The difference between a true Crypto gambling site and a Fiat/Crypto site..

[maydna]

Based on the research I've done, there isn't much difference between the two gambling sites. Both are very feasible to use,
but for someone who is very concerned about privacy. It's best to use true crypto gambling sites, which can usually play
without identification. If fiat sites to make deposits and withdrawals must first do the KYC procedure. Therefore true crypto
gambling sites are much more popular and widely used by the crypto community.

Especially this time of Pandemic many are looking for crypto gambling sites they can play with that didn't requires any identification to play,  many also stayed at home and maybe see those many crypto gambling casino sites that keeps popping whenever we browse unlike the ads of fiat based, or it was just me who see it most. Crypto gambling is indeed gaining popularity now since there are plenty of choices from games and from how to deposit without the hassle that fiat based offers plus we can bet in a  much minimum amount than if will based in fiat.

That can make the crypto gambling sites popular, and we will see many new people who will involve in crypto. They will invest their money in crypto, and not just use the crypto for the investment, but they also use the crypto to playing gambling. For a gambler who is playing gambling at the physical casino, they already found that on the internet, they can play gambling using the crypto gambling sites, and the gambler doesn't have to use fiat, but they need to use crypto to gamble. People will learn how to use crypto and how to deposit and withdraw the crypto and send it to their bank.

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[jrrsparkles]

There are quite a few differences but I think mostly the difference for a FIAT site would have to be compliance. Ofc FIAT casinos have opportunities to cheat from players in other ways aside of compliance. For example FIAT exclusive casinos don't tend to prove their fairness. They usually have software either they built or some third party company has made. Some huge conflicts of interest here.

people dont dwell with that because fiat casinos are usually registered and have a working certificate  . under thier site we can see the brands that they are partnered  of or if thier site has already been featured  . that give confidence to the players to play and  they dont mind the site fairness anymore  but to the crypto casino its rare to see all those proof however crypto casino can show thier fairness or transparancy  . this is what crypto and blockchain all about or being known for being transparent  .

Simply trusting them because of their reputation might sucks at many times because we never know all those results are right and our luck determined the results.But in cryoto gambling sites you can check the fairness anytime you want.

[Kakmakr]

Not only that, you also have to consider the regulation factor, fiat casinos are surely regulated and hence they need to comply with the regulation which is to ensure that all gamblers have a KYC, in crypto casinos, that is not necessary, we can just come and go even with new email address every time we gamble, the freedom is great with crypto casinos while in fiat casinos, you are being watched by the regulators.

Also, I agree on the amount of bet, there's a big disparity, crypto casinos caters small time gamblers while fiat casinos seems like anti poor casinos, lol,. sorry for the term .haha

I agree that regulations might differ from one country to the next and that might make things more complex for casinos to implement this, but remember there is no difference between a casino selling you credits for Fiat and casinos creating internal crypto tokens to be sold for Fiat. (This is all done in their internal software and not on the Blockchain)

I know a lot of countries allow Bitcoin to be a Commodity ...but they do not allow it to be a Currency and that is where things become a bit more tricky. The thing is... even in these countries, people are still using Bitcoin as a Currency and you even get loads of Crypto ATM's ...so the definition becomes blurry.  

There must be other reasons.. I am waiting for a few responses from different gaming providers.. so let's see what happens.

[fiulpro]

I noticed a kind of trend these days, with a lot of Fiat online casinos, starting to offer Crypto currencies. The problem with these casinos are that they are not really Crypto gambling sites. Let's take the Slots for instance... Your normal Fiat online gambling sites will never offer bets smaller than say $0.10 per bet.... but the true Crypto gambling sites will offer bets for a fraction of a cent. (Stake.com original games for instance makes true use of Crypto micro bets and also sites like Freebitco.in)

The other sites will take your Crypto currencies, but they will still use Fiat values as a guideline to determine the minimum bet... this does not make full use of one of the best aspects of Crypto currencies... which is micro payments.

Can anyone in the gambling industry explain to us, why this is done? Do you have to pay high royalties to the third party developers for these games and/or are you afraid that Fiat customers would start playing with Crypto currencies, if you allowed smaller minimum bets for Crypto customers?

I understand where you are coming from but at the same time there are sites which allows you to evaluate your bets in cryptocurrencies like Bitcoins I do think the reason some of the sites prefer doing it in terms of Fiat , is :

Generally the value of cryptocurrencies are volatile and this way they can tell the concerned person to actually evaluate the amount they are betting at that moment.

At the same time sometimes people tend to forget that even 0.005 BTC is a big amount , doing this might help them see the value of that and this way they will be serious and at the same time can take steps accordingly.

There are people who try the Crypto gambling for the first time and such therefore it might just Crater to a big audience.


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[Botnake]

Fiat casinos need a decent capital to start their business,  they will have to take care of the website, promotions and most importantly to get the approval of the license from regulators, while compared to crypto casinos, they can registered to a country or place where license is cheap and crypto friendly at the same time. So in short, the capitalization for crypto casinos is lower compared to fiat casinos and therefore it make sense if they will have a higher minimum bet compared to crypto casinos.

In addition, there are a lot of crypto casinos that starts their operation even without a license and a bad website, so they can just operate for awhile and just stop operation if they want to, they will not lose a lot of money and might probably take the money of the bettors. What's happening now is that crypto casinos are competing already as we have a lot of good casinos in the market now, and they are not only attracting small gamblers but big gamblers or whales as well.

AFAIR, crypto casinos is already a billion dollar business, so that's big already.

[Hippocrypto]

There are quite a few differences but I think mostly the difference for a FIAT site would have to be compliance. Ofc FIAT casinos have opportunities to cheat from players in other ways aside of compliance. For example FIAT exclusive casinos don't tend to prove their fairness. They usually have software either they built or some third party company has made. Some huge conflicts of interest here.

people dont dwell with that because fiat casinos are usually registered and have a working certificate  . under thier site we can see the brands that they are partnered  of or if thier site has already been featured  . that give confidence to the players to play and  they dont mind the site fairness anymore  but to the crypto casino its rare to see all those proof however crypto casino can show thier fairness or transparancy  . this is what crypto and blockchain all about or being known for being transparent  .

I just hope that they've been transparent all the time, because we don't know exactly what's behind their system. People will bet as they would desire to, but true crypto gambling site is always anonymous to everyone. Unlike fiat betting, you'll enjoying the game physically unlike virtual type of entertainment, everything is always through digital network interaction.

[Kakmakr]

I noticed a kind of trend these days, with a lot of Fiat online casinos, starting to offer Crypto currencies. The problem with these casinos are that they are not really Crypto gambling sites. Let's take the Slots for instance... Your normal Fiat online gambling sites will never offer bets smaller than say $0.10 per bet.... but the true Crypto gambling sites will offer bets for a fraction of a cent. (Stake.com original games for instance makes true use of Crypto micro bets and also sites like Freebitco.in)

The other sites will take your Crypto currencies, but they will still use Fiat values as a guideline to determine the minimum bet... this does not make full use of one of the best aspects of Crypto currencies... which is micro payments.

Can anyone in the gambling industry explain to us, why this is done? Do you have to pay high royalties to the third party developers for these games and/or are you afraid that Fiat customers would start playing with Crypto currencies, if you allowed smaller minimum bets for Crypto customers?

I understand where you are coming from but at the same time there are sites which allows you to evaluate your bets in cryptocurrencies like Bitcoins I do think the reason some of the sites prefer doing it in terms of Fiat , is :

Generally the value of cryptocurrencies are volatile and this way they can tell the concerned person to actually evaluate the amount they are betting at that moment.

At the same time sometimes people tend to forget that even 0.005 BTC is a big amount , doing this might help them see the value of that and this way they will be serious and at the same time can take steps accordingly.

There are people who try the Crypto gambling for the first time and such therefore it might just Crater to a big audience.


*_*_*_*_*_*_*_*

You make a very good point, but if you have noticed .... many of these Fiat casinos gives you the option to choose what value you want to see.. so if you are using say the US Dollar, then it will show you the $(Dollar) value and not the Crypto currency value of your bet.

You can make this idiot proof if you wanted to, but I think most casinos are just too lazy to go through all that trouble. The volatility might be a issue too... but that is a discussion for another whole new thread.

I will give you one merit for this input, because I think it is also a concern with them. 

[Quidat]

Not only that, you also have to consider the regulation factor, fiat casinos are surely regulated and hence they need to comply with the regulation which is to ensure that all gamblers have a KYC, in crypto casinos, that is not necessary, we can just come and go even with new email address every time we gamble, the freedom is great with crypto casinos while in fiat casinos, you are being watched by the regulators.

Also, I agree on the amount of bet, there's a big disparity, crypto casinos caters small time gamblers while fiat casinos seems like anti poor casinos, lol,. sorry for the term .haha

The term was just right! When we do compare on the amount of minimal bet between crypto and fiat then we can really tell the difference.This is why some of players do switch from fiat to crypto because
they do able to try on what are the pros on using crypto when they do gambling which is really a different experience.
When fiat casinos integrate crypto payments then it doesnt really make that a difference because they do still follow up on what theyve been doing generally on fiat terms or system.
Its no surprise that people would still prefer to stick on pure crypto casinos or gambling sites.

[Viscore]

snip~

The term was just right! When we do compare on the amount of minimal bet between crypto and fiat then we can really tell the difference.This is why some of players do switch from fiat to crypto because
they do able to try on what are the pros on using crypto when they do gambling which is really a different experience.
When fiat casinos integrate crypto payments then it doesnt really make that a difference because they do still follow up on what theyve been doing generally on fiat terms or system.
Its no surprise that people would still prefer to stick on pure crypto casinos or gambling sites.

That we call it adoption.
Gamblers saw how crypto casinos save from paying taxes and other fees unlike for fiat casinos aside from having the minimal bet. The confidence that they experience will likely it brought them become a cryto gambler and leaving offline casinos at this case. But to say that this will not lead to a point that it makes all gamblers will after this because still a lot of wealthy gamblers are also preferred for fiat casinos.

[Sadlife]

The answer to that is of course business owners still see Cryptocurrencies as high risk for an asset as it has very unstable market value. They might develop this features to quickly convert Crypto to Fiat in case a major drop of crypto price happens.
They haven't completely adopted and still needs fiat to safeguard their profits in crypto gamblings.

[dimonstration]

The answer to that is of course business owners still see Cryptocurrencies as high risk for an asset as it has very unstable market value. They might develop this features to quickly convert Crypto to Fiat in case a major drop of crypto price happens.
They haven't completely adopted and still needs fiat to safeguard their profits in crypto gamblings.

Fiat casino cannot also risk the fact they are being audited by the government for taxes so if they will implement crypto betting then the country does not legalize it, it can cause problem to them. They might consider accepting crypto in depositing but not yet in playing, they will just simply convert it which makes no sense since we wanted the value to be still in crypto for some chance to increase. Crypto gamblers will only play in fiat based casino unless they offer games that don't exist yet in crypto based gambling.

[maydna]

The answer to that is of course business owners still see Cryptocurrencies as high risk for an asset as it has very unstable market value. They might develop this features to quickly convert Crypto to Fiat in case a major drop of crypto price happens.
They haven't completely adopted and still needs fiat to safeguard their profits in crypto gamblings.

The business owner tries to look if the crypto is legal or not in their country, so they don't risk for their business to break the law. If they see that everything is okay, and they see they have the chance to integrate their business with the crypto, they will try it and will see how it can give them more money. They still think that fiat gambling still provides benefits to them, but if they can see that the crypto existence can give them more money, they will implement crypto on their website or their place.

[Kakmakr]

The answer to that is of course business owners still see Cryptocurrencies as high risk for an asset as it has very unstable market value. They might develop this features to quickly convert Crypto to Fiat in case a major drop of crypto price happens.
They haven't completely adopted and still needs fiat to safeguard their profits in crypto gamblings.

The business owner tries to look if the crypto is legal or not in their country, so they don't risk for their business to break the law. If they see that everything is okay, and they see they have the chance to integrate their business with the crypto, they will try it and will see how it can give them more money. They still think that fiat gambling still provides benefits to them, but if they can see that the crypto existence can give them more money, they will implement crypto on their website or their place.

Nope, you have it wrong.

Most of these online casinos are licensed in Curaçao where the taxation is more favorable and the politics are stable. So the legality is not such a big motivator for them to decide if they want to accept Crypto currencies or not. The problem come in when they have to submit the documents for taxation and the government where they are licensed does not accept Crypto currencies as a currency.

How do they explain their income derived from a illegal currency? Remember ... most gambling sites use currencies for betting... not commodities. Most governments allow Bitcoin to be a Commodity. 

[dunfida]

The answer to that is of course business owners still see Cryptocurrencies as high risk for an asset as it has very unstable market value. They might develop this features to quickly convert Crypto to Fiat in case a major drop of crypto price happens.
They haven't completely adopted and still needs fiat to safeguard their profits in crypto gamblings.

Fiat casino cannot also risk the fact they are being audited by the government for taxes so if they will implement crypto betting then the country does not legalize it, it can cause problem to them. They might consider accepting crypto in depositing but not yet in playing, they will just simply convert it which makes no sense since we wanted the value to be still in crypto for some chance to increase. Crypto gamblers will only play in fiat based casino unless they offer games that don't exist yet in crypto based gambling.

As fiat casino owners is fully aware with that thing and they do want to play it safe since crypto isnt widely accepted in most countries so its understandable that they would make up conversions
from crypto to fiat.So it would be an option if a crypto gambler do like a certain game then they would surely deal it up but if they dont see anything something new or interesting then they would
just simply ignore it and stick to those who do accept pure crypto gambling sites and as other been mentioning on here that we should be at least thankful for this adoption yet we do have
more options to take.

[maydna]

~snip~

Nope, you have it wrong.

Most of these online casinos are licensed in Curaçao where the taxation is more favorable and the politics are stable. So the legality is not such a big motivator for them to decide if they want to accept Crypto currencies or not. The problem come in when they have to submit the documents for taxation and the government where they are licensed does not accept Crypto currencies as a currency.

How do they explain their income derived from a illegal currency? Remember ... most gambling sites use currencies for betting... not commodities. Most governments allow Bitcoin to be a Commodity. 

Oh, I am sorry, I don't know about the license. I think they will save their profit in the country that doesn't have any jurisdiction in their country, so their government doesn't know where their profit comes. If they want to use that profit, they only send some amount to their banks, and they will not send the money in a large amount of their bank account so the alarm will not sound. They still pay taxes to their country, but they will not say how much their profit and from where their real business. Perhaps, they will only give a small business that they have to prevent paying big money as the taxes.

[iTradeChips]

If you have been on gambling sites that relies on cryptocurrency then you should be able to tell the difference between these sites and the ones that also has fiat currency and it is up to you if want to deal with it or if you want to move on to real crypto gambling sites. I mean you should be able to determine the difference between these sites. It is you decision if you want to convert your cryptos into fiats and if you want to keep it in cryptos. Because these fiat based websites are also joining the crypto wagon and want to get a piece of the action and get profit out of it so definitely you are welcome to test their capabilities or not. Remember fiat based also has KYC on most of them so you got to decide real good if you want to participate or not.

[famososMuertos]

I noticed a kind of trend these days, with a lot of Fiat online casinos, starting to offer Crypto currencies. The problem with these casinos are that they are not really Crypto gambling sites. Let's take the Slots for instance... Your normal Fiat online gambling sites will never offer bets smaller than say $0.10 per bet.... but the true Crypto gambling sites will offer bets for a fraction of a cent. (Stake.com original games for instance makes true use of Crypto micro bets and also sites like Freebitco.in)

The other sites will take your Crypto currencies, but they will still use Fiat values as a guideline to determine the minimum bet... this does not make full use of one of the best aspects of Crypto currencies... which is micro payments.

Can anyone in the gambling industry explain to us, why this is done? Do you have to pay high royalties to the third party developers for these games and/or are you afraid that Fiat customers would start playing with Crypto currencies, if you allowed smaller minimum bets for Crypto customers?

I think his vision is geared more towards craps, slot games, roulette and in general the type of bets that allow micro bets of up to 0.0001 the minimum that I have seen in crypto online casinos.

In Fiat casinos 99% of my time is dedicated to poker and there you get minimum bets of  $ 0.01 what they call NLH 10 / NLH 100 / NLH 1000 etc. which is by the way the levels where there is more traffic. Consequently if they exist, at least in the lowest denomination of Fiat.

Now there is a crucial point here, Fiat casinos are never the same as crypto casinos, by definition in technology they are already different, not in the objective as a business model, which if they have objectives that they can share, which is where there can be confusion.

Fiat casinos are taking advantage of crypto technology to expand their range of deposits in cryptocurrencies, it is another point that can be confusing, that is, it is not a crypto casino for the simple fact of receiving deposits.

100% of Fiat casinos have KYCl. Otherwise with the Crypto casinos in their great majority they do not have KYC, there are many very stable and famous casinos without KYC.

If there is something to recognize as a big difference from the Gambling crypto industry with reference to the Fiat, it is that $ 10 can be an investment that gives you a lot of fun if you like to bet at the level of micro bets.

[Twentyonepaylots]

The answer to that is of course business owners still see Cryptocurrencies as high risk for an asset as it has very unstable market value. They might develop this features to quickly convert Crypto to Fiat in case a major drop of crypto price happens.
They haven't completely adopted and still needs fiat to safeguard their profits in crypto gamblings.

The business owner tries to look if the crypto is legal or not in their country, so they don't risk for their business to break the law. If they see that everything is okay, and they see they have the chance to integrate their business with the crypto, they will try it and will see how it can give them more money. They still think that fiat gambling still provides benefits to them, but if they can see that the crypto existence can give them more money, they will implement crypto on their website or their place.

Nope, you have it wrong.

Most of these online casinos are licensed in Curaçao where the taxation is more favorable and the politics are stable. So the legality is not such a big motivator for them to decide if they want to accept Crypto currencies or not. The problem come in when they have to submit the documents for taxation and the government where they are licensed does not accept Crypto currencies as a currency.

Well I think legality is huge factor in casino having a cryptocurrencies, as we know crypto gained a lot of eyes watching it, there are governments who already written a law on it, there are taxed casino with casinos and all of that. Maybe what you are trying to say is that crypto is legal in your country, but that's not the same as the other country. Crypto is very controversial when it comes to table talk in the government coz most of it is decentralized which they fear.

How do they explain their income derived from a illegal currency? Remember ... most gambling sites use currencies for betting... not commodities. Most governments allow Bitcoin to be a Commodity. 

well you already said it "most governments allow it" but not all 

[maydna]

Well I think legality is huge factor in casino having a cryptocurrencies, as we know crypto gained a lot of eyes watching it, there are governments who already written a law on it, there are taxed casino with casinos and all of that. Maybe what you are trying to say is that crypto is legal in your country, but that's not the same as the other country. Crypto is very controversial when it comes to table talk in the government coz most of it is decentralized which they fear.

The casino still not legal in some countries, and so do with crypto gambling. But so far, crypto gambling is available on the internet, so I think that is not in their jurisdiction, and they cannot do anything except let it the casino runs. The government will concern with the money that has been sent to the gambler's bank account, and perhaps, they will investigate the account to find if they get an income from the gambling business.

The online casino based on fiat or crypto will use a service that is not related to their country if, in their country, gambling is prohibited because they don't want to get a problem with their government.

[Savemore]

Well I think legality is huge factor in casino having a cryptocurrencies, as we know crypto gained a lot of eyes watching it, there are governments who already written a law on it, there are taxed casino with casinos and all of that. Maybe what you are trying to say is that crypto is legal in your country, but that's not the same as the other country. Crypto is very controversial when it comes to table talk in the government coz most of it is decentralized which they fear.

The casino still not legal in some countries, and so do with crypto gambling. But so far, crypto gambling is available on the internet, so I think that is not in their jurisdiction, and they cannot do anything except let it the casino runs. The government will concern with the money that has been sent to the gambler's bank account, and perhaps, they will investigate the account to find if they get an income from the gambling business.

The online casino based on fiat or crypto will use a service that is not related to their country if, in their country, gambling is prohibited because they don't want to get a problem with their government.

Both crypto and fiat gambling sites requires legal documents in order to freely operate in a certain countires but the laws and regulations are more stiff in terms of fiat gambling sites. The KYC is also a big diffence between the two because in fiat gambleng sites requires identity verification because of they are only following the regulations of the government. In terms of crypto gambling sites, it is decentralized so there are some gambling sites there where you do not need to upload your identity there.