Is this possible? - page 2. | Bitcointalksearch.org

GxSTxV

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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Okay, I wanted to make a deposit to a gambling site and having it withdrawn to our native currency.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 don’t think there is any crypto casino that will directly let you withdraw in your local currency no matter what . Even if you make a deposit with Bitcoin, for example they usually won’t let you withdraw in a different crypto like BNB. All of these due to anti money laundering measures, and also the difference between prices.

The best way to handle this is to go through an exchange platform. After you receive your winnings in crypto from the casino, just transfer the funds to a trusted exchange and convert them to your local currency from there. It’s a bit of an extra step but it’s the most straightforward way to get your winnings in any other currency.

bitbollo

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they can't exchange your coins even because they haven't the proper market even because they don't have the proper liquidity for doing that.
And even because they haven't any auth. on doing that... so of course no one want risks for nothing back.

In some cases you can just use a "change" service. Like you withdraw to their address and ask to immediately convert to your desidered coin.
Or ask to reputable users. There are some people that can "change" directly on platform (using tips or other tools).

Oasisman

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Okay, I wanted to make a deposit to a gambling site and having it withdrawn to our native currency.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

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.

Lidger

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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.

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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?

Some crypto based casinos does have withdrawals to local banks and so when you do the direct withdrawal to your local bank, they make sure to send the cash equivalent to your local bank but the challenge would be if your local bank account is listed on their platform if not you may have to withdraw the crypto to an exchange and then further withdraw to your bank account.

Out of mind

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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?

To my knowledge, I have not seen any casino where you can withdraw your local currency from the casino after depositing cryptocurrency. However, if your local casino has the opportunity to deposit and withdraw NRG, you may be able to withdraw. However, as far as I've seen, no casino has offered an offer where, after depositing cryptocurrency, they later allow you to withdraw local currency. However, if you want, you can deposit your cryptocurrency coins and switch them to USDT. as you mentioned, there may not be any popular casinos. As far as I know, the good casinos that are currently available do not offer such an offer.

Solosanz

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Depends on the casino.

Most casinos only let you to withdraw the same currency you deposit/play.

Some casinos have internal exchange where you can convert it to the currency you want to withdraw.

Only few casinos allow to withdraw in different currency.

Quote from: Eternad on November 17, 2024, 08:14:10 AM

Your best shot is to try casino with built in exchange feature or casino like Duelbits that automatically convert crypto deposit to USD.

That's right my G, Duelbits is the best casino to gamble because they offer many games, events, promotions and then have built in exchange feature too. Cool

Findingnemo

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Quote from: $weetne$$ on November 17, 2024, 08:56:23 AM

Quote from: Findingnemo on November 17, 2024, 07:53:16 AM

In the past casinos allowed users to withdraw in different crypto than the deposited ones but people seems to be using it for money laundering and break the trails so most of the casinos only allows to withdraw in the same crypto that was deposited earlier.

But this is not fair to gamblers because already the casino have their rules that we have to wager either the entire money that we deposit or some part of it before we can withdraw therefore why do the casinos not allow us to withdraw to the option of our choice after follow their requirements. It can be used for money laundering when there is no rule that you have to wager then you can deposit in a different currency and withdraw in another and you get clean money without the casino knowing that you are using their casino for money laundering but since that is not possible and you have to play some games before you can withdraw, it should not be considered money laundering again as you have some profits on the money that you just withdraw.

They can do it but it adds extra responsibility to the casino with no benefits so they just want to keep things simple so in case if there's government authority requires data they can produce the details of the transfer. Money laundering via casino itself a bad idea because casinos keep track of all the data so its easy to link the real identity when there's a problem.

I only use Bitcoin so I never had any discomfort with this approach and it can be inconvenient only for the people who uses multiple crypto.

swogerino

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You can use an exchange to do that. Normally most casinos do not allow that as it can be exploited to be used for money laundering and casinos lately have to tell their transactions to auditors so it is almost impossible for casinos to do that. You also can bypass KYC with that as most casinos let you withdraw up to a certain amount without needing to have gone through the KYC process. So the best is to use an exchange to do that although the downfall there is you need KYC and if you are in to exchange huge amounts of money you have to report it to financial authorities depending on the laws of the country you live in. This is a feature casinos will never have however there are some nice wallets with exchange to crypto built it and then after exchanging you go to an online exchange for example one from the bestchange.com website and make the final exchange there.

Z_MBFM

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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?

The few gambling sites I have used to date have had no exchange facility. You will be given the opportunity to withdraw in the currency you deposit there. Because of this I always deposit coins that have the lowest withdrawal fees. When you withdraw FIAT directly from a gambling site you have to share the bank account there and I never share my bank details with gambling sites. so always i like to use crypto casino and gambling with cryptocurrency

$weetne$$

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Quote from: Findingnemo on November 17, 2024, 07:53:16 AM

In the past casinos allowed users to withdraw in different crypto than the deposited ones but people seems to be using it for money laundering and break the trails so most of the casinos only allows to withdraw in the same crypto that was deposited earlier.

But this is not fair to gamblers because already the casino have their rules that we have to wager either the entire money that we deposit or some part of it before we can withdraw therefore why do the casinos not allow us to withdraw to the option of our choice after follow their requirements. It can be used for money laundering when there is no rule that you have to wager then you can deposit in a different currency and withdraw in another and you get clean money without the casino knowing that you are using their casino for money laundering but since that is not possible and you have to play some games before you can withdraw, it should not be considered money laundering again as you have some profits on the money that you just withdraw.

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?

It’s not possible in most crypto casino since you are only allowed to withdraw on the balance that you deposit.

However casino like BC.Game allows to convert your balance when you reach a certain level of VIP which this inquiry might be possible. If I remember correctly this is only applicable from fiat deposit to withdraw to crypto so I’m not sure if vice versa.

Your best shot is to try casino with built in exchange feature or casino like Duelbits that automatically convert crypto deposit to USD.

palle11

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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 don't expect this to be possible my friend. The simple explanation to it is that it will cause duplication and confusion to the casino. Except they may introduce it soon like it is in trading platforms like deriv.

So, If you can deposit through a particular cryptocurrency or fiat, it means you have opened that particular account under that currency as preferred channel for deposit and withdrawing. If you want to do currency transaction on the account, you will stick to that currency you activated with. For instance if it is a bitcoin address wallet account then that is what it will be both for deposit or withdrawing.

Except there will be payment options that will be included in the same account like it is in trading platforms but you have to activate it in that same account. Like you can have btc enabled account, Eth, usdt etc in same trading platform and you have to activate or request for those cryptocurrency but not fiat.

Findingnemo

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In the past casinos allowed users to withdraw in different crypto than the deposited ones but people seems to be using it for money laundering and break the trails so most of the casinos only allows to withdraw in the same crypto that was deposited earlier.

Like most of the people suggested withdraw in crypto and convert in a P2P is the good choice to convert it into fiat because exchanges usually doesn't allow funds from a gambling site and if you mistakenly send funds from casino to exchange then your account is at risk of getting terminated.

mirakal

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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.

Lucasgabd

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Quote from: EarnOnVictor on November 14, 2024, 08:39:22 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?

First, no need to stress yourself, just focus your energy on gambling well and winning then send the money to your crypto exchange and easily withdraw your crypto to NGN.

What you are requesting is almost impossible unless the bookie operates in Nigeria and also accepts both crypto and NGN for payments. Such an arrangement may happen but still, it is against the Anti-Money Laundering Act, the money must go back to the originating wallet. This makes it more difficult unless the casino is not duly registered and regulated in Nigeria.

that's correct, stress will only bring more stress, without relaxation we will burn out, its better to find ways to self regulate

isn't it easier to just exchange their local currency for crypto and when they need to cash out P2P out?
probably more feasible than all this juggling

Smartprofit

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As far as I know, online casinos do not support this option. This is because in this case, the cryptocurrency casino actually functions as a cryptocurrency exchanger. This could theoretically lead to problems with regulators, as in some countries, exchange operations are a business that requires a special license.

There may also be isolated situations where, thanks to such operations, an online casino can be involved in criminal schemes. Cryptocurrency casinos are not interested in such situations. The online casino business is not a business of laundering criminal funds, but a business of providing services in the field of organizing gambling.

This is a profitable enough business to risk it due to additional dubious operations (or operations that can potentially be considered dubious and suspicious).

ethereumhunter

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Maybe that is possible but I never tried it because that can trigger my bank to investigate from where the money comes. They can contact me and ask me furthermore so there will be no suspicious from them. But still, they will mark my account especially if they found that money is come from the casino and that will be a matter of time they can block my account.

It is better to send your win money from casino to your private wallet and use the third party to converting your coin and send it to the exchanges. After that, you can sells the coins and withdraw to your bank account. I think that will be safe for you because the transaction come from the third party unless they investigate the third party and ask about that.

dansus021

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Is this possible? to withdraw to your local native currency the answer is yes it is possible but most of the casinos are only able to withdraw from your money/crypto you deposited in, so for example if you deposit bitcoin or eth than you withdraw using bitcoin or eth. Tho is always best to use stablecoin like USDT, USDC, or DAI.

But there is casino that able to swap from one currency to another but usually it will cost you a lot and the withdraw to local currency is hard if your country dint really regulate the gambling/casino

danherbias07

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They are not trading sites with P2P trades so you can exchange them for your own country's currency. You will have to find a local wallet or local application that accepts cryptocurrencies and also exchange it for your own cash.
There's an exchange that accepts exchanging cryptocurrencies to another which is called Dinabot, most Stake.com gamblers are using this application but it's not supported by Stake.com so you will have to take your own risk upon doing it. I've tried it twice though and everything went smoothly but there's a fee for every exchange that you will make.
If I were you, I'd rather send the cryptocurrency to Binance or some known trading site and then exchange it for your own cash. Mostly done in P2P trade.

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