Betting : A big problem to crypto?

[setialovers]

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?

The use of crypto for betting in my opinion is only a small part of very large crypto transactions. Crypto can be used for anything and one of them is betting, and in my opinion it depends on the user and not cryptocurrency.

[Natalim]

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?

The use of crypto for betting in my opinion is only a small part of very large crypto transactions. Crypto can be used for anything and one of them is betting, and in my opinion it depends on the user and not cryptocurrency.

There's a lot of gambling sites in crypto world and there is a reason why we are seeing some significant growth, so basically this really helps the market to grow and it's not called a problem, but instead its an improvement.

People will only have a problem in gambling if they don't gamble responsibly, and with that, its not gambling should be blame..

but themselves.

[comchien]

That is possible because at present few projects have created cryptocurrencies with their own technology, some have also applied the technology but that is not enough, most now see transactions as speculation and gambling delivery are predominant, but that's not a bad way to think about cryptocurrencies.

[Botnake]

I think a part of crypto is used for betting but not so much as people might think is, crypto is also used for trade on bigger side, and for payments, for betting are used fiat money way more than crypto, but betting don't give a negative side to crypto even if crypto will be used for betting more than fiat money on future.

There's a growth in the betting industry int he crypto world and that's why there are a lot of gambling platform being created marketing their own tokens.
it's not a big problem because otherwise, why would they start a business like gambling if they don't see a potential, surely they see that there are a lot of potential in this market and the future trend of gambling will be in crypto.

[andriarto]

I think a part of crypto is used for betting but not so much as people might think is, crypto is also used for trade on bigger side, and for payments, for betting are used fiat money way more than crypto, but betting don't give a negative side to crypto even if crypto will be used for betting more than fiat money on future.

There's a growth in the betting industry int he crypto world and that's why there are a lot of gambling platform being created marketing their own tokens.
it's not a big problem because otherwise, why would they start a business like gambling if they don't see a potential, surely they see that there are a lot of potential in this market and the future trend of gambling will be in crypto.

not all countries legalize gambling, gambling entrepreneurs certainly see cryptocurrency as an opportunity, besides being untouched by the law, I think they can expand their networks throughout the world. therefore do not be surprised if many gambling industry in cryptocurrency is successful

[lousie9]

I'm not saying if that's the biggest problem with crypto, betting is always an alternative choice for users who like challenges. because the percentage between bets 50/50 and you must be prepared for the benefits and risks. but in my opinion the risk is far greater. if you want to invest better find safe or just invest in btc.

[Botnake]

I think a part of crypto is used for betting but not so much as people might think is, crypto is also used for trade on bigger side, and for payments, for betting are used fiat money way more than crypto, but betting don't give a negative side to crypto even if crypto will be used for betting more than fiat money on future.

There's a growth in the betting industry int he crypto world and that's why there are a lot of gambling platform being created marketing their own tokens.
it's not a big problem because otherwise, why would they start a business like gambling if they don't see a potential, surely they see that there are a lot of potential in this market and the future trend of gambling will be in crypto.

not all countries legalize gambling, gambling entrepreneurs certainly see cryptocurrency as an opportunity, besides being untouched by the law, I think they can expand their networks throughout the world. therefore do not be surprised if many gambling industry in cryptocurrency is successful

I am not surprise, you can read my logic about why capitalist are starting their gambling sites in crypto.
The opportunity here is bigger than compared to a normal fiat gambling operation as here one can start a small gambling sites and if they have a great platform and good marketing, its possible that the gambling site will grow and will be able to compete with the existing successful gambling sites.

[shadowdio]

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?

60 percent crypto transaction were used for betting? that's quite big, I don't think that 60 percent is accurate maybe just 30 percent. I also don't see anything wrong crypto use for betting, it is a digital currency you know, this will not make the bad image of crypto.

[yulionoo]

bets have existed since time immemorial since people still use gold and silver gambling already exists. and I don't think we can avoid this because everyone has the right to use their money. we cannot prohibit them from using their money for gambling.
and now we live in a digital era, of course the gambling business will develop following the trend and I am not surprised if cryptocurrency is used for gambling tools because of its anonymity and also the ease in conducting money transactions. so gambling is not a problem all depends on our point of view.

[kaneki007]

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?

60 percent crypto transaction were used for betting? that's quite big, I don't think that 60 percent is accurate maybe just 30 percent. I also don't see anything wrong crypto use for betting, it is a digital currency you know, this will not make the bad image of crypto.

I don't think it reaches 60% of crypto transactions for gambling, because some people crypto are places to invest and trading. There are many people who don't like it and also not everyone plays gambling using crypto as a transaction

[Chain Clash]

The only bad thing is that it seems anybody running or using an unlicensed gambling site on blockchain thinks it's not illegal because it's on blockchain. At some point, this might cause some trouble for quite a bunch of people who didn't mind to remain anonymous.

The reason why most of the traffic on blockchain is used for gambling is that it's very easy for users to wager a lot of money very quickly through the automation. And because most sites incentivize being active early throughout the lifetime of a platform, a lot of people are doing that. Numbers look crooked, because a dice bet is typically being done multiple times in a row, as opposed to a purchase in a game or similar.

I am beginning to think if unregistered gambling sites are really bad for crypto. Bitcoin is decentralized and doesn't need government registration and approval so why the need for a gambling site to register under government laws? I respect that registered gambling sites are the least to scam people. But to be honest, I will not hesitate to gamble in an unregistered gambling site if its owner is a reliable person.

Sure, but generally there's a (historic) reason for gambling regulation in general. Gambling operators used to (and still do) rip off people. How do you check whether a "provably fair" crypto gambling site is actually fair? Registered gambling operators can at least be audited through officials, even if that doesn't give you 100% certainty, there's a lot of aspects (like ad bans) that prevent average people from using a lot of money.

Generally, however, gambling is great for crypto adoption, so let's have it!

[doomistake]

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 is not just using cryptocurrency as a bet but also with fiat, but the Government doesn't consider it as a bad thing as long as they will provide the legal documents making their gambling business legal, the only difference about online gambling that uses cryptocurrency is that they do not submit such thing to Governments, they are making it freely to gain profits by using this digital money we called cryptocurrency.

And it is not a bad thing or a good thing, it is either of the two depends on who's going to look at it and judge it.

[mr_random]

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?

60 percent crypto transaction were used for betting? that's quite big, I don't think that 60 percent is accurate maybe just 30 percent. I also don't see anything wrong crypto use for betting, it is a digital currency you know, this will not make the bad image of crypto.

I doubt 60 percent of daily crypto transactions flow between exchanges and gambling sites. Maybe it is around 12-20%, the gambling sites also don't share enough data for measuring these numbers. Digital currencies are used by the citizens of countries where gambling is banned by the governments from my experience and anonymous transactions give the gamblers freedom to choose the sites however they wish.

[Chain Clash]

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?

60 percent crypto transaction were used for betting? that's quite big, I don't think that 60 percent is accurate maybe just 30 percent. I also don't see anything wrong crypto use for betting, it is a digital currency you know, this will not make the bad image of crypto.

I doubt 60 percent of daily crypto transactions flow between exchanges and gambling sites. Maybe it is around 12-20%, the gambling sites also don't share enough data for measuring these numbers. Digital currencies are used by the citizens of countries where gambling is banned by the governments from my experience and anonymous transactions give the gamblers freedom to choose the sites however they wish.

It's quite easy to measure, and it's quite evident: https://www.dapp.com/article/dapp-com-q3-2019-dapp-market-report

It doesn't mean that these transactions are happening between exchanges and gambling sites, it just says that 60% of the overall transactions are done with gambling sites.

[fuer44]

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 my opinion it is a natural thing, even fiat is also used to bet. nothing wrong here, online gamblers will feel even more comfortable if their transactions use crypto money. I don't think it's a big problem, the big problem is actually the use of crypto in the real world and being a product that can really be used.

[PuertoLibre]

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 my opinion it is a natural thing, even fiat is also used to bet. nothing wrong here, online gamblers will feel even more comfortable if their transactions use crypto money. I don't think it's a big problem, the big problem is actually the use of crypto in the real world and being a product that can really be used.

There is nothing wrong to use the digital money for betting, the source of funds can be asked by the exchanges if the gambler sends the crypto from the gambling sites. It is a commonly known excuse by the well-known exchanges but taking a screenshot from the withdraw page of the gambling site will solve this problem. Online gambling is widely used by crypto holders and as a working product, some gambling projects use specific altcoins for transactions.

[Webetcoins]

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 my opinion it is a natural thing, even fiat is also used to bet. nothing wrong here, online gamblers will feel even more comfortable if their transactions use crypto money. I don't think it's a big problem, the big problem is actually the use of crypto in the real world and being a product that can really be used.

There is nothing wrong to use the digital money for betting, the source of funds can be asked by the exchanges if the gambler sends the crypto from the gambling sites. It is a commonly known excuse by the well-known exchanges but taking a screenshot from the withdraw page of the gambling site will solve this problem. Online gambling is widely used by crypto holders and as a working product, some gambling projects use specific altcoins for transactions.

calling betting a problem and calling betting with digital currencies a problem are totally two different things. Using crypto currencies in in gambling is cool and personal preference too. So if someone wants to play, he can otherwise no one really pushes anyone. Exchanges do not really care about your source of funds or at least I have never heard of such stuff. They are more concerned with number of customers and the amounts they hold.

[boris1044]

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?

When you transfer money from your credit card to an online account, you have to wait a while until the transfer is completed. Furthermore, conversion rates often cost too much, making you spend money you would put to a better use otherwise. When it comes to cryptocurrency, there are only minimal transaction fees which are common with every cryptocurrency transaction. Since BTC Sportsbook websites require Bitcoin, there is no need for conversion which completely reduces deposit costs. You deposit BTC, wager BTC and withdraw BTC. And to top it all, cryptocurrency transfers are virtually instantaneous, so there is no reason to wait for the funds to sit on your online account or withdraw back to your wallet.

The way I see it, crypto is the future for those betting sites in a good way.

[Triffin]

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 is not just using cryptocurrency as a bet but also with fiat, but the Government doesn't consider it as a bad thing as long as they will provide the legal documents making their gambling business legal, the only difference about online gambling that uses cryptocurrency is that they do not submit such thing to Governments, they are making it freely to gain profits by using this digital money we called cryptocurrency.

And it is not a bad thing or a good thing, it is either of the two depends on who's going to look at it and judge it.

Gambling has been there in every market for centuries and same is happening with crypto. People gamble with everything that has worth such as gold, properties etc. since crypto currencies are the future and they have tendency of increasing in value over some time, people have started using them for gambling. Another reason for playing gambling online is that it does not reveal your identity.

[Silberman]

Personally I think it just shows that more and more people are using Cryptocurrencies, when someone wins the lottery, do you start looking at that person as a bad person or if the person gives you a part of the winnings, would you look at the money as dirty money? Same thing applied to Cryptocurrency betting, people are choosing to use Cryptocurrencies to do the things the are passionate about and I see nothing wrong with that, I just see progress.

More than anything this is an attempt to try to make cryptocurrencies look bad, we know that gambling is still seen in many parts of the world as something bad and by showing that most of the transactions are used for gambling purposes they are trying to make it seem as if the market is full of dishonest people without actually saying it, this is no different than when we saw articles claiming that most bitcoins were used on the dark net and stuff like that.

Are there data to support this claim that most of the transactions are used for gambling? Because I honestly don’t think so. Cryptocurrencies aren’t just for gambling purposes as we know and there are a lot of transactions going on which are mostly payment for services, trades and etc. Just like fiat, cryptocurrencies are also used based on a person’s desires whether it’s a good or bad thing. But any currencies used in wrong activities should be punished with accordance to laws that’s why I’m hoping that our legislatures would consider to reinforce their laws especially in money laundering.

Probably not, but since when the truth and the facts have stopped the media of publishing a story, you must remember that what the media wants is to be noticed, they want you to pay attention to them that is why you always see the most outrageous story being portrayed and reported by them, and the story about most transactions in the bitcoin network being gambling related is not something they will avoid reporting regardless of the facts or its veracity.