Gambling with Fiat or Crypto?

[Debonaire217]

It seems most of the bigtime gambler is now prefer to use the cryptocurrency when playing because of its anonymity. If ever you want to experience a good gambling game its better to use fiat currency and go to the casino and play different games. I know in online gambling it is also accept fiat currency but sometime it takes a lot of time to deposit unlike in cryptocurrency that just take few minutes. For me, I will rather use cryptocurrency in playing gambling than using fiat because I want to secure my personal information.

But not all of the bigtime gamblers does use the cryptocurrency now. I highly believe they miss the feeling of going out to go the casino to play games. Because sometimes, the best feeling of playing casino is when you have other people playing with you as well and you can see each others. But since the virualization of online casinos and gambling sites now do already have a chat box for users, it makes the feeling real as well.

[arwin100]

It seems most of the bigtime gambler is now prefer to use the cryptocurrency when playing because of its anonymity. If ever you want to experience a good gambling game its better to use fiat currency and go to the casino and play different games. I know in online gambling it is also accept fiat currency but sometime it takes a lot of time to deposit unlike in cryptocurrency that just take few minutes. For me, I will rather use cryptocurrency in playing gambling than using fiat because I want to secure my personal information.

But not all of the bigtime gamblers does use the cryptocurrency now. I highly believe they miss the feeling of going out to go the casino to play games. Because sometimes, the best feeling of playing casino is when you have other people playing with you as well and you can see each others. But since the virualization of online casinos and gambling sites now do already have a chat box for users, it makes the feeling real as well.

If we count these days maybe big gamblers are taking their foots step a little away with crypto currency since they are losing if the value if they are holding a huge volume on there wallets and for sure some of them shake there heads for seeing the current condition that's why sometimes I rather prefer to bet fiat since I can assure that I will not lose on volatility and will get the flat amount but in other hand maybe crypto is more convenient to use and also it's so different to play online and in real time since you will feel alone and be bored if you are the one who plays at home while in gambling for sure you will became excited since the ambiance and the presence of your opponent make the game more exciting.

[Abiky]

I prefer crypto honestly. Unless I would play with my acquaintance or someone I just know, then I would go for fiat. But if we're talking about physical casinos where I have to go where people in the higher class would go, I don't go there. I might end up not controlling myself. And I'm not that type of person. But with crypto, since I can do it anytime, anywhere, it's more convenient. I don't have to interact with people there. And I can compose and control myself more. I don't know... I just don't like meeting in person. I'd rather stay anonymous to other players.

Crypto is definitely the way to go for gambling. Unfortunately, not many gambling sites or physical casinos accept cryptocurrencies. This is probably because of the volatile prices of these digital assets across the market. If Bitcoin and other cryptocurrencies would've been relatively stable in price, they would've been used massively in the gambling industry. Of course, there's still room for crypto's growth as it's still in its very beginnings. I believe that online gambling sites that accept crypto have a huge advantage over traditional sites that rely on Fiat for payments. The many benefits crypto provides (especially anonymity) would become an attractive venue for both the gambler and the owner himself.

Personally, I find crypto useful for hiding one's funds against the taxman. When winning at a gambling site, you'll be able to reap all the rewards without any deductions at all (unless you disclose the amount of money you've earned). This is great because gamblers obtain all the profits for themselves, which is not the case with Fiat. While there may be nothing stopping governments from cracking down gambling sites which accept crypto, there's always other means (like decentralized gambling apps) to get past this. With the huge possibilities crypto provides on top of Fiat, I believe that it's the future of the gambling industry. Just my opinion

[sana54210]

I gamble with crypto exclusively but I gamble on fiat levels. How I do is ; I put in 50 dollars worth of crypto into casinos and gamble with crypto, yet I follow my losses or wins in fiat levels in my mind, so if I put in 50 bucks, I need to spend it for a whole week before I spend any other money, if it is over I stop, if I end up winning and have 100 bucks then I remove the extra 50 bucks and keep playing with the rest until I lose and play that won 50 bucks another week.

So, as you can see I am actually gambling with crypto and that is great and all but in my mind I follow it in fiat as well, that is why gambling is never fully crypto for me, even while betting satoshis I count the cents. Hopefully one day we won't have to keep track in fiat and crypto becomes bigger.

[BitcoinTurk]

I've never visited a casino in real life, and I'm not thinking about it. I rarely visit bet offices to bet on sports predictions, but I usually prefer to do so online. In particular, it is more appealing to me to use crypto currency for ease of use and I don't like to use cash for gambling. Although it is easier to control ourselves when cash is used, the use of cash in gambling is not a very good thing for me, nor is it very logical and easy to do due to country regulations. That's why I prefer to use crypto money for gambling.

[Zicadis]

Crypto all the way. That way, momentarily you don't know exactly how much you lose, unless you do the maths. Its almost like a good excuse, betting with fiat - well you know that's where you rent money went on, its more quantifiable. Anyways, this is just what I do, not sure anyone else feels the same

[Best Dreams]

I gamble with crypto exclusively but I gamble on fiat levels. How I do is ; I put in 50 dollars worth of crypto into casinos and gamble with crypto, yet I follow my losses or wins in fiat levels in my mind, so if I put in 50 bucks, I need to spend it for a whole week before I spend any other money, if it is over I stop, if I end up winning and have 100 bucks then I remove the extra 50 bucks and keep playing with the rest until I lose and play that won 50 bucks another week.

So, as you can see I am actually gambling with crypto and that is great and all but in my mind I follow it in fiat as well, that is why gambling is never fully crypto for me, even while betting satoshis I count the cents. Hopefully one day we won't have to keep track in fiat and crypto becomes bigger.

That’s really amazing to see when you have chances to gamble with both. I think we should first distribute our money to buy some crypto to gamble with and then gamble with fiat as well so the one gives us more profit will be follow for next time. Yet good chances to buy crypto as prices are low then I  case of any unfortunate you will not be sad.

[FerdinandBol]

Crypto is definitely the way to go for gambling. Unfortunately, not many gambling sites or physical casinos accept cryptocurrencies. This is probably because of the volatile prices of these digital assets across the market.

It's mainly because of regulation and larger gambling companies adapting slowly at board level. We see gaming sites on a lighter license adopting crypto first. It will be waiting for the first large/public gaming company to accept crypto payment processing first before crypto as a gambling currency will be the next step. The EU/UK gaming licenses will be the hardest to get on board.

[wwzsocki]

I was always happy to be able to play with crypto in casinos without the KYC/AML check but lately, this is not the case and despite we are playing with cryptocurrencies, casinos still demand verification documents when one tries to withdraw any winnings. So, if you want to play with crypto and verification is not an issue for you then there is a lot of casinos where you can deposit cryptocurrencies and play, but I think that many people will finally choose FIAT casinos if KYC/AML verification will be fully implemented, because it is much easier for many to deposit and withdraw FIAT (still only an estimated 3% of people use crypto). Because of regulations, crypto casinos are loosing a very big advantage they had against FIAT casinos.

[deisik]

So, if you want to play with crypto and verification is not an issue for you then there is a lot of casinos where you can deposit cryptocurrencies and play, but I think that many people will finally choose FIAT casinos if KYC/AML verification will be fully implemented, because it is much easier for many to deposit and withdraw FIAT (still only an estimated 3% of people use crypto). Because of regulations, crypto casinos are loosing a very big advantage they had against FIAT casinos

Such development is highly unlikely if you ask me

Unlike exchanges (though it is fully applicable to exchanges as well, especially those trading only cryptocurrencies, not even speaking of the DEX variety), the total majority of online casinos are cryptocurrency only, i.e. you can neither deposit nor withdraw fiat. Thus they are encouraged to get the softest regulation possible as it means more players, and that basically means no KYC or AML. Regulating such casinos comes pretty close to regulating the whole of the Internet (read, it is next to impossible and prohibitively expensive)

[sportbettor]

See here the List of the best Gambling Sites that accept Cryptocurrency: http://topbuki.com/list-of-cryptocurrency-gambling-sites-eng/

[royalfestus]

crypto definitely but not with my bitcoin, its an era of accumulation and hodl, I prefer gambling with altcoins especially for the gambling site. Fiat is not easy to use online and cryptocurrency is safer with one's identity. I want cryptocurrency to get on playstation game if possible or similar live games that can be online and one can also bet while playing games on it with anyone any where.

[wwzsocki]

...majority of online casinos are cryptocurrency only, i.e. you can neither deposit nor withdraw fiat. Thus they are encouraged to get the softest regulation possible ...

I agree that there are still cryptocurrency casinos without KYC/AML check but this changes very fast and many well-known casinos start to ask for verification when one tries to withdraw higher winnings.

Here is the actual state of KYC/AML requirements in all known crypto casinos:



As you can see from 12 most known cryptocurrency casinos already 7 ask for KYC/AML verification and please don't be fooled by this statement "Rarely Asks" because it means that for sure they will ask you for verification when it comes to withdrawing a higher amount of winnings, which was almost always the case in my personal experience. So far I was forced a couple of times to do verification on withdrawal in casinos mentioned above and of course, they are marked "Rarely Asks".

To be honest, sometimes I just think that they are using these "regulations" to their advantage. Just look at how many complaints are out there from people who couldn't withdraw their winning because of failed KYC/AML verification in crypto casinos. This is just overwhelming and for sure many times misused by online casinos.

[vintages]

See here the List of the best Gambling Sites that accept Cryptocurrency: http://topbuki.com/list-of-cryptocurrency-gambling-sites-eng/

Of course you will always find many online site cryptocurrency payments options. Any online casino emerging or planning to been around for a long time are quietly implementing cryptocurrency in their method of payment but this does not apply for offline casinos.
This will be one of the reasons why many people will continue to choose online casinos or gambling sites to offline casinos.

[livingfree]

https://i.imgur.com/3vQUNvp.png

I've seen the small detail about onehash. They are already accepting altcoin deposits through third-party, coinswitch. But this is eligible only for registered users but withdrawals will be made through bitcoin.

The same service and process as changelly.

[rodskee]

What's best for gambling online? Crypto or Fiat? As for me, I'd rather go full crypto than Fiat for many obvious reasons. Crypto may be extremely volatile, but it's anonymous (depending on the coin) and censorship-resistant. Fiat may bring convenience to people that are not tech-savvy enough to understand crypto, but it can easily be traced by worldwide governments.

Crypto enables online casinos to perform their operations in a somewhat anonymous fashion. Both the gambler and the owner benefits from this. But I understand that crypto is still not accepted at physical casinos. In this regard, Fiat is the winner.

Nonetheless, what are your thoughts?

just like the answers of the majority here in this thread,i prefer playing in Crypto if we are talking about online gambling because why need to use fiat when the volatility of cryptocurrency is advantage?
and besides there are lots of currency to use and you can choose the most trusted coins of yours to use so when the bull comes you may double the value right?

but of course if in real casino things will change as there are limited use of cryptocurrency in gambling worldwide but soon for sure when adoption comes?all the crypto can be use to play in live cainos as well.

[Pmalek]

I don't gamble with crypto right now when everything is down. I don't feel like paying more Bitcoins compared to my local fiat currency. At the moment I use fiat, once the Bitcoin value goes up again I will switch back to crypto gambling.

[deisik]

As you can see from 12 most known cryptocurrency casinos already 7 ask for KYC/AML verification and please don't be fooled by this statement "Rarely Asks" because it means that for sure they will ask you for verification when it comes to withdrawing a higher amount of winnings, which was almost always the case in my personal experience. So far I was forced a couple of times to do verification on withdrawal in casinos mentioned above and of course, they are marked "Rarely Asks"

Okay, let's look a little bit deeper into this

And when we do that, we cannot but see that those casinos which "rarely ask" ("often ask") are also often accepting regular currencies. So it kinda makes sense. And as you say yourself in your reply, they are asking for verification "when it comes to withdrawing a higher amount of winnings"

Therefore, it immediately begs the question, i.e. does it actually have anything to do with the real purpose of KYC/AML or rather with the casino trying to prevent people from making its bankroll run dry and instead forcing players to keep on gambling (KYC/AML being only a convenient excuse)? So what's your take?

To be honest, sometimes I just think that they are using these "regulations" to their advantage. Just look at how many complaints are out there from people who couldn't withdraw their winning because of failed KYC/AML verification in crypto casinos. This is just overwhelming and for sure many times misused by online casinos

And here we are

[DevilSlayer]

Crypto for sure, If the volatility is the only concern in crypto then just use stable coin whenever you have done in gambling for the day and just convert it back again to crypto that whatever you desired to use in gambling.
I do this often times when I'm tight with funds and using my personal earnings in FIAT to convert to crypto for gambling. Using fiat to play online gambling is really hassle. All online casino that accepting fiat
needs a document about you so that they comply on the law. Some country prohibits online gambling too so it's very hard to find a legit casino that accepting fiat.

It is better to gambling with crypto than using fiat money. There are online casinos that requiring their users to submit their i.d's before they able to play in online casino using fiat money. You can ensure that in gambling trhough cryptocurrencies are less hassle. Remember that there is also illegal casino so there are risks if you will gamble with fiat currencies.

[mitchr4]

I started playing gambling when I got to know Bitcoin. So I have been comfortable playing using this currency compared to Fiat money. I don't care what happens to the price of Bitcoin at least it still has value. Using Bitcoin is easier because it doesn't require a personal identity to make a deposit. As we know to deposit on gambling sites using fiat money, we must provide a full name and bank account. Staying anonymous is the most important thing for me.