PROS AND CONS OF CRRYPTOGAMBLING.

[robelneo]

PROS AND CONS OF CRRYPTOGAMBLING.
I know that one of the greatest questions that crosses our mind is “is gambling worth it?” .
Yes, I know that many times it seems almost impossible to win though at the same time it’s the easiest way of doubling up your money.

it's never worth it if you are going for a profit but as a good source of entertainment anything more than that is risky and not worth pursuing, there is a chance for profit but you can't be lucky and it will not be profitable in a long haul

Of course, 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) .

I prefer dwelling on the disadvantages of playing, it will keep me grounded and will always remind me of the harm and the risk, preferring the advantages will get you to spend and allocate more money and time, you must have perspective on something that has a risk.

[harizen]

Since OP talked about being decentralized, let's accept the fact and possibilities that somewhere in the future, we might be dealing in FULL KYC terms at any crypto-gambling sites whether we like it or not. Legit crypto-gambling sites have to deal with the legality of their business and one requirement of it is to conduct a KYC for their users.

Fortunately, we are not in that status yet. We can freely use crypto-gambling sites as much as we can as long as we follow their respective Terms and Regulations. However, even though there's not a mandatory KYC yet at most sites, we can see on their terms that they might ask for KYC for some reasons.

[Jawhead999]

LOL

You're actually describing the pros of Bitcoin and the cons of gambling! Where's the fun, killing boredom, and earn good sum money (though only for few people)? That's all I mentioned before is the pros of gambling. Moreover not all crypto is decentralized and secure like Bitcoin, please before creating a thread make sure you're understand with your subject first.

[lienfaye]

Firstly, crypto-gambling is never a stable source of profit because anything can happen(loss) .

In general gambling is never been a way to be a resources of stable income, regardless if you're playing in physical casino or online. Losing your money is the major cons if you gamble.

LOL

You're actually describing the pros of Bitcoin and the cons of gambling! Where's the fun, killing boredom, and earn good sum money (though only for few people)? That's all I mentioned before is the pros of gambling. Moreover not all crypto is decentralized and secure like Bitcoin, please before creating a thread make sure you're understand with your subject first.

Indeed. It seems he's pertaining to Bitcoin based on the pros he stated.

The crypto gambling pros:
Gamblers can double their money.
Convenient to play.
Kyc is not needed (if you're not a big time gambler).

These are some of the pros if you gamble online using crypto.

[alegotardo]

Yeah!
The main advantage of betting using cryptocurrencies is the freedom to play wherever I want.
in my country, gambling is prohibited, so before cryptocurrencies it was practically impossible to make this kind of bets paying with fiat.
Bitcoin has opened a door to a wider variety of games that were never before possible.
Added to the privacy, security of the payment network and speed of processing, it became something wonderful for me.

[og kush420]

Yeah!
The main advantage of betting using cryptocurrencies is the freedom to play wherever I want.
in my country, gambling is prohibited, so before cryptocurrencies it was practically impossible to make this kind of bets paying with fiat.
Bitcoin has opened a door to a wider variety of games that were never before possible.
Added to the privacy, security of the payment network and speed of processing, it became something wonderful for me.

Likewise - we don't have any casinos in our county and we don't gamble, the one who does is in the bad guy list. lol
But that's correct Bitcoin has "opened" new doors and there are some exciting ways to earn money. Although at the back of mind the battle of right and wrong keeps going.

[michellee]

Gambling will always be bad for those who are playing it in a wrong way or perspective. However, if you do set your limits from gambling, be it crypto or not, it will not result into a lot of consequences. Crypto gambling is for those who want to have fun and be entertained, but if you take crypto gambling like a quick rich scheme, you will always result into failure. And may only be the reason for future life's misery if you can't control yourself anymore.

Yes, that's true. But actually, we can anticipate it so that we don't get the bad effects of gambling and setting limits on gambling is one effective way. But not many people can do it because of the great temptation of gambling itself which makes them forget the limits they have set. Gambling is not a way to get rich but rather a way to use our free time. If we can use that free time to do other things, then it will be better than playing gambling because of the bad effects that we can get. So it will depend on the person himself how he can use his free time.

[Uang_kartal]

if you compare the casino with the currency (bitcoin) it is very different in terms of its container and functionality. currency cannot be equated with a place (developer, store, multiplier or any vehicle) I see that bitcoin is the market price and trading volume. equally volatile, at least the market price can be analyzed technically. As for gambling and casinos it's a factor of luck and fun. I agree with the claim that bitcoin has no limits and is flexible, but an asset that depends on us as owners and managers.

[ralle14]

KYC is actually one of the cons in crypto gambling. Majority of them will already ask in some circumstances.

It could go both ways but it still depends on some other factors like the gambler and the casino since there are cases where the casino would only trigger KYC when you starting to win too much or break one of their T&C.

Other casinos would allow you to increase limits through KYC and give incentives for doing so. Also, there are gamblers that are willing to do KYC it could become one of the many pros from their view. 

[Wexnident]

Firstly, crypto-gambling is never a stable source of profit because anything can happen(loss) .

That was kinda dumb, gambling, in general, is literally this, not just crypto-gambling to be specific. Heck, this isn't even a discussion of crypto gambling vs gambling imo, this is simply you stating the advantage of NOT crypto gambling, but rather crypto itself. Well not that it's wrong, crypto gambling just takes the attributes of crypto and sets it in their system, so it technically is the same, just that it still feels odd how you compared crypto vs gambling itself, and not really brick and mortar casinos or something of the sort.

There's also the idea that well, even if crypto (Bitcoin) itself is private, casinos still hold the right to ask for KYC (most of them have this in their TOS), and most often than not, those cases are mostly when you are about to withdraw, so it doesn't really change much in that scenario.

[Oshosondy]

As for gambling and casinos it's a factor of luck and fun. I agree with the claim that bitcoin has no limits and is flexible, but an asset that depends on us as owners and managers.

Yes, gambling is luck but it depends also on how gamblers are betting and how addicted they are, not because some gamblers are doing well as they gamble not often and they earn but taking into consideration that money that should be used should be the amount they can able to afford.

While gambling, the bitcoin the gambler is using is on a centralized gambling site which can request for KYC at anytime.

It could go both ways but it still depends on some other factors like the gambler and the casino since there are cases where the casino would only trigger KYC when you starting to win too much or break one of their T&C.

Other casinos would allow you to increase limits through KYC and give incentives for doing so. Also, there are gamblers that are willing to do KYC it could become one of the many pros from their view. 

Casinos are centralized, they can request for KYC at anytime, it can even be immediately you deposit your coin, you said that already that if the person break the terms and conditions of the gambling site, then the coin is seized. Also if someone has won so big and the gambling site make sure the gambler do KYC, that still arrive at the same point that gambling sites are centralized, even without requiring KYC, they have contolrol over all users account with them.

[Poker Player]

Firstly, crypto-gambling is never a stable source of profit because anything can happen(loss) .

That was kinda dumb, gambling, in general, is literally this, not just crypto-gambling to be specific. Heck, this isn't even a discussion of crypto gambling vs gambling imo, this is simply you stating the advantage of NOT crypto gambling, but rather crypto itself. Well not that it's wrong, crypto gambling just takes the attributes of crypto and sets it in their system, so it technically is the same, just that it still feels odd how you compared crypto vs gambling itself, and not really brick and mortar casinos or something of the sort.

I completely agree, the only thing I would add is that if the gambling is with crypto it adds volatility. It is not a good way to have stable income but for a one time thing, if your hit the jackpot and crypto has gone up you have double profit. I think this is an added attraction that crypto gambling has over betting with fiat.

Regarding KYC, as I have commented in another thread, I think we are in an unstoppable trend towards massive regulation and KYC in virtually all casinos. There is too much money moving in crypto gambling and the states are not going to let it go.

[wxa7115]

Crypto gambling is worth it or not will depend on you because crypto is a tool like money you use to gamble. While gambling can be bad for you if you don't have enough self-control. But gambling is a form of entertainment for people who want to play various games.

If you can treat gambling properly, whether it's crypto or fiat gambling, then you don't have to worry about the consequences and maybe you can also minimize the losses that will occur later.

This, as long as we treat gambling for what it is, which is yet another form of entertainment, then even if we loss a small amount of money then it is worth it because we are keeping our gambling under control.

Only those that think of gambling as a source of income in desperate times or those that have developed an addiction to gambling are the ones that do not really understand what gambling is really about, and as such they should stop immediately as their losses will become massive given enough time.

[KTChampions]

I think that all the pros and cons are identical with the case when we consider fiat versus cryptocurrencies. The only difference (although I may be missing something) is that there is Provable Fair in crypto gambling - this feature is unique to blockchain gambling and cannot be fully copied/replicated in fiat gambling.

[Slow death]

well one of the biggest disadvantage of crypto casinos is the fact that some crypto casinos, because they are anonymous, keep stealing money from customers and are not taken to court and arrested. the anonymity and TOS of some casinos created a system in which certain casinos keep stealing their customers' money and continue to operate as if nothing had happened, this sad scenario is something that can be observed every day, even here on the forum can be observed this sad scenario. another negative thing is the fact that cryptos are highly volatile, if a person has $100 in altcoin X in the casino, he wins and gets $110 and then altcoin X drops a lot and the person gets $80 in the casino, the person will lose $30 because the altcoin dropped a lot, we can see this scenario happening at the moment I write

[Lanatsa]

I think that all the pros and cons are identical with the case when we consider fiat versus cryptocurrencies. The only difference (although I may be missing something) is that there is Provable Fair in crypto gambling - this feature is unique to blockchain gambling and cannot be fully copied/replicated in fiat gambling.

One of the main things i do really able to see if we do really make out some comparison in between the two on which in crypto which you could really make yourself that somehow assured nor really get that confident

that you are dealing with a fair site or platform which is something that you could really get the feeling specially when you are dealing with fiat platform or casinos which is indeed right or precise on what you had
mentioned.

One of the pros or the reason on why this market or industry did really grow up fast is about on its payment system where you could play anonymously without any verifying yourself or something
which majority of people do really prefer.

[Fortify]

PROS AND CONS OF CRRYPTOGAMBLING.
I know that one of the greatest questions that crosses our mind is “is gambling worth it?” .
Yes, I know that many times it seems almost impossible to win though at the same time it’s the easiest way of doubling up your money.
Let’s talk about the pros:

I think the myth that crypto gambling is anonymous has been burst a while ago, as you'll find most large cryptocurrency casinos and sportbooks now seek to identify their customers via KYC. Part of this is for legal obligations (they use lots of third party services that can be pressurized) and part of it helps them prevent things like multi-account manipulation. What you'll often find is they allow deposits and will allow you to play for a while, but when you come to cash out, they can spring it on you - if they're good, you'll be lucky to get your deposit back, if they're bad they'll force you to hand over identity documents. I think a big "con" that is missed is how vulnerable these sites can be, either to malicious owners who might disappear, to hackers who can run away with the money or demand ransoms. You'll often find that the licensing is pretty hollow and offers zero help too.

[AmoreJaz]

I think that all the pros and cons are identical with the case when we consider fiat versus cryptocurrencies. The only difference (although I may be missing something) is that there is Provable Fair in crypto gambling - this feature is unique to blockchain gambling and cannot be fully copied/replicated in fiat gambling.

One of the main things i do really able to see if we do really make out some comparison in between the two on which in crypto which you could really make yourself that somehow assured nor really get that confident

that you are dealing with a fair site or platform which is something that you could really get the feeling specially when you are dealing with fiat platform or casinos which is indeed right or precise on what you had
mentioned.

One of the pros or the reason on why this market or industry did really grow up fast is about on its payment system where you could play anonymously without any verifying yourself or something
which majority of people do really prefer.

gamblers want to be anonymous as much as possible. hence, crypto gambling is very favourable for them. though some casinos will require kyc but if you are just a small roller, you will find out that there are many crypto casinos that don't require kyc. one good thing that i can see here also is that you can bet small wherever you are. very accessible and you don't need to worry who's looking over your shoulder. since gamblers have a lot of choices now when it comes to alts, they can pretty well choose which coin they want to use according to their needs.

[Boristhecat]

-skip-
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) .
 

This phrase sounds strange to me. Firstly, does this only apply to crypto gambling? Secondly, no gambling can be a source of stable income, unless of course you are from the side of the casino, although I have heard that sometimes even casinos get into temporary drawdowns due to the fact that someone hits the jackpot.

[Doell]

Pros and Cons of crypto gambling, fun easy to understand. Also crypto prices include pros and you can hold it or play it if the price is down. It is more profitable for me personally regarding the price, indeed if it is immediately sold it is a loss, but who wants to lose.

-skip-
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) .
 

This phrase sounds strange to me. Firstly, does this only apply to crypto gambling? Secondly, no gambling can be a source of stable income, unless of course you are from the side of the casino, although I have heard that sometimes even casinos get into temporary drawdowns due to the fact that someone hits the jackpot.

I am also confused about the statement, gambling is not a job that is always lucky regardless of the title and whatever the currencies.