Top 3 Reasons Why Cytpocurrency Gambling is more Addictive than Fiat Gambling!

fullhdpixel

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Quote from: maydna on March 21, 2023, 08:08:42 AM

Quote from: inthelongrun on March 21, 2023, 06:48:11 AM

I do not call myself a gambling addict but I am a regular gambler but at least with minimal bets nowadays. I am not for number 1 as OP stated since I am a holder of cryptocurrencies, especially bitcoin. So I am into crypto gambling rather than fiat online gambling partly because of anonymity. Yes, I knew a lot of crypto casinos are asking for KYC but there are still some that are not asking for it. Although they might ask for it if the amounts are probably too high like hundreds of thousands of dollars. So I am using crypto casinos for my gambling mainly because I am a big fan of cryptocurrencies.

As long as you can use crypto properly and when you use it for gambling, you can control the amount of money you use is not too big, you are unlikely to be asked to do KYC. Crypto casinos that don't ask their users to do KYC may still give them a chance to gamble because casinos know that many people still gamble with small money and don't do any illegal activities. This helps us to keep playing gambling at trusted casinos and are not or have not been asked to do KYC. But one day, there is a possibility that casinos will stipulate that all members must do KYC.

Each crypto casinos nowadays displays the value of our crypto bets into fiats, making us aware if how much we are betting but greedy gamblers can still exceed on their normal limits. When they win huge, this is where they will be asked for a KYC however on some casinos, their KYC rule is mandatory. That means that even if you are only playing with small bets, you will still comply to it before you can be able to make a withdrawal or deposits.

The anonymity that is listed by the OP can be disregarded because of the KYC regulations but the two items on his list are very true and that makes crypto gambling highly addictive than the physical/offline gambling.

uneng

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Crypto gambling is more addicting just because it's more accessible. You can gamble from anywhere at any moment of your day and all you need is an internet connection, which is pretty common everywhere nowadays. The possibility of accessing a gambling platform on your smartphone anytime is really addicting, as many people find themselves with nothing to do along the day, on different moments, so they immediately go to the smartphone. Some access social medias, videos, games while others will go to directly to crypto gambling.

gabbie2010

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The most important reason among the listed points is the anonymity of crypto gamblers which I personally think addresses the issue of showing up or physical presence at a gambling kiok or shop, I gamble online and non of my collegues and friends knew that I am a soccer gambler after we analyzed soccer matches I log in to my gambling site to place a bet thus avoided going to place the bet using a fiat in a shop where I will be exposed to people who never expected me to be involved with gambling, without crypto gambling I wouldn't bother to gamble using fiat because I always stay indoors most of the time.

AicecreaME

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Quote from: aioc on March 22, 2023, 08:22:31 AM

Quote from: elevates on March 20, 2023, 10:52:19 AM

3. Thrill of volatility:

We are all aware of how unpredictable the cryptocurrency market is, with prices varying quickly and erratically. Some people may become addicted to the "high-risk, high-reward" mentality as a result of this volatility. Even though it may result in severe financial loss, they may get high from taking chances and placing large wagers.

Volatility is also one of the reasons why I prefer to play in Cryptocurrency based casinos than in fiat-based, if you're extremely lucky you can win huge amounts of money then when the time to withdraw your amount the price of the coin you withdraw increases by 10 to 20% depends on the market, nothing could be thrilling and fulfilling it's like you hit the jackpot twice, it seldom happens but it does happen, I have experienced that but the increase is only 5% but it's still worth it.

This is right.

Most of the time, people play and bet because they like the thrill of the volatility. There's a high risk and high return in gambling using crypto. Hence, most people gets excited, and they have so much fun with it. They look forward with the idea of winning big and withdrawing big with using only a small profit. Since there's a chance that their money will have a higher rate or even double if they would be so lucky.

However, there's also a risk with this which makes it still fun for some. The surprise of whether they could withdraw high amount or low is what challenges them. I'm not kind of risk taker so I can't really tell. But surely those people have the guts.

Mr. Magkaisa

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- These 3 that you mentioned are not all in fiat, and I kind of agree with what you said, because that's what I'm after if I also prefer to gamble in cryptocurrency to be honest.

Because there is no thrill in using fiat, but sometimes I also use it because it is the necessary currency to be used in the game that I like in slot games that sometimes I also win using fiat.

TopTort777

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I would add that crypto gambling is more addictive because of crypto phenomena. A gambler can not feel crypto, as he could feel with hand his fiat winning or fiat money. With physical money, you can get used to feeling banknotes, the sound they make while counting them, you get a contact with them. With crypto you dont feel anything. It is easier to get free from it. You dont feel any sparkle in your eyes like when you hold few thousands in your hand. Like that ring Gorlum held in Lord of the Rings. Get got obsessed by it. Same with cash or fiat. With crypto, it is easy to let free any amount you have. You dont have that emotional bond. It is easier to make a bet, make another, make a hundred of bets.

aioc

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Quote from: elevates on March 20, 2023, 10:52:19 AM

3. Thrill of volatility:

We are all aware of how unpredictable the cryptocurrency market is, with prices varying quickly and erratically. Some people may become addicted to the "high-risk, high-reward" mentality as a result of this volatility. Even though it may result in severe financial loss, they may get high from taking chances and placing large wagers.

Volatility is also one of the reasons why I prefer to play in Cryptocurrency based casinos than in fiat-based, if you're extremely lucky you can win huge amounts of money then when the time to withdraw your amount the price of the coin you withdraw increases by 10 to 20% depends on the market, nothing could be thrilling and fulfilling it's like you hit the jackpot twice, it seldom happens but it does happen, I have experienced that but the increase is only 5% but it's still worth it.

goldkingcoiner

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Quote from: Davidvictorson on March 22, 2023, 03:39:46 AM

Quote from: goldkingcoiner on March 20, 2023, 03:30:12 PM

I would think one of the biggest, if not the biggest reason for cryptocurrency gambling being much more addictive than fiat gambling is the community aspect. The crypto community is quite a comfy place to be and when others in the community gravitate towards gambling, they kind of pull in the others with them as well.

Its hard to find a fiat community for gambling because you would have to actively search for it and join it yourself. And even then its not really as exciting as the crypto community.

So group pressure is definitely a big reason, I would think.

Hmm, this is true, I have never thought of it from angle. Societal pressure. In fact, we have crypto community for everything now. A simple google search will provide one with a lot of result. And once a person gets hooked on any of these crypto gambling platform, it will take a lot of effort and discipline for the person to not get addicted. Just like other platforms, crypto gambling offers, tips, trips, links to new online casinos with bonuses and promotions before you know it, you are deep in the abyss of gambling addiction.

I am not 100% sure if societal pressure would be the correct term though, I used that term in a descriptive fashion but perhaps I should have said something like "Bitcoin/Crypto fan community is following the latest trends" or "following the community out of a sense of loyalty and wanting to belong". Its really hard to think of a term which defines it. Nobody is actually forcing or pressuring the crypto community into gambling but rather people just do not want to be left out, it would seem.

But yeah, it can be seen as somewhat of a problem, especially for those who are predisposed to gambling addictions. Following the community in such cases can turn out to be financially disastrous for that person.

alastantiger

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Quote from: elevates on March 20, 2023, 10:52:19 AM

Do you guys think my assessment is to the point or do you think there are more reasons related to cryptocurrency gambling addiction? Please go ahead and reply to this thread. If you have a valid point that I think is related to this thread then I would add it to this topic.

Cryptocurrency gambling is one of the best form of gambling presently. Though some persons may prefer fiat gambling but the number of cryptocurrency gambling addiction outweighs that of fiat gambling because

1. Fiat gambling are aubject to government laws. Due to these laws, most peoole prefer cryptocurrency that has no legal bindings.

2. Anonymous gambling is another good reason why peoole choose cryptocurrency. Many people gamble in cryptocurrency online without knowing who you are gambling with.

3. Transactions in cryptocurrency run through blockchains and makes it more secure and free from hackers unlike fiat gambling.

jrrsparkles

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Not particularly cryptocurrency and online casino, simply any form of gambling, betting challenges with financial benefits will be addictive cause its associated with money and money is the most addictive drug on this planet.

Anonymity to certain extent but not complete privacy exist anymore cause gambling providers were forced to enforce mandatory KYC by governments.

xSkylarx

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Quote from: elevates on March 20, 2023, 10:52:19 AM

3. Thrill of volatility:

We are all aware of how unpredictable the cryptocurrency market is, with prices varying quickly and erratically. Some people may become addicted to the "high-risk, high-reward" mentality as a result of this volatility. Even though it may result in severe financial loss, they may get high from taking chances and placing large wagers.

This is really what I've experienced: after winning, you will now be thinking and hoping that the crypto goes up so that when you exchange your crypto, it is worth more and is some sort of bonus to you, but again, the thrill of losing its value is the same, which is not like with fiat, where it will not go up or down if what ever you won is really its value. That is why others want this, as it is new to their feelings.

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Quote from: noorman0 on March 22, 2023, 01:40:13 AM

Some crypto ecosystems do more to make money almost for free although some people think that's just a side income. I don't know whether this is addiction or crypto helping the possibility of gamblers to become addicted, but the fact is that gamblers are easier to place bets with crypto than fiat especially if they get crypto that easy.

Quote from: elevates on March 20, 2023, 10:52:19 AM

-snip-
2. Anonymity:

As much as cases of addiction have been exposed, addicts may not be as protective of their identity. So I'm not convinced that anonymity is a factor in addiction.

A person can become addicted to cryptocurrencies because they find it easy to buy cryptocurrencies and deposit them into their gambling account to start gambling immediately. And many have experienced this because using crypto can protect our identity when playing gambling, even though casinos may ask us to do KYC.

But I don't think KYC will stop us from playing gambling because some casinos still don't implement KYC strictly. And it is profitable for crypto gamblers. And I agree that placing bets with crypto is easier than fiat because we can get crypto easily on exchanges or other places.

LDL

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Online gambling is more secure than offline gambling, offline gambling is more likely to not pay your bet but online casino and gambling sites have much stronger security of your bet payment. Moreover in this case your betting does not depend on the third party when you bet.
Moreover, online gambling and casino sites introduce a universal currency system in which people from all over the world can participate spontaneously, but the fiat currency used in offline/fiat gambling and casino sites is not universally accepted in all countries of the world.

Don Pedro Dinero

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For me, of the three, the only one that can explain it is the possibility of anonymity, which also leads to less use of responsible gambling tools if at all. Immediate gratification is given in fiat casinos as well, and as for volatility, although it is true that it can be given more with cryptocurrencies, one can also choose more or less volatility with fiat games. But as I said, the key to explaining more addiction is more anonymity and less responsible gambling.

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Quote from: elevates on March 20, 2023, 10:52:19 AM

Do you guys think my assessment is to the point or do you think there are more reasons related to cryptocurrency gambling addiction? Please go ahead and reply to this thread. If you have a valid point that I think is related to this thread then I would add it to this topic.

To add to what has been said already, most online casinos that accept cryptocurrency do not require KYC and it is easy for people to search and use them. Most of them when compared with the land based casino are not as closely monitored or regulated. When this is combined together, you see an influx of visitors especially underage visitors and because no one is asking them for a government issued ID before making a wager neither is there a set time to stay online, so they go on and on gambling excessively which leads to addiction.

Quote from: goldkingcoiner on March 20, 2023, 03:30:12 PM

I would think one of the biggest, if not the biggest reason for cryptocurrency gambling being much more addictive than fiat gambling is the community aspect. The crypto community is quite a comfy place to be and when others in the community gravitate towards gambling, they kind of pull in the others with them as well.

Its hard to find a fiat community for gambling because you would have to actively search for it and join it yourself. And even then its not really as exciting as the crypto community.

So group pressure is definitely a big reason, I would think.

Hmm, this is true, I have never thought of it from angle. Societal pressure. In fact, we have crypto community for everything now. A simple google search will provide one with a lot of result. And once a person gets hooked on any of these crypto gambling platform, it will take a lot of effort and discipline for the person to not get addicted. Just like other platforms, crypto gambling offers, tips, trips, links to new online casinos with bonuses and promotions before you know it, you are deep in the abyss of gambling addiction.

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Quote from: retreat on March 22, 2023, 03:00:59 AM

I can deposit and withdraw easily and without worrying that my identity will be identified. The bonus and staking system that they offer is also interesting, so when I spent around 100USD it was very easy on the platform.

$100 is small amount money for casino, that's why they're not ask your identity when you want to withdraw. I just hope someday you will win big amount money and then the casino will ask you to submit KYC, this make you have no choice and I believe you will give your KYC since you think your money is more important than your identity. Being an active gambler on a centralized casino is just waiting the casino ask your KYC.

retreat

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What you say is true considering that I have played gambling on a crypto-based casino platform several times and the experience they offer is far better than a regular online casino platform. I can deposit and withdraw easily and without worrying that my identity will be identified. The bonus and staking system that they offer is also interesting, so when I spent around 100USD it was very easy on the platform. But calling it an addiction is not really, because it comes back to the users, want to play on a crypto gambling platform or a fiat gambling platform if they cannot control their desires it will make them addicted to the game.

irhact

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Quote from: elevates on March 20, 2023, 10:52:19 AM

Do you guys think my assessment is to the point or do you think there are more reasons related to cryptocurrency gambling addiction? Please go ahead and reply to this thread. If you have a valid point that I think is related to this thread then I would add it to this topic.

Very easy to access, crypto casino are very easy to access when compared to fiat casino. The cryptocurrency related casino have no concern for who is using their platforms and don't bother to investigate unless you come up with a big win then they begin to require for KYC verification and all other verification. But if you stay under the radar they won't asked for that.

Also when you consider how addictive cryptocurency itself is then you now add another addiction problem which is gambling then you're in a for a ride of your life because when the two addiction combines you become a super addict. Even when you didn't want to gamble, the urge to use your cryptocurrency comes in.

noorman0

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Some crypto ecosystems do more to make money almost for free although some people think that's just a side income. I don't know whether this is addiction or crypto helping the possibility of gamblers to become addicted, but the fact is that gamblers are easier to place bets with crypto than fiat especially if they get crypto that easy.

Quote from: elevates on March 20, 2023, 10:52:19 AM

-snip-
2. Anonymity:

As much as cases of addiction have been exposed, addicts may not be as protective of their identity. So I'm not convinced that anonymity is a factor in addiction.

rodskee

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Quote from: elevates on March 20, 2023, 10:52:19 AM

1. Immediate gratification:

One explanation could be the immediate and continuous enjoyment that bitcoin gaming offers, whether you win or lose.

it is not only bitcoin but of course there are tons of currencies now that had been accepted in each online casino(but may not all of course)

Quote

A cryptocurrency can be swiftly converted into fiat currency or other cryptocurrencies, as opposed to traditional gambling, which typically calls for cash or chips, what I am referring to here is offline gambling. This feeling of immediate satisfaction can increase excitement and encourage players to keep playing.

that is also the advantage mate , we can see this conversion happening every time and even me do this constantly.

Quote

2. Anonymity:

The amount of privacy gained by gambling with cryptocurrencies is unbelievable! Non-KYC platform, which is common may make some people feel more secure since they can offer a level of secrecy and security that more traditional forms of gambling cannot. This sense of anonymity may make it easier for individuals to engage in risky or addictive behaviors without fear of being judged or identified.

I think there are still many of them that ask for KYC than those who denied or not asking?

Quote

3. Thrill of volatility:

We are all aware of how unpredictable the cryptocurrency market is, with prices varying quickly and erratically. Some people may become addicted to the "high-risk, high-reward" mentality as a result of this volatility. Even though it may result in severe financial loss, they may get high from taking chances and placing large wagers.

well this happens only if you experience winning mostly , but if not? then addiction may not part of it instead it is the chasing of losses will take in.

Topic: Top 3 Reasons Why Cytpocurrency Gambling is more Addictive than Fiat Gambling! (Read 459 times)