Topic: PROS AND CONS OF CRRYPTOGAMBLING. - page 8. (Read 1550 times)

The only fact that I keep in mind to reduce my gambling habit or addiction is that even if I win now, the total loss that I made is much greater that what I win today and whenever I think about that thing it makes me stop gambling keeping in my mind that I will be losing again and if I am looking for entertainment, there's always available gambling sites that has free demo coins.

If a person is a big gambler I can understand in a way that they may like the casino to have a physical address in the case something goes wrong and have a way to take legal action against a casino that goes rogue, but for the people that are gambling with a limited amount of money this is not going to make too much of a difference, as if they lost some money due to being scammed they will have no way to recover it, whether the casino had a physical address or not.

It's something that protects the casinos from bad actors and from the demand of regulations, even trusted and reputable casinos that uphold anonymity will ask KYC if circumstances demanded it, we should only play on casinos where KYC is being asked because of cheating and on account with suspicious activity if we are not doing anything wrong we are safe from this KYC.   

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. 

PROS AND CONS OF CRRYPTOGAMBLING.
I know that one of the greatest questions that crosses our mind is “is gambling worth it?” .
Yes, I know that many times it seems almost impossible to win though at the same time it’s the easiest way of doubling up your money.
Let’s talk about the pros:
It is decentralized:
 (without having one inside zone of command). No one can take your Bitcoins yonder from you or freeze your 'crypto account' due to the sheer of a inside legal/law-based validity in the system. You own your money and your transactions are safe.
It is secure:
 Your payment information cannot be stolen yonder from you. Bitcoin transactions do not require any personal data to be submitted, protecting you from identity theft. And there can be no chargebacks - once sent, Bitcoins transactions are unchangeable. This ways the transaction cannot be reversed or reverted from the way it was recorded in Bitcoin's public ledger, which makes for fewer risks for people who sells.
It is private:
Since no personal information is tying to your Bitcoin wallet, people do not know who (bought something for money) what. At the same time it is clear/open and honest, meaning that anyone can find information on addresses and their balances in a public ledger.
It is fast: It does not matter where you move (from one place to another) your coins to: be it an international move (from one place to another) or a local pizza (instance of ownership something for money). With Bitcoin any. With CoinsPaid's crypto-processing abilities, crypto casino deposits the move (from one place to another) is tropical to immediate.
Bitcoin has (had) low transaction fees: Since there are no (people or businesses who buy goods to sell to stores, not you) in a decentralized network, no one will tuition you for anything. More so , the way the technology is set up there might be fees for faster processing of transactions or (changing from one form, state, or state of mind to another) of bitcoins into fiat currency. Although, most wallets will requite you the option to (adjust/change to fit new conditions) your legation in favour of a quick crypto move (from one place to another) or a low commission.
It is not subject to inflation:
The number of Bitcoins to overly be issued is limited to about  21 million and Bitcoin volume growth is (expected), so they cannot be out like fiat types of money and poured into the (process of people making, selling, and ownership things) at random.
It is not unchangingly taxed:  The tax regulation for digital valuable things has come a long way as Bitcoin and altcoins have been recognized by some states as property, store of value, or plane currency. If you are planning to gamble in Bitcoin, make sure you know what your local tax law says on your winnings or from betting with crypto. But for most countries Bitcoin remains mostly uncontrolled.
In summary, from a player's point of view, Bitcoin is the perfect 'gaming coin'. Players love Bitcoin considering it offers unnamed upper speed transactions for deposits and withdrawals, which do not go through a decentralized financial system. In, most Bitcoin games are 'Provably Fair'.

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) .

I think the problem of multiple accounts cannot really be solved that easily. What comes into my mind first and foremost is just getting someone elses or a fake ID and using that to create a account. You can also use some undetectable VPN to make it look like each account is coming from a different place.

Although that being said, a lot of VPN providers are being detected by online gambling casinos, so I guess its up to you whether or not you would want to risk it on such a scheme. I really do not see the benefits of gambling on multiple accounts. The cons outweigh the pros.

That's not the point, what I mean is truly and technically censorship-resistant like Bitcoin. Because the purpose of decentralization isn't decentralization in and of itself, but censorship-resistance.

Plus I'm asking, are these Web 3.0 casinos not merely centralized websites running on top of centralized data-centers/servers?

I believe not always, that's why they require KYC, it's easier for them than developing a security system which smart users can go around eventually. Plus casinos without KYC can also be used as mixers/tumblers.

That's one thing but when the casino is already reputable, I don't think that everyone is going to have any problems having no physical office.
But it's a fact that it's becoming a requirement for some big gamblers because they're just want to make sure upon foreseeing some possible incidents that won't favor them to happen in the future.

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) .
 

It has its cons too. Your fund inside a crypto gambling platform could change depending on the market season. If its bullish or bearish. The volatility of the cryptocurrency in the market would affect your holdings in the cryptogambling platform which could either be win or lose to you. And lastly just like the usual, addiction in it is possible if you won't be able to control yourself.

I agree that is one of the biggest cons or disadvantages, like what's happening right now, the market is going down there's uncertainty if the market keeps dipping what will be equivalent to the fiat of the coin you are betting right now could be different after you've won, sometimes you really not won but you just make it even because the price of the coin you've used just go down, so check the best time to play with the coin you are going to use to bet based on its market performance.

The risk with a crypto casino will depend on the coin. If you choose to gamble with an altcoin that loses 50% value in one day, you're going to negate your wins just like that. I feel that volatility may be one of the biggest problems a gambling site might face.

It is secure:
 Your payment information cannot be stolen yonder from you. Bitcoin transactions do not require any personal data to be submitted, protecting you from identity theft.

It is private:
Since no personal information is tying to your Bitcoin wallet, people do not know who (bought something for money) what.

How does that make it any different when we compare a crypto casino to a fiat casino? The way I see it OP wanted to give pros and cons of crypto vs fiat and not compare online gambling to stationary casinos. Both online fiat casino and ones using crypto will face the same problems when it comes to scams.

The risk with a crypto casino will depend on the coin. If you choose to gamble with an altcoin that loses 50% value in one day, you're going to negate your wins just like that. I feel that volatility may be one of the biggest problems a gambling site might face.

The major challenge of a cryptocurrency casino is the fact that most casinos do not have an office so when there are cases of scams you don't know where to go to, unlike physical casinos that can be sued for any illegal act online cryptocurrency casinos can not easily be sued cause most of them have no physical office.

That's one thing but when the casino is already reputable, I don't think that everyone is going to have any problems having no physical office.
But it's a fact that it's becoming a requirement for some big gamblers because they're just want to make sure upon foreseeing some possible incidents that won't favor them to happen in the future.

The major challenge of a cryptocurrency casino is the fact that most casinos do not have an office so when there are cases of scams you don't know where to go to, unlike physical casinos that can be sued for any illegal act online cryptocurrency casinos can not easily be sued cause most of them have no physical office.

The major challenge of a cryptocurrency casino is the fact that most casinos do not have an office so when there are cases of scams you don't know where to go to, unlike physical casinos that can be sued for any illegal act online cryptocurrency casinos can not easily be sued cause most of them have no physical office.