PROS AND CONS OF CRRYPTOGAMBLING.

[AicecreaME]

Just like any other, crypto gambling has its pros and cons. Gambling using cryptocurrency could either possess beneficial or harmful things to someone depending on how he will utilize it. As for the cons, the decentralized nature is beneficial because of the anonymity. There won't be visible transactions on your debit or credit card that could taint your reputation if you have one to uphold. It could be a source of additional income if you are disciplined enough to know when to try and stop. And at the same time it could be a form of relaxation.

It has its cons too. Your fund inside a crypto gambling platform could change depending on the market season. If its bullish or bearish. The volatility of the cryptocurrency in the market would affect your holdings in the cryptogambling platform which could either be win or lose to you. And lastly just like the usual, addiction in it is possible if you won't be able to control yourself.

[mirakal]

With online gambling nobody has to worry about this situation as they are already at home or playing privately without anyone watching their game and winnings. Thankfully it's much safer on this aspect.

Actually online gambling it's not really that safe like you think, perhaps you played with small amount and the casino is still trustworthy until now, but you don't know what happen in the future. It's really hard to believe a reputable and trustworthy casino right now will turn become scam casino, but there's a chance behind it. If you ever send KYC to the casino, your KYC could be sold and your personal information can be used by a scammer.

Yes, that the same exact reason why I only play with some small amounts to gamble in selected online casinos. I only choose and play to those trusted and reputable ones even if I'm only gambling small amounts with of course a No-KYC casino is much better. But whenever I'm free, I'm still happy to do it on offline casinos because it's much better for me to see and interact with some other gamblers instead of getting myself isolated and it's really much safer because they don't need no ID or any documents if you decides to cash out.

[KTChampions]

You can also play anonymously in a regular offline casino - as far as I know, no one there asks to pass the KYC. If you wish, this is also possible in fiat online casinos, with small amounts, authorization is not strict and you can go through it with fictitious documents (however, I haven’t been to fiat casinos for a long time, so I can’t be sure that nothing has changed there).

Not unless you win multiple times and create an unwanted attention to yourself. Also, they probably knew you already right after entering their premises, hence why they don't even ask for KYC or even do a thorough background and security check on you because they know the basics about you. A friend told me about this as he's working as a part of a security detail on a local casino, and apart from the regular obvious security guys they had on site, they also have the regular looking guys mingling with lots of players in order to gather even just the slightest information about them. This happens on a high-end casino though, not sure about the others.

I think these are tales. If you do not break the rules (now it is difficult to break them even in such games as Black Jack) and have not won several million dollars twice in a row, then it is unlikely that anyone is interested in you. The security service is engaged in the identification of scammers and thieves who always find themselves in places such as casinos, train stations, etc.

Of course in fiat casinos no one will ask you to show your documents if your appearance indicates that you are of legal age to gamble, but nowadays the identity can be determined even by video cameras that can read your biometrics. I do not know how things are in other countries, but I read that in our country they collect biometric data of citizens even without our permission.

Naturally, the situation in our country is very different from the situation in civilized countries  Here, identification worries me least of all, because there are more real threats - with a big win, you will simply be beaten and thrown out of the institution (this is a conditional option) without any formalities.

[uneng]

With online gambling nobody has to worry about this situation as they are already at home or playing privately without anyone watching their game and winnings. Thankfully it's much safer on this aspect.

Actually online gambling it's not really that safe like you think, perhaps you played with small amount and the casino is still trustworthy until now, but you don't know what happen in the future. It's really hard to believe a reputable and trustworthy casino right now will turn become scam casino, but there's a chance behind it. If you ever send KYC to the casino, your KYC could be sold and your personal information can be used by a scammer.

There are risks, indeed, because the future is unknown, but as we can see on this forum there are crypto casinos operating for several years already, like Stake (and its predecessor Primedice), Freebitcoin, Crypto Games, Fortune Jack and others... After so many years they are still legit while dealing with large sums of crypto without scamming their customers. Aware about that, I feel more confident regard crypto casinos.

About KYC it's not only gambling platforms that put us under risk of having our personal informations sold. In my country there are reports of corrupt agents of our local government and traditional fiat banks who leak data from the internal system for money. In this digital era we live where everything is done virtually it's hard to be entirely safe from this kind of threat, at same time it's impossible to close yourself inside a bubble without contact with the external world.

[Odusko]

The major challenge of a cryptocurrency casino is the fact that most casinos do not have an office so when there are cases of scams you don't know where to go to, unlike physical casinos that can be sued for any illegal act online cryptocurrency casinos can not easily be sued cause most of them have no physical office.

[Fatunad]

The major challenge of a cryptocurrency casino is the fact that most casinos do not have an office so when there are cases of scams you don't know where to go to, unlike physical casinos that can be sued for any illegal act online cryptocurrency casinos can not easily be sued cause most of them have no physical office.

One of the things where you couldnt able to reach out specially dealing with crypto casinos online where they dont have physical office but to mind off that these businesses are licensed
which means you could still have that chance on knowing on what their location would be but of course it would be excluded on Curacao which does have cheap license too.
I dont know if they are really that strict when it comes on granting or approving some casinos licensing procedure.

[tabas]

The major challenge of a cryptocurrency casino is the fact that most casinos do not have an office so when there are cases of scams you don't know where to go to, unlike physical casinos that can be sued for any illegal act online cryptocurrency casinos can not easily be sued cause most of them have no physical office.

That's one thing but when the casino is already reputable, I don't think that everyone is going to have any problems having no physical office.
But it's a fact that it's becoming a requirement for some big gamblers because they're just want to make sure upon foreseeing some possible incidents that won't favor them to happen in the future.

[CaVO32]

The major challenge of a cryptocurrency casino is the fact that most casinos do not have an office so when there are cases of scams you don't know where to go to, unlike physical casinos that can be sued for any illegal act online cryptocurrency casinos can not easily be sued cause most of them have no physical office.

That's one thing but when the casino is already reputable, I don't think that everyone is going to have any problems having no physical office.
But it's a fact that it's becoming a requirement for some big gamblers because they're just want to make sure upon foreseeing some possible incidents that won't favor them to happen in the future.

With some of the reputable casinos in the forum, we have no idea if they have physical office or not. Actually, I haven't seen one asking them about their physical address. Though that's the advantage of a physical casino where a player can tell where they are if something goes wrong, but for online casinos, it is indeed hard to run after them. You are only relying on their technical or admin support if they will resolve your issues. Suing them is very hard, but the community can help you if you happen to play in one of the casinos found in the forum. So as much as possible, better play only on casinos you know has active support especially in this forum.

[coolcoinz]

The major challenge of a cryptocurrency casino is the fact that most casinos do not have an office so when there are cases of scams you don't know where to go to, unlike physical casinos that can be sued for any illegal act online cryptocurrency casinos can not easily be sued cause most of them have no physical office.

How does that make it any different when we compare a crypto casino to a fiat casino? The way I see it OP wanted to give pros and cons of crypto vs fiat and not compare online gambling to stationary casinos. Both online fiat casino and ones using crypto will face the same problems when it comes to scams.

The risk with a crypto casino will depend on the coin. If you choose to gamble with an altcoin that loses 50% value in one day, you're going to negate your wins just like that. I feel that volatility may be one of the biggest problems a gambling site might face.

[DoublerHunter]

The major challenge of a cryptocurrency casino is the fact that most casinos do not have an office so when there are cases of scams you don't know where to go to, unlike physical casinos that can be sued for any illegal act online cryptocurrency casinos can not easily be sued cause most of them have no physical office.

How does that make it any different when we compare a crypto casino to a fiat casino? The way I see it OP wanted to give pros and cons of crypto vs fiat and not compare online gambling to stationary casinos. Both online fiat casino and ones using crypto will face the same problems when it comes to scams.

The risk with a crypto casino will depend on the coin. If you choose to gamble with an altcoin that loses 50% value in one day, you're going to negate your wins just like that. I feel that volatility may be one of the biggest problems a gambling site might face.

^ Definitely right and I agree with you.
The biggest issue that will probably face the gamblers is the volatility of the market. Actually, there are too many things to consider as pros and cons to this issue but the common comparison is the risk of the currency that the casino uses. Also in fiat, for sure it will bind to your privacy upon depositing money while your bank and your gambling that used were linked together while in crypto, you can choose to be anonymous which is a good option if you care about your privacy. So possible it's a gamblers choice which they prefer to gamble, in using fiat or using crypto.

[Rengga Jati]

First of all, so sorry to say this.
But, can you fix this thread to make it neater so it's more readable?
Like spacing enter or by using bold and other features to stress some lists?

Well, related to the pros and cons of crypto gambling, it may have been talking several times here.

It is secure:
 Your payment information cannot be stolen yonder from you. Bitcoin transactions do not require any personal data to be submitted, protecting you from identity theft.

Actually, we cannot say that it is secure 100% because online will always have the risk of hacking. But, I am sure that every crypto gambling platform has tried to make its best security system.

It is private:
Since no personal information is tying to your Bitcoin wallet, people do not know who (bought something for money) what.

Simply yes, each member will not know who is beside the transactions. But the matter right now is that some gambling platforms also need KYC identification and this may not be alongside the term of privacy. Although they ensure that it will be safe and private enough

[ralle14]

The risk with a crypto casino will depend on the coin. If you choose to gamble with an altcoin that loses 50% value in one day, you're going to negate your wins just like that. I feel that volatility may be one of the biggest problems a gambling site might face.

That depends on the timing as well but for gamblers it's probably not that much of an issue since some of the casinos i've tried before have their own alternative solutions. For example like in Duelbits and Roobet they'd automatically convert your crypto to the current fiat value then in Sportsbet they have an exchange feature that allows you to convert your crypto balance to fiat anytime you want but they only allow it for betting purposes so you can't cashout with fiat after depositing crypto in their site.

[Fundamentals Of]

The con of crypto gambling for me is that crypto is volatile. You are gambling $100 today, but tomorrow it could mean that you lost $300.

I agree that is one of the biggest cons or disadvantages, like what's happening right now, the market is going down there's uncertainty if the market keeps dipping what will be equivalent to the fiat of the coin you are betting right now could be different after you've won, sometimes you really not won but you just make it even because the price of the coin you've used just go down, so check the best time to play with the coin you are going to use to bet based on its market performance.

Whether the price will rise or fall or you win or lose, there will always be a discrepancy because cryptocurrency is volatile. So it is going to be a difficult thing if you want to keep track of all your crypto bets with their fiat value when they were placed. This is probably the reason why there was quite a strong demand for crypto casinos and sports betting sites to accept stablecoins like the USDT. Although it is a bit awkward to want to bet with crypto and use a coin which is pegged on the USD, it makes betting and tracking a little more convenient. Many of crypto gambling sites today have now accepted stablecoins.

[coin-investor]

It has its cons too. Your fund inside a crypto gambling platform could change depending on the market season. If its bullish or bearish. The volatility of the cryptocurrency in the market would affect your holdings in the cryptogambling platform which could either be win or lose to you. And lastly just like the usual, addiction in it is possible if you won't be able to control yourself.

I consider the volatility a con and a pro a con if the market crash and pro if the market pump at the time you are betting and winning so you decide for yourself by checking the status of the market and considering what coins to use and if you are comfortable playing that is if you are looking for profit both in the casino and in the market, but if you are playing to enjoy, the market condition has no effect on your betting.
And many will agree that the pro and con lies in your motivation to gamble if you are a responsible gambler there is no con and  to you, you take it positively.

[rodskee]

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) .
 

Actually its not only  in crypto gambling that profit isn't stable but in All gambling area such as Fiat and in other forms , it is more on Luck and chances , but lets admit that there are some of us that is born luck and can make their living using gambling only.
there are some individuals that living in full gambling and yes they become even Millionaires if not Billionaires .

[South Park]

The major challenge of a cryptocurrency casino is the fact that most casinos do not have an office so when there are cases of scams you don't know where to go to, unlike physical casinos that can be sued for any illegal act online cryptocurrency casinos can not easily be sued cause most of them have no physical office.

That's one thing but when the casino is already reputable, I don't think that everyone is going to have any problems having no physical office.
But it's a fact that it's becoming a requirement for some big gamblers because they're just want to make sure upon foreseeing some possible incidents that won't favor them to happen in the future.

If a person is a big gambler I can understand in a way that they may like the casino to have a physical address in the case something goes wrong and have a way to take legal action against a casino that goes rogue, but for the people that are gambling with a limited amount of money this is not going to make too much of a difference, as if they lost some money due to being scammed they will have no way to recover it, whether the casino had a physical address or not.

[Peanutswar]

We know how so fun to play gambling this is the purpose of it to give an entertainment business with this kind of activity both a win-win situation they bring entertainment to their users at the same time they are earning some assets of course not all the time it's in favor of the gambling platforms because they have the Good RTP events, it depends now to the player of they will make this brings up if they are going to make a good shot to play and risk or just a casual game. Many people win this game instantly at a good profit and of course, there's is some of those people who loses a lot of they will keep playing just to earn back their loses.

[michellee]

I think the problem of multiple accounts cannot really be solved that easily. What comes into my mind first and foremost is just getting someone elses or a fake ID and using that to create a account. You can also use some undetectable VPN to make it look like each account is coming from a different place.

Although that being said, a lot of VPN providers are being detected by online gambling casinos, so I guess its up to you whether or not you would want to risk it on such a scheme. I really do not see the benefits of gambling on multiple accounts. The cons outweigh the pros.

I guess, for now, the problem of multiple accounts is not a big deal for the casinos because they must have found a way to detect those multiple accounts. Even though they might be using a VPN, I guess the casino will find it and it's just a matter of time for the casino.

People shouldn't try to use a VPN if they are in countries where gambling is prohibited or their country is on the no-go list for that casino because that could create problems in the future. But we can't force it on them because they play gambling or not, it's up to them and they should understand the risks.

That's not the point, what I mean is truly and technically censorship-resistant like Bitcoin. Because the purpose of decentralization isn't decentralization in and of itself, but censorship-resistance.

Plus I'm asking, are these Web 3.0 casinos not merely centralized websites running on top of centralized data-centers/servers?

I apologize if I don't understand the point. But if it's for that, I don't know for sure but it looks like it can survive because the casino can adapt to the situation and conditions.

Web 3.0 casino itself is just getting started and I think it's still a long way to go.

I believe not always, that's why they require KYC, it's easier for them than developing a security system which smart users can go around eventually. Plus casinos without KYC can also be used as mixers/tumblers.

Hopefully, the request to fill out KYC is only used for gamblers who use a lot of money so that it doesn't burden small gamblers who don't use a lot of money. If the user uses the casino as a place to launder money, then the casino can ask or request KYC from them.

[VanityWallets2015]

The only fact that I keep in mind to reduce my gambling habit or addiction is that even if I win now, the total loss that I made is much greater that what I win today and whenever I think about that thing it makes me stop gambling keeping in my mind that I will be losing again and if I am looking for entertainment, there's always available gambling sites that has free demo coins.

[Kakmakr]

I think you left out one of the PROS for Crypto gambling ==> Micro transactions

International money transfers can be very expensive, even if you use your credit card.... so doing a transfer of say $10 to a gambling site, will not be worth it, because you might pay more than that in fees. Now if you use some Crypto currencies, like Litecoin or TRX ...small or micro transactions will be cheaper and more feasible to do...and you can transfer very small amounts to these casinos. 

The pseudo-anonymity of Crypto currencies are being destroyed by Crypto casinos with KYC requirements ....so it is only one of the PROS, if the casino does not require KYC details.