A cryptocurrency entirely dedicated to GAMBLING?

[The Cryptologist]

In my opinion, most of it is yes. I am only talking on how it looks like at the moment because we are still not on the mainstream adoption. There are only two uses that I know that is very active in using cryptocurrency and that is online gambling and trading. Only on a very rare occassion that it used for payment and big percentage happens on the darknet or darkweb.

[skarais]

In my opinion, most of it is yes. I am only talking on how it looks like at the moment because we are still not on the mainstream adoption. There are only two uses that I know that is very active in using cryptocurrency and that is online gambling and trading. Only on a very rare occassion that it used for payment and big percentage happens on the darknet or darkweb.

That is true, but in my opinion it depends on how the user uses their cryptocurency. Besides being used as a trading and investment instrument, cryptocurrency has also been used for gambling. Cryptocurrency makes it easy for users to make transactions anonymously. Perhaps for this reason many of them gamblers use cryptocurrency to bet.
In my opinion there are still many other reasons why cryptocurrency is not only dedicated to gambling.

[pieppiep]

I don't like using Bitcoin in gambling platforms, but other altcoins are great for me
and better than regular fiat money. Ethereum is one I use most of the times.
I also saw some tokens used for this but they loose value fast.

Same to me, I already use ethereum for gambling, but I also tried to use another altcoin, which I think can arrive in a short time than the bitcoin. I tried to use litecoin and dogecoin. But I don't think that cryptocurrency will be dedicated to online gambling. I think people out there, still like to use fiat to deposit their funds in online gambling. And maybe that is because they don't know much about cryptocurrency. Or they know cryptocurrency, but they are afraid to start to use.

[The Cryptovator]

for gambling, I think altcoin is better because coins are cheaper and also have a very small fee compared to BTC. Gambling profit results using altcoin are exchanged for BTC, this I do as the final thing after gambling.

Since you are calculating about fees then altcoin is better rather than btc to avoid high transaction fees. There is also multiple gambling sites who are accepting different Altcoins for gambling. So it's become bit easier to play with altcoin as well. But there is fear of dump when you are playing with alts. Because if your alts dump hugely then you will get nothing even you are winner on the gambling. So obviously you have to choose potential alt coin which is not much volatilities. Then most likely you will be gainer from both sides.

[TheCoinGrabber]

I know this is an old thread but gonna reply anyway. I agree with many people here that this is completely unnecessary. Most major coins are accepted by gambling sites anyway. If they want to produce their own coins, then they are free to do so but I don't believe that's going to make any big difference.

They are going to make a big difference if they can get a lot of gamblers to play in their platform.
In order for them to do that, they need to offer something different or unique that is enjoyable to play, that's what gamblers are looking.

First thing that we have to consider is that they won't operate if they don't get success from raising funds as mostly in this kind of platform, they raise their money through crowdsale, so that alone would say that they have believers who invested on them.

But that would depend on the platform itself, the games and service they offer, not simply because they have their own coin. I like to think of it same way as Libra. Main reason people may want to use it is simply coz it is integrated with FB's platform, not because of anything unique to it as a coin.

[STT]

Convenience counts considerably.    I think a large part of the world is determined by such simple forces as what the millions in the masses of people consider easiest to do, not the elitist details people debate as being most important.

Because if your alts dump hugely then you will get nothing even you are winner on the gambling.

This is the wider world too I think, people favor US dollar so much because its been the king since world war 2 so we have massive historic bias and its going to take a giant change to alter that trend of the world always running to dollar to save this currency risk to their investment, to their cash and general asset risk.   Its quite obvious Dollar isnt a perfect haven, far from it and how that story plays is part of crypto currency balance too I think.

[deisik]

for gambling, I think altcoin is better because coins are cheaper and also have a very small fee compared to BTC. Gambling profit results using altcoin are exchanged for BTC, this I do as the final thing after gambling.

Since you are calculating about fees then altcoin is better rather than btc to avoid high transaction fees. There is also multiple gambling sites who are accepting different Altcoins for gambling. So it's become bit easier to play with altcoin as well. But there is fear of dump when you are playing with alts. Because if your alts dump hugely then you will get nothing even you are winner on the gambling. So obviously you have to choose potential alt coin which is not much volatilities. Then most likely you will be gainer from both sides

Dogecoin is that coin, absolutely

It may seem as something unimportant or insignificant, but Dogecoin is certainly one of the top cryptocurrencies out there with most real life adoption, even if this adoption is only about gambling. It is cheap as dirt which means you can build pretty sophisticated martingale strategies with it, and it is extremely fast as far as transaction speeds are concerned. Nowadays its price is pretty stable in dollar terms (for an altcoin) and doesn't depend too much on the overall cryptomarket volatility:



In simple words, if you are looking for an altcoin to bet with, don't look any further

[Meowth05]

An idea came onto my mind, and it consists about a currency that is entirely dedicated onto gambling and also betting, I did not search through the web if there is actually a crypto that has done this. Gambling is a thing that the people love to do, whether if it is in the casino or online, but have you ever thought of a crypto that will serve as your main currency whether if it is in the casino or it is on online, I think this could also be beneficial for the gamblers as well, I wanna know about what you think of my idea, whether if it is a positive or negative opinion, I will still take it.

Nope, cryptocurrency isn't dedicated to gambling however, there are some coins that are made just only for Gambling. It just happens that crypto is almost perfect for online gambling in terms of anonymity for example, your transaction won't be traced since you were using crypto. Cryptocurrencies are versatile, it can be used in any transaction such as trading, investment, and even gambling.

[Apes]

I have no problem if bitcoin and altcoin are used as gambling tools. indeed the reality is, now more online casini are adopting cryptocurrencies to gamble. because I think all of this is about adoption, cryptocurrencies if you want to be popular and survive must adopt and develop various types of transactions. and it turns out that adoption in gambling is more welcomed than a P2P transaction.

[noormcs5]

I don't like using Bitcoin in gambling platforms, but other altcoins are great for me
and better than regular fiat money. Ethereum is one I use most of the times.
I also saw some tokens used for this but they loose value fast.

I use doge coin in many gambling games which i play. Even i can gamble with 1 Doge and it is real cheap. Even if i lose few of my doge they will not be a big amount when converted to bitcoins or fiat.
I know few coins were made to be used only on gambling but none of the projects went well as people refused to adapt those coins / tokens.

[doomloop]

I don't like using Bitcoin in gambling platforms, but other altcoins are great for me
and better than regular fiat money. Ethereum is one I use most of the times.
I also saw some tokens used for this but they loose value fast.

I use doge coin in many gambling games which i play. Even i can gamble with 1 Doge and it is real cheap. Even if i lose few of my doge they will not be a big amount when converted to bitcoins or fiat.
I know few coins were made to be used only on gambling but none of the projects went well as people refused to adapt those coins / tokens.

That is a relief to hear that you care about not losing too much of your asset and you do not intent to get some bitcoin and waste them in gambling. A risky game like gambling should be played now and then and that too with a very little amount of asset. No matter how fun gambling could be, losing money is never something that a person can celebrate. Crypto currencies have better purpose to serve.

[stadus]

for gambling, I think altcoin is better because coins are cheaper and also have a very small fee compared to BTC. Gambling profit results using altcoin are exchanged for BTC, this I do as the final thing after gambling.

Since you are calculating about fees then altcoin is better rather than btc to avoid high transaction fees. There is also multiple gambling sites who are accepting different Altcoins for gambling. So it's become bit easier to play with altcoin as well. But there is fear of dump when you are playing with alts. Because if your alts dump hugely then you will get nothing even you are winner on the gambling. So obviously you have to choose potential alt coin which is not much volatilities. Then most likely you will be gainer from both sides.

You need to have the mind of a trader and a gambler at the same time for you to be aware of the possibilities of dump while you are figuring out on how to win or increase your bankroll. It's a tough job really, that's why most gamblers only choose bitcoin as it's more stable compared to any altcoins.

[peter0425]

Seems like the conversation goes Off Topic already,let me remind you all guys that OP is asking if we would go to create a CRYPTO that will only function as Gambling Currency (this is the way I understand the OP) meaning a single coin like casino chips that will function as gambling money.


For me this is nonsense because if the gambling got banned(things that impossible but what if?)so the said currency will got no value?

[judeafante]

An idea came onto my mind, and it consists about a currency that is entirely dedicated onto gambling and also betting, I did not search through the web if there is actually a crypto that has done this. Gambling is a thing that the people love to do, whether if it is in the casino or online, but have you ever thought of a crypto that will serve as your main currency whether if it is in the casino or it is on online, I think this could also be beneficial for the gamblers as well, I wanna know about what you think of my idea, whether if it is a positive or negative opinion, I will still take it.

If you are holdling EOS and you have an activated wallet preferably Scatter, you see that there are a lot of Dapps gambling on that wallet there's also Bethash a very popular Gambling site created on Eos network, you can also check Tronx https://dapp.review/explore/tron?category=4, Your idea has been realized after a year, and many more Cryptocurency that is dedicted to gambling the latest one that I know is https://coinmarketcap.com/currencies/loteu/

[DaftAjax]

Seems like the conversation goes Off Topic already,let me remind you all guys that OP is asking if we would go to create a CRYPTO that will only function as Gambling Currency (this is the way I understand the OP) meaning a single coin like casino chips that will function as gambling money.


For me this is nonsense because if the gambling got banned(things that impossible but what if?)so the said currency will got no value?

Exactly, they're mixing things up. The majority of people thought that the OP's point was realized and many "Gambling sites" are already using Crypto as a medium. When the OP is trying to say is to have a dedicated cryptoccurency "only" for gambling and no more, which translates to what you said as the "chips" of a casino.

You don't need to concern yourself if it will get banned or not because most of the gambling sites nowadays accept multiple cryptocurrencies as their medium.

[Tungsten-1]

for gambling, I think altcoin is better because coins are cheaper and also have a very small fee compared to BTC. Gambling profit results using altcoin are exchanged for BTC, this I do as the final thing after gambling.

Since you are calculating about fees then altcoin is better rather than btc to avoid high transaction fees. There is also multiple gambling sites who are accepting different Altcoins for gambling. So it's become bit easier to play with altcoin as well. But there is fear of dump when you are playing with alts. Because if your alts dump hugely then you will get nothing even you are winner on the gambling. So obviously you have to choose potential alt coin which is not much volatilities. Then most likely you will be gainer from both sides.

Being honest, even if altcoins are a lot cheaper than bitcoin but still the very sound of gambling with them or any type of asset is disturbing. Why would anyone waste even a single penny or lose it for no good reason? Gambling is not a beneficial game or profession. It is best to stay away from it. The worst thing about this is that it does not only affect the gambler but his relatives and close ones too. Besides, digital assets are too precious especially bitcoin.

[inanilujimi]

bitcoin is not just for gambling alone.
certainly there is an already created altcoin only for crypto gambling.
bitcoin is the spirit of crypto, its function is inappropriate for gambling.

[cabron]

bitcoin is not just for gambling alone.
certainly there is an already created altcoin only for crypto gambling.
bitcoin is the spirit of crypto, its function is inappropriate for gambling.

BTC is actually more appropriate in gambling. Its sort of a chip in casino.

When a gambler holds chip, in their mind its just a chip and psychologically they tend to bet more using these chips for its doesn't look like money and will just gamble it away which what casinos want. BTC acts the same way which btc casinos wants BTC gambler to spend it all.

[Kasabus]

bitcoin is not just for gambling alone.
certainly there is an already created altcoin only for crypto gambling.
bitcoin is the spirit of crypto, its function is inappropriate for gambling.

BTC is actually more appropriate in gambling. Its sort of a chip in casino.

When a gambler holds chip, in their mind its just a chip and psychologically they tend to bet more using these chips for its doesn't look like money and will just gamble it away which what casinos want. BTC acts the same way which btc casinos wants BTC gambler to spend it all.

It's a cheap that is not for gambling purposes only and its accepted widely in the crypto world.
It's quite different in gambling tokens where you can only exchange it in the site or exchange in certain exchanges, that's why people choose BTC over others because of its big liquidity and they will not worry a lot since its more stable than other type of coins, including gambling tokens.

[South Park]

Have played an online casino before where they have their own currency where you can buy using USD or other crypto. A certain amount of their coin represents 1$. So, I think it is not necessary for them to undergo ICO or what so ever if they do not intend to have any other function for their coin aside to be used as a currency in their platform.

Maybe they know what will just happen if they undergo ICO so they did not bother.

I don't entirely know what is happening in ICOs but most of them failed.

The possibility that I see is the number of bounty hunters in the market and after receiving their salaries or maybe payments, if you all prefer it, sold it in the market with lower price than the project intended, after that it will be having a domino effect to the next sellers.

If a casino wants to develop a coin like that they are free to do it but I do not see the necessity for an ico, casinos are some of the most profitable businesses in this market and any casino thinking about developing their own coin should have enough resources to do it on its own, if that is not the case then you can be sure that whoever invest in that coin is probably never see any profits as people eventually realize that no one except that casino accepts that coin.