PROS AND CONS OF CRRYPTOGAMBLING.

[Lucasgabd]

The convenience provided by crypto gambling sites provides opportunities for people who have never played gambling before.
By simply buying the coins they want and depositing them on a gambling site, they can start playing right away.

Overall, this is for people who don't want to travel and not to feel the inconvenience of making a reservation in a hotel and gamble their money. The good thing about crypto gambling is that you can withdraw and deposit anytime you want, and not like when you try to make a transaction using your bank, you will be questioned since they are following the Anti-money laundering law.

The only problem with some gambling sites is requiring the KYC, and if you're doubt about your information uploading it online then it would be a problem if the gambling site is also following the AMLA.

yes, for the crypto to fiat conversion this will vary from country to country... some countries will tax it more, others won't tax it at all
and even if you leave in a country that tax it a lot if you find a good lawyer they can help you with setting up companies abroad all legally in a jurisdiction that is more favorable to crypto...

[passwordnow]

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.

[bitbollo]

The convenience provided by crypto gambling sites provides opportunities for people who have never played gambling before.
By simply buying the coins they want and depositing them on a gambling site, they can start playing right away.

Overall, this is for people who don't want to travel and not to feel the inconvenience of making a reservation in a hotel and gamble their money. The good thing about crypto gambling is that you can withdraw and deposit anytime you want, and not like when you try to make a transaction using your bank, you will be questioned since they are following the Anti-money laundering law.

The only problem with some gambling sites is requiring the KYC, and if you're doubt about your information uploading it online then it would be a problem if the gambling site is also following the AMLA.

I don't know how it works in your country but in Italy (EU) you must have large quantities handled before risking an anti-money laundering investigation related gambling.
And in general, if you have a salary / income to justify certain bets, you have nothing to risk even with bets in FIAT currency.

You may have more trouble when trying to convert large winnings into crypto .... you have to justify money earned in crypto and how you have exchanged from FIAT!

[og kush420]

I don't know how it works in your country but in Italy (EU) you must have large quantities handled before risking an anti-money laundering investigation related gambling.
And in general, if you have a salary / income to justify certain bets, you have nothing to risk even with bets in FIAT currency.

You may have more trouble when trying to convert large winnings into crypto .... you have to justify money earned in crypto and how you have exchanged from FIAT!

I think it's everywhere there - that one has to prove the source of income. Where the money is coming from.
It is same in our country too.
But one of the advantage of crypto is - since gambling is prohibited in our country - people can make money online. And get benefited.

[Lucasgabd]

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.

[LUCKMCFLY]

The pros are many, among the best of all the pros is that you can win money and a lot of money, but the cons are much more, the first thing is that you can lose gradually, and if there is no control then you will start losing faster due to the fact of wanting revenge against the casino and thus will lose much more.

I think the main thing about seeing casinos is as a means of entertainment, of escape from anything, but it should be seen only as that and not as a means of work or work.

There are many people who see casinos as a better way of working, and seeing it that way is a total loss factor, I think those may be the cons.

Maybe the expectation to earn a lot of money make people fantasies something in gambling and if we look at certain scenarios we can figure out that this is hard to achieve knowing that mostly the house always win and their gamblers end up losing their money in quick scenario.

Cons maybe the capacity to lose our money is so huge so most provably that we need to be more careful since living on unrealistic scenario that we can win is so dangerous.

anything that creates a fake scenario that makes us ignore reality for a long period of time is a con imo.
better to have a rough true than a lie that makes us comfortable in a scenario where we can work and fight to create a better situation on our lives.
so... when approaching gambling it's probably better to know the game odds or be completely comfortable on losing all the play money... it could happen

It is that games of chance always open up to the possibility that you can win a lot of money with the least possible effort just by being lucky, that is what many are struck by, but of course they do not take into account the more real side that is losing, and losing is the safest thing to have when we enter gambling, be it online or in a physical casino, if we take into account all these premises, our thinking regarding gambling would change, that is, we would put in context that we would only use the casino to be able to have fun and not as a means of obtaining easy money, because everything is in the hands of luck.

[STT]

Surely its the users of the coins taking the risk in their additional bet upon the prospects of that particular blockchain.  The fees for BTC are often not that great so I dont blame people for using alternatives, its their risk to take.  I presume the casino will allow the use of whatever medium is most popular and likely to facilitate inflows.   The stable coins were always a stepping stone, too many people just stood on it forever expecting too much imo

[AmoreJaz]

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.

[wxa7115]

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.

There are probably many reasons for this, the first one is that adding a new coin will always represent additional work for their development team and it is not something that will bring a lot of money as a new and interesting game would, so many casinos are probably not very interested in adding too many coins besides the most important ones in the market.

However another reason is the one you state, if a casino kept some money in an asset that eventually crashed all the way to zero not only they will lose all of that money, but they would have wasted all the time their development team spent on adding that coin to their casino, which signifies a double loss for them.

[Dart18]

I haven't seen a gambling site where they use stablecoins yet. If there is please do share.
I opened my reply there because most cons is the stability of a coin. You bet 1 BTC now which you think should be 30k in USD then it fluctuates down after you win, that means loss.
But this is not the case for those who bet long term. I use BTC as a medium to gamble and I had never came into that kind of problem because my purpose is to accumulate more BTC rather than USD. The cons became a pros, in my case.

[panjul07]

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.

[terrorJR]

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.

It's true that indirectly they must also be aware that this kind of thing must be seen carefully which coins are worthy and which are not because regardless of anything, of course they also do this for business and in business everyone does not want to feel a loss there even though it is inseparable. of that but minimizing is the right way. therefore apart from managing and managing a good site they must also be able to filter about which coins are suitable for gambling.

[Lucasgabd]

<...>

Maybe the expectation to earn a lot of money make people fantasies something in gambling and if we look at certain scenarios we can figure out that this is hard to achieve knowing that mostly the house always win and their gamblers end up losing their money in quick scenario.

Cons maybe the capacity to lose our money is so huge so most provably that we need to be more careful since living on unrealistic scenario that we can win is so dangerous.

anything that creates a fake scenario that makes us ignore reality for a long period of time is a con imo.
better to have a rough true than a lie that makes us comfortable in a scenario where we can work and fight to create a better situation on our lives.
so... when approaching gambling it's probably better to know the game odds or be completely comfortable on losing all the play money... it could happen

It is that games of chance always open up to the possibility that you can win a lot of money with the least possible effort just by being lucky, that is what many are struck by, but of course they do not take into account the more real side that is losing, and losing is the safest thing to have when we enter gambling, be it online or in a physical casino, if we take into account all these premises, our thinking regarding gambling would change, that is, we would put in context that we would only use the casino to be able to have fun and not as a means of obtaining easy money, because everything is in the hands of luck.

there's luck but there's also math
so... calculate the odds
of course if you're doing just for fun I think is fine, the problem begins when people lose control and gambles compulsively.

[Twinkledoe]

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.

It's true that indirectly they must also be aware that this kind of thing must be seen carefully which coins are worthy and which are not because regardless of anything, of course they also do this for business and in business everyone does not want to feel a loss there even though it is inseparable. of that but minimizing is the right way. therefore apart from managing and managing a good site they must also be able to filter about which coins are suitable for gambling.

The casino will incur losses also if in case the alt that they are accepting crashed badly. Because it is already part of their bankroll and if that payment method crashed, it means, their bankroll may be affected if they have large amount of it in their vault. So for casinos which have long list of payment method, they should think of this possible repercussion before it happens to their coins they have.

[Dart18]

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?

[Lucasgabd]

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.

It's true that indirectly they must also be aware that this kind of thing must be seen carefully which coins are worthy and which are not because regardless of anything, of course they also do this for business and in business everyone does not want to feel a loss there even though it is inseparable. of that but minimizing is the right way. therefore apart from managing and managing a good site they must also be able to filter about which coins are suitable for gambling.

The casino will incur losses also if in case the alt that they are accepting crashed badly. Because it is already part of their bankroll and if that payment method crashed, it means, their bankroll may be affected if they have large amount of it in their vault. So for casinos which have long list of payment method, they should think of this possible repercussion before it happens to their coins they have.

yes, in the end this thoughts have to enter on the same basket as general risk management for your portfolio/investments
not a good idea to put a huge % of your bankroll on something risky like let's say dogecoin
so in the same way, if you're a casino owner and decides to list dogecoin, % of reserves shouldn't be a huge amount of the total
even better if it's <5%

[mindrust]

I see only pros. Taking into account all things that are now happening in the world, crypto is safe and reliable. Withdrawals are usually fast. I used to play at Fairspin, never had problems. As for KYC, I don't agree with people here. It is not solved with crypto. Lots of casinos still request KYC while registering.

Fast withdrawals has nothing to do with crypto. It is a feature of the casino. A bank-wire is as fast as a crypto transaction, most of the time it is faster at least in my country.

KYC kills crypto gambling imo. What's the point of crypto if you are going to send your private documents? Legacy casinos do the same thing so what exactly is the difference between a legacy casino and a crypto casino? They are both centralized in the end. They will share your information with the police when they are asked...

[Finestream]

snip

That means bitcoin converts people in your area to playing gambling using bitcoins. As long as bitcoin isn't just used for gambling and people use it for other positive things, I guess your government will be fine. But it's different if people only use bitcoins for gambling. It will surely provoke a negative reaction from many parties. There is a possibility that the government will ban the use of bitcoins in your area. So you better be careful and don't use crypto too often to gamble.

Now i also see the scenario why the government here in my country is attacking bitcoin, not that fiat usage has been low, but the demand for bitcoin has increased due to some gambling activities, aside from those scam activities wherein bitcoin is indirectly involved. As long as bitcoin is not adopted as an alternative currency to fiat, it will always provoke negativity from different parties. And that only the consequences from using bitcoin will always be seen and noticed.

[Fatunad]

snip

That means bitcoin converts people in your area to playing gambling using bitcoins. As long as bitcoin isn't just used for gambling and people use it for other positive things, I guess your government will be fine. But it's different if people only use bitcoins for gambling. It will surely provoke a negative reaction from many parties. There is a possibility that the government will ban the use of bitcoins in your area. So you better be careful and don't use crypto too often to gamble.

Now i also see the scenario why the government here in my country is attacking bitcoin, not that fiat usage has been low, but the demand for bitcoin has increased due to some gambling activities, aside from those scam activities wherein bitcoin is indirectly involved. As long as bitcoin is not adopted as an alternative currency to fiat, it will always provoke negativity from different parties. And that only the consequences from using bitcoin will always be seen and noticed.

Speaking with legal manner or not,there would always be that negative impression towards Bitcoin or crypto as a whole on which not all parts of the world would have positive treatment or views towards it that's why it's not surprising on different kinds of treatment towards crypto due to its characteristics and feature which do really opposes centralization which is something that not appealing for any governing bodies.As for personal effects then we know about financial aspect kind of effect and also the pros on having some fun or leisure time.

[BitcoinAccepted]

The big advantage is of course that it is relatively anonymous, apart from the KYC. You can deposit as much money as you want, there is no one to check or view a transaction and possibly put it on pause as banks often like to do. And it also goes very fast, you can gamble fairly quickly on the site after an upgrade. And for a payout it is of course exactly the same story. Anonymity could also be a disadvantage if you have problems with a casino.