Betting : A big problem to crypto?

[SirLancelot]

I once came across an article where it was stated that over 60 percent of most crypto transaction were used for betting. I don't see anything wrong with that. But don't you think it portrays crypto in a bad way?

For those saying that developers needs more time to create useful applications, what else do you want them to create?
Another means for people to spend money or what? Cryptocurrency is used mainly for gambling and that’s how it’s meant to be since it’s not some real money, it’s just a means of transaction that keeps people anonymous and that’s something that gamblers likes a lot, so they will always jump on it and use it for most if their transactions.

There are already lots of gambling sites popping up every single month and claiming to crypto online casinos, and there are also lots of people making use of these sites to gamble and as usual, there are lots of them that are losing their money every seconds, because the house will always have a better edge over the players, which means that the players has less chance of winning. Even those of them that claims to use strategy, that thing never works based on my research. They are just relying on luck and they think strategies are helping them, lol.

[jostorres]

I once came across an article where it was stated that over 60 percent of most crypto transaction were used for betting. I don't see anything wrong with that. But don't you think it portrays crypto in a bad way?

I do not think that figure is valid, when did they start cryptocurrency gambling that it will take 60 percent of crypto transactions, I have been transacting crypto for long but never for once used it for betting, and what about you? Have you ever used crypto for betting? So where is that figure coming from? We have lots of gamblers and I didn’t doubt that but I think majority of crypto transaction is just for holding and for traders that are using it to trade on a daily basis.

Gambling is also a business, and we have some legal gambling, so even I it is used for gambling, I don’t think it is still a bad idea, probably that is the industry that see the usefulness more, while others are yet to explore the opportunities that are available in crypto for them to apply it to theirs.

[confreslamp]

Betting is one of the most famous directions in crypto currencies and I must say one of the most successful one. There are already several betting platforms that are working and already competing with centralised betting giants.

[Winscosinally]

I once came across an article where it was stated that over 60 percent of most crypto transaction were used for betting. I don't see anything wrong with that. But don't you think it portrays crypto in a bad way?

Have you ever been to vegas?even fiat is used for gamblings and it doesnt give fiat a bad name or whatsoever,any means of exchanges that can be use to trade can be use to gamble as well,people use gold chains and wrist watches in gambling as well in real life so i dont see anything wrong using crypto to gamble

[zenhu]

Personally, I don't care with it, people are  free to choose their way. Get some crypto for betting in gambling site is one of famous and faster way to get more income if you luck in it. Usually its using by person that has been frustrated with trades in market, so much loss, or etc. So, they put all balances and get roll the dice to get profit.

[Kvalentine]

I once came across an article where it was stated that over 60 percent of most crypto transaction were used for betting. I don't see anything wrong with that. But don't you think it portrays crypto in a bad way?

Betting equals to gambling and if 60 percent of crypto transaction are been used for betting then its actually a good news because betting on its own is actually a form of real use case and betting is not a bad thing at all,only the greedy ones get rekt,people do bets with fiats as well as crypto too

[freedomgo]

I once came across an article where it was stated that over 60 percent of most crypto transaction were used for betting. I don't see anything wrong with that. But don't you think it portrays crypto in a bad way?

Betting equals to gambling and if 60 percent of crypto transaction are been used for betting then its actually a good news because betting on its own is actually a form of real use case and betting is not a bad thing at all,only the greedy ones get rekt,people do bets with fiats as well as crypto too

That's so high, it looks like gambling has dominated the overall transaction in crypto.

I believe the gambling transactions are big and even getting bigger but I don't think that big, but anyway, we know it's significant in numbers and it's a big help to the crypto industry. If that is bad, majority of the gamblers will not gamble and the industry would not grow, what we see now is the opposite, so that explain the real status. 

[lixer]

I once came across an article where it was stated that over 60 percent of most crypto transaction were used for betting. I don't see anything wrong with that. But don't you think it portrays crypto in a bad way?

Betting equals to gambling and if 60 percent of crypto transaction are been used for betting then its actually a good news because betting on its own is actually a form of real use case and betting is not a bad thing at all,only the greedy ones get rekt,people do bets with fiats as well as crypto too

Betting is not bad, but there are some betting that is against the government policy of some countries, but betting like sports betting are the ones that are basically being accepted by most governments, and I think you are right that it will continue to help the bitcoin community to grow if we can have then use the currency as means of payment and receiving rewards within that particular betting system but I do not think that the percentage will be that high.

The percentage of the money in cryptocurrency market will be more of whales, investors, traders and merchants and if betting will actually have a portion in it, I am sure that it may not be more than 15 percent of the total marketcap  of bitcoin, but this will increase as more people uses it.

[rezakurnia66]

I do not have any qualms about crypto being used for gambling. To be honest, cryptocurrency is a form of digital currency and its owners are free where to spend and use it until their usage affects and encourage illegal activities. As far as I know betting are allowed in many countries. So I do not have any problem with it.

Cryptocurrencies can be used for anything and included for gambling. Each country has different regulations on gambling. For gambling, my country is strictly forbidden, but Crypto is not banned because until now it is able to provide a good opportunity to make money by trading. So I also do not argue crypto though it is used for gambling.

[adjed]

Gambling is a part of life and while many people earn a lot from it, some people just do it for fun and I don't see any reason whatsoever why it should portray Cryptocurrencies in a bad light, if anything, it's a good thing because gambling is part of mass adoption that we have been waiting for, the blockchain is now used for diverse things and while gambling is one of the major things, there are other things as well that do not require so many transactions per day but are still no less impressive.

[aemma]

That is not a problem in anyway. Do you know how many gambling blockchain platforms in existence? I have seen many.
So to me, I see gambling platforms as one of the platform in this crypto space, thus using cryptocurrencies in betting is another way of paving a path to crypto adoption. Instead of using fiat to pay, players use crypto, so there is no issue whatsoever.

[stfN2128]

I once came across an article where it was stated that over 60 percent of most crypto transaction were used for betting. I don't see anything wrong with that. But don't you think it portrays crypto in a bad way?

betting is a huge business not only in crypto space. i dont see anything bad in this, as long as everyone who use it for gambling can manage himself.. but where does the number comes from? 60% ? i cant really imagine that this is a valid number.

[Ferris419]

No, I don't think this is a problem for the crypto rather Betting is one of the major parts here. For the betting, a lot of people joining into the crypto industry, day by day betting game will be more popular! If you don't like betting then do a trade or do bounties. You have many options to go through!

[fvb]

I once came across an article where it was stated that over 60 percent of most crypto transaction were used for betting. I don't see anything wrong with that. But don't you think it portrays crypto in a bad way?

Our whole life is a bet.  Every day we put on something.  For example, on an exchange, you bet on different coins and choose which cryptocurrency will give a win today.  On the gaming platform, in my opinion, this is the most relevant and promising type of activity.  So I don’t see anything wrong with that.

[rdewilde]

I tend to see it from another angle and that is, these betting us actually exposing the uses of cryptocurrencies to world; that is, let the world know that in addition to transfering whatever coin to another user or holding it, that it can also be used in betting. Therefore, I can say using crypto in betting poses no risk or any problem, nor does it speak bad of the crypto space.

[crenfrosck]

While it is not certainly the most humble thing to present, this proves that the use case exists, even today. Lottery is actually a nice thing to start with. Trustless blockchain technology brings us fully autonomous lottery which can not be manipulated. Every participant knows he has the same chance as everyone else. I can not imagine how stunned will people be when they realize how it's most valuable feature can improve current systems. No middlemen, no secret fees. Just you and your business untochable by others.

[Bonwin]

If one is to ever talk of one of the most interesting application of block chain, betting is part of it. So many of these platforms use block chain based tokens or coins for every activities on their platform. It is therefore a easy of bringing value and more adoption to cryptocurrency and block chain technology in general. However, you need to be conscious of which to partake it. Which means that, not all bring value to crypo, but at least larger percentage.

[DarkDays]

I once came across an article where it was stated that over 60 percent of most crypto transaction were used for betting. I don't see anything wrong with that. But don't you think it portrays crypto in a bad way?

Gambling sites were one of the first functional platforms that used cryptocurrencies, one could argue that they are somewhat responsible for their success.

I remember playing at dice sites like Just-dice back in the day, without that site I wouldn't be here today participating in the broader blockchain ecosystem.

[FelippeHeinz]

I am not aware of this data, but I do not see why blockchain online betting would be a threat to cryptocurrencies, as they are driving crypto-economy, and we have a relatively free and decentralized market.

[rdluffy]

I don't know why this could be a problem 
I know some exchanges don't allow deposits from gambling websites, but I can't find a good reason to become a big problem as you said
There are a lot of countries where gambling is legal, and things are changing in technology, everyone can do what they want with their money, and this is not illegal nor antiethical