Is this possible? - page 5. | Bitcointalksearch.org

BABY SHOES

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Quote from: Stalker22 on November 13, 2024, 05:44:46 PM

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.
~

There are some fiat casinos that accept crypto deposits. In that case, your crypto will be converted to fiat currency by their payment provider at the current exchange rate. Your casino balance will then be in fiat currency. Typically, you can withdraw fiat funds to your bank account, but there will be a wagering requirement before you can do so.

Owh are there casinos that allow this feature? Honestly, I mostly visit casinos on forums so that's what I know... if there is a fiat casino and it accepts crypto deposits... and then converts to fiat that would be very useful, if they want to make withdrawals to local currency.

Is the wagering requirement something like 40x wagered or smaller? Roll Eyes

Or are the requirements unknown to me?...
Like there has to be wagered in fiat currency... then you can withdraw. ?

Stalker22

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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.
~

There are some fiat casinos that accept crypto deposits. In that case, your crypto will be converted to fiat currency by their payment provider at the current exchange rate. Your casino balance will then be in fiat currency. Typically, you can withdraw fiat funds to your bank account, but there will be a wagering requirement before you can do so.

tabas

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What's the casino that you're talking about? If NGN is supported for their fiat deposits and withdrawals, it's possible as long as you'll be able to convert your crypto inside their platform. Usually, casinos now have their integrated exchanges where you can convert crypto<->fiat if they support and allow that but I think not all. But this kind of thing you've mentioned has got some eyes not just with the casino but also with the AMLA.

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Quote from: Zwei on November 13, 2024, 04:30:45 PM

most crypto casinos do not offer fiat withdrawals. you would need to find a local fiat casino that supports crypto deposits but credits your balance in local currency.

Except it's a recent casino which was created specifically for crypto, we have lots of casinos that allows withdrawals and deposits in both crypto and fiat but they have to comply with anti money laundering policies so users will only be able to withdraw in a specific currency they make deposits in.

There are some that will allow a crypto swap but I have not used a casino that allows deposits in crypto and withdrawal in fiat.

BABY SHOES

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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.

Zwei

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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?

most crypto casinos do not offer fiat withdrawals. you would need to find a local fiat casino that supports crypto deposits but credits your balance in local currency.
at most, you will find casinos that let you swap between different crypto coins.

probably not the best idea, even if you find a place that's supports it. you will be better off to withdraw your winnings and exchange them to NGN elsewhere.

Ojima-ojo

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Quote from: Charles-Tim on November 13, 2024, 03:35:47 PM

What I also know is that if you are able to deposit a coin on a gambling site and withdraw in another coin, that does not mean you will be able to use it to exchange into your local currency.

As long as the casino allows you to deposit one coin and withdraw in another coins which I know is not possible but if anything of such exist, it then means that you can withdraw in your local fiat currency of the currency's is supported on that casino, to make this happen alot is at risk for the casino and that have been the reason why there is just a primary single channel for transactions on those casinos.

There is no multi functional coin exchange with in the system, unless if there is an excahge features within the casino Nd I haven't seen any casino that have excahge within it system for easy exchange of currencies.

Charles-Tim

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

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

None that I know of. Stake recently supported deposit and withdraw in naira but if you deposit in naira, you will only be able to withdraw in naira.

What I also know is that if you are able to deposit a coin on a gambling site and withdraw in another coin, that does not mean you will be able to use it to exchange into your local currency.

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I haven’t seen any casino that offers this feature you mentioned - the only one that I know of is BCgame but it doesn’t allow crypto to fiat withdrawals the only thing it does is to give you the option to swap between different coins to withdraw so if you make deposits in btc but don’t want to withdraw it in bitcoin anymore you can simply just swap to a different coin and withdraw it.

But if you’re up to level VIP56 and you made your deposit via fiat but when you want to withdraw you don’t want to receive fiat you can be given the option to switch to USDT and then withdraw your balance in USDT form. This is the closest I have seen to what you’re looking for.

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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?

If there's a casino supporting your local currency, probably yes. If you're talking about a crypto casino i guess that's not possible most withdrawal currency used in crypto casinos are in crypto and usd pegged crypto only.

Now, if casinos have bank accounts options for withdrawals that's possible as you will receive them automatically converted to your local currency.

But you should take note that those funds will came from casinos if your bank have terms for not accepting casino deposits, i recommend avoid using it.

ajiz138

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Like it can't be, you deposit BTC and it withdraws after winnings to local currency whereas in casinos there is no conversion of coins anywhere.

But I don't know with other casinos, like Duelbits when you deposit any coin then it is in the form of credits and you are free in withdrawing the coin but never tried in local currency for withdrawal.

But I know for other casinos it is not possible.

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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?

Only the 'shady' ones do that I'm aware of. If any platform promises to do that check their minimum/maximum withdrawal limits and you'd be surprised how fucking time-consuming it is to take out $500 deposited as BTC.

Wiwo

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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?

Is not possible because most gambling sites payment system is design in such a way that, the currency you use to make deposits, will be the same currency you can withdraw when making withdrawals, and even sane with staking a bet you have to use same currency.
For example you deposit bitcoin, you gamble win and withdraw bitcoin there is no feature where you can convert your currencies within the gambling site payment system.

I don't know if any casino have such coin exchange features but sure that regulators won't allow that to happen to avoid money laundering because criminals will definitely abuse the gambling site my making it a. Mixing venture to conceal stolen funds.

un_rank

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- Jay -

Most casinos only allow you to withdraw through the channel you deposited in. So if you deposit crypto (BTC for example) you will only be able to withdraw through that exact currency (BTC) you made the deposit through.

You should move this to the gambling discussion board.

- Jay -

Perfectbaby

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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?

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