Gambling In Crypto

[coin-investor]

Recently I have started to gamble with crypto, and other coins. Looking to speak with anyone who has had similar experiences. I find it much more effective than gambling with fiat. Let’s use this thread to discuss pros/cons and how us users can improve it!

Thanks!

I wonder what makes things different by the word effective, effective on what? winning, playing, or depositing, there's hardly difference except you are using a Crypto where you are anonymous and you can track your payment and the transaction is fast when it comes to games and features, there's little difference, Crypto casinos are beating the fiat-based casinos, there are always new casinos every month in Cryptocurrency gambling.

[jrrsparkles]

Recently I have started to gamble with crypto, and other coins. Looking to speak with anyone who has had similar experiences. I find it much more effective than gambling with fiat. Let’s use this thread to discuss pros/cons and how us users can improve it!

Thanks!

Effective in terms of?

If Convenience is that you meant then yes, its more easier to gamble with crypto also you can gamble without KYC on most of the casinos but in terms of winning it doesn't depends on crypto, your luck decides it.

It's understable that many expect to earn while playing but in reality we might struggle if we always into profits. But we cannot also say its more easier to gamble online since maybe for now KYC has not been mandatory but for sure if there's regulation happened with reputable casino we will experience this so lets expect that this will happen knowing we might face this once the casino notice something strange on our accounts. Also in terms of winning all will matter on our luck since we cannot guarantee to win always by using crypto.

Even if we have mandatory KYC it is more convenient in crypto casino when it comes to deposit and withdrawals because we don't have to wait for the banks to approve our transaction or ask the source of funds when it comes to deposit. Apart from that everything is similar but in future more crypto casino then it will give better choice for the gamblers to pick.

[Raflesia]

Even if we have mandatory KYC it is more convenient in crypto casino when it comes to deposit and withdrawals because we don't have to wait for the banks to approve our transaction or ask the source of funds when it comes to deposit. Apart from that everything is similar but in future more crypto casino then it will give better choice for the gamblers to pick.

Indeed, some casinos have been required to KYC according to their procedures as a condition, but it will still be the cryptocurrency of choice compared to fiat, we are easier to use in transactions called P2P so there is no other party and our deposits or withdrawals will remain anonymous, that's what becomes my choice.
Honestly, that's what is doubtful about depositing Fiat when later you are asked where the source of the funds will come from, then this will be more difficult to explain and of course it will take time to provide an explanation.

[Reid]

What I find amusing when using cryptocurrencies to gamble is you forget how much it is. You don't convert to USD when you got used to crypto payments. Example is I gamble 10k satoshis and won 17k, I won't have the urgency to try and look at google BTC - USD conversion with how much I made, I just know I won more from betting and that's it. Less stress, No KYC, and you will be able to relax knowing you just bet for a tiny amount in Bitcoin specifically. I think that is enough reason for me to use it more. 

[Mahanton]

Recently I have started to gamble with crypto, and other coins. Looking to speak with anyone who has had similar experiences. I find it much more effective than gambling with fiat. Let’s use this thread to discuss pros/cons and how us users can improve it!

Thanks!

Effective in terms of?

If Convenience is that you meant then yes, its more easier to gamble with crypto also you can gamble without KYC on most of the casinos but in terms of winning it doesn't depends on crypto, your luck decides it.

It's understable that many expect to earn while playing but in reality we might struggle if we always into profits. But we cannot also say its more easier to gamble online since maybe for now KYC has not been mandatory but for sure if there's regulation happened with reputable casino we will experience this so lets expect that this will happen knowing we might face this once the casino notice something strange on our accounts. Also in terms of winning all will matter on our luck since we cannot guarantee to win always by using crypto.

Even if we have mandatory KYC it is more convenient in crypto casino when it comes to deposit and withdrawals because we don't have to wait for the banks to approve our transaction or ask the source of funds when it comes to deposit. Apart from that everything is similar but in future more crypto casino then it will give better choice for the gamblers to pick.

I do agree on this one which is totally true on which there wont really be a hassle when it comes to deposits and withdrawals as long you had able to comply  with those KYC requirements then transactions neither
deposits/withdraw would really be on ease not like when you are dealing with fiat casinos and this had been the edge and we do much prefer on having this rather than with those hassle things around.
We do love fast and easy way to gamble without the need on waiting up something and even myself wont really be that patient when it comes to this manner and for sure most gamblers do also.

[South Park]

What I find amusing when using cryptocurrencies to gamble is you forget how much it is. You don't convert to USD when you got used to crypto payments. Example is I gamble 10k satoshis and won 17k, I won't have the urgency to try and look at google BTC - USD conversion with how much I made, I just know I won more from betting and that's it. Less stress, No KYC, and you will be able to relax knowing you just bet for a tiny amount in Bitcoin specifically. I think that is enough reason for me to use it more. 

This is something that has also happened to me, at the beginning I thought about it and tried to convert the amount of bitcoin that I was betting into dollars to get an idea of how much I was betting, but now I do not even bother with such a thing, it is just a waste of time to try to think in terms of dollars when I am not even using it, it is way better to just think in terms of satoshis as not only this faster but easier to do as well.

[Ryker1]

Even if we have mandatory KYC it is more convenient in crypto casino when it comes to deposit and withdrawals because we don't have to wait for the banks to approve our transaction or ask the source of funds when it comes to deposit. Apart from that everything is similar but in future more crypto casino then it will give better choice for the gamblers to pick.

Indeed, some casinos have been required to KYC according to their procedures as a condition, but it will still be the cryptocurrency of choice compared to fiat, we are easier to use in transactions called P2P so there is no other party and our deposits or withdrawals will remain anonymous, that's what becomes my choice.
Honestly, that's what is doubtful about depositing Fiat when later you are asked where the source of the funds will come from, then this will be more difficult to explain and of course it will take time to provide an explanation.

Well, there is a behavior of the casino that they will always ask KYC if the amount you deposited is a large amount. I think the casino will never care where it comes from a small amount that you deposit and it will always ask a KYC when you deposited a large amount even if it is where it comes from. I don't think also as a p2p transaction is good for the gambling casino it usually has a problem. The normal transaction would be better in my own opinion.

[Fatunad]

Even if we have mandatory KYC it is more convenient in crypto casino when it comes to deposit and withdrawals because we don't have to wait for the banks to approve our transaction or ask the source of funds when it comes to deposit. Apart from that everything is similar but in future more crypto casino then it will give better choice for the gamblers to pick.

Indeed, some casinos have been required to KYC according to their procedures as a condition, but it will still be the cryptocurrency of choice compared to fiat, we are easier to use in transactions called P2P so there is no other party and our deposits or withdrawals will remain anonymous, that's what becomes my choice.
Honestly, that's what is doubtful about depositing Fiat when later you are asked where the source of the funds will come from, then this will be more difficult to explain and of course it will take time to provide an explanation.

Well, there is a behavior of the casino that they will always ask KYC if the amount you deposited is a large amount. I think the casino will never care where it comes from a small amount that you deposit and it will always ask a KYC when you deposited a large amount even if it is where it comes from. I don't think also as a p2p transaction is good for the gambling casino it usually has a problem. The normal transaction would be better in my own opinion.

If thats the case, then how about those people or whales who had been playing on the site but havent been asked out a single thing? Ex. Rollbit (my signature) on which i dont see that there are some verifications
been asked or needed for them to play on the time that they do deposit big amounts.Well, there might be some time or probabilities but it would be good if there would be no hassle
nor strings attached whether you do deposit big or withdrawn big.

[goinmerry]

Recently I have started to gamble with crypto, and other coins. Looking to speak with anyone who has had similar experiences. I find it much more effective than gambling with fiat. Let’s use this thread to discuss pros/cons and how us users can improve it!

Pros/Cons? There are general ones on which I'm sure you already know and no need for any elaboration.

Self-advantage or disadvantage will depend on your experience.

Eventually while continuing to be involved in gambling, you will determine those advantages and disadvantages for you.

[Oceat]

What I find amusing when using cryptocurrencies to gamble is you forget how much it is. You don't convert to USD when you got used to crypto payments. Example is I gamble 10k satoshis and won 17k, I won't have the urgency to try and look at google BTC - USD conversion with how much I made, I just know I won more from betting and that's it. Less stress, No KYC, and you will be able to relax knowing you just bet for a tiny amount in Bitcoin specifically. I think that is enough reason for me to use it more.  

This is something that has also happened to me, at the beginning I thought about it and tried to convert the amount of bitcoin that I was betting into dollars to get an idea of how much I was betting, but now I do not even bother with such a thing, it is just a waste of time to try to think in terms of dollars when I am not even using it, it is way better to just think in terms of satoshis as not only this faster but easier to do as well.

Don't stress yourself out just knowing how much you win or earn but instead enjoy the game since gambling is for entertainment only you don't have to necessarily count how much you earn because it's not for making money, it's for entertainment. Although, earning while playing is better since you can play more.

I think you have to set a winning x lose record so that you can determine how much you really win and by doing that you do the math later.

[coolcoinz]

What I find amusing when using cryptocurrencies to gamble is you forget how much it is. You don't convert to USD when you got used to crypto payments. Example is I gamble 10k satoshis and won 17k, I won't have the urgency to try and look at google BTC - USD conversion with how much I made, I just know I won more from betting and that's it. Less stress, No KYC, and you will be able to relax knowing you just bet for a tiny amount in Bitcoin specifically. I think that is enough reason for me to use it more. 

I know how it is. I played a few times in 2018 and 19 when the market was bearish and I had some signature money to spend. Stupid me thought what's another 0.001 BTC Losing $10 doesn't hurt at all. Losing $50 in a single bet begins to hurt when you know you could have even more than that if you held your coins.
Anyway, there's no use crying over spilled milk. Gambling is like spending. You decided to spend early on, your loss.

[ralle14]

What I find amusing when using cryptocurrencies to gamble is you forget how much it is. You don't convert to USD when you got used to crypto payments. Example is I gamble 10k satoshis and won 17k, I won't have the urgency to try and look at google BTC - USD conversion with how much I made, I just know I won more from betting and that's it. Less stress, No KYC, and you will be able to relax knowing you just bet for a tiny amount in Bitcoin specifically. I think that is enough reason for me to use it more. 

I guess that depends on your betting style at first I barely look at the fiat value of my deposit but as the price continues to go up I slowly became conscious of the amount i'm placing so I tend to use conversion rates.

Also, most casinos have the price of bitcoin posted somewhere on their page so it's easy to calculate the value mentally.

[michellee]

What I find amusing when using cryptocurrencies to gamble is you forget how much it is. You don't convert to USD when you got used to crypto payments. Example is I gamble 10k satoshis and won 17k, I won't have the urgency to try and look at google BTC - USD conversion with how much I made, I just know I won more from betting and that's it. Less stress, No KYC, and you will be able to relax knowing you just bet for a tiny amount in Bitcoin specifically. I think that is enough reason for me to use it more. 

I know how it is. I played a few times in 2018 and 19 when the market was bearish and I had some signature money to spend. Stupid me thought what's another 0.001 BTC Losing $10 doesn't hurt at all. Losing $50 in a single bet begins to hurt when you know you could have even more than that if you held your coins.
Anyway, there's no use crying over spilled milk. Gambling is like spending. You decided to spend early on, your loss.

Most of us know what it feels big losing money in a single bet and I am sure many of us already have that experience. We may not remember how much the price is because we enjoy playing gambling. But after we send the coin to the market or the other place to sell the coins, we know how much money we can convert from the coin.
As long as we know how much money we spend on gambling and do not spend more than we can afford, we will be okay.

[Wawa2013]

What I find amusing when using cryptocurrencies to gamble is you forget how much it is. You don't convert to USD when you got used to crypto payments. Example is I gamble 10k satoshis and won 17k, I won't have the urgency to try and look at google BTC - USD conversion with how much I made, I just know I won more from betting and that's it. Less stress, No KYC, and you will be able to relax knowing you just bet for a tiny amount in Bitcoin specifically. I think that is enough reason for me to use it more.  

This is something that has also happened to me, at the beginning I thought about it and tried to convert the amount of bitcoin that I was betting into dollars to get an idea of how much I was betting, but now I do not even bother with such a thing, it is just a waste of time to try to think in terms of dollars when I am not even using it, it is way better to just think in terms of satoshis as not only this faster but easier to do as well.

Don't stress yourself out just knowing how much you win or earn but instead enjoy the game since gambling is for entertainment only you don't have to necessarily count how much you earn because it's not for making money, it's for entertainment. Although, earning while playing is better since you can play more.

I think you have to set a winning x lose record so that you can determine how much you really win and by doing that you do the math later.

I also never thought about how much victory I got from gambling. In fact, to be honest, I have experienced more losses when playing gambling.
Because from the very beginning my goal of playing gambling was just for entertainment and to release the stress that I get when I work.
So even if I get a win, I think it's just a bonus. I don't want to make gambling a source of income, because it is very difficult to expect to get
a consistent profit from gambling. In my opinion, gambling, which relies on luck to win, can make us stressed if it is used as a source of income.
So making gambling for entertainment is the best decision, so when gambling, either losing or winning, we can enjoy it.

[adzino]

Recently I have started to gamble with crypto, and other coins. Looking to speak with anyone who has had similar experiences. I find it much more effective than gambling with fiat. Let’s use this thread to discuss pros/cons and how us users can improve it!

Thanks!

Gambling with crypto currencies are much more efficient than gambling with fiat currency. To make a deposit, you just have to send it from your wallet. It takes only few seconds to send. No third parties involved, so no hassle. When withdrawing, you send it to your address and you receive it within seconds. No funds are on hold or frozen once it has been sent. But with fiat, it is sometimes much more complicated since third parties are involved. Sometimes bank transfer might take few days. There are sometimes delay when receiving your funds. And there is always a chance that the banks might freeze your funds. Cons? Can't actually think of any.

[delfastTions]

As our colleagues from BTT note here in the topic, the obvious advantage of cryptocurrencies is the elimination of an unnecessary intermediary in payments - the bank.  Moreover, he usually takes a commission for the transfer.  But with cryptocurrency and payments, of course, there can be difficulties, first of all, when you make a withdrawal of funds to your wallet.  This is where the casino may start requiring various identity verification options (which is frustrating if you wanted to remain anonymous).  Moreover, this personal data can include even video selfies or utility bills.  I think these requirements are too high.  But many people demand it.  
Here is a very good table on KYC requirements:

https://bitcointalk.org/index.php?topic=5381143.msg58974603#msg58974603

[traderethereum]

I also never thought about how much victory I got from gambling. In fact, to be honest, I have experienced more losses when playing gambling.
Because from the very beginning my goal of playing gambling was just for entertainment and to release the stress that I get when I work.
So even if I get a win, I think it's just a bonus. I don't want to make gambling a source of income, because it is very difficult to expect to get
a consistent profit from gambling. In my opinion, gambling, which relies on luck to win, can make us stressed if it is used as a source of income.
So making gambling for entertainment is the best decision, so when gambling, either losing or winning, we can enjoy it.

We should do that if we want to play gambling so we do not have to get more stress from gambling.
As long as you can treat gambling as it is, you will have a chance to enjoy and release the stress you get from the other places, but you should not have any target on how many winning you can get as that will depend on your luck.
I think the other gamblers will have the same thing as us so we can still play gambling anytime we want and not get stressed because we lose because we do not use too big money to gamble.
But that will give more stress if you use big money and do not know when to stop.

[Wexnident]

As our colleagues from BTT note here in the topic, the obvious advantage of cryptocurrencies is the elimination of an unnecessary intermediary in payments - the bank.  Moreover, he usually takes a commission for the transfer.  But with cryptocurrency and payments, of course, there can be difficulties, first of all, when you make a withdrawal of funds to your wallet.  This is where the casino may start requiring various identity verification options (which is frustrating if you wanted to remain anonymous).  Moreover, this personal data can include even video selfies or utility bills.  I think these requirements are too high.  But many people demand it.  

Wouldn't the one would find to play in in the first place in casinos that don't have strict KYC requirements, even when withdrawals? Some casinos have strict KYC requirements though already in the first place though afaik, as long as you read the TOS well enough it should be pretty easy to understand if a casino has withdrawal KYC requirements. It's not really high, it's KYC in the first place, it's supposed to be strict and stuff like that.

Self-advantage or disadvantage will depend on your experience.

Eventually while continuing to be involved in gambling, you will determine those advantages and disadvantages for you.

Not on experience really, but rather based on what coins/exchanges you are using since the experience on using crypto is pretty linear, it's just dependent on "what" you actually use.

[rijaljun]

Most of us here are crypto gamblers, the pros I can see with crypto is that it's anonymous and there's a lot of available coins that gambling site accepts cryptocurrency, the downside is that the price is volatile but not much of a problem another downside is the tx fee especially with Bitcoin and Ethereum. In regards with fiat if it is stable but most of the gambling sites won't allow you to withdraw big amount of money.

[mindrust]

Even if we have mandatory KYC it is more convenient in crypto casino when it comes to deposit and withdrawals because we don't have to wait for the banks to approve our transaction or ask the source of funds when it comes to deposit. Apart from that everything is similar but in future more crypto casino then it will give better choice for the gamblers to pick.

Indeed, some casinos have been required to KYC according to their procedures as a condition, but it will still be the cryptocurrency of choice compared to fiat, we are easier to use in transactions called P2P so there is no other party and our deposits or withdrawals will remain anonymous, that's what becomes my choice.
Honestly, that's what is doubtful about depositing Fiat when later you are asked where the source of the funds will come from, then this will be more difficult to explain and of course it will take time to provide an explanation.

It is not anonymous gambling anymore when you get KYC'ed by the casino which kills the purpose of gambling with cryptocurrencies. There are certain casinos like freebitco.in which don't ask for KYC. (they never did as far as I know) Unless you play on these casinos, it makes no difference whether you use FIAT or crypto. They'll know who you are.