Topic: PROS AND CONS OF CRRYPTOGAMBLING. - page 9. (Read 1533 times)
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.
With online gambling nobody has to worry about this situation as they are already at home or playing privately without anyone watching their game and winnings. Thankfully it's much safer on this aspect.
Actually online gambling it's not really that safe like you think, perhaps you played with small amount and the casino is still trustworthy until now, but you don't know what happen in the future. It's really hard to believe a reputable and trustworthy casino right now will turn become scam casino, but there's a chance behind it. If you ever send KYC to the casino, your KYC could be sold and your personal information can be used by a scammer.About KYC it's not only gambling platforms that put us under risk of having our personal informations sold. In my country there are reports of corrupt agents of our local government and traditional fiat banks who leak data from the internal system for money. In this digital era we live where everything is done virtually it's hard to be entirely safe from this kind of threat, at same time it's impossible to close yourself inside a bubble without contact with the external world.
You can also play anonymously in a regular offline casino - as far as I know, no one there asks to pass the KYC. If you wish, this is also possible in fiat online casinos, with small amounts, authorization is not strict and you can go through it with fictitious documents (however, I haven’t been to fiat casinos for a long time, so I can’t be sure that nothing has changed there).
Not unless you win multiple times and create an unwanted attention to yourself. Also, they probably knew you already right after entering their premises, hence why they don't even ask for KYC or even do a thorough background and security check on you because they know the basics about you. A friend told me about this as he's working as a part of a security detail on a local casino, and apart from the regular obvious security guys they had on site, they also have the regular looking guys mingling with lots of players in order to gather even just the slightest information about them. This happens on a high-end casino though, not sure about the others.
I think these are tales. If you do not break the rules (now it is difficult to break them even in such games as Black Jack) and have not won several million dollars twice in a row, then it is unlikely that anyone is interested in you. The security service is engaged in the identification of scammers and thieves who always find themselves in places such as casinos, train stations, etc.
Of course in fiat casinos no one will ask you to show your documents if your appearance indicates that you are of legal age to gamble, but nowadays the identity can be determined even by video cameras that can read your biometrics. I do not know how things are in other countries, but I read that in our country they collect biometric data of citizens even without our permission.
Naturally, the situation in our country is very different from the situation in civilized countries
Here, identification worries me least of all, because there are more real threats - with a big win, you will simply be beaten and thrown out of the institution (this is a conditional option) without any formalities. 
With online gambling nobody has to worry about this situation as they are already at home or playing privately without anyone watching their game and winnings. Thankfully it's much safer on this aspect.
Actually online gambling it's not really that safe like you think, perhaps you played with small amount and the casino is still trustworthy until now, but you don't know what happen in the future. It's really hard to believe a reputable and trustworthy casino right now will turn become scam casino, but there's a chance behind it. If you ever send KYC to the casino, your KYC could be sold and your personal information can be used by a scammer.
Just like any other, crypto gambling has its pros and cons. Gambling using cryptocurrency could either possess beneficial or harmful things to someone depending on how he will utilize it. As for the cons, the decentralized nature is beneficial because of the anonymity. There won't be visible transactions on your debit or credit card that could taint your reputation if you have one to uphold. It could be a source of additional income if you are disciplined enough to know when to try and stop. And at the same time it could be a form of relaxation.
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.
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.
Gambling with cryptocurrency is much safer than gambling in IRL casino or gambling online for fiat. When you hit jackpot or get a huge multiplier, crypto casino may ask you to pass KYC, but they can also leave your anonymity. In you hit jackpot while playing online, the casino will definitely gonna ask you for KYC and with 99% probability that info will be reported to tax office. But if you hit jackpot in IRL casino, better watch out when you leave it, because you will on your own against all the undead and evil 
One simple thing I am sure of with crypto gambling, it's way easier and I could input bets at a low price when converted to our local currencies. Very good for making long parlays. Then, privacy. They don't need deep information about you, you just need to be 18+ and have an e-mail.
About profits, it all depends on you. What type of games are you playing? If it depends on luck then you should expect to lose more than win because the house will surely win all the time.
But when it comes to other games with analysis included increasing the chance to win, yes, there's a good probability to make money.
About profits, it all depends on you. What type of games are you playing? If it depends on luck then you should expect to lose more than win because the house will surely win all the time.
But when it comes to other games with analysis included increasing the chance to win, yes, there's a good probability to make money.
This phrase sounds strange to me. Firstly, does this only apply to crypto gambling? Secondly, no gambling can be a source of stable income, unless of course you are from the side of the casino, although I have heard that sometimes even casinos get into temporary drawdowns due to the fact that someone hits the jackpot.
Hitting the jackpot should not affect the site itself and you should be alarmed if the site becomes inaccessible because that only means they are not that prepared to pay huge rewards. Pros and cons is there, just understand and know what to use on your next visit when you gamble, still enjoy every game and you can have a good gambling experience even if you lose money since its normal.You're not right. When someone wins the jackpot or just a large amount of money, the amount of casino funds drops, so this reduces the maximum win that can be received by the next player. And the casino is forced to reduce the maximum bet that it allows players to make. You may have seen that many casinos have a program that allows investors to invest in the bankroll - this is just done in order to increase the funds of the casino.
This is true with same game since the jackpot prize will reset but the max bet and other jackpot prize on different games will still same. Maybe you are pertaining on casino with low bank roll but huge stable casino usually has fix max bet limit despite someone win jackpot prize since there bankroll is very huge and they have private investors investing on there bank roll. As you notice in different game provider, They have different max bet limit and they this not because they have low bank roll but rather to force player to play longer while limiting them to win huge amount instantly. Human error and luck of patience is what the casino really want to the player that is why they want a long game as much as possible.
This phrase sounds strange to me. Firstly, does this only apply to crypto gambling? Secondly, no gambling can be a source of stable income, unless of course you are from the side of the casino, although I have heard that sometimes even casinos get into temporary drawdowns due to the fact that someone hits the jackpot.
Hitting the jackpot should not affect the site itself and you should be alarmed if the site becomes inaccessible because that only means they are not that prepared to pay huge rewards. Pros and cons is there, just understand and know what to use on your next visit when you gamble, still enjoy every game and you can have a good gambling experience even if you lose money since its normal.You're not right. When someone wins the jackpot or just a large amount of money, the amount of casino funds drops, so this reduces the maximum win that can be received by the next player. And the casino is forced to reduce the maximum bet that it allows players to make. You may have seen that many casinos have a program that allows investors to invest in the bankroll - this is just done in order to increase the funds of the casino.
You can protect yourself from all of this by following some tips:
1. if you are worried about your privacy then play only in reputable casinos that do not require their users to pass the KYC
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2. If you are afraid of losing money in case of closing a gambling platform, do not keep a large sum of money on your deposit and replenish your deposit before each game session.
It's always recommended you never know what's going to happen, if you're ok playing with a big amount still play safe by not putting all in one deposit, don't put funds for a whole week.
The con of crypto gambling for me is that crypto is volatile. You are gambling $100 today, but tomorrow it could mean that you lost $300.
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.
It is not to be forgotten that volatility is a major disadvantage of cryptocurrency gambling. You are not certain of what volatility it will get to the next day if you are betting. But now it is mostly expected to go down and you finding it difficult to gamble as the difference keep widening up.
I think that all the pros and cons are identical with the case when we consider fiat versus cryptocurrencies. The only difference (although I may be missing something) is that there is Provable Fair in crypto gambling - this feature is unique to blockchain gambling and cannot be fully copied/replicated in fiat gambling.
One of the main things i do really able to see if we do really make out some comparison in between the two on which in crypto which you could really make yourself that somehow assured nor really get that confidentthat you are dealing with a fair site or platform which is something that you could really get the feeling specially when you are dealing with fiat platform or casinos which is indeed right or precise on what you had
mentioned.
One of the pros or the reason on why this market or industry did really grow up fast is about on its payment system where you could play anonymously without any verifying yourself or something
which majority of people do really prefer.
You can also play anonymously in a regular offline casino - as far as I know, no one there asks to pass the KYC. If you wish, this is also possible in fiat online casinos, with small amounts, authorization is not strict and you can go through it with fictitious documents (however, I haven’t been to fiat casinos for a long time, so I can’t be sure that nothing has changed there).
Of course in fiat casinos no one will ask you to show your documents if your appearance indicates that you are of legal age to gamble, but nowadays the identity can be determined even by video cameras that can read your biometrics. I do not know how things are in other countries, but I read that in our country they collect biometric data of citizens even without our permission.
it makes it easy for players to access and easy to play. As great as supervision is, there is still a gap to come or play
In my country gambling is only allowed in certain government zones, but in the past casinos were everywhere and I often spent my free time playing slots without presenting any documents. Of course if a person looks too young they may ask for documents to avoid possible trouble from the law, but I don't think that they will ask an adult person for documents.
The con of crypto gambling for me is that crypto is volatile. You are gambling $100 today, but tomorrow it could mean that you lost $300.
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.
"Decentralized", does that mean gambling through Web 3.0 will be censorship-resistant? That no governing/regulating entity can shut the site down, or ban users from using the site?
It will likely be censorship-resistant because the government can't do much to the casino. In addition, the casino owner will make his casino outside the jurisdiction of the country that prohibits gambling. I don't know about the regulators of a country that can close a site but if it's outside the jurisdiction of that country, they can't do anything.
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?
It's a trade-off, and another set of challenges for the casino. Multi-accounting to take advantage of sign up bonuses could be one kind of swindle that a group of users can do to a casino without KYC.
Casinos will not stand idly by with multi-accounting that will be tried by a group of people because the casinos must have learned to deal with the problem. Every casino must have a problem with those multiple accounts but they sure know how to solve it.
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.
With online gambling nobody has to worry about this situation as they are already at home or playing privately without anyone watching their game and winnings. Thankfully it's much safer on this aspect.
Actually online gambling it's not really that safe like you think, perhaps you played with small amount and the casino is still trustworthy until now, but you don't know what happen in the future. It's really hard to believe a reputable and trustworthy casino right now will turn become scam casino, but there's a chance behind it. If you ever send KYC to the casino, your KYC could be sold and your personal information can be used by a scammer.You can protect yourself from all of this by following some tips:
1. if you are worried about your privacy then play only in reputable casinos that do not require their users to pass the KYC
2. If you are afraid of losing money in case of closing a gambling platform, do not keep a large sum of money on your deposit and replenish your deposit before each game session.
"Decentralized", does that mean gambling through Web 3.0 will be censorship-resistant? That no governing/regulating entity can shut the site down, or ban users from using the site?
It will likely be censorship-resistant because the government can't do much to the casino. In addition, the casino owner will make his casino outside the jurisdiction of the country that prohibits gambling. I don't know about the regulators of a country that can close a site but if it's outside the jurisdiction of that country, they can't do anything.It's a trade-off, and another set of challenges for the casino. Multi-accounting to take advantage of sign up bonuses could be one kind of swindle that a group of users can do to a casino without KYC.
Casinos will not stand idly by with multi-accounting that will be tried by a group of people because the casinos must have learned to deal with the problem. Every casino must have a problem with those multiple accounts but they sure know how to solve it.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.
With online gambling nobody has to worry about this situation as they are already at home or playing privately without anyone watching their game and winnings. Thankfully it's much safer on this aspect.
Actually online gambling it's not really that safe like you think, perhaps you played with small amount and the casino is still trustworthy until now, but you don't know what happen in the future. It's really hard to believe a reputable and trustworthy casino right now will turn become scam casino, but there's a chance behind it. If you ever send KYC to the casino, your KYC could be sold and your personal information can be used by a scammer.
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.
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.
I think that all the pros and cons are identical with the case when we consider fiat versus cryptocurrencies. The only difference (although I may be missing something) is that there is Provable Fair in crypto gambling - this feature is unique to blockchain gambling and cannot be fully copied/replicated in fiat gambling.
One of the main things i do really able to see if we do really make out some comparison in between the two on which in crypto which you could really make yourself that somehow assured nor really get that confidentthat you are dealing with a fair site or platform which is something that you could really get the feeling specially when you are dealing with fiat platform or casinos which is indeed right or precise on what you had
mentioned.
One of the pros or the reason on why this market or industry did really grow up fast is about on its payment system where you could play anonymously without any verifying yourself or something
which majority of people do really prefer.
You can also play anonymously in a regular offline casino - as far as I know, no one there asks to pass the KYC. If you wish, this is also possible in fiat online casinos, with small amounts, authorization is not strict and you can go through it with fictitious documents (however, I haven’t been to fiat casinos for a long time, so I can’t be sure that nothing has changed there).
Not unless you win multiple times and create an unwanted attention to yourself. Also, they probably knew you already right after entering their premises, hence why they don't even ask for KYC or even do a thorough background and security check on you because they know the basics about you. A friend told me about this as he's working as a part of a security detail on a local casino, and apart from the regular obvious security guys they had on site, they also have the regular looking guys mingling with lots of players in order to gather even just the slightest information about them. This happens on a high-end casino though, not sure about the others.
With online gambling nobody has to worry about this situation as they are already at home or playing privately without anyone watching their game and winnings. Thankfully it's much safer on this aspect.
"Decentralized", does that mean gambling through Web 3.0 will be censorship-resistant? That no governing/regulating entity can shut the site down, or ban users from using the site?
It will likely be censorship-resistant because the government can't do much to the casino. In addition, the casino owner will make his casino outside the jurisdiction of the country that prohibits gambling. I don't know about the regulators of a country that can close a site but if it's outside the jurisdiction of that country, they can't do anything.It's a trade-off, and another set of challenges for the casino. Multi-accounting to take advantage of sign up bonuses could be one kind of swindle that a group of users can do to a casino without KYC.
Casinos will not stand idly by with multi-accounting that will be tried by a group of people because the casinos must have learned to deal with the problem. Every casino must have a problem with those multiple accounts but they sure know how to solve it. Jump to: