Reasons Crypto Players Skip Casinos with KYC - page 23.

Bitinity

legendary

Activity: 3066

Merit: 1312

Lets me quote the 4 reasons in this thread:

Quote

#1 Compromised Anonymity
#2 Fear of Info Exploitation
#3 Hassle
#4 Country Restrictions

Further details of each reasons can be read on the added link by OP.

I myself one of those who against KYC procedure for betting purpose in this bitcoin/crypto gambling industry. I have to say that 4 above reasons are enough to represent my situation but the main important reason why I choose to gamble with crypto is about its anonymity. In case all crypto gambling sites requires KYC in the future, I think I will stop gambling as there is no reason for me to continue as I gamble for fun only so I do not want to reveal my identity in online gambling.

YuginKadoya

legendary

Activity: 3038

Merit: 1169

Those Four Reasons why gamblers don't really mind KYC and would skip gambling sites that do have one, And in my opinion and In my opinion it is just a bother and hassle for some because Cryptocurrency is really anonymous certain people tend to be that way and don't want to bother giving their information to play on online casino's And even though there are online casino' that requires it for their own security, Gamblers would surely want their own security as well, And giving it to a site would make a gambler uneasy and would sure exploit their information to the public and how much gains they make or how much loss they acquired I really think this is the things they tend to take care off.

ruthwithers1980

member

Activity: 350

Merit: 45

(SINCE THE TOPIC HAS BEEN ACTIVE HERE ON BITCOINTALK FOR QUITE SOME TIME NOW, I DECIDED TO CREATE AN INFOGRAPHIC ABOUT IT. AND NOW IN THIS UPDATED POST, YOU WILL SEE I ALREADY ATTACHED BELOW THE INFOGRAPHIC FOR EVERYONE'S EASY READING)

“Know your customer,” “know your client,” or simply KYC is a procedure carried out by a business to verify the identity of its potential and existing customers. This is done to avoid putting the business at risk of being used by fraudulent individuals for illegal activities like money-laundering.

Additionally, the procedure is one way of protecting the interest of the customers, usually in case of loss of account or fund forfeiture.
In the online betting industry, all the reputable casinos you know do the KYC in compliance with the gaming-related laws within the jurisdictions they target. They are required to get their players’ personal information like name, age, address, and sometimes banking details. They even ask the players to present copies of their valid IDs just to ensure there will be no fraud.

While some cryptocurrency players find KYC beneficial and well-intentioned, others see it as a menace to online betting. Here's an infographic summarizing why:

SOURCE WITH FULL ARTICLE: 4 Reasons Crypto Players Skip Casinos with KYC

I hope you find this post friendly. Feel free to comment below your thoughts on KYC procedures in crypto-accepting casinos.

Topic: Reasons Crypto Players Skip Casinos with KYC - page 23. (Read 3426 times)