Betting : A big problem to crypto?

[MonaLeeTracy]

Crypto Currency is a form of money, so there is nothing wrong with it. It is similar to fiat money being used in gambling and elsewhere. This is why it does not describe crypto currencies because as you can see, it is also used for product purchase, transaction payment usage and much more.

Since when is cryptocurrency money? in my opinion it is wrong if our assumption of cryptocurrency is money. because until now cryptocurrency is still a digital asset not a digital money. it is not suitable if cryptocurrency becomes digital money with current price fluctuations

[prehisto]

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?

If you dont think that betting is bad why should betting be a bad thing for crypto in general?
it is not a bad thing in general , it is way better than misconception of crypto being a criminal tool which we know is only a small fraction of all txs.

[ePesoInitiative]

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?

If you dont think that betting is bad why should betting be a bad thing for crypto in general?
it is not a bad thing in general , it is way better than misconception of crypto being a criminal tool which we know is only a small fraction of all txs.

Precisely. In fact, gambling is the one of best use cases for cryptocurrencies. Porn is the second one though. The third one which is more palatable to the general public is monetary system for online gaming. Now, if these three areas are using crypto for transactions heavily, then the price of bitcoin must be way higher than the current ATH price.

[batang_bitcoin]

Since when is cryptocurrency money? in my opinion it is wrong if our assumption of cryptocurrency is money. because until now cryptocurrency is still a digital asset not a digital money. it is not suitable if cryptocurrency becomes digital money with current price fluctuations

How could it be wrong to assume that crypto is money? what's money in your definition? used to buy things, deposit on casinos and gamble with it. That's how money works right? so do cryptocurrency is. Usage of crypto as an asset or money depends on the user, just because many have been holding it, it doesn't mean that it can't be a true money to us. Spare the fluctuations as that's the normal character of crypto's, however can't you see on how wide crypto's are right now being considered as digital money? I think you're missing it although I respect what's your point.

[Silberman]

Crypto Currency is a form of money, so there is nothing wrong with it. It is similar to fiat money being used in gambling and elsewhere. This is why it does not describe crypto currencies because as you can see, it is also used for product purchase, transaction payment usage and much more.

Since when is cryptocurrency money? in my opinion it is wrong if our assumption of cryptocurrency is money. because until now cryptocurrency is still a digital asset not a digital money. it is not suitable if cryptocurrency becomes digital money with current price fluctuations

Any cryptocurrency becomes money as soon as it is used to buy something, it is true that the value of all cryptocurrencies except stable coins is very unstable but that doesn't mean that they are not a form of money, even a cryptocurrency that is only used once to buy something became a form of money even if it was just for a moment, but when it comes to a cryptocurrency like bitcoin we can safely assume that it is going to be a form of money for as long as it exists.

[Genkotsu]

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Gambling has been there since people started earning money. This was used for fun at that time and later they started using it as a stream for making money. Gambling is common all around the world and people enjoy it, so those governments that have made it legal have done great because in this way they have channelized money for taxes. 

the key is about goverment regulation for regulate this industry sector, like you said today gambling is not just as a game for people to spend free time, but for main income, moreover people more trusted in gambling site using blockchain technology.

[travwill]

In my opinion, betting alone is a problem.   
However, if you choose between regular bets and blockchain bets, I will always choose blockchain. Because blockchain involves the absence of any manipulation.
Sports betting, like casinos, has a large monetary share in the world market, which means that a large number of people are somehow involved in these types of activities, which will have a very positive effect on mass adaptation if casinos and blockchain rates are more widespread.

[gunhell16]

~

Gambling has been there since people started earning money. This was used for fun at that time and later they started using it as a stream for making money. Gambling is common all around the world and people enjoy it, so those governments that have made it legal have done great because in this way they have channelized money for taxes. 

the key is about goverment regulation for regulate this industry sector, like you said today gambling is not just as a game for people to spend free time, but for main income, moreover people more trusted in gambling site using blockchain technology.

You can withdraw and deposit funds with blockchain kasino with out givingbout your identity. Unlike in others likencreditcard your name is there and your bank record. That is the advantage why gamblers now are using the technology of crypto.

[Crypto5060]

Betting cuts across not just crypto but the physical world so I don't think it's a problem that has resulted because of crypto. A greater percentage of betting is carried out using fiat and it hasn't been blamed on fiat yet.

[boltz]

Betting on crypto is not a problem. Betting in general is a problem as it can become addicted and most of the betters are without knowing it. My personal opinion would be that gambling can bring a lot of new users into crypto world even if they come only for gamble but this is a promo after all.

Gamblers are everywhere and they bet with every currency and not only so the problem is on them as bookies just provide the chance in order to satisfy their needs.

[FaithInCrypto]

I see betting or gambling as a form of entertainment. I was actually glad that they were able to utilize the use of cryptocurrency and make it accessible unlike going to the casino or going to the exact place just to bet. The problem only arises when a person gets addicted to it so it depends on the person if he falls into the trap. Self-control is a must. Gambling is also like what we are doing in cryptocurrency, only invest and spend what you can afford to lose.

[awik p]

In my opinion, betting alone is a problem.   
However, if you choose between regular bets and blockchain bets, I will always choose blockchain. Because blockchain involves the absence of any manipulation.
Sports betting, like casinos, has a large monetary share in the world market, which means that a large number of people are somehow involved in these types of activities, which will have a very positive effect on mass adaptation if casinos and blockchain rates are more widespread.

right, safer for blockchain bets. although there are whales, but they cannot manipulate the market. they can only provide stimulation and psychological play to traders, so traders will follow their scenario. usually they use news that can affect psychological traders, so that if traders move in unison, it will have an extraordinary effect

[freedomgo]

I see betting or gambling as a form of entertainment. I was actually glad that they were able to utilize the use of cryptocurrency and make it accessible unlike going to the casino or going to the exact place just to bet. The problem only arises when a person gets addicted to it so it depends on the person if he falls into the trap. Self-control is a must. Gambling is also like what we are doing in cryptocurrency, only invest and spend what you can afford to lose.

In general definition, its wise to consider gambling as a form of entertainment because we are likely to loss our money when we gamble.
That's why we can always hear from the experience people that we should gamble what you can afford to lose, that is to avoid getting frustrated when we lose. When we are open for loses in gambling we will become more realistic and it will be easy for us to accepted whatever the outcome is.

Actually, gambling is never a problem, its the people who doesn't understand is the problem in gambling, if we look at the big picture here, gambling industry in the crypto space is also booming, therefore they are a big contributor on the success of crypto.

[bitcoinposts]

Betting and gambling are very bad idea for crypto believer to loose money they should nt enter such markets

[Genkotsu]

In my opinion, betting alone is a problem.   
However, if you choose between regular bets and blockchain bets, I will always choose blockchain. Because blockchain involves the absence of any manipulation.
Sports betting, like casinos, has a large monetary share in the world market, which means that a large number of people are somehow involved in these types of activities, which will have a very positive effect on mass adaptation if casinos and blockchain rates are more widespread.

right, safer for blockchain bets. although there are whales, but they cannot manipulate the market. they can only provide stimulation and psychological play to traders, so traders will follow their scenario. usually they use news that can affect psychological traders, so that if traders move in unison, it will have an extraordinary effect

you mean they cannot manipulate the result right??
of course because when gambling service are running in blockchain network broker can't manipulate because all of service are running on top blockchain where nothing anyone can manipulate

[stephanirain]

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 will depend on your personal beliefs and culture if you think that betting has only negative impact to people. Most people here are using cryptocurrency in gambling since many of the coins offers anonymity. Therefore, they can enjoy playing without identifying themselves. Many conservatives have already judged the crypto industry without understanding what it really is so, I do not think we lose anything if they do not like crypto just because it is used for betting.

[Bitcoin Seller]

I don't think that stats are correct. 60% of transactions are betting related? Please...

There are a lot of use cases for crypto. Investing, trading, spending on the sites that accept them, and sometimes betting. To think that betting single handedly takes 60% of the transactions? I don't think so...

I know that in 2013, 50%-60% of all Bitcoin transactions happened to and from gambling sites, and since then, apparently, over 3.7 million BTC which is currently valued at $30,249,868,000 has been used on betting platforms.... I didn't do this research myself. I only searched around until I found it written enough times to find it somewhat believable.
I couldn't find the exact percentage and I don't think anyone will ever be able to do more than guess considering that many sites practice safe crypto transactions by changing their user's public address after every deposit. Another thing to keep in mind, if BTC gambling transactions were at 50%+ in 2013.... Since the release of Tron, ETH, EOS and other's dapps, crypto gambling has increased exponentially. Hope that helps bring things into perspective.

Gambling is one of the spheres, where cryptocurrencies are used almost all the time. I might be mistaken, but I guess, the first official Bitcoin casinos appeared in 2015. Now, people do understand that in a game of chance, anonymity is extremely important. Moreover, the withdrawal operations take several minutes only (compare it with Bank transfers lasting up to 3 or even 5 days).

[laskybok]

If it pleases the users to use their crypto funds to bet, let them be. Somehow, this is also one of the major factors or development that bring about more awareness and mass adoption of blockchain technology. So many people who are into online games today are not yet aware of this aspect.

[alyssa85]

If it pleases the users to use their crypto funds to bet, let them be. Somehow, this is also one of the major factors or development that bring about more awareness and mass adoption of blockchain technology. So many people who are into online games today are not yet aware of this aspect.

This. People are going to gamble anyway. So they might as well use cryptocurrency to do it. If crypto can dominate this industry, at least it provides a use case for digital money.

[Pinkris128]

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's kind of a reputation of cryptocurrency to be used in any way you want because it is decentralized and that includes betting. But betting or gambling itself isn't as bad as what other people thinks. Even if it's for income or for entertainment, the fault of losing in those activities is to the person because he accepted the risk. It will be all subjective if you believe that cryptocurrency are nest of illegal activities because fiat is the same because it's all money after all.