There are many advantages to the relationship between gambling and Bitcoin. - page 4.

Wakate

hero member

Activity: 980

Merit: 519

fillippone - Winner contest Pizza 2022

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

Quote from: Kakmakr on April 24, 2023, 01:43:56 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.

QueenVera

hero member

Activity: 1078

Merit: 570

Leading Crypto Sports Betting & Casino Platform.

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.

bittraffic

hero member

Activity: 2870

Merit: 612

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

Quote from: Kakmakr on April 24, 2023, 01:43:56 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.

Gamblers comply for there seem to be no choice and they don't want to be scammed by casinos that are already scamming. Once there are options, they will be moving to the casino that is not asking KYC but the reputation still is more important to them.

One essential advantage that a gambler can see in using BTC is that BTC price goes up all the time. They are not just gamblers but also investors of BTC. Whenever there is an opportunity to accumulate, its going to be taken.

Finestream

hero member

Activity: 3010

Merit: 604

Quote from: Kakmakr on April 24, 2023, 01:43:56 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.

coolcoinz

legendary

Activity: 2618

Merit: 1103

Quote from: Pierre 2 on April 25, 2023, 01:27:00 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.

jostorres

hero member

Activity: 2464

Merit: 585

Quote from: darewaller on May 03, 2023, 02:33:06 PM

Bitcoin itself is secure and decentralized but the gambling site that we will be using will vary as sometimes they aren't that secure and then most them are centralized and ask users a KYC. The Bitcoin gambling scene have changed now but luckily it is still growing.

It does not stop Bitcoin users from playing a gambling because it provides them quality entertainment and profit sometimes if they managed to get lucky. Not that I hate Bitcoin but there are cryptocurrencies which are faster and cheaper than in it but Bitcoin is only more popular than them. In almost every crypto betting sites, there is always Bitcoin payment method that you can find.

The reason why Bitcoin is found in almost every single cryptocurrency gambling platform is because it is the most widely used cryptocurrency for deposits and withdrawals on gambling platforms and it is also one of the very first. The first gambling platform that accepted cryptocurrencies started by accepting Bitcoin since there were no other altcoins at that time and even if there were, Bitcoin was the best and the most popular one.

And I don't think that Bitcoin isn't fast or cheap if the platform allows or accepts lightning transactions, it only costs a few cents and the transaction gets confirmed only within a few blocks from when it was initiated.

maydna

hero member

Activity: 2912

Merit: 556

Quote from: SirLancelot on April 27, 2023, 04:54:21 PM

Quote from: maydna on April 26, 2023, 06:20:23 AM

Banning some casinos against players from certain countries is possible and also happens for fiat casinos. They don't allow that player, maybe because they can't say clearly in their rules. And players from these countries should be able to understand and not try to play because it will look pointless because casinos can easily block their accounts.

Another advantage of opening an account at a bitcoin sportsbook is that players can use the various coins available in the crypto by buying them in many places. They do not have to use fiat, although that option will remain with their account. Using bitcoin and altcoins for gambling gives gamblers the freedom to choose their coins and doesn't need to do KYC to play at certain casinos.

Every other thing you said is absolutely right, but about the KYC part, I think most cryptocurrency casinos require you submit your personal information and identity documents at some point, maybe they don't ask for it initially and just let's you deposit and play without any hassle initially and then if you go for withdraw, they will ask for it there.

So basically, no matter what geography you belong to and in what casino you are gambling, if the platform has a license and is centralized, you will definitely have to face the KYC phase at one point.

You may not be asked to do KYC if your withdrawal amount is not very large, say under $50. But you will be asked to do KYC if you have passed that limit. So it's up to you to decide whether to play small and win small wins or try to win big wins, assuming you will be asked to do KYC.

The casino has given us a choice. But we want to win big, and when the casino gives us the option to do KYC, we will refuse it because they didn't say it at the beginning of the registration. That's been the problem all along. We should have known about it, and it wouldn't matter if a casino asked to do KYC one day.

monedauno

newbie

Activity: 14

Merit: 0

A:

I'd say the biggest advantage of Bitcoin is that it doesn't require any investment on the part of the player to make any deposit. Bitcoin also has some fees, and as per the article the bonus is about the "cash" value you pay once you start playing.
It's possible that you are still in the "new" gambling environment, but this is still a relatively new industry and there is a lot of money being made in the online casino and betting game. codes, like the "Bets of Interest" have been in use for some time. Some of the bonuses you can enter into on the site seem to come from the sites where you pay bonuses.
I would expect there is more value in the reward than in the value the reward has for some types of "entitlement".
BTW, you can enter some of the bonuses in your account to pay you on the site, but you may have to pay a fee to use certain games (like the online casino game), or even to play an online casino. For instance, you might buy a copy of that Casino360 game (in your account) or get a bonus on that, or sign up for a free

qwertyup23

hero member

Activity: 2212

Merit: 786

Quote from: Pierre 2 on April 25, 2023, 01:27:00 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.

While this may be true, the resurgence of online gambling has made most online gambling companies to enable KYC in order to follow the regulations posted by the government.

I do agree that regulation is one of those things that is somehow lenient but this only happened during the first years of online gambling. When the government discovered that majority of the people made the switch from attending physical casinos to trying online gambling, they regulated in it in a way where it would not be as destructive. This is the reason on why KYC was soon implemented.

While others consider KYC as a hindrance, I do think that it is essential in order for the gambling company to last in this space.

goaldigger

sr. member

Activity: 2310

Merit: 355

Quote from: Casdinyard on May 03, 2023, 05:00:17 PM

I don't think the "advantages" are the things that you look for the most when you are crypto gambling, especially nowadays when most bookies and reputable casinos out there asks for KYC which completely defeats the purpose of bitcoin's anonymous nature. But anyways, I would slightly agree given that amongst other payment methods, it's still the most privacy-friendly out there. I guess this stuff matters to us retail users the most because I rarely hear large-scale investors talk about how great bitcoin is as a currency, doesn't matter for which purpose they intend it to be. In any case, regardless of if casinos do all their KYCs or not, it still wouldn't stop people from using bitcoin as a viable payment method for gambling. I myself use it, a lot of people in the industry use it.

KYC can’t be ignore or else your account will be restricted, even if you use Bitcoin your are no longer anonymous not unless you gamble on a decentralized platform which I think still have a risk. The advantage of using Bitcoin is that it is available on every gambling site, and its easy to get Bitcoin unlike the other altcoins aside from this, I can’t think for the other. The only disadvantage of Bitcoin is its value, you might lose more if you gamble with Bitcoin and the market goes up, the price is too volatile with Bitcoin.

Casdinyard

hero member

Activity: 2058

Merit: 882

Leading Crypto Sports Betting and Casino Platform

I don't think the "advantages" are the things that you look for the most when you are crypto gambling, especially nowadays when most bookies and reputable casinos out there asks for KYC which completely defeats the purpose of bitcoin's anonymous nature. But anyways, I would slightly agree given that amongst other payment methods, it's still the most privacy-friendly out there. I guess this stuff matters to us retail users the most because I rarely hear large-scale investors talk about how great bitcoin is as a currency, doesn't matter for which purpose they intend it to be. In any case, regardless of if casinos do all their KYCs or not, it still wouldn't stop people from using bitcoin as a viable payment method for gambling. I myself use it, a lot of people in the industry use it.

darewaller

hero member

Activity: 2772

Merit: 634

Quote from: nitrobetting on April 23, 2023, 11:34:18 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.

Bitcoin itself is secure and decentralized but the gambling site that we will be using will vary as sometimes they aren't that secure and then most them are centralized and ask users a KYC. The Bitcoin gambling scene have changed now but luckily it is still growing.

It does not stop Bitcoin users from playing a gambling because it provides them quality entertainment and profit sometimes if they managed to get lucky. Not that I hate Bitcoin but there are cryptocurrencies which are faster and cheaper than in it but Bitcoin is only more popular than them. In almost every crypto betting sites, there is always Bitcoin payment method that you can find.

Findingnemo

hero member

Activity: 2310

Merit: 757

Bitcoin = Financial freedom

Quote from: nitrobetting on April 23, 2023, 11:34:18 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?

Well bitcoin is decentralized but online crypto gambling sites are not, they are centralized and comes under regulatory body which almost made KYC is mandatory for every crypto gambling sites so it means you can play conveniently but for anonymous part it's not really achievable anymore due to this strict regulations coming from government for AML and other illicit activities which may take advantage of the decentralized asset like bitcoin.

Webetcoins

hero member

Activity: 1904

Merit: 540

Leading Crypto Sports Betting & Casino Platform

Quote from: btc78 on April 25, 2023, 01:40:54 AM

Quote from: Pierre 2 on April 25, 2023, 01:27:00 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.

While indeed that we can at least lessen if not skipped regulations for me personally what I love in crypto gambling is the security in terms of KYC(because there are still site that does not ask for this verification)
and also the advantage of lessen my time to spend in gambling when there are few remaining time to gamble.
for person like me that only has limit?
playing online would be more suitable than going in casino houses that will push me to play more because of the ambiance and free beers lol.

KYC is part of the regulation and it makes a gambler secure at a cost of its anonymity because your personal details are being shared in a gambling platform. You must not avoid them then but there are lost of gamblers who are against with it.

I don't care really about my privacy but I still dislike KYC because it's hassle. I only want to play gambling right away because the amount that I am using is only small and once I lost it, I will log out immediately. I'm no way of taking this thing seriously. Online gambling doesn't have free beers but they have different promotions to attract people to play on them. They are addicting as the offline gambling.

SirLancelot

hero member

Activity: 2492

Merit: 582

"CoinPoker.com"

Quote from: maydna on April 26, 2023, 06:20:23 AM

Banning some casinos against players from certain countries is possible and also happens for fiat casinos. They don't allow that player, maybe because they can't say clearly in their rules. And players from these countries should be able to understand and not try to play because it will look pointless because casinos can easily block their accounts.

Another advantage of opening an account at a bitcoin sportsbook is that players can use the various coins available in the crypto by buying them in many places. They do not have to use fiat, although that option will remain with their account. Using bitcoin and altcoins for gambling gives gamblers the freedom to choose their coins and doesn't need to do KYC to play at certain casinos.

Every other thing you said is absolutely right, but about the KYC part, I think most cryptocurrency casinos require you submit your personal information and identity documents at some point, maybe they don't ask for it initially and just let's you deposit and play without any hassle initially and then if you go for withdraw, they will ask for it there.

So basically, no matter what geography you belong to and in what casino you are gambling, if the platform has a license and is centralized, you will definitely have to face the KYC phase at one point.

Yatsan

legendary

Activity: 2422

Merit: 1232

Leading Crypto Sports Betting & Casino Platform

Crypto in general has advantages in gambling infustry. One main reason is accessibility; we all know gambling is restricted to many countries and this chain is promoting anonymity with users which allows them to access, play and avoid taxation. With regards to transaction speed, I think this technology is fair enough but I doubt with transaction fees especially for huge names in this industry such as Bitcoin. Let us be real, we often use other alternative cryptos to lessen the fee from moving to one chain to another.

Quote from: Fivestar4everMVP on April 26, 2023, 08:58:02 AM

Quote from: xSkylarx on April 26, 2023, 08:47:15 AM

Quote from: Maslate on April 25, 2023, 12:34:19 PM

Quote from: dimonstration on April 24, 2023, 07:41:52 AM

Quote from: nitrobetting on April 23, 2023, 11:34:18 PM

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

It’s useless the decentralized feature of the coin you are using on gambling if you are depositing it on centralized casino because they got your IP and personal information once you undergo KYC so I don’t see at an advantage.

One advantage on using Bitcoin Sportsbook is you can enjoy the fast deposit and withdrawal and also your bankroll keeps growing once Bitcoin price pump. It’s a win win situation if you won your bet and the price of Bitcoin pump at the same time which doesn’t happened if you are using useless fiat.

On the same time, there are also some chances that the opposite thing will happen because the value of the crypto you're using will depreciate at times instead of pumping. So, aside from those advantages mentioned, there are as well disadvantage. But overall, most bettors doesn't really care if their funds will slightly grow or slightly go down, it's the security and fees they care about, mostly.

Most of the gamblers are not that depositing huge amount or if they will they mostly put it in the stable coins. Also when it comes to like withdrawing it they not tend to wait for couple of days or weeks just to withdraw it so there are not really impact on volatility but the experience on it is really different from fiat because even that cents has still value when it dumps or pumps

It's not even about depositing huge amount or doing it in stable coin, hard core gamblers don't really care about the dollar value of bitcoin when their mind is set to use the bitcoin for gambling, and also, let's not forget that what we give to the casino is what the casino gives back, if you bet with Bitcoin and won, the casino will settle your winning in bitcoin, and it doesn't matter what the dollar value was when the bet was casted, the casino settle your win with the amount you won in bitcoin, and not its dollar value.

So price fluctuations of bitcoin and other crypto assets isn't really a disadvantage in terms of gambling.

To big investors, yes they won't care that much with that but speaking in general, small ones are more in quantity right? And ofcourse crypto volatility would matter because it would somehow create a double bet (not to exaggerate) because they will be needing to consider changes with the market price of the crypto they are using, while also minding their bet.

Fivestar4everMVP

legendary

Activity: 2254

Merit: 1052

Leading Crypto Sports Betting & Casino Platform

Quote from: xSkylarx on April 26, 2023, 08:47:15 AM

Quote from: Maslate on April 25, 2023, 12:34:19 PM

Quote from: dimonstration on April 24, 2023, 07:41:52 AM

Quote from: nitrobetting on April 23, 2023, 11:34:18 PM

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

It’s useless the decentralized feature of the coin you are using on gambling if you are depositing it on centralized casino because they got your IP and personal information once you undergo KYC so I don’t see at an advantage.

One advantage on using Bitcoin Sportsbook is you can enjoy the fast deposit and withdrawal and also your bankroll keeps growing once Bitcoin price pump. It’s a win win situation if you won your bet and the price of Bitcoin pump at the same time which doesn’t happened if you are using useless fiat.

On the same time, there are also some chances that the opposite thing will happen because the value of the crypto you're using will depreciate at times instead of pumping. So, aside from those advantages mentioned, there are as well disadvantage. But overall, most bettors doesn't really care if their funds will slightly grow or slightly go down, it's the security and fees they care about, mostly.

Most of the gamblers are not that depositing huge amount or if they will they mostly put it in the stable coins. Also when it comes to like withdrawing it they not tend to wait for couple of days or weeks just to withdraw it so there are not really impact on volatility but the experience on it is really different from fiat because even that cents has still value when it dumps or pumps

It's not even about depositing huge amount or doing it in stable coin, hard core gamblers don't really care about the dollar value of bitcoin when their mind is set to use the bitcoin for gambling, and also, let's not forget that what we give to the casino is what the casino gives back, if you bet with Bitcoin and won, the casino will settle your winning in bitcoin, and it doesn't matter what the dollar value was when the bet was casted, the casino settle your win with the amount you won in bitcoin, and not its dollar value.

So price fluctuations of bitcoin and other crypto assets isn't really a disadvantage in terms of gambling.

xSkylarx

hero member

Activity: 2352

Merit: 593

Quote from: Maslate on April 25, 2023, 12:34:19 PM

Quote from: dimonstration on April 24, 2023, 07:41:52 AM

Quote from: nitrobetting on April 23, 2023, 11:34:18 PM

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

It’s useless the decentralized feature of the coin you are using on gambling if you are depositing it on centralized casino because they got your IP and personal information once you undergo KYC so I don’t see at an advantage.

One advantage on using Bitcoin Sportsbook is you can enjoy the fast deposit and withdrawal and also your bankroll keeps growing once Bitcoin price pump. It’s a win win situation if you won your bet and the price of Bitcoin pump at the same time which doesn’t happened if you are using useless fiat.

On the same time, there are also some chances that the opposite thing will happen because the value of the crypto you're using will depreciate at times instead of pumping. So, aside from those advantages mentioned, there are as well disadvantage. But overall, most bettors doesn't really care if their funds will slightly grow or slightly go down, it's the security and fees they care about, mostly.

Most of the gamblers are not that depositing huge amount or if they will they mostly put it in the stable coins. Also when it comes to like withdrawing it they not tend to wait for couple of days or weeks just to withdraw it so there are not really impact on volatility but the experience on it is really different from fiat because even that cents has still value when it dumps or pumps

Plaguedeath

hero member

Activity: 672

Merit: 557

Quote from: SirLancelot on April 25, 2023, 03:00:21 PM

Having no geographic restrictions is definitely one of the best features of cryptocurrency casinos since almost anyone from any part of the world can utilize the platforms and gamble with ease since there are also no restrictions on cryptocurrency transactions. This has given a platform to everyone to be able to play games without any restrictions.

But, I think there are still some casinos that don't allow some gamblers from some regions to play on their platform, this probably is because they require KYC for withdrawals and they are not able to verify some users based on their region.

That's not the reason, I believe any citizen around the world have their own ID card, so they can verify their identity. But some countries are not allow their citizen to gamble due to religions or their own choice. Usually casino are restrict some countries because of the providers, politics and licenses, that's when a casino have a lot providers, you will see many countries are restricted.

Although VPN usage isn't allowed, but some people still use it lol.

Fivestar4everMVP

legendary

Activity: 2254

Merit: 1052

Leading Crypto Sports Betting & Casino Platform

Quote from: Pierre 2 on April 25, 2023, 01:27:00 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.

You are right, by-passing countries regulation is definitely another good advantage of bitcoin to gambling platforms, if not for bitcoin, I myself wouldn't be able to gamble on international gambling casinos like stake.com and the rest, I probably will be limited to gambling on only local casinos in my country, this is because the government of my country have restricted international transactions on our local debit/credit cards, and also, transferring internationally take weeks and lots of documentation.
Making international transactions through our cards was the easiest for us, but now, we can't no more.
So indeed, bitcoin got us more advantage than we can ever imagine, most especially in the area of gambling.

Topic: There are many advantages to the relationship between gambling and Bitcoin. - page 4. (Read 709 times)