Betting : A big problem to crypto?

[ardentvolcanoes]

As a full time bounty hunter i always get attracted to gambling projects, as a matter of fact many of them pays well in the past and many people always use their platform, i guess many people like trying out their luck, i remember making big money from bethash and blockstamp project

Though you mentioned that you able to earned big money out from gambling/casino house project, there's also a lot of unsuccessful projects that being introduced. In the other hand, it's enticing to participate with developing teams who already have a finished product to offer  there's a  potentials to become successful since platforms itself will attract investors and from that good beginning a lot of things might happen along the way.

[robelneo]

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?

Some years ago the majority of the gambling sites are using fiat as a means to bet online but nobody thinks it portrays fiat in the bad light, Using Crypto in gambling makes things easier for operators to operate and receive deposit and gamblers to track their deposit and be anonymous, you must understand Cryptocurrency can be integrated to various business and industry, it so happens that makes it 's way to gambling this early and this easy.

[Ranly123]

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?

In what way does it portrays bad for crypto? Don't you know that gambling is part of what makes cryptocurrency survive? If you look into it, most of gambling sites which accepts cryptocurrency is successful unlike any other platforms.

[tenakha]

For crypto is very bad. Crypto is money, for pay product, service, etc. Its no Las Vegas Casino.

I do not agree with you.
I think people can do what they want with their personal money. This can be gambling, trading or paying bills and so. The money we use today in real life can also be used to gamble and nobody can say that paper money is bad. We can not think about the money that gives us the freedom to put restrictions on us. Freedom is complete freedom and some of the ideas of some is not valid.

[magneto]

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?

Firstly, I'd love to see sources. What are they classifying as betting/gambling? I bet (no pun intended) that it is a much wider definition than what most people are familiar with.

Secondly, I'd say that if you look at any fiat currency, the majority of transactions are by volume are probably also flowing in the financial sector. If included, it could be classified as financial gambling.

What people do with their coins is none of our business, and whether or not coins are used to gamble shouldn't be our problem either. With mainstream adoption increasing, this problem will solve itself anyhow.

[FiiNALiZE]

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?

Firstly, I'd love to see sources. What are they classifying as betting/gambling? I bet (no pun intended) that it is a much wider definition than what most people are familiar with.

Secondly, I'd say that if you look at any fiat currency, the majority of transactions are by volume are probably also flowing in the financial sector. If included, it could be classified as financial gambling.

What people do with their coins is none of our business, and whether or not coins are used to gamble shouldn't be our problem either. With mainstream adoption increasing, this problem will solve itself anyhow.

I think that those sources aren't that legit. They have made up numbers.

[Jasad]

Many cryptocurrency project build with betting platform and almost 70% many ICO or IEO always have betting form, its why many people dislike for investing or joining at the cryptocurrency investment because many people still dislike about cryptocurrency build using betting way for getting investor.

[Rodeo02]

For crypto is very bad. Crypto is money, for pay product, service, etc. Its no Las Vegas Casino.

I do not agree with you.
I think people can do what they want with their personal money. This can be gambling, trading or paying bills and so. The money we use today in real life can also be used to gamble and nobody can say that paper money is bad. We can not think about the money that gives us the freedom to put restrictions on us. Freedom is complete freedom and some of the ideas of some is not valid.

Its actually depends on a country for a country such as mine it is illegal to play online gambling . So it will be difficult for us to convert to fiat our earnings from gambling. we need to use mixer to wash the btc but still local exchange  will questions were the money came from since exchange is regulated by bank you need to prepared .

[plast555]

Many cryptocurrency project build with betting platform and almost 70% many ICO or IEO always have betting form, its why many people dislike for investing or joining at the cryptocurrency investment because many people still dislike about cryptocurrency build using betting way for getting investor.

You can use cryptocurrencies to play gamble, invest, education, decentralized storage etc. There are now thousands of blockchain projects on the market. Because you can do whatever fiat do with cryptocurrency. I think it would be wrong to establish a direct relationship between cryptocurrencies and gambling.
Cryptocurrencies can be used in any field, which field you use and which you use is your choice.

[boltz]

Well everyone is free to make whatever they think with their crypto and bitcoin in general. Its true that gambling sites have a lot of volume from sports betting to casino and even dices but this won't affect bitcoin in a bad way and mostly this will increase partnerships with Sports Teams ( Example : Watford with sportsbet.io ) and if I remember well Dogecoin had a Nascar partnership and even in Olympic games they supported Jamaican team.

The actual problem are those who simply bet with crypto instead of going to their local betting stores and use local currency as now at this prices if you bets lets say 50$ in ETH/BTC maybe in 1 year the same amount of crypto will have increase value maybe 100 or 200$ so its a double edge gambling and the only winners in time are the betting houses and a perfect example would be this : Bob bets 100$ in btc and he looses and house wins the bitcoin ( 100$ ) and in time they actually win (200-300$). When the player bets 100$ to win 300$ its not the same as they could simply hold and win the same amount without any bets. 

[mdzahed134]

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 don’t think in any bad effect here if 60% crypto-currency transactions making for gambling issue. I considered panic/greedy trading one kind of the beating. Impact there are a lot of cryptocurrency platform developed by gambling. Such as:-
https://www.crypto-games.net/
https://stake.com/
https://m.fortunejack.com/
https://sportsbet.io/
https://www.cloudbet.com/en/
Those are most reliable & transparency beating sites. You can used here more different crypto-currencies.    

[sorrros]

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?

It is another use case of cryptocurrencie, so why should it be bad? I see the future in decentralized casinos because they offer much better betting conditions.

[irixo10]

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 don't see anything wrong with it either, you can use fiat to pay for any services and no one will question you then why is crypto different? Crypto is used online thus if I come across any services which can be paid with crypto and I decided to use it, I don't see anything wrong with it. Betting on the other hand is growing in this space with most platforms either having their own coin or using other cryptocurrencies therefore you can see its use is growing tremendously even in the betting Industry. So to your question, it doesn't portray the crypto space in any bad way

[ecnalubma]

Theres nothing wrong unless those online Casinos are government compliant and legally operating. But I doubt that 60% is used for betting it could be lower I guess. The fact that cryptocurrency is like money it can be used anywhere.

[bright4mech]

Cryptocurrency is a digital asset, which is mainly served as peer to peer buying and selling in the crypto community, hence using a crypto as placing of betting in a bet platform,i think nothing is wrong about it. But bet responsible on the game.

[cutesgirl]

Many betting platform in cryptocurrency make some investor dislike with cryptocurrecny, there are many betting game using cryptocurreny to build their product like TRON or TRX coin have betting system platform, I need cryptocurrency keep away from betting platform because is not coherence with our religion.

[eye-con]

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?

We all have different aspects, we can see betting in a bad way or in a good way.
But for me betting is not actually bad, it is somehow helps to circulate the crypto by having transactions.
Betting is not about gambling, it is also for fun. Its not that bad, how people see it does.

[Arsenyo]

I am not sure that this percentage is right, I think it is much lower. There is nothing wrong or bad in gambling, it is not illegal. Moreover, it would help for the crypto industry to grow with the increasing popularity of gambling all over the world.

[Japinat]

I am not sure that this percentage is right, I think it is much lower. There is nothing wrong or bad in gambling, it is not illegal. Moreover, it would help for the crypto industry to grow with the increasing popularity of gambling all over the world.

Not only the gambling industry, the big effect is it will be able to produce real adoption as these gamblers demand of crypto will grow.
Illegal gambling is only the problem because the government can't impose tax on it, illegal or legal, or non regulated gambling sites, they are still the same when it comes to their offers, they offers entertainment to people but those that are not license, they can mess up with the government as surely the government will always want to get their fair share.

[StephenJH]

I am not sure that this percentage is right, I think it is much lower. There is nothing wrong or bad in gambling, it is not illegal. Moreover, it would help for the crypto industry to grow with the increasing popularity of gambling all over the world.

Some governments like to block the foreign transactions for online gambling and they forward the online gambling users to the local betting company. The reasons behind the popularity of the crypto transactions in ht online galbing sites are good for the customers but local companies don't like to see decreasing customers. It is illegal in some thrid-world contriues to make payments in online gambling sites and thanks to the cryptocurrencies which solved the mentioned problem for them.