PROS AND CONS OF CRRYPTOGAMBLING.

[michellee]

People in the offline world frowns to the gamblers they see on traditional casinos. 
If I am seen by people who knew my mother, they'd likely be disappointed when they see me inside a gambling house. People judge us all the time and they may think I also do drugs while gambling.
 
But if I do it online with crypto, I may have saved my face. That's one of the CONS of cryptogambling, its online. No one will ever see me loitering inside a gambling house.

That may be because no one plays gambling in your area, so they will be disappointed if they see you playing gambling. In some countries, gambling is not accepted and even gambling is considered a wrong way to make money. People will easily judge other people looking for money in the wrong way so it's better we don't use it.

That is why the existence of crypto can provide an opportunity for people to hide their identity from others, even those closest to them. But the opportunity to hide their identity can cause other problems, namely, if they are addicted to gambling, no one else will know and if it is severe, they will likely be difficult to save.

[1715564361]

1715564361

[1715564361]

1715564361

[Peanutswar]

~

Unfortunately, this is currently only true for small amounts. Theoretically, you can use any amount, but I'm sure that most casinos will ask for KYC (at least if you win and try to make a withdrawal) so you should always be prepared for wasting time on this procedure plus being able to pass KYC - if you are under 18 or gambling is prohibited in your country, then you need to have a fake identity in advance.

Currently, gambling sites are indeed required to do KYC, but there are also those that do not require their users to do KYC, for example, Gamdom

other than that the KYC that is required is usually KYC level 1 and it's not that complicated (compared to KYC levels 2 and 3) so it's not that hard right now

Majority of crypto gambling sites arent asking for some verification or simply with KYC because we are on a market where decentralization do really matters but of course since these platforms are centralized then expect or anticipate that anytime they could really ask it out if they do notice something and this one is mostly shown on their terms and conditions.With the easy access that we do have today
then playing gambling is easy as breeze and in speaking with pros and cons in terms or financial situation and effects then it would be easily to determined with just
common sense.hehehe

Mostly gambling platform has their KYC but in the level form to make sure the user can recover the account the level 1 is the email address and the level 2 and 3 are the address and the ID of the owner of the account for me having a without KYC gambling is the most ideal because this makes sure my identity are still anonymous and mostly KYC use for the large transaction users some of them asking for the KYC if the account seems having an abuse and suspicious transactions. Some common issues regarding with the KYC is the withdrawal of the funds like the user make a large win and the platform don't want to let them withdraw.

[Don Pedro Dinero]

For me the main pro would be casinos that don't ask you for no KYC or at least not full KYC, as Peanutswar says, where you can bet small amounts without providing anything more than an email, or even without that in some cases. They usually offer a better RPT as well. Those would be the two main advantages. The added volatility that hooks some people is not an advantage for me.

Let’s talk about the cons:
Ofcourse, there is a fly in any honey pot. Playing at an online crypto casino has some disadvantages that are worth thinking about, too.
Firstly, crypto-gambling is never a stable source of profit because anything can happen(loss) .
 

But that is not unique to gambling with cryptocurrencies. It happens with any kind of gambling.

[Lucasgabd]

In many countries where gambling is a taboo - and people do not gamble because its not legal and its considered as a sin.
The people there can do online gambling and satisfy themselves. However - those people have a thought behind their mind if they are doing the right thing or not.

Gambling can be subjective. Those countries where gambling is a taboo has a very simple definition of gambling. Don't they realize that in real life we also gamble or take risks? Gambling is a form of entertainment, it only becomes a sin because most people get addicted to it with the mindset of it can make them rich in short amount of time, which only happens to very few people that are lucky. Gambling is a business to entertain people, they did not promise some returns.

Despite of illegalities of gambling in some countries, i believe gamblers do not settle on that and won't gamble at all. They will always have the time to gamble, it's just that they should be extra careful not to be caught by the government officials. Maybe that's how they see it as a sin, contradicting the laws of the government. But in real life, people somehow need to gamble too because its just a form of entertainment but in a business way. And you need funds for you to be able to gamble, whether you win or lose in the end.

truth is that most of the time the state is not really effective on forbidding people of doing what they want to do
take drugs as an example, most countries make it forbidden, though the only result of prohibition is creating a parallel market where drugs are more expensive and harder to check provenance and quality
with huge horrible externalities for the population (in the worst case being war and people getting killed)

[cabron]

People in the offline world frowns to the gamblers they see on traditional casinos. 
If I am seen by people who knew my mother, they'd likely be disappointed when they see me inside a gambling house. People judge us all the time and they may think I also do drugs while gambling.
 
But if I do it online with crypto, I may have saved my face. That's one of the CONS of cryptogambling, its online. No one will ever see me loitering inside a gambling house.

That may be because no one plays gambling in your area, so they will be disappointed if they see you playing gambling. In some countries, gambling is not accepted and even gambling is considered a wrong way to make money. People will easily judge other people looking for money in the wrong way so it's better we don't use it.

That is why the existence of crypto can provide an opportunity for people to hide their identity from others, even those closest to them. But the opportunity to hide their identity can cause other problems, namely, if they are addicted to gambling, no one else will know and if it is severe, they will likely be difficult to save.

Aren't rehabilitation center open for all. Also today, anyone can access a support group in every region as long as  you join. You still don't have to surrender your Identify to be monitored whether you got addicted or not. Once you feel that you think you are already troubled, you can talk to a friend. Normally they can realize this when they already have lost a lot of money.

When you lose a lot from your budget which affected your finances already and people knew you are asking loans, the more blatant the judgement will be. The more reason for you to just stay on cryptogamling, online casino is where to go.

[_act_]

Despite of illegalities of gambling in some countries, i believe gamblers do not settle on that and won't gamble at all. They will always have the time to gamble, it's just that they should be extra careful not to be caught by the government officials. Maybe that's how they see it as a sin, contradicting the laws of the government.

Gambling is seen as a sin in few countries because of their religion, religious people which are getting to extreme are also the government officials and they prefer to just ban gambling, example of this can be seen in Muslim countries as gambling is forbidden in their religion. So because of region led to their laws in the government to forbid gambling.

But in real life, people somehow need to gamble too because its just a form of entertainment but in a business way. And you need funds for you to be able to gamble, whether you win or lose in the end.

As a matter of fact, some people gamble for fun, but some people also still see it as a means of earning until they have lost often and often or they become addicted. Nevertheless, gambling should still be for fun and not a means of making money which is not but a means of addiction.

[Lucasgabd]

Despite of illegalities of gambling in some countries, i believe gamblers do not settle on that and won't gamble at all. They will always have the time to gamble, it's just that they should be extra careful not to be caught by the government officials. Maybe that's how they see it as a sin, contradicting the laws of the government.

Gambling is seen as a sin in few countries because of their religion, religious people which are getting to extreme are also the government officials and they prefer to just ban gambling, example of this can be seen in Muslim countries as gambling is forbidden in their religion. So because of region led to their laws in the government to forbid gambling.

But in real life, people somehow need to gamble too because its just a form of entertainment but in a business way. And you need funds for you to be able to gamble, whether you win or lose in the end.

As a matter of fact, some people gamble for fun, but some people also still see it as a means of earning until they have lost often and often or they become addicted. Nevertheless, gambling should still be for fun and not a means of making money which is not but a means of addiction.

definitely wouldn't advise gambling as a source of income for anyone
of course you can find positive expected value games but there are less stressful ways to make money, in my opinion

[Maslate]

definitely wouldn't advise gambling as a source of income for anyone
of course you can find positive expected value games but there are less stressful ways to make money, in my opinion

I think it's okay to suggest that to anyone as long as you educate them well of the risk of gambling. Yes, the income is so attractive for a successful gambler, however, it's not as easy as we think, a gambler has to be very smart in order to make a living in gambling, so if you find a gambler that has that kind of quality, then maybe we should not limit the possibility that he could be successful in gambling.

[terrorJR]

But in real life, people somehow need to gamble too because its just a form of entertainment but in a business way. And you need funds for you to be able to gamble, whether you win or lose in the end.

As a matter of fact, some people gamble for fun, but some people also still see it as a means of earning until they have lost often and often or they become addicted. Nevertheless, gambling should still be for fun and not a means of making money which is not but a means of addiction.

Actually, in this case it is as you say but if you look at other things that make gambling as a suggestion to get money, this is clearly quite naive and usually people like this are addicts and are always obsessed with gambling considering they are thirsty for winning and money and do not accept the word lose there.
Btw now this is happening so commonly which makes it seem like a very normal thing to do as some people are starting to misinterpret gambling as a job.

[Russlenat]

But in real life, people somehow need to gamble too because its just a form of entertainment but in a business way. And you need funds for you to be able to gamble, whether you win or lose in the end.

As a matter of fact, some people gamble for fun, but some people also still see it as a means of earning until they have lost often and often or they become addicted. Nevertheless, gambling should still be for fun and not a means of making money which is not but a means of addiction.

All will be good if that is the case but unfortunately, the majority of gamblers in casino or in different avenues aren't looking to have some fun because their goal is to double or even triple their capital. They know the risks and that most of the time they will lose than win and that is inevitable but they still rely on hope that maybe, just maybe, this day would be different and they could bring home huge cash. Eventually, what will happen is the exact opposite.

[wxa7115]

I haven't seen a gambling site where they use stablecoins yet. If there is please do share.

Stablecoins like USDT, USDC or BUSD? Please take a look at Chips.gg, they accept USDC and BUSD
Other site is BK8, they accept USDT (trc20) as one of the payment method.
Betfury is also accepting USDT with 5 different networks as well as BUSD.
One more site that I know is Jacksclub, they accept USDT (erc10).
I believe there are many other sites use stablecoins, you only need to be more active to explore.

Thank you for that. I am stuck in just one betting site and I am happy with it. Exploring is kind of a lazy thing to do if you got everything in one that you like. Options for payment and features.
But I still appreciate the effort to share and the input of all the details in it. 

Also, isn't it better to use the new applications now who offers payment in direct USD rather than USDT. Like DraftKings or FanDuel.
In regards with the OP, I think if we talk about pros and cons it should be the difference between things like that. Why bother changing it to USDT and paying tx fees if you can use it directly with USD? Country restrictions?

Most likely the regulations they will have to go through will be many times higher as they will now be dealing with fiat instead of a stable coin, and since many cryptocurrency casinos obviously prefer to cater to the preferences of the members of this market they prefer to not allow the use of fiat directly at their casinos.

After all we have seen some fiat casinos trying to accept cryptocurrencies before but they never became too successful as they forced you to go through a mandatory KYC, so they have never reached the popularity of casinos which exclusively accept cryptocurrencies.

[jostorres]

Only Muslim countries and other countries that have strict restrictions against gambling but the rest of the world gets a lot of profit from gambling industry. The only cons that I can see on gambling are when it was freely open in 3rd world countries which result in many life destroyed due to gambling addiction. People living on first world countries like US can easily get back on their feet with the proper support of their family since they have a huge financial capacity to recover compared to a poor country where jobs salary is very low and sufficient only for their own daily needs.

Monaco is the best example for moderating gambling while getting profit on it at the same time without involving there citizen on gambling addiction. This idea should be implement in poor countries to fight against gambling addiction.

It was restricted on muslim and similar countries because for them gambling is a sin. Not all can get a lot of profit in gambling, I mean the regular individuals but for governments yes they can get a good revenue with it. The cons you are talking about above is not totally a con but it can also be a pro to some because by allowing gambling on their country, it also open opportunities for the people, what I mean is jobs.

Also not all that engage in gambling are going to be addicted with it but most are only using it to pass the time and to relieve their stress from the whole day of working. If they are lucky they can win, and gambling can provide extra income to them.

[Lucasgabd]

definitely wouldn't advise gambling as a source of income for anyone
of course you can find positive expected value games but there are less stressful ways to make money, in my opinion

I think it's okay to suggest that to anyone as long as you educate them well of the risk of gambling. Yes, the income is so attractive for a successful gambler, however, it's not as easy as we think, a gambler has to be very smart in order to make a living in gambling, so if you find a gambler that has that kind of quality, then maybe we should not limit the possibility that he could be successful in gambling.

now here's a thing I didn't think about before
gambling being used for education on math, probabilities and game theory
that would be really interesting
would love to see it

[Botnake]

definitely wouldn't advise gambling as a source of income for anyone
of course you can find positive expected value games but there are less stressful ways to make money, in my opinion

I think it's okay to suggest that to anyone as long as you educate them well of the risk of gambling. Yes, the income is so attractive for a successful gambler, however, it's not as easy as we think, a gambler has to be very smart in order to make a living in gambling, so if you find a gambler that has that kind of quality, then maybe we should not limit the possibility that he could be successful in gambling.

I also believe the same, gambling will only be a disadvantage for those who don't know their boundaries and don't have the right mindset when playing. The goal is to win yes but we can't avoid some losses along the way, the important thing right here is to only pick the fight we most know and have enough knowledge. There are a lot of activities in the gambling world and it's almost impossible that we don't have any of those activities that doesn't suit us.

[LUCKMCFLY]

Not all altcoins are scams that can drop to almost zero like what happened with luna/ust recently. Also luna and ust are I think not yet accepted in many gambling sites so no need to worry though there are lots of altcoins that is accepted, that is because not all people are willing to use their bitcoin because they think it was too valuable to gamble and apart from it, bitcoin can sometimes have a higher transaction fee and slow-moving in terms of depositing and withdrawing it but these known issues in bitcoin are not felt in many altcoins.

If there is another altcoin that's widely accepted and followed the fiasco of Luna/UST then, many casinos that have it on their list will start delisting and stop supporting it.
And talking with bitcoin gambling, we all have our thoughts about spending it. Many won't think about it as they're keeping it for holds and they're okay to spend the altcoins that they have instead of bitcoin. But there goes the rich ones, they've got plenty of it and it's not a matter of problem whether they win or lose bitcoin.

LUNA's case shows why most casinos, even the small ones, should be careful when adding support for different cryptocurrencies than the main one, bitcoin, ethereum, doge and maybe litecoin.
too much risk.

maybe this is one of the reasons why most casinos are keeping their payment list short and loyal to top alts like btc, eth, bnb, ltc. because what happened to luna may possibly happen also to other alts. and this will cause their bankroll to go down if one of their payment methods crashed.
anyway, the casino has their choice to select their own payment methods. just keep their list solid. casino can always add any coin they want but they also need to weigh the pros and cons of adding such coin.

Sometimes we as players tell the casinos that they can do their part by listing some currencies, I think sometimes it is asked because it is more exciting to bet certain currencies like TRX like ADA and multiply them, but sometimes it is a risk for the casinos, and it is As you say, if they had had LUNA in their wallets, the losses would have been perhaps millions, some players avoid playing with BTC for the simple fact that it is more expensive due to the fees, however if the casinos study the way to integrate LN within them, all this would change in a big way.

[Lucasgabd]

definitely wouldn't advise gambling as a source of income for anyone
of course you can find positive expected value games but there are less stressful ways to make money, in my opinion

I think it's okay to suggest that to anyone as long as you educate them well of the risk of gambling. Yes, the income is so attractive for a successful gambler, however, it's not as easy as we think, a gambler has to be very smart in order to make a living in gambling, so if you find a gambler that has that kind of quality, then maybe we should not limit the possibility that he could be successful in gambling.

I also believe the same, gambling will only be a disadvantage for those who don't know their boundaries and don't have the right mindset when playing. The goal is to win yes but we can't avoid some losses along the way, the important thing right here is to only pick the fight we most know and have enough knowledge. There are a lot of activities in the gambling world and it's almost impossible that we don't have any of those activities that doesn't suit us.

the thing is that with addictions sometimes you think you are in control and things are worse than you think
slippery grounds to walk on.
always a good idea to take care and have a network of friends and family around.

[og kush420]

the thing is that with addictions sometimes you think you are in control and things are worse than you think
slippery grounds to walk on.
always a good idea to take care and have a network of friends and family around.

As there is a huge number who want to quit gambling - there is the same number who are interested in starting their gambling career.
So - in the countries where gambling is illegal and the community where people cannot not go to casinos there is good chance that can do online gambling and can entertain themselves.

[Lanatsa]

the thing is that with addictions sometimes you think you are in control and things are worse than you think
slippery grounds to walk on.
always a good idea to take care and have a network of friends and family around.

As there is a huge number who want to quit gambling - there is the same number who are interested in starting their gambling career.
So - in the countries where gambling is illegal and the community where people cannot not go to casinos there is good chance that can do online gambling and can entertain themselves.

Depends on the situation which this is indeed a precise thing where there are people who do always find way for them to play gambling just because their country doesnt really let them to do so.

If we do tend to look at on how big gambling industry is whether its physical or online then its soo damn big which means and shows that there's really some demand into it.

Pro's would be usually be talking about leisure and entertainment and of course money making if you are lucky enough but the con's would be totally opposite of the said or mentioned things.

[South Park]

the thing is that with addictions sometimes you think you are in control and things are worse than you think
slippery grounds to walk on.
always a good idea to take care and have a network of friends and family around.

As there is a huge number who want to quit gambling - there is the same number who are interested in starting their gambling career.
So - in the countries where gambling is illegal and the community where people cannot not go to casinos there is good chance that can do online gambling and can entertain themselves.

It is precisely because of online gambling that it makes no sense to try to keep gambling illegal, before online gambling was a thing someone which wanted to gamble would need to find an underground casino and be in company of people which most likely you would not want around you, but now the only thing you need to gamble is to have a computer and Internet access, and if you also want to retain some level of privacy you could get some bitcoin and then gamble with it, so those governments which are against gambling need to think again, as they are losing a great deal of revenue by having this attitude that does not make sense anymore in a world that is interconnected.

[og kush420]

It is precisely because of online gambling that it makes no sense to try to keep gambling illegal, before online gambling was a thing someone which wanted to gamble would need to find an underground casino and be in company of people which most likely you would not want around you, but now the only thing you need to gamble is to have a computer and Internet access, and if you also want to retain some level of privacy you could get some bitcoin and then gamble with it, so those governments which are against gambling need to think again, as they are losing a great deal of revenue by having this attitude that does not make sense anymore in a world that is interconnected.

In the countries where gambling is ban - for them it is ban - if any government would try to legalize it they will face a backlash.
So government try to play save. Because for the community No Gambling means No gambling at all even if it brings huge profit. The call the money earned from the gambling -- not Halal.