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Topic: PROS AND CONS OF CRRYPTOGAMBLING. - page 7. (Read 1533 times)

legendary
Activity: 1904
Merit: 1563
May 12, 2022, 07:07:27 PM
One of the biggest advantages is that you can of course gamble relatively anonymously. However, that is becoming less, more and more sites are asking for a KYC, whether mandatory or not. Another big advantage is that the payments are processed fairly quickly after 1 or 2 confirmations on the network and that you normally do not have to deal with limits when you want to deposit money into your account.

maybe, anonymity is getting compromised each day as casinos are implementing kyc to their players. however, there are still several reputable casinos here that don't strictly require kyc. but on the other hand, we can get good list of advantages of using an online casino. for me, you can access this anywhere you want, unlike physical casinos where you need to visit the site just to play. the list can go on and on but at the end of the day, every gambler has their own preferences. so it is up to them what is their priority at a given time period.
^ That is the problem now with the crypto casino., it seems they are the same with the cash casino, the spirit of decentralizing nature of crypto has been faded because of the implementation of KYC procedures which is you are totally revealing your identity. But that is right, not all of them are required KYC, but the problem is those gambling casinos that don't require KYC are usually prone to hacking and don't have a licensed gambling casino. Nevertheless, it is our choice on which we are preferred.

But it really isn't on a same page. Gambling and Crypto are like oil and water. Gambling often needs verification for a much stronger security and assurance that such user is of the legal age and would be following the Legal terms in gambling. Crypto, on the other hand, tends to be anonymous. Hence, the implementation of Crypto onto gambling and how anonymity is bypassed would still be an issue for decades ahead.
hero member
Activity: 2590
Merit: 644
May 12, 2022, 05:58:52 PM
One of the biggest advantages is that you can of course gamble relatively anonymously. However, that is becoming less, more and more sites are asking for a KYC, whether mandatory or not. Another big advantage is that the payments are processed fairly quickly after 1 or 2 confirmations on the network and that you normally do not have to deal with limits when you want to deposit money into your account.

maybe, anonymity is getting compromised each day as casinos are implementing kyc to their players. however, there are still several reputable casinos here that don't strictly require kyc. but on the other hand, we can get good list of advantages of using an online casino. for me, you can access this anywhere you want, unlike physical casinos where you need to visit the site just to play. the list can go on and on but at the end of the day, every gambler has their own preferences. so it is up to them what is their priority at a given time period.
^ That is the problem now with the crypto casino., it seems they are the same with the cash casino, the spirit of decentralizing nature of crypto has been faded because of the implementation of KYC procedures which is you are totally revealing your identity. But that is right, not all of them are required KYC, but the problem is those gambling casinos that don't require KYC are usually prone to hacking and don't have a licensed gambling casino. Nevertheless, it is our choice on which we are preferred.
hero member
Activity: 2730
Merit: 632
May 12, 2022, 05:40:54 PM
That's right and that's the reason why they should gamble with a trusted one. Too many casinos out there to pick and just choose the best one you think that's reputable.
It's easier to know these days what are those reputable ones and what are those that are not. With a few searches and as well as paying a visit to their threads if ever they've got, you'll see the reviews about them.

That is why it is very hard to play in new casinos, I only play to that website that most of us are playing. I am using this forum to choose what casino should I play because many of you already have your own feedback on a certain casino. KYC is not a problem if they are legitimate and already prove to us that they will not use our identity in any malicious things. KYC can be good to us as well, it can help us when things go wrong with our account. Reviews and suggestions can be use for us to choose the right one.
Hard in a way that they are hard to be trusted. Because there's no reputation yet and we want to make sure that we're gambling to the correct one.
But to avoid that confusion and worry, it's better to gamble into the casino that had a name already and reputation built so that you'll just have fun and focus if you're into trying to multiple your money in there.
Stick with reputable or known ones then you would be safe but always mindful about the risk because even though they are reputable doesnt mean that you could trust them 100%
which means that only deposit on the amount which you can afford to lose not on the sense on playing gambling but also that hacking incident or the site itself would become a scam.
Cant really be determined though if it would happen or not ahead but you arent that dumb for not to notice on something.
legendary
Activity: 3122
Merit: 1102
Leading Crypto Sports Betting & Casino Platform
May 12, 2022, 05:40:49 PM
One of the biggest advantages is that you can of course gamble relatively anonymously. However, that is becoming less, more and more sites are asking for a KYC, whether mandatory or not. Another big advantage is that the payments are processed fairly quickly after 1 or 2 confirmations on the network and that you normally do not have to deal with limits when you want to deposit money into your account.

maybe, anonymity is getting compromised each day as casinos are implementing kyc to their players. however, there are still several reputable casinos here that don't strictly require kyc. but on the other hand, we can get good list of advantages of using an online casino. for me, you can access this anywhere you want, unlike physical casinos where you need to visit the site just to play. the list can go on and on but at the end of the day, every gambler has their own preferences. so it is up to them what is their priority at a given time period.
STT
legendary
Activity: 4060
Merit: 1448
May 12, 2022, 05:00:29 PM
I always thought one of the advantages of crypto is its virtual status, at one time it was purely a token not currency you have to worry about or reallocate towards bills because most places still arent taking it directly.  So in crypto I can gamble this token and its purely for that divided from conventional job earnings and separate is safer.   It is best to move back and forth between crypto and cash too much I think as it only creates possible issues.   Generally there has been growth over the years so its best to stay in this economic system anyway.
hero member
Activity: 3024
Merit: 745
Top Crypto Casino
May 12, 2022, 04:47:14 PM
That's right and that's the reason why they should gamble with a trusted one. Too many casinos out there to pick and just choose the best one you think that's reputable.
It's easier to know these days what are those reputable ones and what are those that are not. With a few searches and as well as paying a visit to their threads if ever they've got, you'll see the reviews about them.

That is why it is very hard to play in new casinos, I only play to that website that most of us are playing. I am using this forum to choose what casino should I play because many of you already have your own feedback on a certain casino. KYC is not a problem if they are legitimate and already prove to us that they will not use our identity in any malicious things. KYC can be good to us as well, it can help us when things go wrong with our account. Reviews and suggestions can be use for us to choose the right one.
Hard in a way that they are hard to be trusted. Because there's no reputation yet and we want to make sure that we're gambling to the correct one.
But to avoid that confusion and worry, it's better to gamble into the casino that had a name already and reputation built so that you'll just have fun and focus if you're into trying to multiple your money in there.
legendary
Activity: 1862
Merit: 1046
May 12, 2022, 04:09:08 PM
One of the biggest advantages is that you can of course gamble relatively anonymously. However, that is becoming less, more and more sites are asking for a KYC, whether mandatory or not. Another big advantage is that the payments are processed fairly quickly after 1 or 2 confirmations on the network and that you normally do not have to deal with limits when you want to deposit money into your account.
legendary
Activity: 2464
Merit: 1943
Leading Crypto Sports Betting & Casino Platform
May 12, 2022, 04:02:11 PM
I think you left out one of the PROS for Crypto gambling ==> Micro transactions

International money transfers can be very expensive, even if you use your credit card.... so doing a transfer of say $10 to a gambling site, will not be worth it, because you might pay more than that in fees. Now if you use some Crypto currencies, like Litecoin or TRX ...small or micro transactions will be cheaper and more feasible to do...and you can transfer very small amounts to these casinos.  Wink

The pseudo-anonymity of Crypto currencies are being destroyed by Crypto casinos with KYC requirements ....so it is only one of the PROS, if the casino does not require KYC details.  Roll Eyes

I should note that even if the casino does not require KYC, this does not guarantee the absence of problems - in any case, they use transaction tracking tools (so as not to receive "dirty" money on their balance). In fact, this is even worse than KYC because you can forge documents for example, but you will never forge the blockchain.
legendary
Activity: 2310
Merit: 2073
May 12, 2022, 03:26:54 PM
Awesome write up, though I found it difficult to understand some part, but still does not dispute the fact you passed a message @op.
Gambling has helped me earn a few buck in the past, even though it's not something I do consistently or constantly.
I think one of the cons is the fact that gambling is highly addictive, and online gambling with payment in bitcoin has opened the doors to under age gamblers, children or rather, teenagers who should really pay more attention to their studies easily turn to gambling as a means of earning some extra pocket money, and they easily get addicted this sometimes destroys their academic goals if they are not rescued on time.

I absolutely agree with you. This can be attributed to one of the disadvantages of online gambling, but if you look at it on the other hand online casinos allow people to play gambling that are not able to visit land-based casinos, for example disabled people who have great difficulty in moving around in a wheelchair. Parents can prevent teenagers from gambling, but it is unlikely that anyone will want to contribute to the organization of leisure activities for the disabled. 
hero member
Activity: 1008
Merit: 520
Leading Crypto Sports Betting & Casino Platform
May 12, 2022, 03:18:00 PM
Cryptocurrency gambling has its advantages and disadvantages and the most obvious among the pros of online gambling is privacy just like I said earlier most online gamblers do it because of the privacy and how faster their processing of the transaction, but it set back is in addressing issues because since there don't have physical office locating them is hard in time of scam.
legendary
Activity: 2394
Merit: 1082
Leading Crypto Sports Betting & Casino Platform
May 12, 2022, 03:10:49 PM
Awesome write up, though I found it difficult to understand some part, but still does not dispute the fact you passed a message @op.
Gambling has helped me earn a few buck in the past, even though it's not something I do consistently or constantly.
I think one of the cons is the fact that gambling is highly addictive, and online gambling with payment in bitcoin has opened the doors to under age gamblers, children or rather, teenagers who should really pay more attention to their studies easily turn to gambling as a means of earning some extra pocket money, and they easily get addicted this sometimes destroys their academic goals if they are not rescued on time.
legendary
Activity: 2212
Merit: 1008
May 12, 2022, 02:37:50 PM
I think that gambling, whether traditional, modern, and using different commodity, it is still the same pros and cons. Yes, it can give fun, new experience, and above all profits. But, it can lead to losing assets and could inflict addiction to those who won’t be able to handle the desire and influence of gambling to their system.
hero member
Activity: 2268
Merit: 789
May 12, 2022, 01:15:57 PM
Pros: You can earn Money
Cons: It’s not guaranteed

Pros: You may be able to earn money
Cons: You will most likely lose money

When I first learned that there was a crypto casino I was a little hesitant. For me, crypto is something that is highly valued, and something that many can't get. Because of this, I was a little skeptical about whether or not I would enjoy the experience of gambling with it. I was afraid that because of this value attached, I would not enjoy my gambling experience.
I guess it's just the difference between putting your money into something that has no value to you and buying something that has real value.


Like what I always tell someone whenever they gamble using cryptocurrency, I always tell them to avoid using BTC due to the latter's potential of its price increasing in the future. If it is possible, try to gamble using a different cryptocurrency instead and save your BTCs for investments.

Just like normal gambling, the chances of you winning are not guaranteed and absolute. There is always that element of risk whenever you gamble- that is why do not expect that you will win every single games that you play.
hero member
Activity: 2646
Merit: 587
May 12, 2022, 12:55:46 PM
It's not much different from traditional gambling.

You get some pros like better odds (usually lower house edge because of the fact that there is so much competition), better VIP service, greater limits on your bets, and generally a more pleasant and convenient betting experience.

But the trustworthiness of the sites you play on is a huge factor. You don't have to worry as much physically when you win lots whether they will pay you out.
The only thing that you will worry when you win in an offline casino is how can you get out safely with that huge money you are holding because someone on the casino might be watching at you and have plans to hold up you or something from outside will do the same thing. This is why I still prefer playing online as it much safer but of course if you only play on a trusted/verified gambling site.

I think there is a big difference in terms of games. I believe that there are so many games on an online gambling site than those that we usually see in offline gambling places.  We are also using a crypto not fiat although there are now crypto sites that have dual currencies support.
copper member
Activity: 99
Merit: 3
Instant & Cross Chain Crypto Swaps
May 12, 2022, 11:42:34 AM
The house ALWAYS wins in the long run. This is how it is designed, Can a gambler win sure but in the long run you will lose. Not many successful gamblers out there in the real world let alone a crypto gambler. Gambling is not worth it in my opinion.
sr. member
Activity: 2618
Merit: 335
May 12, 2022, 11:39:39 AM
Let’s talk about the cons:
Ofcourse, there is a fly in any honey pot. Playing at an online crypto casino has some disadvantages that are worth thinking about, too.
Firstly, crypto-gambling is never a stable source of profit because anything can happen(loss) .
Not crypto gambling but gambling in general. Crypto plus gambling when combined becomes very risky because gambling is already unstable but cryptos are more volatile. When you lose, you don't just lose, but you can be able to lose more. Other disadvantage is that crypto is hard to use for someone that is starting, he can lose his coins in the process of transferring it. Delays are also there if the network is heavily congested.

It is decentralized
There are decentralized types of crypto gambling but they are rarely being used now. It was like the more cryptos become well known, the more centralized entities are becoming successful. The same thing happens with crypto exchanges. Before, when cryptos are starting, we only have decentralized exchange but like crypto gambling, cex starts to dominate them.
full member
Activity: 1708
Merit: 126
May 12, 2022, 10:49:38 AM
Any form of gambling has risks but on the other side, it also gives the players a chance to make a profit though there's still no assurance. Gambling will still be worth it if we'll know how to handle it right. If we know when to stop and when to continue, then we're handling the risks of it the right way. Compared to physical casinos, crypto gambling provides us anonymity and it's also a good thing that we could gamble whenever we want.
legendary
Activity: 1554
Merit: 1139
May 12, 2022, 10:16:41 AM
There is a safety that comes with sticking to what your familiar with and what is more popular with people especially in the cryptocurrency field where everyone remains anonymous and even the Casinos. One wrong move and your sure your money isn't coming back andbthe worst case about it is that, there isn't anything you could do about it. That's a down side to the crypto gambling industry, they could scam you, you can't do nothing about it and still, they would remain in business. Sometimes, they play the KYC trick, same as some exchanges do and your most likely not willing to go with it but, is forced to because of your funds. Worst case scenario, it never gets verified and you never get approved to withdraw or use your account.
legendary
Activity: 3136
Merit: 1233
Bitcoin Casino Est. 2013
May 12, 2022, 08:10:00 AM
That's right and that's the reason why they should gamble with a trusted one. Too many casinos out there to pick and just choose the best one you think that's reputable.
It's easier to know these days what are those reputable ones and what are those that are not. With a few searches and as well as paying a visit to their threads if ever they've got, you'll see the reviews about them.

That is why it is very hard to play in new casinos, I only play to that website that most of us are playing. I am using this forum to choose what casino should I play because many of you already have your own feedback on a certain casino. KYC is not a problem if they are legitimate and already prove to us that they will not use our identity in any malicious things. KYC can be good to us as well, it can help us when things go wrong with our account. Reviews and suggestions can be use for us to choose the right one.

This is also the only downside or con to crypto gambling as you don't know with whom you are dealing to and the risk of getting scammed is higher here because in most crypto casinos you play without verification or KYC in place until you reach a certain amount of money which you cannot withdraw if you do not verify yourself.

That is why is extremely important to read the Gambling section of the forum,there in the ANN thread of each casino you can draw you own conclusions however the best ones have a thread which consists of a really large number of pages while the unknown ones or new ones only few pages.Anyone should check  the feedback on these ANN threads and see if there are always problems which indicates not a good site or you see there rare occurrence of such happenings and people are happy,this means it is a trusted and reputable casino,in which you can play without fears.
hero member
Activity: 2170
Merit: 530
May 12, 2022, 07:42:50 AM
That's right and that's the reason why they should gamble with a trusted one. Too many casinos out there to pick and just choose the best one you think that's reputable.
It's easier to know these days what are those reputable ones and what are those that are not. With a few searches and as well as paying a visit to their threads if ever they've got, you'll see the reviews about them.

That is why it is very hard to play in new casinos, I only play to that website that most of us are playing. I am using this forum to choose what casino should I play because many of you already have your own feedback on a certain casino. KYC is not a problem if they are legitimate and already prove to us that they will not use our identity in any malicious things. KYC can be good to us as well, it can help us when things go wrong with our account. Reviews and suggestions can be use for us to choose the right one.
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