would you play more on casino when your country plans to ban BTC? - page 7.

jostorres

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Quote from: tusandii on June 10, 2023, 12:36:57 AM

If the country prohibits the use of Crypto in any form, we can still withdraw it through the crypto exchange platform through available Exchangers such as Binance by using P2P.
But when we are gamblers, the choice is not to withdraw the token but to deposit it at the casino and use it to play or bet.

If the casino doesn't prohibit the country where we live from playing there then problems will never occur as long as the requirements requested by the casino we provide such as KYC.
You don't need to worry about that kind of thing because the government will never know what you are doing in a crypto-based online casino.

It makes absolutely no sense to deposit all the bitcoins that you own to a casino in case the government imposes a ban on cryptocurrencies, first off, if they do ban it, they wouldn't let cryptocurrency exchanges operate within the country as well, and if they allow casinos, they would obviously allow wallets as well, so it is definitely better to just withdraw your Bitcoins from the exchange to your wallet and keep them there.

One should only use a limited amount of money for gambling activities, and when you deposit everything you have in your casino account, as a gambler, you won't be able to control yourself and you might gamble it all away which won't be good for you.

Mr. Magkaisa

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- Of course if that happens I will still keep my bitcoin in a non-custodial wallet, this is the only safe way apart from having your own hardware wallet. So there are many options or methods in these situations.

In gambling, there is a higher chance that the government will control it, but in bitcoin, it is very unlikely that will happen. You know the government of other countries think of nothing but to manipulate what they want to manipulate if there is benefit and they will benefit from it.

tusandii

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Quote from: Silberman on June 10, 2023, 12:29:17 AM

Besides, supposing that at some point in the future you want to withdraw your coins and the ban is still in place on the country in which you live, what are you going to do then? Especially now that KYC policies are so widespread, this means that if the amount is big and you have to identify yourself, even if the coins are returned to you it is possible that information could be shared by the casino with your local government, and if this is the case this could bring you a whole set of legal issues on the future.

If the country prohibits the use of Crypto in any form, we can still withdraw it through the crypto exchange platform through available Exchangers such as Binance by using P2P.
But when we are gamblers, the choice is not to withdraw the token but to deposit it at the casino and use it to play or bet.

If the casino doesn't prohibit the country where we live from playing there then problems will never occur as long as the requirements requested by the casino we provide such as KYC.
You don't need to worry about that kind of thing because the government will never know what you are doing in a crypto-based online casino.

Silberman

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Quote from: Adbitco on June 08, 2023, 04:00:09 AM

Quote from: Finestream on June 07, 2023, 04:26:56 PM

Quote from: Adbitco on June 06, 2023, 04:10:03 PM

snip

True. Gambling with your hard-earned bitcoin does not guarantee that you’ll earn more bitcoin, instead you will have more chances to lose them than to grow your account. So I also think it’s better to withdraw your bitcoin and transfer it into a non-custodial wallet, that way you can provide full security of your coins. However, if you wish to gamble with bitcoin, it maybe fine enough as long as you only gamble a very small portion of bitcoin that you can easily manage to lose. If you’re not comfortable with it, then just keep your bitcoin for long term.

If we send our bitcoin to a gambling site all in the name our country wants to ban bitcoin, do you know that you may not have it stored there for long? Because of regular visitation, one could got tempted and started gambling little by little until such person's loses all their funds. As a matter of facts some casino might say before you could get back your deposited funds you need to gamble at least make some percentage before withdrawing which i think is not pretty cool for someone to keep their bitcoin in casino or any gambling site.

Besides, supposing that at some point in the future you want to withdraw your coins and the ban is still in place on the country in which you live, what are you going to do then? Especially now that KYC policies are so widespread, this means that if the amount is big and you have to identify yourself, even if the coins are returned to you it is possible that information could be shared by the casino with your local government, and if this is the case this could bring you a whole set of legal issues on the future.

Adbitco

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Quote from: Finestream on June 07, 2023, 04:26:56 PM

Quote from: Adbitco on June 06, 2023, 04:10:03 PM

snip

True. Gambling with your hard-earned bitcoin does not guarantee that you’ll earn more bitcoin, instead you will have more chances to lose them than to grow your account. So I also think it’s better to withdraw your bitcoin and transfer it into a non-custodial wallet, that way you can provide full security of your coins. However, if you wish to gamble with bitcoin, it maybe fine enough as long as you only gamble a very small portion of bitcoin that you can easily manage to lose. If you’re not comfortable with it, then just keep your bitcoin for long term.

If we send our bitcoin to a gambling site all in the name our country wants to ban bitcoin, do you know that you may not have it stored there for long? Because of regular visitation, one could got tempted and started gambling little by little until such person's loses all their funds. As a matter of facts some casino might say before you could get back your deposited funds you need to gamble at least make some percentage before withdrawing which i think is not pretty cool for someone to keep their bitcoin in casino or any gambling site.

Doan9269

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Quote from: Cling18 on June 07, 2023, 10:22:13 AM

Quote from: electronicash on June 06, 2023, 03:49:35 PM

while your country plans to ban crypto trading but online gambling legal, you'll gonna to decide what to do with coins. would you go play your coins to accumulate or just withdraw and wait for the government to change stance? no other option.

In the event that Bitcoin becomes illegal in my country, I will be selling all of my Bitcoin holdings and temporarily moving them into a more secure asset. While I await the verdict, I will only use just a portion of it to gamble and trade. I'll continue to take the risk if I can find another way to make use of Bitcoin freely in the event that the ban is enacted, just like other nations that have faced bans but still managed to find a way to use it.
However, I still believe that Bitcoin will always be supported and continuously being adapted in our country so we're far from this struggle and that's what I'm grateful about. That's also the reason why it's a good thing that we're embracing good opportunities that Bitcoin could offer here.

But in your case, don't you think that selling your bitcoin asset by diverting them into other form of asset doesn't deny you of enjoying the independent nature bitcoin has brought and the profitabilities you may stand to gain with your assets you hodl, if i may be oppotuned to suggest you, i will give it an opinion for you to consider a change in location from the country to another if possible, why i said so is because your country will never ve responsible for your failure in business and economy progress, you will always find yourself being.

traderethereum

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I'd rather not use that coin to gamble because I don't see that I have a big chance of winning a lot.
I prefer to move my coins elsewhere, store them, and wait for the next government regulations because who knows if the government will allow crypto trading again.
Using coins to gamble won't give good results, but some people may try it anyway because they feel they have good luck.
But hopefully, those who think like that will be wise because gambling is not a place to earn money.

bittraffic

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The poll has very fair result though. 12 votes for yes and no which also means there are just 24 users who participated the votes and it doesn't represent the community.

I may really gamble more if this also happen in my country, its a hopelss situation unless you trade on dex. Theres not much on dex for now even after decade of crypto existence.

harizen

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Quote from: electronicash on June 06, 2023, 03:49:35 PM

while your country plans to ban crypto trading but online gambling legal, you'll gonna to decide what to do with coins. would you go play your coins to accumulate or just withdraw and wait for the government to change stance? no other option.

There are alternatives if I really want to continue the use of crypto for my gambling although I should understand the risks as it's now illegal.

It's hard to adjust that suddenly I will stop using crypto when our country is crypto-friendly since the inception of bitcoin, especially in my gambling activity. If there's really no way to use crypto or the law is really strict about using it, no choice but to gamble with fiat as what else I can do?

But for now, I don't really know what will be my approach if that's the actual situation here since I never really imagined my country will ban crypto.

Strongkored

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Quote from: electronicash on June 06, 2023, 03:49:35 PM

while your country plans to ban crypto trading but online gambling legal, you'll gonna to decide what to do with coins. would you go play your coins to accumulate or just withdraw and wait for the government to change stance? no other option.

I would prefer to sell 50% of it before it is completely banned and the rest will be used to gamble in online casinos, and I think even though the country where we live bans crypto and crypto trading but it will not completely ban us from owning crypto, because the advantage of crypto is freedom where we can still transact as long as we have an internet connection, and I think the government will be more inclined to ban gambling than trading or even they will ban both because they think both are the same and that means they ban crypto as a whole, but there will be no rules that can completely prohibit citizens from transacting in crypto.

Vaskiy

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Gambling is secondary. Before the ban I'll move the funds from the gambling platform to a non custodial wallet. This gives complete control over the funds. Later even if the country ban the usage of cryptocurrency I'll go to the nearby country and cash it out. I've read similar incidents with some people, that they went to the nearby crypto friendly country to make use of their holdings.

uneng

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Quote from: Doell on June 07, 2023, 10:26:33 AM

Quote from: electronicash on June 06, 2023, 03:49:35 PM

while your country plans to ban crypto trading but online gambling legal, you'll gonna to decide what to do with coins. would you go play your coins to accumulate or just withdraw and wait for the government to change stance? no other option.

I'll do both, save in my wallet and also play on casino, of course with a little coins that I can afford to lose. If I'm lucky to win, it's definitely better for me. But it seems like this will not happen in my country, if that happens too we definitely have other alternatives option to trading. After all, if there is no other alternative, a trader wouldn't risk losing money in a casino, so they would keep it in their wallet until the government changed stance.

That is right. You don't need to stop your BTC investments and trading due to a government ban. There are alternatives which allow you to continue your operations. Anyway, it would be really strange if a government allowed crypto gambling, while censoring crypto trading, because after all crypto enthusiasts would find a way to use gambling platforms to trade crypto for fiat and vice-versa, taking advantage of the market's fluctuations (buying low, selling high).

pawel7777

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This scenario (the proposed options) doesn't make much sense.
Either way, we would have to wait for the government to change its stance, i.e. why "gamble to accumulate" if you can't ever cash out?
So this question can be really simplified to something like: "Are you willing to gamble with (all) your crypto?"

I'd say: Nope (unless with small amounts).

DoublerHunter

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Quote from: goaldigger on June 07, 2023, 04:29:15 PM

Quote from: electronicash on June 06, 2023, 03:49:35 PM

while your country plans to ban crypto trading but online gambling legal, you'll gonna to decide what to do with coins. would you go play your coins to accumulate or just withdraw and wait for the government to change stance? no other option.

There should be an option to hold since you can spend your crypto outside your country and that is the best option for your crypto. If the your government is restricting you already, then its better not to spend it and just wait for the market to survive and wait for your government to change its ruling. Gambling is not guaranteed and I don’t want to spend most of my crypto in gambling, its better to wait because crypto will soon prevail and every government will have no more choice but to accept it.

^ Definitely right and additionally, it could be your BTC trap on the gambling casino wallet when they will force to close by the government.
In situations like these, it is important to stay updated on the specific regulations and laws that apply in your country. If online gambling with cryptocurrencies becomes restricted or prohibited, it may limit your options for using BTC specifically. You may need to explore alternative methods or platforms for your gambling activities. Because everything is risky when you mix the centralized and decentralized platforms, unless you are using a decentralized gambling casino.

Rengga Jati

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If they manage to ban crypto trading, does that mean they can find out and ban our assets on global exchanges? Whereas currently there are many global exchanges that we can use for transactions, there is also P2P so that we can withdraw our crypto results to fiat. So it doesn't seem like much of a problem as long as we can do a few things.

Whereas in gambling, if it's an online casino and they accept crypto, that's fine too, right? Just keep our secrecy regarding crypto, and don't need to tell anyone to make it safer. This might be my choice instead of me having to sell all Bitcoin right away.

goaldigger

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Quote from: electronicash on June 06, 2023, 03:49:35 PM

while your country plans to ban crypto trading but online gambling legal, you'll gonna to decide what to do with coins. would you go play your coins to accumulate or just withdraw and wait for the government to change stance? no other option.

There should be an option to hold since you can spend your crypto outside your country and that is the best option for your crypto. If the your government is restricting you already, then its better not to spend it and just wait for the market to survive and wait for your government to change its ruling. Gambling is not guaranteed and I don’t want to spend most of my crypto in gambling, its better to wait because crypto will soon prevail and every government will have no more choice but to accept it.

Finestream

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Quote from: Adbitco on June 06, 2023, 04:10:03 PM

There's no big deal here I would withdrawal all my BTC to a reliable crypto wallet than just sending all to gambling site which I know during withdrawal I might still face another issues. There's no casino or gambling site that are all 100 percent trusted they had some complaint in one way or the other so I decide to store my bitcoin to a personal wallet, if worse come to worst I use p2p to sell off my bitcoin. Maybe I might send settle amount there for just gambling sake but not because bitcoin wanna be ban.

True. Gambling with your hard-earned bitcoin does not guarantee that you’ll earn more bitcoin, instead you will have more chances to lose them than to grow your account. So I also think it’s better to withdraw your bitcoin and transfer it into a non-custodial wallet, that way you can provide full security of your coins. However, if you wish to gamble with bitcoin, it maybe fine enough as long as you only gamble a very small portion of bitcoin that you can easily manage to lose. If you’re not comfortable with it, then just keep your bitcoin for long term.

lionheart78

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I only send cryptocurrency funds to online casinos. I don't want my bank account to be connected to any gambling platform so if in case my country decided to ban BTC then I would have to bid farewell to my online gambling activities.

If in turn of events, the government decided to unban BTC then that would be the time to resume my gambling ventures. I don't want to bypass the law in order to satisfy my gambling habit. At the end of the day no matter how we despise some laws implemented by the government we can't do anything but follow the regulation to avoid problems in the future.

Dr.Bitcoin_Strange

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Quote from: electronicash on June 06, 2023, 03:49:35 PM

would you go play your coins to accumulate or just withdraw and wait for the government to change stance?

well, just as Oshosondy has said. The answer is no. Why would I wait for the government to unban the coin before I could bet with it? What if the ban is not lifted for many years? If I have my Bitcoin stored in a personal custodial wallet, then I can deposit to the casino and also withdraw from there, and no one will question me because Bitcoin is decentralized, and no one will even know it was me that carried out the transaction unless it was someone that went through my phone or PC. Even if the government places a ban on Bitcoin in my country, I know there are people who will still be doing Bitcoin transactions via P2P, and the government wouldn't notice it.

Doell

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Quote from: electronicash on June 06, 2023, 03:49:35 PM

while your country plans to ban crypto trading but online gambling legal, you'll gonna to decide what to do with coins. would you go play your coins to accumulate or just withdraw and wait for the government to change stance? no other option.

I'll do both, save in my wallet and also play on casino, of course with a little coins that I can afford to lose. If I'm lucky to win, it's definitely better for me. But it seems like this will not happen in my country, if that happens too we definitely have other alternatives option to trading. After all, if there is no other alternative, a trader wouldn't risk losing money in a casino, so they would keep it in their wallet until the government changed stance.

Topic: would you play more on casino when your country plans to ban BTC? - page 7. (Read 1050 times)