Topic: The difference between a true Crypto gambling site and a Fiat/Crypto site.. (Read 661 times)

I think that sites which are fiat based but actually use crypto as payment have their account sheets made in fiat. There can also be reason that these sites don't want very smaller bets because those amounts to no profit or loss on their side and it's a waste of resource. It's like a minimum withdrawal set by a casino in which it demands that players under this value can't withdraw to encourage more bets.

If the crypto gambling website asked the gambler to undergo KYC, the gambler could avoid it, and they can move to another crypto gambling, which doesn't need KYC. They will find the other gambling website because we have so many crypto gambling websites that have a good reputation, and that website doesn't need to fill KYC. I think sooner or later, the crypto casino will grow fast in the future as people can play gambling from anywhere and on any device, and they don't have to undergo KYC if they don't want. However, the fiat gambling website will still run because they already have fans that still come and playing gambling games on their website.

The growing popularity of cryptocurrency is one of the major reasons why fiat currencies are becoming hybrid (fiat/cryptocurrency gambling sites).
They want to go with the current flow. If not, they will lose huge market because there are a lot of gamblers that are betting using crypto.
This is an important market strategy... to be able to ride what is currently on trend.

I think it is just normal that they will still use fiat value to be the guideline for minimum/maximum bet, what's the wrong wit using fiat values as guidelines? Nothing right?

I do agree, crypto gamblers do avoid sites that obliged their users to undergo kyc process, that proves that they want to be anonymous in their gambling activity that's why crypto gambling is the primary choice of gamblers right now. Unlike in fiat based casino since fiat is being used, regulation is still there that's why users have no other choice but to do kyc.

I think when you want to gamble you don't have to do KYC, you can see a number of gambling places that prefer to free their users because they are gambling website makers realize they only want to play while the website founder only wants to get money from those players, so don't make people who want to play a hassle to do KYC.

That is the major advantage of pure crypto gambling website. Players are not obliged to undergo KYC process unless the site asked you to. So if you are playing in pure crypto casino, I don't think it is fair if they want us to submit KYC docs. Definitely, players will avoid them as the purpose of being anonymous is not practiced. However, for fiat-based or hybrid casino, they have no choice but to ask KYC as it is required by their license and permits. And this is the reason why crypto casinos are now becoming popular among gamblers.

Perhaps, the owner of a crypto gambling site requires to send their documents. But I think they will not send the document to the government since the crypto gambling site is operated on the internet because the crypto gambling website and fiat gambling will not be the same. The KYC will be applied in the fiat gambling because the casino use fiat money to gamble, and the crypto gambling use crypto, which is waiting for the legality in many countries. But the differences will be applied in their members, which in the crypto gambling site doesn't have to send KYC while the fiat gambling site needs to send the KYC.

Both crypto and fiat gambling sites requires legal documents in order to freely operate in a certain countires but the laws and regulations are more stiff in terms of fiat gambling sites. The KYC is also a big diffence between the two because in fiat gambleng sites requires identity verification because of they are only following the regulations of the government. In terms of crypto gambling sites, it is decentralized so there are some gambling sites there where you do not need to upload your identity there.

The casino still not legal in some countries, and so do with crypto gambling. But so far, crypto gambling is available on the internet, so I think that is not in their jurisdiction, and they cannot do anything except let it the casino runs. The government will concern with the money that has been sent to the gambler's bank account, and perhaps, they will investigate the account to find if they get an income from the gambling business.

The online casino based on fiat or crypto will use a service that is not related to their country if, in their country, gambling is prohibited because they don't want to get a problem with their government.

Well I think legality is huge factor in casino having a cryptocurrencies, as we know crypto gained a lot of eyes watching it, there are governments who already written a law on it, there are taxed casino with casinos and all of that. Maybe what you are trying to say is that crypto is legal in your country, but that's not the same as the other country. Crypto is very controversial when it comes to table talk in the government coz most of it is decentralized which they fear.

well you already said it "most governments allow it" but not all 

I think his vision is geared more towards craps, slot games, roulette and in general the type of bets that allow micro bets of up to 0.0001 the minimum that I have seen in crypto online casinos.

In Fiat casinos 99% of my time is dedicated to poker and there you get minimum bets of  $ 0.01 what they call NLH 10 / NLH 100 / NLH 1000 etc. which is by the way the levels where there is more traffic. Consequently if they exist, at least in the lowest denomination of Fiat.

Now there is a crucial point here, Fiat casinos are never the same as crypto casinos, by definition in technology they are already different, not in the objective as a business model, which if they have objectives that they can share, which is where there can be confusion.

Fiat casinos are taking advantage of crypto technology to expand their range of deposits in cryptocurrencies, it is another point that can be confusing, that is, it is not a crypto casino for the simple fact of receiving deposits.

100% of Fiat casinos have KYCl. Otherwise with the Crypto casinos in their great majority they do not have KYC, there are many very stable and famous casinos without KYC.

If there is something to recognize as a big difference from the Gambling crypto industry with reference to the Fiat, it is that $ 10 can be an investment that gives you a lot of fun if you like to bet at the level of micro bets.

If you have been on gambling sites that relies on cryptocurrency then you should be able to tell the difference between these sites and the ones that also has fiat currency and it is up to you if want to deal with it or if you want to move on to real crypto gambling sites. I mean you should be able to determine the difference between these sites. It is you decision if you want to convert your cryptos into fiats and if you want to keep it in cryptos. Because these fiat based websites are also joining the crypto wagon and want to get a piece of the action and get profit out of it so definitely you are welcome to test their capabilities or not. Remember fiat based also has KYC on most of them so you got to decide real good if you want to participate or not.

Oh, I am sorry, I don't know about the license. I think they will save their profit in the country that doesn't have any jurisdiction in their country, so their government doesn't know where their profit comes. If they want to use that profit, they only send some amount to their banks, and they will not send the money in a large amount of their bank account so the alarm will not sound. They still pay taxes to their country, but they will not say how much their profit and from where their real business. Perhaps, they will only give a small business that they have to prevent paying big money as the taxes.

As fiat casino owners is fully aware with that thing and they do want to play it safe since crypto isnt widely accepted in most countries so its understandable that they would make up conversions
from crypto to fiat.So it would be an option if a crypto gambler do like a certain game then they would surely deal it up but if they dont see anything something new or interesting then they would
just simply ignore it and stick to those who do accept pure crypto gambling sites and as other been mentioning on here that we should be at least thankful for this adoption yet we do have
more options to take.

Nope, you have it wrong.

Most of these online casinos are licensed in Curaçao where the taxation is more favorable and the politics are stable. So the legality is not such a big motivator for them to decide if they want to accept Crypto currencies or not. The problem come in when they have to submit the documents for taxation and the government where they are licensed does not accept Crypto currencies as a currency.

How do they explain their income derived from a illegal currency? Remember ... most gambling sites use currencies for betting... not commodities. Most governments allow Bitcoin to be a Commodity. 

The business owner tries to look if the crypto is legal or not in their country, so they don't risk for their business to break the law. If they see that everything is okay, and they see they have the chance to integrate their business with the crypto, they will try it and will see how it can give them more money. They still think that fiat gambling still provides benefits to them, but if they can see that the crypto existence can give them more money, they will implement crypto on their website or their place.

Fiat casino cannot also risk the fact they are being audited by the government for taxes so if they will implement crypto betting then the country does not legalize it, it can cause problem to them. They might consider accepting crypto in depositing but not yet in playing, they will just simply convert it which makes no sense since we wanted the value to be still in crypto for some chance to increase. Crypto gamblers will only play in fiat based casino unless they offer games that don't exist yet in crypto based gambling.

The answer to that is of course business owners still see Cryptocurrencies as high risk for an asset as it has very unstable market value. They might develop this features to quickly convert Crypto to Fiat in case a major drop of crypto price happens.
They haven't completely adopted and still needs fiat to safeguard their profits in crypto gamblings.

That we call it adoption.
Gamblers saw how crypto casinos save from paying taxes and other fees unlike for fiat casinos aside from having the minimal bet. The confidence that they experience will likely it brought them become a cryto gambler and leaving offline casinos at this case. But to say that this will not lead to a point that it makes all gamblers will after this because still a lot of wealthy gamblers are also preferred for fiat casinos.

The term was just right! When we do compare on the amount of minimal bet between crypto and fiat then we can really tell the difference.This is why some of players do switch from fiat to crypto because
they do able to try on what are the pros on using crypto when they do gambling which is really a different experience.
When fiat casinos integrate crypto payments then it doesnt really make that a difference because they do still follow up on what theyve been doing generally on fiat terms or system.
Its no surprise that people would still prefer to stick on pure crypto casinos or gambling sites.