Topic: Understanding the Emergence of Crypto Gambling - page 3. (Read 376 times)

One of the benefits of crypto casinos is that they can easily invade government influence and regulations. These casinos don't need a license to operate. But they just need it to show bettors that they a legitimate and operate under some form of control. They don't need to register in all the country they operate just like traditional casinos.

Before now, some casinos didn't care about KYC, but currently, the majority of these casinos demand personal information. Even if they don't ask for it during registration it will surely be a requirement during withdrawals..

Crypto gamblers are not really anonymous, especially if they require KYC. Gamblers can be easily traced in the Blockchain.

Other cryptocurrencies can be said to have cheap transactions fees. But the recent congestion of the mempool by ordinals has made Bitcoin transactions very high. With this traditional gambling platforms could be said to be cheaper.

We can all agree that this is what we all like too about crypto gambling. Aside privacy, crypto gambling provides the flexibility that our fiat doesn't. As someone who comes from a country where our financial system that is our debit cards cannot function for international payments or where withdrawal to fiat accounts will take forever to be processed to our local bank, using crypto in gambling in the hack to all of these. I have never heard anyone complain about any issues with crypto gambling like we encounter with fiat gambling.

Unfortunately, that is not the case anymore, in the beginning, it was just a deposit and withdrawal address, nothing more, nothing less. But when the government and financial watchdog started to look at crypto, everything has change. Now casinos will have to follow the mandated KYC as they might not get or secured a license if they don't implement KYC. And I think majority of here here knows that so it could be some are in favor or at least we don't have a choice to be honest. Another drawback could be that there are crypto base casinos that might be running a blatant scam sites in order to lure crypto gamblers and then not pay at all. A lot of drawback for us, but still, we've already learn how to adopt this changes already and embrace it.

The success of online gambling can not be complete without mentioning the role COVID-19 lockdown plays in forcing wider adoption of online casinos because their where the only available option when physical casinos was locked down because of COVID-19 social distancing laws, and also not forgetting to mentioned the greater role cryptocurrencies plays in making payments easy for both the platform and it players since financial institutions where locked and keyed during the lockdown.


This incident gave birth to the rising popularity of online cryptocurrency casinos and also making the privacy of gambler more greater than what it used to be, overall it a good development since Bitcoin/cryptocurrency users values privacy more than any other thing even while gambling.

It was the finance that was actually changed before internet gambling. If Paypal allowed its users to gamble, I think Paypal would have been used to fund the online casino accounts but they were just too tight with their rules. Here comes Bitcoin which changed its course which is why from the beginning, people thought Bitcoin was just an online gambling coin especially if they don't look into blockchain tech.

It was in the early days of crypto casinos that we had a high level of privacy because they don't require KYC before you can enjoy the games and withdraw your wins. But the government have shown so much interest on cryptocurrency and that has made them to regulate cryptocurrency casinos which make them to ask for KYC if they want to continue with their business.

Why I love it is that, is it an online thing and you can gamble from anywhere you are without moving from one place to another and that can be done quietly without anyone knowing that you are gambling. You can also gamble in various casinos from different part of the world to experience their games since it is done online.

What I like about crypto gambling is the privacy since we don't need to provide personal details like debit and credit cards payment do or even fiat. Crypto value our privacy as a bettor but the only thing here is that when we create accounts on gambling platforms I think that will always require KYC. Fully decentralized casinos are I think telegram casinos though I haven't tried one yet but some say it is risky as well.

Once in a great while, an innovative technology will emerge that changes the course of human history. In the late 1990s and early 2000s, the Internet was so powerful that it changed how the world communicated and worked.

Blockchain technology and cryptocurrencies can be a powerful change like the Internet. When it comes to crypto gambling, change is happening rapidly. Keep reading to understand the emergence of crypto gambling, why it came into existence and how it can continue to alter the sports betting and casino gaming industries.

The Intersection of Crypto and Casino
Crypto Gambling Provides What Bettors Seek
If gambling cryptocurrencies didn’t give sports bettors and casino gamers what they wanted, it wouldn’t exist. See below for the things that make crypto betting the choice among professional gamblers.

Crypto Betting Strikes Down Stringent KYC (Know Your Customer) Regulations
KYC regulations are rampant in the online sports betting the industry. The reason is that often when we play on a traditional online sportsbook we must fund our accounts via ACH or credit card.

All crypto transactions are recorded on blockchains. The transactions are there for everybody to see, but they don’t provide details regarding the transactions. This keeps gamblers anonymous for the most part. Anonymity and privacy are two things all casino and sports bettors crave.

Casino Game Fairness
Although it’s impossible for blockchain technology to help provide live sporting event fairness, if the ref blows a call, only replay can overturn it, blockchain tech does provide casino fairness. By fairness, we mean crypto casino games provide provably fair mechanisms. In other words, when casino players bet on crypto platforms, the players can prove that the outcomes are fair. This is untrue when we play on a traditional online casino platform.

Fast and Cheap Transactions
Cutting out the middle man, i.e., the credit card company, to fund our betting accounts allows for faster and cheaper transactions. Many crypto platforms, Nitrobetting.eu as an example, allow for diverse types of cryptocurrency funding.

BTC remains an option. But so does ETH, or Ethereum, and LTC, or Litecoin. Funding with Ethereum or Litecoin is much quicker due to both Ethereum’s and Litecoin’s consensus processes.

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