo on November 26, 2024, 05:31:14 PM

Quote from: Perfectbaby on November 13, 2024, 03:11:32 PM

Okay, I wanted to make a deposit to a gambling site and having it withdrawn to our native currency.

For instance; If i deposit Cryptocurrency and gamble and with I win can i be able to withdraw my winning through NGN?

Is it possible to happened and is there any gambling platform permits that?

No!

In all the casinos I know (at least the reputable ones) you can only withdraw the same currency you deposited, since your balance is never "converted"....
In other words, if you deposited Bitcoin you will place your bets with Bitcoin (or satoshis) and if you win the game your reward will be paid in Bitcoins, increasing your balance in that same currency. So to withdraw you can only do so using a wallet under the Bitcoin blockchain.

I don't know if there is any casino with an "exchange" built in where you can trade and bet under the same login, I don't think so.

What I saw once was a site encouraging the use of its token, so you could exchange Fiat or Crypto for their token and bet with that, but you couldn't exchange it back to Bitcoin or Fiat when you wanted to withdraw.

Had to realized that is not possible even though we have to buy their token and gamble with it at the later ends the results are still unchanged. Meaning; if someone use the token to bet he would still get paid through the token and there is no differences that is why we must choose correctly the coin we are to deposit to gamble, though I was only thinking of possibilities that can change someone withdrawal methods through other coin or currency.

Josefjix

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yes

Quote from: Ojima-ojo on November 26, 2024, 06:51:05 PM

You have misunderstood this whole discussion and think that what the ops is saying is about casino accepting multiple currencies, which is not what the guy is asking, what he meant is that, if someone make deposits in bitcoin, will that person be able to withdraw USDT instead of bitcoin from that casino?

The answer to that is somewhat no, because casinos that allows such currency exchange is already doing the service of internal exchange which will require a lot of development to make that happen, and that is the reason why most casino will not consider offering such a service on their platforms.

That will also required the casino to provide it liquidity for swaps or better still use a third party liquidity service, it's a more work for sure and only few exchanges like BCgame and Betfury offers crypto swap on their platform.

Exchange services shouldn't be added to casino platforms, if anyone wants to swap crypto he should visit the exchange.

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Quote from: Ojima-ojo on November 26, 2024, 06:51:05 PM

Quote from: Lidger on November 18, 2024, 03:23:15 AM

This will totally depend on what kind of casino you are using for your gambling. If you choose a casino that supports the local currency of your country, then you can continue gambling by depositing your local currency in that casino. However, considering the security aspect, I would always suggest avoiding such casinos. The casino companies that are known worldwide may not support all the currencies of all countries but still we should try to gamble in these casinos. Although these casinos do not support local currency, many digital currencies including Bitcoin are supported and these online casinos are very trusted so a gambler can easily gamble here with security.

You have misunderstood this whole discussion and think that what the ops is saying is about casino accepting multiple currencies, which is not what the guy is asking, what he meant is that, if someone make deposits in bitcoin, will that person be able to withdraw USDT instead of bitcoin from that casino?

The answer to that is somewhat no, because casinos that allows such currency exchange is already doing the service of internal exchange which will require a lot of development to make that happen, and that is the reason why most casino will not consider offering such a service on their platforms.

Yes, this is kind of an internal exchange functioning within the gambling platform. It doesn't look to be a complex thing, but gambling platforms won't show interest in these kinds of developments. Because deposits and withdrawals in the same currency will ease out the bet and the settlement process. Going for a different withdrawal currency from the deposit currency will surely cost them with additional transaction fees, internal conversion, and varied calculation. Why to get into these kinds of complications will be the question of these platforms. I think, earlier, Yobit used to have these kinds of options.

Ojima-ojo

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Quote from: Lidger on November 18, 2024, 03:23:15 AM

This will totally depend on what kind of casino you are using for your gambling. If you choose a casino that supports the local currency of your country, then you can continue gambling by depositing your local currency in that casino. However, considering the security aspect, I would always suggest avoiding such casinos. The casino companies that are known worldwide may not support all the currencies of all countries but still we should try to gamble in these casinos. Although these casinos do not support local currency, many digital currencies including Bitcoin are supported and these online casinos are very trusted so a gambler can easily gamble here with security.

You have misunderstood this whole discussion and think that what the ops is saying is about casino accepting multiple currencies, which is not what the guy is asking, what he meant is that, if someone make deposits in bitcoin, will that person be able to withdraw USDT instead of bitcoin from that casino?

The answer to that is somewhat no, because casinos that allows such currency exchange is already doing the service of internal exchange which will require a lot of development to make that happen, and that is the reason why most casino will not consider offering such a service on their platforms.

livingfree

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Quote from: Kasabus on November 26, 2024, 05:53:14 PM

It actually depends on the gambling platform’s policies. But most likely, if you deposit in crypto, they will also release winnings in crypto. However, there are also few of the casinos who can offer that but it comes with expensive fees and quite lower rate of exchange, and of course KYC is a must.

Just check the terms and conditions of the gambling platform before you decide to play. That’s very important, so you will know their preferred payment or withdrawal options prior to gambling.

That's it.

He has to check the terms of the casino of whatever he does. And with that, all of the possibilities that he's looking for will be found out. While it's troublesome to look for some specific ones that offers exactly as what he's looking for.

But it's not that much to look at with the spare time that he's got because most of the casinos are supporting both fiat/crypto nowadays for all of possible payment and withdrawal methods.

n0ne

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In the past there were few gambling platforms in which you could swap the cryptocurrency you had in the wallet for another cryptocurrency and use it for wagering. Even in that there is no feature available to swap to fiat and withdraw it. The right choice is to withdraw in cryptocurrency of one's choice, and then it can be converted to fiat through exchanges. It is a very simple process and doesn't take much time. A better way is to find the crypto that deducts less transaction fee and wager, then withdraw it and convert it to fiat from an exchange.

Popkon6

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Quote from: Perfectbaby on November 13, 2024, 03:11:32 PM

Okay, I wanted to make a deposit to a gambling site and having it withdrawn to our native currency.

For instance; If i deposit Cryptocurrency and gamble and with I win can i be able to withdraw my winning through NGN?

Is it possible to happened and is there any gambling platform permits that?

But usually you can withdraw money in the same way you deposit or deposit money on a gambling site, for example if you deposit Bitcoin or USDT.
From there, when you withdraw, you have to withdraw Bitcoin or USDT coins, there is no alternative, I know of. But in my opinion, depositing Bitcoin is the best.

Kasabus

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Quote from: Perfectbaby on November 13, 2024, 03:11:32 PM

Okay, I wanted to make a deposit to a gambling site and having it withdrawn to our native currency.

For instance; If i deposit Cryptocurrency and gamble and with I win can i be able to withdraw my winning through NGN?

Is it possible to happened and is there any gambling platform permits that?

It actually depends on the gambling platform’s policies. But most likely, if you deposit in crypto, they will also release winnings in crypto. However, there are also few of the casinos who can offer that but it comes with expensive fees and quite lower rate of exchange, and of course KYC is a must.

Just check the terms and conditions of the gambling platform before you decide to play. That’s very important, so you will know their preferred payment or withdrawal options prior to gambling.

alegotardo

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Quote from: Perfectbaby on November 13, 2024, 03:11:32 PM

Okay, I wanted to make a deposit to a gambling site and having it withdrawn to our native currency.

For instance; If i deposit Cryptocurrency and gamble and with I win can i be able to withdraw my winning through NGN?

Is it possible to happened and is there any gambling platform permits that?

No!

In all the casinos I know (at least the reputable ones) you can only withdraw the same currency you deposited, since your balance is never "converted"....
In other words, if you deposited Bitcoin you will place your bets with Bitcoin (or satoshis) and if you win the game your reward will be paid in Bitcoins, increasing your balance in that same currency. So to withdraw you can only do so using a wallet under the Bitcoin blockchain.

I don't know if there is any casino with an "exchange" built in where you can trade and bet under the same login, I don't think so.

What I saw once was a site encouraging the use of its token, so you could exchange Fiat or Crypto for their token and bet with that, but you couldn't exchange it back to Bitcoin or Fiat when you wanted to withdraw.

Hatchy

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Quote from: Perfectbaby on November 13, 2024, 03:11:32 PM

.

For instance; If i deposit Cryptocurrency and gamble and with I win can i be able to withdraw my winning through NGN?

Is it possible to happened and is there any gambling platform permits that?

Like others have said, these casino systems are designed in such a way that you will only be able to make withdrawal through the same way you deposited.. I used to also wonder like you why this was done this way, but ufs as simple as so that the players might not make a fool out of the convert system. If you have heard of people buying on platforms at cheap rates and selling at higher rates somewhere else. So these casino tries to avoid these case scenario where exchange rates are used to make profits.

AicecreaME

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I believe it's not.

But there's an alternative for that, if there's a local exchange in your country, that's your only way to convert the withdrawal amount from your gambling account to your native currency.

I would recommend playing at your own local online casino if there is one, so you can deposit and withdraw NGN currency with no problem, but it seems like you're trying to be anonymous so no one in your family would know about your gambling thingy.

robelneo

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Quote from: Perfectbaby on November 13, 2024, 03:11:32 PM

Okay, I wanted to make a deposit to a gambling site and having it withdrawn to our native currency.

For instance; If i deposit Cryptocurrency and gamble and with I win can i be able to withdraw my winning through NGN?

Is it possible to happened and is there any gambling platform permits that?

I once looked for a casino like that and was referred to shady casinos because of a feature that will make it easy for gamblers to trade their coin to their native currency. It's good that I checked each and every one of these casinos' reputations.
If you can't find them on reputable casinos, its because they want to be compliant, they do not want to operate like an exchange; that's another license for them to acquire.

coin-investor

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Quote from: Perfectbaby on November 13, 2024, 03:11:32 PM

Okay, I wanted to make a deposit to a gambling site and having it withdrawn to our native currency.

For instance; If i deposit Cryptocurrency and gamble and with I win can i be able to withdraw my winning through NGN?

Is it possible to happened and is there any gambling platform permits that?

Its now a fact based on the answers of many of the members that established casinos do not support this kind of feature. If you can find one, be sure to check the reputation of the casino before depositing, These scam casino might use this feature to entice people like you to play; its better to just look for a reputable exchange where you can exchange your Crypto to naira.

Eternad

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Quote from: Perfectbaby on November 13, 2024, 03:11:32 PM

Okay, I wanted to make a deposit to a gambling site and having it withdrawn to our native currency.

For instance; If i deposit Cryptocurrency and gamble and with I win can i be able to withdraw my winning through NGN?

Is it possible to happened and is there any gambling platform permits that?

Casino will not allow this because they to track every transaction in/out of the casino for AML policy. What you are suggesting is clearly the use of casino as mixing since you will change your money track from different currencies.

Why not use Exchange P2P to convert your fiat. Exchange like Binance sometimes offer no transaction fee on P2P. Also if ever casino will offer this feature I’m sure they will charge insane fee since you are converting with fiat here.

Lucasgabd

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Quote from: mirakal on November 17, 2024, 07:27:00 AM

It’s important to note that gambling sites are not the same as trading or currency exchange sites. When we deposit money, the site assumes it’s for gambling purposes, which, based on experience, usually means withdrawing in local currency isn’t allowed. If someone offers a service like this, think twice, because it could very well be a scam.

It’s better to use a platform that actually fits the transaction you want, because gambling sites are definitely not the right place for those types of services.

really? there are no gambling websites at all that offer bridges fiat-crypto?
that's an interesting thing if it's true, I haven't considered it

or they offer deposits in fiat but you can't withdraw? what if you win?

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Quote from: BABY SHOES on November 13, 2024, 04:43:51 PM

Here's what I don't know... Are there any casinos that allow fiat withdrawals after depositing using crypto... I don't think this feature exists yet and I haven't seen anyone successfully doing it.

What I know from the casino
Crypto deposit - then crypto withdrawal.
Fiat deposit - then fiat withdrawal.

Whatever you mean, I think it would be hard to find a casino that has this feature.

Except for non-crypto casinos that can allow that feature because you can deposit with fiats. Once you use a crypto casino you are bound to deposit in crypto and withdraw with crypto. It's all in their Tos until there will be further changes in the future.

Although this would be a good innovation for crypto casinos. They can add the feature of withdrawing to fiat. No conversion is needed. Everything can be done in the backend. When you want to withdraw a certain USDT then it automatically converts in cash and sends to a local bank. Meanwhile, transaction charges will be deducted equivalently to the normal transaction fees. But the problem is which network will the conversion take place?

Dr.Bitcoin_Strange

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Quote from: Oasisman on November 18, 2024, 03:40:37 AM

Quote from: Perfectbaby on November 13, 2024, 03:11:32 PM

Okay, I wanted to make a deposit to a gambling site and having it withdrawn to our native currency.

For instance; If i deposit Cryptocurrency and gamble and with I win can i be able to withdraw my winning through NGN?

Is it possible to happened and is there any gambling platform permits that?

Well, gambling platform is not an exchange where you can convert from one currency to another seamlessly. I'm not sure if there are gambling platform that are allowing this kind of feature, but I'm pretty sure most are not. If there are some, then maybe they have an internal exchange who can do the conversion automatically that allows you to withdraw the currency of your choice including cryptocurrency.

If OP can not withdraw NGN which is his local currency from the casino he is using, then he can possibly withdraw the crypto to an exchange and trade it to his local currency via P2P. It's not very difficult to do that too.

jcojci

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Quote from: Oasisman on November 18, 2024, 03:40:37 AM

Quote from: Perfectbaby on November 13, 2024, 03:11:32 PM

Okay, I wanted to make a deposit to a gambling site and having it withdrawn to our native currency.

For instance; If i deposit Cryptocurrency and gamble and with I win can i be able to withdraw my winning through NGN?

Is it possible to happened and is there any gambling platform permits that?

Well, gambling platform is not an exchange where you can convert from one currency to another seamlessly. I'm not sure if there are gambling platform that are allowing this kind of feature, but I'm pretty sure most are not. If there are some, then maybe they have an internal exchange who can do the conversion automatically that allows you to withdraw the currency of your choice including cryptocurrency.

Yes, that is if the casino has the exchange feature so he can convert it into his currency and withdraw the money to his bank.

Maybe some casinos have a conversion feature that he can use to withdraw in his currency but I am not sure if there are casinos that have the feature. We can only suggest you to sends the money into the exchanges and you can sell the coin and withdraw it into your currency.

If your country allow gambling, that will not be a problem, but if your country prohibit gambling, your bank may suspicious and will investigate it by checking the transaction.

Outhue

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Quote from: Perfectbaby on November 13, 2024, 03:11:32 PM

Okay, I wanted to make a deposit to a gambling site and having it withdrawn to our native currency.

For instance; If i deposit Cryptocurrency and gamble and with I win can i be able to withdraw my winning through NGN?

Is it possible to happened and is there any gambling platform permits that?

What a question, you don't mention the name of this online casino, how can I answer this type of question? Also I don't see the need for you to ask this question because you can just ask the team direct or check if the casino has a NGN withdrawal option available.

No name of the casino, how can anyone answer your question? It won't hurt for you to just check yourself, if you can't find NGN in the withdrawal options it means it is not available, keep using USDT or other option then move your asset to Bybit or Bitget then swap to NGN on these exchanges through P2P.

You will never see what you are looking for.

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