Topic: The Pros and Cons of Bitcoin Gambling - page 6. (Read 889 times)

Is it convenient to play in the Bitcoin gambling? Bitcoin gambling is one aspect of gambling or a gamble method I have come to enjoy ever since I discovered that it could be used to play gambling. It's easy and comfortable with just a click you're good to go and the winning profit can't be compared to that of fiat money.

How does Bitcoin gambling work? For me it works so well, just with a transfer of the amount of Bitcoin you wish to use into your bet account, all you need do is just make your predictions and place a bet with any amount of coin of your choice.

Does Bitcoin Gambling can give a good opportunity to everyone? This I can't say, cause gambling is gambling irrespective of how it is modified, what seem to be an opportunity for someone else may not not be same for another.


 if you become addicted to gambling can it be said that it is a good result even though there is an advantage if you play in the Bitcoin
  gambling? It depends on what you mean by a good result, even though with the advantages put up above, don't forget that the security of Bitcoin gambling, its decentralization, and privacy only applies as cryptocurrency and not when it is under the gambling site account you created for yourself.

Exactly, the adaption of bitcoin and other crypto being used as the main currency for gambling is one of the great thing why crypto is flourishing and prospering. Actually, other than security and anonymity of the users, there is no main pros for crypto gambling website differ in just a regular online casino. Anyways, the convenience it provides to us in the crypto industry to directly use our crypto to gamble is already to good for me.

The thread has already indicated the controversy of the listed points, I will add my opinion on this:


Let's say you played in a casino 10 (or 5) years ago and as a responsible player you lost only the amount that you could afford. But now, in terms of dollars, this amount is hundreds/thousands of times more than then, and you will probably regret those expenses very much. And that will stop you from playing with bitcoin again.

Not to mention, Bitcoin being used on gambling sites is one of the many reasons that it flourished to what it is now. Of course there will be pros and cons on using bitcoin or other crypto on gambling sites, but I say it's on the individual to weigh that if it's convenient for them on using it or not. For me, I say it's more convenient but I try to limit it especially if it concerns my privacy.

I'm not a heavy gambler who likes to bet on online casinos but i do sports betting with cryptocurrencies and I could say that based on my personal experience it is convenient for me to use crypto rather than fiat because it is fast (depending on the bookies and type of crypto) and like you have said, untraceable and gambling on bookies is anonymous which fit on what I'm looking for when betting online.

In general, gambling may it be online or offline can make you broke if you don't have the discipline even if you bet only for fun but if not controlled could cause you more harm rather than enjoyment.

 

I understand really!  Without Bitcoin, I would never have had an online gambling experience.  I am one of the many who used to have no bank account so I can never do any financial transaction online.  But with involvement in Bitcoin, I am able to do it and even have an online gambling activity.


At least you have an option, while I used to have none until I knew Bitcoin.



It is profitable because you hold BTC instead of spending it on gambling.  I think that can be told in the future but at the present calculation of the valuation of how much you spend on gambling is the same whether you use Bitcoin or altcoin.

Security is depending on the security system of the casino as well as depending on how you try to secure your gambling account.


It was, but it is not private anymore due to regulation and license.


I'm both fiat and bitcoin gambling, but I have to say that fiat is faster than bitcoin. There is no network confirmation needed in fiat payment system, once I sent my fiat money then it will reflected to my gambling account instantly.


Here in my country where most people play in local gambling sites with fiat. There is no transaction fee for both deposit and withdrawal, means that we dont have to pay any fee. Bitcoin on the other side may have high transaction fee, even worst there are some casino that charges you so high withdrawal fee but there are some casino with no withdrawal fee. In this case, fiat payment is better than bitcoin (at least for me).

I don't look at Bitcoin gambling any different than normal gambling. Since a young kid I was interested in gambling and always enjoyed seeing Las Vegas on TV with all the flashy lights. A gambler in the 80s in Las Vegas must have had a perfect live, that was the golden days back then. For me I started gambling when I was 18 and it became legal for me in my country.  So many years before going into crypto currencies I was already gambling. Taking the step from casino gambling to online gambling became natural for me during the Poker hype a few years. Then the Covid pandemic made it even more one sided. Now I haven't seen the inside of a real casino in more than 3 years.
Being addicted to anything in life is a bad situation, doesn't matter if it's alcohol, gaming, cigarettes or gambling, we need help to stop that cycle. The problem is not only all the money we spent on it but also the time it takes, we spend days only thinking about the addiction and have troubles focusing on important things. I don't think there is any advantage being addicted to bitcoin gambling compared to normal gambling. The opportunity of bitcoin in my opinion is that it gives us the chance to generate some additional income. Bitcoins in our wallet don't generate any dividend and especially for HODL investors our coins stay in the wallet a very long time. When we use some of the coins for gambling we can make some profits on the side.

That is not true, majority of the community knows the pros and cons they are just doing it voluntarily because its for entertainment and making money too if they won. The fact that there are gambling addiction related threads here meaning we have read it all and are aware of all information from Bitcoin as investment and as a currency to gamble.


Using altcoins means you are not losing BTC especially if you just earn these atlcoins from staking but its also true that holding altcoins are just not profitable.

How altcoins can be more profitable rather than Bitcoin for gambling? they only have difference regarding the fees, but currently any coins fees are cheap, so there's not to much difference. Altcoins price can drop so much and that's make your altcoins value are less even you've accumulate more coins. Example you gamble with 100 UST when the value still $1/UST, so your initial capital are $100. After you gamble and won 400 UST, your account have 500 UST but the price is drop to $0.1/UST, so your capital now $50 this mean your winning are useless since you didn't earn anything, but you lose 50%.

I agree 100% with what you say. I would also add to point 6:


Whether it is taxed or not does not depend on betting with bitcoin, it depends on the regulations of each country. What happens is that there will be many people who do not declare it: the typical case of someone who lives in a country where gambling is regulated and taxed but connects to a cryptocurrency casino via vpn or tor and does not declare what they win there. So the number 6 is false as well.

What do you mean untraceable? If you're referring to Bitcoin, it is not. Quite the contrary, Bitcoin is actually transparent. Your deposit to and from your gambling platform of choice could be traced through the blockchain. But if you're referring to bets being untraceable, not really. Fairness among casinos are provable. In terms of sports betting, I guess there's no question about it. Your betting history is there.

Perhaps what you've forgotten about the disadvantages of Bitcoin gambling is that transaction fees could really be a pain in the ass. This is the main reason why gambling with altcoins with cheaper fees is a better choice. Aside from that, sometimes it is confusing gambling with decimals. This is where the likes of DOGE is an advantage.

IMO it's only convenient if you have several ways to buy bitcoin since the process and experience are still the same if you play in casinos that accept different payment methods without requiring KYC after registration. I feel like there's no need to answer the second question so i'll skip that one and just answer the next two questions.

Bitcoin casinos do provide opportunities as you're allowed to play and deposit with very small amounts compared to fiat casinos but there are still a few casinos that barely adjust their minimums.

Nope, getting addicted to gambling doesn't change anything even if you're playing with bitcoin as that advantage only feeds your addiction even further since it becomes more convenient and accessible to the gamblers.

Yes, gambling is one of the industry that started to use bitcoin and other cryptocurrencies understanding the usage of it. Compared to the traditional gambling platforms, the cryptocurrency accepted platforms give the ease of gambling without much difficulties being faced in terms of placing bets and transaction limits.

If gambling platforms haven't used cryptocurrencies during the beginning days, then the cryptocurrency market might've never been this big as now. The usage let users understand and kept the circulation of the market. Even there is a bad impression over cryptocurrency due to its increased usage on gambling, but in reality gambling industry have contributed good to the growth of cryptocurrencies as a whole.

Gambling industry is one of the earliest applications of bitcoin.
I came to know bitcoin and other alts, because of gambling sites like primedice and freebitco.
So I can say, I am grateful to these online casinos that open doors for me in knowing more about crypto.
There will always be pros and cons, and it is up to you how you will use it to your advantage.
Just like you, we don't need to use fiat in order to use a gambling site. If you have crypto, you have your convenience to do so.
You can also trade your btc to other alts, if you don't want to use btc. Really up to your preferences here.
But if you will be using your fiat, high likely that the site will ask your credentials especially if you will be using a credit card.

That’s for general, decentralize only means for Bitcoin but in some gambling site, KYC is mandatory and that kills the purpose of decentralized. Well, every coin/token here have their own pros and cons, so used what is more comfortable with you. I personally don’t use Bitcoin for my gambling because I just hold it for long term purposes, I prefer altcoins for this and I know I can be more profitable if I don’t use my Bitcoin. If there’s an option for altcoins on the site you are using, better to go for that.

This matter actually does not guarantee 100% security. Moreover, this is something digital where there are also concerns about hacks. Secure or not will depend on how we choose a wallet, store data, and also treat it. Moreover, we have seen several cases of Bitcoin hacks or losses because of our own mistakes or not.

Yes, fortunately, we have several options of sending Bitcoin networks. Moreover, if we are using lightning or Segwit. But btw, there is still several gambling platforms that also use flat transaction fees and they are high fees. This may only happen in come certain platforms only

I personally can't say that volatility is part of the disadvantages. Volatility sometimes can be one of the advantages as long as we know the right time to utilize it. But yes, this is volatile and risky.

Gambling is gambling, doesn't matter what valuable things you use for gambling! And gambling should be fun and amusement, even better if you can make some profit here and there!

Bitcoin was the first cryptocurrency I used for online gambling! For me, that was like a new door, as a person from a third-world county I needed some special bank accounts for foreign currencies, fees for that were high and still are I think, and the choice of casinos available for my country was limited... so I never wanted to bother with all that! With crypto, it was completely different, I can play in any crypto casino, and I can move funds around so easily and cheaply! When I started to gamble with crypto I stopped gambling with fiat, and I am sure I will stay loyal to crypto gambling in the next years!

I don't know what other people think, but for me, I think Bitcoin is the best thing that has ever happened to the gambling industry, it doesn't matter how many the disadvantages are, what really matter is that the advantages are far more than the disadvantages.
Without bitcoin, somebody like me will never go into gambling because I hate the stress of trying to deposit fiat into my account with my debit or credit card, and also the stress one goes through during withdrawal most especially, if it is an international transaction, the fees banks charge are also nothing to write home about.
So morning, day or night, I still prefer gambling with my bitcoin than fiat.

Those are the advantages and disadvantages (although I disagree with some of those points) of using bitcoin in general and not restricted to crypto gambling.
Actually, if we are going to talk about advantages/disadvantages of using bitcoin to gamble then most of the points you mentioned will become irrelevant. For example, the moment you send your coins to your casino account, we can't talk about décentralisation, security, privacy.. anymore.