There are many advantages to the relationship between gambling and Bitcoin. - page 3.

livingfree

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Quote from: SatoPrincess on May 05, 2023, 04:06:45 PM

For me, one of the pros of using a casino that accepts bitcoin is the anonymity it provides (at least casinos that do not require kyc) I can easily deposit and withdraw my winnings to my wallet without any third party knowing what I’m doing. If I was to use fiat to gamble, the bank would have a record of my deposit and can dictate where I can send my money, I don’t like that one bit.

That's one of the best things being into Bitcoin sportsbooks. We don't need to have that record coming from a third party that might be used against us in the future if it's related to finances.

Another thing, the cheaper deposits that can be done by everyone as long as you've got an amount that's required as the minimum deposit then you're good.

Not that much of a process for those transactions that should be meeting their minimum standards and requirements. You can gamble with a couple of bucks as long as it's accepted by that casino where you'll play.

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Quote from: Nrcewker on May 04, 2023, 09:35:46 PM

Many places traditional gambling is banned, so yes you can’t directly deposit through FIAT in those platforms and hence you can’t gamble there. Now in this types of situations, Bitcoins come to rescue us. Due to the decentralised nature of the coin, you get the full advantage to remain anonymous. Though gambling is banned in your country, but no one can really figure it out that you are betting with Bitcoins. Moreover sportsbook with crypto helps you to bet on different international events against various players from all around the globe. So yes these are the prominent advantages we get from a Sportsbook that accepts crypto.

just make sure they are not requiring kyc at any point of your active betting. because some casinos and bookies won't ask kyc when you deposit but upon withdrawal, they will require you to submit kyc. so always check their ToS before it is too late.
but old sites like freebitco, we all know they don't require one. and it is reputable site known to this forum. so if you do want to play anonymously without worrying about them asking your kyc, check the reputable ones first.

jaberwock

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Quote from: tusandii on May 05, 2023, 12:11:19 PM

Quote from: slapper on May 05, 2023, 02:25:22 AM

Bitcoin and gambling, a fantastic combo! But as you said, there are downsides, folks. Secure and decentralized, sure, but what's the point if the platform's centralized? Decentralized platforms aren't flawless either. More control, yeah, but tough to use and not-so-friendly. Less regulated too, so scams and fraud? Watch out! The answer? A hybrid! A mix of Bitcoin's security and privacy with centralized platform's ease and regulation. Can it happen? Uncertain, but I'll wager on it - in Bitcoin, naturally!

In the crypto gambling industry Bitcoin cannot be separated from gambling, but in this era I don't pay much attention to the fact that they can still be decentralized because there has been a lot of interference from outside parties such as the state government.
But I don't care about that because I think gambling is fun so whatever happens as long as it doesn't have a big impact on my finances is not a big problem.
Yes, I know that and caution must always be prioritized in the gambling industry because there are so many scam sites that exist.

Of course it can. Before crypto gambling came, there is already a Bitcoin. Then some gambling sites don't support Bitcoin. Bitcoin itself is still decentralized because it can not be totally stopped. There is also fully decentralized gambling sites here. It's important to pay attention to the government's order because you don't want to get in jail or being fined aren't you? It is still better to enjoy gambling if you have a peace of mind. Gambling is so risky.

No matter how we think we are in control of our selves, there will be a time that we can over spend but as long as we can go back in track again, it's only fine. Losing money occurs too due to scams but this can be prevented if we check the background of the casino before we play.

Webetcoins

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Quote from: coolcoinz on May 04, 2023, 02:18:11 PM

Quote from: Pierre 2 on April 25, 2023, 12:27:00 AM

I feel like biggest advantages of using Bitcoin in online gambling platforms is to avoid some countries' regulations. It can be very hard to deposit local currency to bank account of gambling platforms. But its so much quicker and easier to do same with Bitcoin. Most countries don't follow Bitcoin transactions in such situations because its not exactly something illegal. Its legally grey area. It gives chance to many people around the world to gamble in 5 minutes.

It's not that easy since most casinos have to uphold the terms of their license and not allow people from countries where gambling is banned to play. If you use VPN to circumvent the restrictions, you can be banned from the casino and denied payment. I wouldn't call that the biggest advantage of bitcoin.

The real advantage of bitcoin casinos is anonymity of payments, where you don't have to use your bank account at all. All you do is transfer bitcoin and get it back, and then you can find a store or service that accepts direct, no KYC bitcoin payments and you're all set. You've gambled without anybody knowing, you've earned profit, and you've spent that profit, all anonymously.

Is it really necessary to spend the Bitcoins directly? You can simply just keep them and convert them to fiat later whenever you need cash, no one would know that you've got cash from withdrawing Bitcoins from a gambling platform, and you should be good that way too. Also, you will give yourself a hard time trying to find a store to spend your Bitcoins I'm sure.

Also, I think there are some casinos that allow their gamblers to use VPN without any issues, though I never tried it myself but I think Stake allows it, I never heard anyone saying that they've got banned from Stake for using a VPN.

SatoPrincess

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For me, one of the pros of using a casino that accepts bitcoin is the anonymity it provides (at least casinos that do not require kyc) I can easily deposit and withdraw my winnings to my wallet without any third party knowing what I’m doing. If I was to use fiat to gamble, the bank would have a record of my deposit and can dictate where I can send my money, I don’t like that one bit.

Fortify

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Quote from: nitrobetting on April 23, 2023, 10:34:18 PM

There are many advantages to the relationship between gambling and Bitcoin. Firstly, Bitcoin provides a secure and decentralized way to gamble online, which is attractive to many gamblers who value their privacy and security. Transactions are processed quickly and can be completed without third-party intermediaries, making it a popular choice for online gambling sites.

Another advantage of using Bitcoin for gambling is that it allows for more anonymity than traditional payment methods. This can be especially important for gamblers who wish to keep their gambling activities private.

Furthermore, Bitcoin transactions are often cheaper and faster than traditional banking methods, which can save gamblers money and time.

Many online casinos and sports betting sites now offer exclusive bonuses and promotions for Bitcoin users, which can provide gamblers with extra incentives to use Bitcoin for their online gambling activities.

Can you tell us another advantage of opening an account in a Bitcoin Sportsbook?

A lot of these so-called advantages are disappearing over time for different reasons. Referring to anonymity in relation to cryptocurrency is getting harder by the day, because so many transactions are tracked in the background from exchanges and peer to peer trading has been targeted by financial regulators recently because they don't keep the same level of records that banks do. Promotions are also widespread and in many cases a lot greater with fiat currency casinos in my experience, that being said there are some great bitcoin gambling sites offering bonuses out there. Potentially greater odds would be the biggest benefit to using a crypto sportbook over any other type.

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Quote from: slapper on May 05, 2023, 02:25:22 AM

Quote from: Darker45 on May 04, 2023, 08:28:07 PM

-snip-

Bitcoin and gambling, a fantastic combo! But as you said, there are downsides, folks. Secure and decentralized, sure, but what's the point if the platform's centralized? Decentralized platforms aren't flawless either. More control, yeah, but tough to use and not-so-friendly. Less regulated too, so scams and fraud? Watch out! The answer? A hybrid! A mix of Bitcoin's security and privacy with centralized platform's ease and regulation. Can it happen? Uncertain, but I'll wager on it - in Bitcoin, naturally!

In the crypto gambling industry Bitcoin cannot be separated from gambling, but in this era I don't pay much attention to the fact that they can still be decentralized because there has been a lot of interference from outside parties such as the state government.
But I don't care about that because I think gambling is fun so whatever happens as long as it doesn't have a big impact on my finances is not a big problem.
Yes, I know that and caution must always be prioritized in the gambling industry because there are so many scam sites that exist.

Oasisman

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Quote from: mindrust on May 04, 2023, 10:21:38 PM

Quote from: alegotardo on May 04, 2023, 08:32:10 PM

Quote from: nitrobetting on April 23, 2023, 10:34:18 PM

Another advantage of using Bitcoin for gambling is that it allows for more anonymity than traditional payment methods. This can be especially important for gamblers who wish to keep their gambling activities private.

Unfortunately, the anonymity of gambling using crypto is something that can no longer be guaranteed in today's days.
For most players who always lose everything (like me) or who play small amounts every month, they will never need to go through a KYC.
However, in virtually all online casinos, even those that operate with crypto, you will need to perform KYC if you are a regular player who bets large sums or if you need to make a large withdrawal of money/cryptos.

But even so, I agree with you.... gambling using cryptos is still more advantageous than the traditional ones that operate with Fiat.

There are casinos that don’t do any KYC no matter how big you win. Freebitco.in is one of them. There are probably others too but I can’t remember their names now

Freebitco.in on the other hand has been around for years and they are one of the most famous casinos out there. They don’t deal with FIAT or USDT and therefore they don’t have to get any licenses to operate a crypto casino. I think more casinos should follow the same route.

Of course there are more casinos who will follow this as people who gambles using crypto wants to be anonymous in betting as well. However, with the level of competition in this industry, it is really hard for these casinos to be recognized since there are already these established and most trusted decentralized gambling platform existed for quite some time.
Plus, it's really hard to trust other casinos, that's the reason why some gamblers just stick with the casinos they're most comfortable with even with the implementation of the KYC.
Indeed, there are still a lot of crypto casinos out there that doesn't need KYC.

slapper

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Quote from: Darker45 on May 04, 2023, 08:28:07 PM

Bitcoin is secure and decentralized. It provides a certain amount of privacy as well. Transactions could also be processed quickly and, yes, without third-party intermediaries. Yes, you could also stay pretty much anonymous gambling with Bitcoin.

All of these, however, are pointless if the gambling platform you are using is centralized. First, you will have to deposit your Bitcoin to another wallet that you don't control. The casino could run away with your money. It could freeze it. Second, almost all of crypto casinos reserve the right to require users to undergo and pass KYC. Third, processes like withdrawals are done by a third party, the casino itself. And, finally, it could be done manually, which means it takes time.

Bitcoin and gambling, a fantastic combo! But as you said, there are downsides, folks. Secure and decentralized, sure, but what's the point if the platform's centralized? Decentralized platforms aren't flawless either. More control, yeah, but tough to use and not-so-friendly. Less regulated too, so scams and fraud? Watch out! The answer? A hybrid! A mix of Bitcoin's security and privacy with centralized platform's ease and regulation. Can it happen? Uncertain, but I'll wager on it - in Bitcoin, naturally!

mindrust

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Quote from: alegotardo on May 04, 2023, 08:32:10 PM

Quote from: nitrobetting on April 23, 2023, 10:34:18 PM

Another advantage of using Bitcoin for gambling is that it allows for more anonymity than traditional payment methods. This can be especially important for gamblers who wish to keep their gambling activities private.

Unfortunately, the anonymity of gambling using crypto is something that can no longer be guaranteed in today's days.
For most players who always lose everything (like me) or who play small amounts every month, they will never need to go through a KYC.
However, in virtually all online casinos, even those that operate with crypto, you will need to perform KYC if you are a regular player who bets large sums or if you need to make a large withdrawal of money/cryptos.

But even so, I agree with you.... gambling using cryptos is still more advantageous than the traditional ones that operate with Fiat.

There are casinos that don’t do any KYC no matter how big you win. Freebitco.in is one of them. There are probably others too but I can’t remember their names now

Freebitco.in on the other hand has been around for years and they are one of the most famous casinos out there. They don’t deal with FIAT or USDT and therefore they don’t have to get any licenses to operate a crypto casino. I think more casinos should follow the same route.

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Gambling is illegal in several countries. Countries were online gambling and physical casinos were banned can make use of the cryptocurrency accepted gambling sites. Few gambling platforms gives access to play without any account. The transaction can be easily tracked and chance of errors were low. People who prefer cent percent privacy can enjoy gambling, in different means advantages are there. However it all depends on how well we use it. Gambling platforms have given access for investing which too an advantage.

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Many places traditional gambling is banned, so yes you can’t directly deposit through FIAT in those platforms and hence you can’t gamble there. Now in this types of situations, Bitcoins come to rescue us. Due to the decentralised nature of the coin, you get the full advantage to remain anonymous. Though gambling is banned in your country, but no one can really figure it out that you are betting with Bitcoins. Moreover sportsbook with crypto helps you to bet on different international events against various players from all around the globe. So yes these are the prominent advantages we get from a Sportsbook that accepts crypto.

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Quote from: nitrobetting on April 23, 2023, 10:34:18 PM

Can you tell us another advantage of opening an account in a Bitcoin Sportsbook?

Opening an account isn't solely an advantage but I'd say the experience over it. I have few accounts to play on sportsbook but that doesn't mean I have the advantage, it's simply a thing to require you to gamble. For me the advantage is that you can play whenever or wherever you are using just your smartphones, the ease while you're on your home. Those things might be least of an advantage but they are something important I guess.

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Quote from: nitrobetting on April 23, 2023, 10:34:18 PM

Another advantage of using Bitcoin for gambling is that it allows for more anonymity than traditional payment methods. This can be especially important for gamblers who wish to keep their gambling activities private.

Unfortunately, the anonymity of gambling using crypto is something that can no longer be guaranteed in today's days.
For most players who always lose everything (like me) or who play small amounts every month, they will never need to go through a KYC.
However, in virtually all online casinos, even those that operate with crypto, you will need to perform KYC if you are a regular player who bets large sums or if you need to make a large withdrawal of money/cryptos.

But even so, I agree with you.... gambling using cryptos is still more advantageous than the traditional ones that operate with Fiat.

Darker45

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Bitcoin is secure and decentralized. It provides a certain amount of privacy as well. Transactions could also be processed quickly and, yes, without third-party intermediaries. Yes, you could also stay pretty much anonymous gambling with Bitcoin.

All of these, however, are pointless if the gambling platform you are using is centralized. First, you will have to deposit your Bitcoin to another wallet that you don't control. The casino could run away with your money. It could freeze it. Second, almost all of crypto casinos reserve the right to require users to undergo and pass KYC. Third, processes like withdrawals are done by a third party, the casino itself. And, finally, it could be done manually, which means it takes time.

Cantsay

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Quote from: nitrobetting on April 23, 2023, 10:34:18 PM

There are many advantages to the relationship between gambling and Bitcoin. Firstly, Bitcoin provides a secure and decentralized way to gamble online, which is attractive to many gamblers who value their privacy and security.
Transactions are processed quickly and can be completed without third-party intermediaries, making it a popular choice for online gambling sites.

Another advantage of using Bitcoin for gambling is that it allows for more anonymity than traditional payment methods. This can be especially important for gamblers who wish to keep their gambling activities private.

Bitcoin provides a decentralized way to gamble online, but the gambling sites don't want it that way, so they implemented KYC, which is understandable given their desire to protect their site from scammers and those who will abuse their system.
If given the chance to protect my own business I too would do something similar, because we humans tend to not think of what others will suffer from our actions as long as we get what we're looking for.

Quote

Furthermore, Bitcoin transactions are often cheaper and faster than traditional banking methods, which can save gamblers money and time.

I won't say always. If you mean when the network is free and not congested, I might agree because you can pay a low gas fee and still get a very fast confirmation.
However, the network has been so congested in recent days that you must pay 84 sats/vbyte ^{at the time this post was made} for Hour Fee, and it can still go higher depending on how congested the network is.

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Many people will come up with different advantages, some reasonable, others not making complete sense too.

Quote from: nitrobetting on April 23, 2023, 10:34:18 PM

Can you tell us another advantage of opening an account in a Bitcoin Sportsbook?

Introducing someone to gamble with bitcoins especially someone who is new in bitcoins can interest the person and turn them into people that know bitcoins and not just use bitcoins to gamble. Gambling with bitcoin introduces you to many aspect of the importance of bitcoins and it can make someone who is new to be interested in it.

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Quote from: QueenVera on May 04, 2023, 04:16:35 PM

One of the major reasons I enjoy gambling on bitcoin casinos is the privacy and ease of deposit and withdrawal.
Just as we are always wanting to put into consideration the positivity associated with gambling on bitcoin casinos, I think we should also try to put into consideration the negative aspect of it as well as whatever has positive also has negative as well.
I think gambling with crypto might make gambling accessible for underaged persons to gamble and I think since there is no one to help monitor oir gambling habit using bitcoin. I think there is always ease of getting addicted.

That is what KYC is supposed to be for, or at least, in theory.
If some underage person wanted to gamble and withdraw from a registered casino, it would be just matter of time before they needed to summit their documents and there is where they would be caught. Even if they chose not to comply,they would get their money frozen which would certainly be a factor to keep them away from gambling.

Also,I agree than Bitcoin helps a bit with privacy, I am almost certain that banks store forever a log on how you use your salary, to them it does not matter much. Roll Eyes

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Quote from: nitrobetting on April 23, 2023, 10:34:18 PM

Can you tell us another advantage of opening an account in a Bitcoin Sportsbook?

I think the biggest reason is the community and the huge numbers of investors who are also sports bettors, these people already discarded fiat and made Bitcoin their main currency of usage online, so you create a platform that accepts Cryptocurrency and you have targeted a big community.
All platforms are created to target specific communities and the Bitcoin community is so huge that it guarantees success, especially in gambling platforms.

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Quote from: Wakate on May 04, 2023, 04:18:52 PM

Quote from: Finestream on May 04, 2023, 03:45:18 PM

Quote from: Kakmakr on April 24, 2023, 12:43:56 AM

I do not know if there are actually any of the advantages that you are talking about. Most of the casinos ask for KYC details...so that destroys all pseudo anonymity that Crypto currencies supported.

People could care less about decentralization....and most casinos are not decentralized, so I doubt if that has any advantages for the gamblers. The casinos that are decentralized are scarce and a lot of them are illegal, so I do not use them. Undecided

Privacy has never been the issue lately, but certainly it’s all about its legitimacy and not being rigged. Though there are still those who offer KYC-free casinos if you gamble in grey areas, but most of them are illegal and have no provably fair system that we can rely on. That’s why I’m no longer much excited with decentralized casinos these days, as KYC has become the norm and people are actually complying in it.

Even before the existence of Bitcoin, there had been different types of gambling so far and people had been adapting to it since there is no other options other than gambling with fiat. Now that there is Bitcoin, people have started seeking for a secure way to make vet anonymously without any third party in between the transaction like the way bank normally process our fiat transactions.

Bitcoin had make things more easier than before when we will have to transact fiat from our different banks to fund our gambling wallet or account. Life is becoming easy for us as a whole funding our account without any need of involving bank to process our orders/transactions.

Centuries back gambling is there and it can be understood through the historical incidents. What we're experiencing right now is just the transition from one level to the other. The people who had been gambling with fiat have moved towards cryptocurrency finding the good. It can be said gambling industry and bitcoin getting mutually benefited.

For growth there is need of circulation of cryptocurrency and a big percentage is happening through gambling industry. This means the market is being benefited by the users and the usage is helpful for the rise/drop in the price to some extent.

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