The difference between a true Crypto gambling site and a Fiat/Crypto site.. - page 2.

Kakmakr

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Quote from: fiulpro on July 28, 2020, 02:55:16 AM

Quote from: Kakmakr on July 24, 2020, 11:33:04 AM

I noticed a kind of trend these days, with a lot of Fiat online casinos, starting to offer Crypto currencies. The problem with these casinos are that they are not really Crypto gambling sites. Let's take the Slots for instance... Your normal Fiat online gambling sites will never offer bets smaller than say $0.10 per bet.... but the true Crypto gambling sites will offer bets for a fraction of a cent. (Stake.com original games for instance makes true use of Crypto micro bets and also sites like Freebitco.in)

The other sites will take your Crypto currencies, but they will still use Fiat values as a guideline to determine the minimum bet... this does not make full use of one of the best aspects of Crypto currencies... which is micro payments.

Can anyone in the gambling industry explain to us, why this is done? Do you have to pay high royalties to the third party developers for these games and/or are you afraid that Fiat customers would start playing with Crypto currencies, if you allowed smaller minimum bets for Crypto customers?

I understand where you are coming from but at the same time there are sites which allows you to evaluate your bets in cryptocurrencies like Bitcoins I do think the reason some of the sites prefer doing it in terms of Fiat , is :

Generally the value of cryptocurrencies are volatile and this way they can tell the concerned person to actually evaluate the amount they are betting at that moment.

At the same time sometimes people tend to forget that even 0.005 BTC is a big amount , doing this might help them see the value of that and this way they will be serious and at the same time can take steps accordingly.

There are people who try the Crypto gambling for the first time and such therefore it might just Crater to a big audience.

*_*_*_*_*_*_*_*

You make a very good point, but if you have noticed .... many of these Fiat casinos gives you the option to choose what value you want to see.. so if you are using say the US Dollar, then it will show you the $(Dollar) value and not the Crypto currency value of your bet.

You can make this idiot proof if you wanted to, but I think most casinos are just too lazy to go through all that trouble. The volatility might be a issue too... but that is a discussion for another whole new thread.

I will give you one merit for this input, because I think it is also a concern with them. Wink

Hippocrypto

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Quote from: shoreno on July 28, 2020, 12:48:45 AM

Quote from: alani123 on July 27, 2020, 06:58:22 PM

There are quite a few differences but I think mostly the difference for a FIAT site would have to be compliance. Ofc FIAT casinos have opportunities to cheat from players in other ways aside of compliance. For example FIAT exclusive casinos don't tend to prove their fairness. They usually have software either they built or some third party company has made. Some huge conflicts of interest here.

people dont dwell with that because fiat casinos are usually registered and have a working certificate . under thier site we can see the brands that they are partnered of or if thier site has already been featured . that give confidence to the players to play and they dont mind the site fairness anymore but to the crypto casino its rare to see all those proof however crypto casino can show thier fairness or transparancy . this is what crypto and blockchain all about or being known for being transparent .

I just hope that they've been transparent all the time, because we don't know exactly what's behind their system. People will bet as they would desire to, but true crypto gambling site is always anonymous to everyone. Unlike fiat betting, you'll enjoying the game physically unlike virtual type of entertainment, everything is always through digital network interaction.

Botnake

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Fiat casinos need a decent capital to start their business, they will have to take care of the website, promotions and most importantly to get the approval of the license from regulators, while compared to crypto casinos, they can registered to a country or place where license is cheap and crypto friendly at the same time. So in short, the capitalization for crypto casinos is lower compared to fiat casinos and therefore it make sense if they will have a higher minimum bet compared to crypto casinos.

In addition, there are a lot of crypto casinos that starts their operation even without a license and a bad website, so they can just operate for awhile and just stop operation if they want to, they will not lose a lot of money and might probably take the money of the bettors. What's happening now is that crypto casinos are competing already as we have a lot of good casinos in the market now, and they are not only attracting small gamblers but big gamblers or whales as well.

AFAIR, crypto casinos is already a billion dollar business, so that's big already.

fiulpro

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Quote from: Kakmakr on July 24, 2020, 11:33:04 AM

I noticed a kind of trend these days, with a lot of Fiat online casinos, starting to offer Crypto currencies. The problem with these casinos are that they are not really Crypto gambling sites. Let's take the Slots for instance... Your normal Fiat online gambling sites will never offer bets smaller than say $0.10 per bet.... but the true Crypto gambling sites will offer bets for a fraction of a cent. (Stake.com original games for instance makes true use of Crypto micro bets and also sites like Freebitco.in)

The other sites will take your Crypto currencies, but they will still use Fiat values as a guideline to determine the minimum bet... this does not make full use of one of the best aspects of Crypto currencies... which is micro payments.

Can anyone in the gambling industry explain to us, why this is done? Do you have to pay high royalties to the third party developers for these games and/or are you afraid that Fiat customers would start playing with Crypto currencies, if you allowed smaller minimum bets for Crypto customers?

I understand where you are coming from but at the same time there are sites which allows you to evaluate your bets in cryptocurrencies like Bitcoins I do think the reason some of the sites prefer doing it in terms of Fiat , is :

Generally the value of cryptocurrencies are volatile and this way they can tell the concerned person to actually evaluate the amount they are betting at that moment.

At the same time sometimes people tend to forget that even 0.005 BTC is a big amount , doing this might help them see the value of that and this way they will be serious and at the same time can take steps accordingly.

There are people who try the Crypto gambling for the first time and such therefore it might just Crater to a big audience.

*_*_*_*_*_*_*_*

Kakmakr

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Quote from: Japinat on July 28, 2020, 12:55:31 AM

Not only that, you also have to consider the regulation factor, fiat casinos are surely regulated and hence they need to comply with the regulation which is to ensure that all gamblers have a KYC, in crypto casinos, that is not necessary, we can just come and go even with new email address every time we gamble, the freedom is great with crypto casinos while in fiat casinos, you are being watched by the regulators.

Also, I agree on the amount of bet, there's a big disparity, crypto casinos caters small time gamblers while fiat casinos seems like anti poor casinos, lol,. sorry for the term .haha

I agree that regulations might differ from one country to the next and that might make things more complex for casinos to implement this, but remember there is no difference between a casino selling you credits for Fiat and casinos creating internal crypto tokens to be sold for Fiat. (This is all done in their internal software and not on the Blockchain)

I know a lot of countries allow Bitcoin to be a Commodity ...but they do not allow it to be a Currency and that is where things become a bit more tricky. The thing is... even in these countries, people are still using Bitcoin as a Currency and you even get loads of Crypto ATM's ...so the definition becomes blurry. Roll Eyes

There must be other reasons.. I am waiting for a few responses from different gaming providers.. so let's see what happens.

jrrsparkles

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Quote from: shoreno on July 28, 2020, 12:48:45 AM

Quote from: alani123 on July 27, 2020, 06:58:22 PM

There are quite a few differences but I think mostly the difference for a FIAT site would have to be compliance. Ofc FIAT casinos have opportunities to cheat from players in other ways aside of compliance. For example FIAT exclusive casinos don't tend to prove their fairness. They usually have software either they built or some third party company has made. Some huge conflicts of interest here.

people dont dwell with that because fiat casinos are usually registered and have a working certificate . under thier site we can see the brands that they are partnered of or if thier site has already been featured . that give confidence to the players to play and they dont mind the site fairness anymore but to the crypto casino its rare to see all those proof however crypto casino can show thier fairness or transparancy . this is what crypto and blockchain all about or being known for being transparent .

Simply trusting them because of their reputation might sucks at many times because we never know all those results are right and our luck determined the results.But in cryoto gambling sites you can check the fairness anytime you want.

maydna

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Quote from: MCobian on July 27, 2020, 06:41:07 PM

Based on the research I've done, there isn't much difference between the two gambling sites. Both are very feasible to use,
but for someone who is very concerned about privacy. It's best to use true crypto gambling sites, which can usually play
without identification. If fiat sites to make deposits and withdrawals must first do the KYC procedure. Therefore true crypto
gambling sites are much more popular and widely used by the crypto community.

Especially this time of Pandemic many are looking for crypto gambling sites they can play with that didn't requires any identification to play, many also stayed at home and maybe see those many crypto gambling casino sites that keeps popping whenever we browse unlike the ads of fiat based, or it was just me who see it most. Crypto gambling is indeed gaining popularity now since there are plenty of choices from games and from how to deposit without the hassle that fiat based offers plus we can bet in a much minimum amount than if will based in fiat.

That can make the crypto gambling sites popular, and we will see many new people who will involve in crypto. They will invest their money in crypto, and not just use the crypto for the investment, but they also use the crypto to playing gambling. For a gambler who is playing gambling at the physical casino, they already found that on the internet, they can play gambling using the crypto gambling sites, and the gambler doesn't have to use fiat, but they need to use crypto to gamble. People will learn how to use crypto and how to deposit and withdraw the crypto and send it to their bank.

YOSHIE

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Quote from: Kakmakr on July 24, 2020, 11:33:04 AM

Can anyone in the gambling industry explain to us, why this is done?

Gambling has a method that includes components to determine for those who bet crypto & fiat gambling, in payment.

For me there is a difference in fighting crypto and fiat gambling sites.
Examples of crypto gambling.
• If you bet on gambling sites that provide cryptocurrency, after you determine your bet with crypto, you only need to be 'proficient' in betting.
if you are proficient in the game you have the right to take all bets placed by other members, opponent players, for example: sports gambling, poker etc.
The difference, there is no negotiation / bargaining if gambling with the crypto site cannot be canceled again.

Fiat gamble.
• while betting using fiat money, you can make an agreement when betting with fiat money or can take 'part/all' or 'assets/material', from the agreement, if you lose.
Or the debt will be able to pay for losses on the day that has been determined by both parties, certainly has a handle in a certain period.
The difference, it can be a negotiation.

Japinat

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Not only that, you also have to consider the regulation factor, fiat casinos are surely regulated and hence they need to comply with the regulation which is to ensure that all gamblers have a KYC, in crypto casinos, that is not necessary, we can just come and go even with new email address every time we gamble, the freedom is great with crypto casinos while in fiat casinos, you are being watched by the regulators.

Also, I agree on the amount of bet, there's a big disparity, crypto casinos caters small time gamblers while fiat casinos seems like anti poor casinos, lol,. sorry for the term .haha

shoreno

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Quote from: alani123 on July 27, 2020, 06:58:22 PM

There are quite a few differences but I think mostly the difference for a FIAT site would have to be compliance. Ofc FIAT casinos have opportunities to cheat from players in other ways aside of compliance. For example FIAT exclusive casinos don't tend to prove their fairness. They usually have software either they built or some third party company has made. Some huge conflicts of interest here.

people dont dwell with that because fiat casinos are usually registered and have a working certificate . under thier site we can see the brands that they are partnered of or if thier site has already been featured . that give confidence to the players to play and they dont mind the site fairness anymore but to the crypto casino its rare to see all those proof however crypto casino can show thier fairness or transparancy . this is what crypto and blockchain all about or being known for being transparent .

uneng

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Quote from: ryzaadit on July 24, 2020, 01:44:45 PM

It's not about paying or money, they used a third parties slot game, so they cannot change the policy or term & condition of the game. Must accept all rules or other things from the game provider.

The casino only connected their website to the game provide through API game provider, that's why they cannot change at all the currency we can use for slot games. That's would be a different case if they created the game itself like "Stake" when they created their own slot and can be used whatever cryptocurrency you want to use for betting activity.

If you looking specific answer, then need one of the people who from the developer, team, or owner the casino to answer your question. But they will not have time to answer you, to busy operating the casino XD.

I think this is the most reasonable answer for the question on this thread.
But if that is really the case, it's already time for casinos to change their games' provider then, I wouldn't think twice between a casino offering small bet sizes such 1 satoshi and another with a minimum of 0,10$ per bet. The industry changed with crypto currencies arrival and traditional gambling casinos are on borrowed time. They need to follow the gambling industry improvements, otherwise they will be left behind...

alani123

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There are quite a few differences but I think mostly the difference for a FIAT site would have to be compliance. Ofc FIAT casinos have opportunities to cheat from players in other ways aside of compliance. For example FIAT exclusive casinos don't tend to prove their fairness. They usually have software either they built or some third party company has made. Some huge conflicts of interest here.

masulum

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hmph..

Quote from: MCobian on July 27, 2020, 06:41:07 PM

If fiat sites to make deposits and withdrawals must first do the KYC procedure. Therefore true crypto
gambling sites are much more popular and widely used by the crypto community.

Surely it will be easy for gambling developers to remove fiat and make 100% crypto. But, we know that all services must also comply with the regulations in which they operate their business, especially those that provide fiat withdrawal services and in countries where legalized bitcoin as a currency not only recognized or as a commodity. AML will be the reason why they will continue to request data later on.

MCobian

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Based on the research I've done, there isn't much difference between the two gambling sites. Both are very feasible to use,
but for someone who is very concerned about privacy. It's best to use true crypto gambling sites, which can usually play
without identification. If fiat sites to make deposits and withdrawals must first do the KYC procedure. Therefore true crypto
gambling sites are much more popular and widely used by the crypto community.

DoublerHunter

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^ Probably the reason is crypto is very popular nowadays and you can see it in almost all social media out there.
There is the main reason why those gambling site owners switching to cryptocurrency, they saw the potential on it especially when pandemic was on the earth and everyone suffered using fiat to avoid virus transmission. There are too many differences and I think the most have an advantage is using crypto than the fiat. Nevertheless, this will have an advantage to the crypto community and probably it will increase the mass adoption of crypto.

Lanatsa

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Quote from: maydna on July 26, 2020, 09:49:03 PM

Quote from: pilosopotasyo on July 25, 2020, 10:04:46 PM

Quote from: maydna on July 25, 2020, 09:51:41 PM

the gambler itself will look on different gambling sites, and if they see the benefits of the crypto gambling site, they will move to that site.

We just need to promote Crypto gambling site to the general public as something worth looking for gamblers, they have a lot of benefits compared to fiat gambling site we are in a new era of gambling form where bets are transparent and they respect the privacy of users, it's only a matter of time that Crypto gambling sites will dominate the field.

I agree with you. Privacy will be the thing that gamblers need to know because if they are using the crypto gambling site, they don't have to reveal their identity to the gambling site. Even they can hide in depositing the money because all they need to do is buying the crypto from the reliable sellers who can protect them from abusing the identity.

The promotion of the crypto gambling website itself will grow from time to time, so people who are familiar with the fiat online gambling will see about the crypto gambling website, and that can make them curious to try. They will feel a different experience while using the crypto as the bet, and I think they will feel comfortable to use crypto for playing gambling.

Sure thing!

They would able to feel and tell the difference among the two when it comes to privacy thing where it would either interest them or wouldnt care at all.
Since theyve been playing with fiat for a while then most of the time they wouldnt mind much about their privacy.

Fiat casinos are just trying to jump in into other market which they do know that they can make money and its pretty obvious but they do stick
out into their traditional or own ways on handling things up.

TheGreatPython

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Quote from: n0ne on July 26, 2020, 06:40:04 AM

With the micro payments support cryptocurrencies ease the gameplay while the same can't be done with fiat. Here the privacy, on-time settle of wins, and provably fair nature of the game will be perfect. With fiat based gambling sites the money making is the ultimate thing, and setting a minimum value similar to the cryptocurrency based gambling sites seems hard.

You are explaining the benefit of the crypto gambling over fiat gambling but I guess the question being asked is that, why and how to crypto casinos allow such small bets while the fiat casino would never allow such small bets while even the crypto casinos convert our bets into USD value so how do they allow so small bets while fiat casinos cannot.

I believe that is because of the preference I mean even the fiat casinos can accept such small bets but they have much more traffic and users that they don't need to accept the smaller bets. That is just my assumption though.

Fundamentals Of

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Quote from: pixie85 on July 26, 2020, 03:18:07 PM

Quote from: Fundamentals Of on July 24, 2020, 10:42:24 PM

There are crypto gambling sites which are also setting up limits. Some sports betting sites for example do have minimum amount of bets allowed.

Perhaps some fiat/crypto gambling sites do not allow very low bets because they consider these bets too insignificant that they do not make good money out of it. Perhaps they find bets as low as 1 to 10 sats as worthless bets which should not be accepted. Even 100 sats is just less than 0.01 cents so why bother accepting it? Just my thoughts.

Usually this is done to prevent people from running off with bonuses and freebies given to newcomers.

Prohibiting multiple accounts or accounts more than two are done due to this kind of abuses. But putting up minimum bets have more reasons than just avoiding newcomer abuses. I think casinos are putting up minimum bets probably to avoid nuisance bets flooding in.

Debonaire217

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Quote from: bitbunnny on July 26, 2020, 03:26:28 PM

I think that differences among crypto and fiat gambling casinos are not that much in game offers and features but more in legal and regulation background. Differences in deposit.and withdrawal conditions are not that big.

Perhaps, you need to perform a lot more KYC in fiat online casino compared to crypto, also, I find the restriction of fiat casino more strict in terms of countries allowed to play using their platform.

Quote from: bitbunnny on July 26, 2020, 03:26:28 PM

There are a lot illegal crypto casinos because they are not under strict regulation and authorities don't pay so much attention to them. Also, fiat gamblers are different type of players and they have different approach, they are maybe more interested in security and trustworthy than to fast withdrawal. It's not a rule of course.

Especially those, who will bet a huge amount of their funds, what is a fast deposit and withdrawal if they think it's not secured. Though, these features doesn't necessarily mean that crypto casinos isn't secured, in fact, with blockchain as their foundation, crypto casinos are more transaparent compared to fiat casinos.

maydna

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Quote from: pilosopotasyo on July 25, 2020, 10:04:46 PM

Quote from: maydna on July 25, 2020, 09:51:41 PM

the gambler itself will look on different gambling sites, and if they see the benefits of the crypto gambling site, they will move to that site.

We just need to promote Crypto gambling site to the general public as something worth looking for gamblers, they have a lot of benefits compared to fiat gambling site we are in a new era of gambling form where bets are transparent and they respect the privacy of users, it's only a matter of time that Crypto gambling sites will dominate the field.

I agree with you. Privacy will be the thing that gamblers need to know because if they are using the crypto gambling site, they don't have to reveal their identity to the gambling site. Even they can hide in depositing the money because all they need to do is buying the crypto from the reliable sellers who can protect them from abusing the identity.

The promotion of the crypto gambling website itself will grow from time to time, so people who are familiar with the fiat online gambling will see about the crypto gambling website, and that can make them curious to try. They will feel a different experience while using the crypto as the bet, and I think they will feel comfortable to use crypto for playing gambling.

Topic: The difference between a true Crypto gambling site and a Fiat/Crypto site.. - page 2. (Read 658 times)