The Pros and Cons of Bitcoin Gambling

[gunhell16]

  Nowadays, there are a lot Bitcoin gamblers who are hoping to earn big in a short period of time. But the majority of the community are not aware and don't have any idea regarding about the advantages and disadvantages of this industry. That is why I'd like to discuss this matter to show what I had discovered in the Bitcoin gambling.






BITCOIN GAMBLING ADVANTAGES FOR PLAYERS

1. It is decentralized.
2. It is secure.
3. It is private.
4. It is fast.
5. It is not subject to inflation.
6. It is not always taxed
7. Bitcoin has (had) low transaction fees.


BITCOIN GAMBLING DISADVANTAGES

1.Bitcoin is volatile.
2.It is a work in progress.
3.Not a “household” payment method.
4.It is untraceable


Source: https://www.softswiss.com/knowledge-base/advantages-disadvantages-using-bitcoin/?fbclid=IwAR2bkScSBwyYNCu3I7wQCu9vOEW5j_G2Q2ITdFp2pyEE-ADCQ3bPXe7w9jE


Now that all of us have an idea about the Pros and cons according to the source link,  I'd like to ask something to anyone here in the forum.

- Is it convenient to play in the Bitcoin Gambling?
- How does Bitcoin gambling work?
- Does Bitcoin Gambling can give a good opportunity to everyone?

- if you become addicted to gambling can it be said that it is a good result even though there is an advantage if you play in the Bitcoin
  gambling

 Bitcoin gambling for me is just a matter of Fun or amusement in accordance with my insight with this.
Hope every one can give other tips on this matter..

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[Despairo]

1. It is decentralized
2. It is secure
3. It is private

Wrong,
Bitcoin is decentralized, but if you have deposited your coins to centralized services e.g. casino, it's no longer decentralized and they have a control over your coins.
Bitcoin is secure, but if you have deposited your coins to a casino, it's no longer secure since any website are vulnerable to get hacked e.g. exchanges had been hacked multiple times.
Bitcoin is private, but if you have deposited your coins to a casino, it's no longer private since they have recorded your IP, device and moreover you have submitted your personal information to them, they can easily know your name, face, location etc.

4. It is untraceable. Bitcoin’s anonymity

Wrong,
Bitcoin is not anonymous, but pseudonymous. Anyone can trace Bitcoin if they didn't use a mixer or having good privacy concern.

- Is it convenient to play in the Bitcoin Gambling?
- How does Bitcoin gambling work?

It's more convenient due to easier than using fiat to gamble and there's no much difference between Fiat based casino and Bitcoin based casino. It works same, the main difference is the payment method.

[cabron]

For the not techie and want to start playing with Bitcoin on casino, those pros and cons are enough to decide to join Bitcoin gambling. Once they are already learning it all, they'd realize the article they once read is not telling the whole thing. Ofcourse there are few in list that can be disputed, softswiss is selling something for casinos and enticing gamblers.

The work in progress is better. I think when the privacy option will be updated, BTC will have a new pros.

[coin-investor]

The whole post is a copy-paste from the source, OP is breaking one of the forum rules, he should just copy and quote an excerpt from the article and create his own unique thread, this could be flagged down, I'm surprised that OP has a senior rank we can excuse this if it's coming from a newbie but not good if it's coming from a senior member, OP should know better.

[Sarah Azhari]

The whole post is a copy-paste from the source, OP is breaking one of the forum rules, he should just copy and quote an excerpt from the article and create his own unique thread, this could be flagged down, I'm surprised that OP has a senior rank we can excuse this if it's coming from a newbie but not good if it's coming from a senior member, OP should know better.

He currently wakes up after 1 half year of sleep and writes 10 posts in 1 day. but for sure, the bitcoin gambling was live at that time (2021), and he should know to not asking the stupid question like this: How does Bitcoin gambling work?, - https://bitcointalk.org/index.php?topic=927971.0

[Wexnident]

Seems dumb to me tbh. This isn't about crypto vs fiat gambling, you can remove the gambling part and you can still get the same argument or discussion imo. The two mediums differ from each other which brings about the advantages, so really, it isn't a matter of gambling but rather the usual comparison of fiat vs Bitcoin/crypto. But anyway to answer OP's question.

- Is it convenient to play in the Bitcoin Gambling?

It's convenient to use crypto in my case.

- How does Bitcoin gambling work?

Like any other gambling out there, but crypto is used instead of fiat.

- Does Bitcoin Gambling can give a good opportunity to everyone?

No.

- if you become addicted to gambling can it be said that it is a good result even though there is an advantage if you play in the Bitcoin
  gambling

What now? Being addicted to gambling whether you use fiat or crypto is nothing similar or can come close to being called a "good result".

[Saisher]

The whole post is a copy-paste from the source, OP is breaking one of the forum rules, he should just copy and quote an excerpt from the article and create his own unique thread, this could be flagged down, I'm surprised that OP has a senior rank we can excuse this if it's coming from a newbie but not good if it's coming from a senior member, OP should know better.

He currently wakes up after 1 half year of sleep and writes 10 posts in 1 day. but for sure, the bitcoin gambling was live at that time (2021), and he should know to not asking the stupid question like this: How does Bitcoin gambling work?, - https://bitcointalk.org/index.php?topic=927971.0

The history of posts seems ok he was active in the gambling section before he takes a long vacation but very questionable why he needed to post the whole content of the article this is plagiarism and he can get himself ban, he better edit his thread and just extract important points on the article and quote and make his own unique posts.
He's a senior member with Post; 1611 Activity:   994 I don't have to remind him that he is plagiarizing.

[adzino]

 Nowadays, there are a lot Bitcoin gamblers who are hoping to earn big in a short period of time. But the majority of the community are not aware and don't have any idea regarding about the advantages and disadvantages of this industry. That is why I'd like to discuss this matter to show what I had discovered in the Bitcoin gambling.



BITCOIN GAMBLING ADVANTAGES FOR PLAYERS

1. It is decentralized.
2. It is secure.
3. It is private.
4. It is fast.
5. It is not subject to inflation.
6. It is not always taxed
7. Bitcoin has (had) low transaction fees.

1. It is but once you send your coins to the casino, you are sent it to the centralized wallet.

2. Security depends on the casino.

3. Not anymore if you have to pass KYC for playing.

4. And sometimes very slow!

6. It is always taxed. You choose not to disclose your assets and earnings.

7. Not always.

4.It is untraceable

Not really. Bitcoin is pseudonymous. Not anonymous. And since you will provide your ID to the casino, it can be traced back to you.

[gunhell16]

The whole post is a copy-paste from the source, OP is breaking one of the forum rules, he should just copy and quote an excerpt from the article and create his own unique thread, this could be flagged down, I'm surprised that OP has a senior rank we can excuse this if it's coming from a newbie but not good if it's coming from a senior member, OP should know better.

He currently wakes up after 1 half year of sleep and writes 10 posts in 1 day. but for sure, the bitcoin gambling was live at that time (2021), and he should know to not asking the stupid question like this: How does Bitcoin gambling work?, - https://bitcointalk.org/index.php?topic=927971.0

The history of posts seems ok he was active in the gambling section before he takes a long vacation but very questionable why he needed to post the whole content of the article this is plagiarism and he can get himself ban, he better edit his thread and just extract important points on the article and quote and make his own unique posts.
He's a senior member with Post; 1611 Activity:   994 I don't have to remind him that he is plagiarizing.

last year 2021 I started to rest because that was my Doctor's advice to me, meaning even if I want to continue to be active here in the forum I can't do it because I'm in the stage where I need to recover my illness and I'm in the stage of my medication, any gadgets are forbidden unless I can see a good recovery from my condition. And I've just been notified that I can use gadgets, laptops or desktops recently, so here I am, returning to being active here on the forum.

How can you say that I posts 10 in 1 day Sir? did you check my history of post? please don't judge me on that matter.
I admit You are right that I should double check and edit to make my post looks good and that's what I did and I am grateful for that to you. But telling something that is not true is not a good things. Thank you and God bless you sir.

[serjent05]

Is it convenient to play in the Bitcoin Gambling?

It is convenient as long as the Bitcoin Gambling Casino does not require KYC.

- How does Bitcoin gambling work?

Well, it is either a Casino accepting cryptocurrency and using Bitcoin as a method to bet or a site that encourages P2P betting with Bitcoin.

- Does Bitcoin Gambling can give a good opportunity to everyone?

From a player's perspective, I don't think Bitcoin gambling gives a good opportunity to earn for everyone but as a Casino, it gives an opportunity to cater to crypto enthusiast people that wanted to use Bitcoin to gamble.

- if you become addicted to gambling can it be said that it is a good result even though there is an advantage if you play in the Bitcoin
  gambling

Any addiction doesn't give a positive result so it isn't right to say that even if you are into Bitcoin gambling.

last year 2021 I started to rest because that was my Doctor's advice to me, meaning even if I want to continue to be active here in the forum I can't do it because I'm in the stage where I need to recover my illness and I'm in the stage of my medication, any gadgets are forbidden unless I can see a good recovery from my condition. And I've just been notified that I can use gadgets, laptops or desktops recently, so here I am, returning to being active here on the forum.

Welcome back, I hope you are all good now.

I admit You are right that I should double check and edit to make my post looks good and that's what I did and I am grateful for that to you. But telling something that is not true is not a good things. Thank you and God bless you sir.

It is good to see you take the criticism positively and try to improve your post. Not many people are able to do this kind of acceptance, others are insulted or offended when someone comes up with harsh comment.

[traderethereum]

- Is it convenient to play in the Bitcoin Gambling?
- How does Bitcoin gambling work?
- Does Bitcoin Gambling can give a good opportunity to everyone?

- if you become addicted to gambling can it be said that it is a good result even though there is an advantage if you play in the Bitcoin
  gambling

 Bitcoin gambling for me is just a matter of Fun or amusement in accordance with my insight with this.
Hope every one can give other tips on this matter..

- It depends on each people who wants to play gambling. If they often use crypto, they will not try the other payment because they feel comfortable using crypto.
- What opportunity? If that is an easiness, then that will be back to each person.
- It is not a good result if you become addicted to gambling as you will forget how to stop gambling and play gambling more.

Playing gambling using crypto is an option for people who want to hide their identity from others.

[stepwilli]

Most of the advantages that you list only applies to a decentralized bitcoin gambling sites because there are also centralized one which accepts bitcoin. About the disadvantage, they are not really a disadvantage to a true bitcoin user but they are in fact an advantage.

Is it convenient to play in the Bitcoin Gambling?

Yes, because there are no restrictions of using this currency.

How does Bitcoin gambling work?

It works just like a normal gambling but the only difference is that we are using bitcoin as a currency.

Does Bitcoin Gambling can give a good opportunity to everyone?

Yes, of course. The opportunity is to have fun and also to earn a profit if we are lucky.

if you become addicted to gambling can it be said that it is a good result even though there is an advantage if you play in the Bitcoin
  gambling

If it's only advantage that is mostly felt I think yes, I can say that I am addicted in a good way.

Like you I also treat bitcoin gambling for fun and if there is a tip that I can give, that would be to gamble only the money that is not really needed so that you will not worry once you lose it all.

[Doell]

- Does Bitcoin Gambling can give a good opportunity to everyone?
- if you become addicted to gambling can it be said that it is a good result even though there is an advantage if you play in the Bitcoin gambling

IMO gambling using Bitcoin is something profitable, let's say you own 1 Bitcoin and gamble. Then you win and your balance become 100 Bitcoin, also there is added selling value for you if the bitcoin price increases. You can simultaneously invest and hold in the long term, it will make you luckier.
Addiction will not find good results, playing gambling if you are not smart will always find a point of lose. Addiction is a sickness, it's good to gamble just to fill spare time and not be always consumed for your mind.

[dothebeats]

4.It is untraceable

Bitcoin IS traceable to the trained individual. The thought that bitcoin is untraceable is outright wrong. With lots of technologies invented that is dedicated to the tracking and isolating transactions to a single individual that improves over time, it is impossible that neither of those can connect random transactions to certain people. Also, this pseudo-anonymity feature of bitcoin is not really a con for gambling, but rather something positive for the gambler. As much as possible, gamblers would avoid getting their name involved in such activities, and bitcoin helps in doing just that.

[serjent05]

- Does Bitcoin Gambling can give a good opportunity to everyone?
- if you become addicted to gambling can it be said that it is a good result even though there is an advantage if you play in the Bitcoin gambling

IMO gambling using Bitcoin is something profitable, let's say you own 1 Bitcoin and gamble. Then you win and your balance become 100 Bitcoin, also there is added selling value for you if the bitcoin price increases. You can simultaneously invest and hold in the long term, it will make you luckier.

Or we can look at it from a pessimist view, we have 100 BTC then we played and lost it all in a single session.  Now we regret why we did not stop while we still have a chance to minimize the losses. Meaning there is no sure good opportunity to gain in Bitcoin gambling, even fun can turn into worries if we failed to have self-check.

Addiction will not find good results, playing gambling if you are not smart will always find a point of lose. Addiction is a sickness, it's good to gamble just to fill spare time and not be always consumed for your mind.

I agree, there is never a good kind of addiction.  Anything excessive is bad, even excessive love is not healthy. Though it is beneficial to your partner, you will end up destroying yourself in the process.

4.It is untraceable

Bitcoin IS traceable to the trained individual. The thought that bitcoin is untraceable is outright wrong. With lots of technologies invented that is dedicated to the tracking and isolating transactions to a single individual that improves over time, it is impossible that neither of those can connect random transactions to certain people. Also, this pseudo-anonymity feature of bitcoin is not really a con for gambling, but rather something positive for the gambler. As much as possible, gamblers would avoid getting their name involved in such activities, and bitcoin helps in doing just that.

Yeah, it should be transparent and be put on the pros of Bitcoin gambling.  With transparent transactions,  fraud attempts  will be nullified

[DoublerHunter]

4.It is untraceable

Bitcoin IS traceable to the trained individual. The thought that bitcoin is untraceable is outright wrong. With lots of technologies invented that is dedicated to the tracking and isolating transactions to a single individual that improves over time, it is impossible that neither of those can connect random transactions to certain people. Also, this pseudo-anonymity feature of bitcoin is not really a con for gambling, but rather something positive for the gambler. As much as possible, gamblers would avoid getting their name involved in such activities, and bitcoin helps in doing just that.

^ This is definitely right, even those custodial exchanges prohibited your account from sending or moving funds from the gambling casino which means, they can trace if the fund was come from the gambling casino and suddenly locked up to your account since every custodial wallet or exchange always prohibited to link your account and the casino wallet. So it's a traceable transaction.
The reason why I hate reading an article is that the author does not have a true experience on gambling using crypto, as long as they have an article to publish.

[swogerino]

It gives the advantage of being pseudo anonymous at first but with a bit of work you can make it fully anonymous by using different wallets for depositing money and different wallets for withdrawing,this is another story but the best of what bitcoin offers is convenience to not use any mean of other payment that leaves trace,credit card for example or bank deposit,these type of payments leave traces which is not ideal for people who don't want to let other people know they are gamblers for many reasons.

The transaction fees is not really an advantage compared to FIAT betting sites as the most well known FIAT betting sites you withdraw the money and they don't charge you any fee,at leas this was the case 2 or 3 years ago when I last have played at such place.

[BitcoinAccepted]

There are several advantages and disadvantages with a crypto casino / gambling site. I think the biggest advantage is that there is often anonymity. Then we leave the KYC procedure and verification out of consideration of course. Another advantage is that there are normally no limits on deposits and withdrawals. It does not go through external systems, so deposits would soon be visible after 1 or 2 confirmations on the network. Paying out is the same story, although it does require the cooperation of the site.

[khaled0111]

Those are the advantages and disadvantages (although I disagree with some of those points) of using bitcoin in general and not restricted to crypto gambling.
Actually, if we are going to talk about advantages/disadvantages of using bitcoin to gamble then most of the points you mentioned will become irrelevant. For example, the moment you send your coins to your casino account, we can't talk about décentralisation, security, privacy.. anymore.

[Fivestar4everMVP]

I don't know what other people think, but for me, I think Bitcoin is the best thing that has ever happened to the gambling industry, it doesn't matter how many the disadvantages are, what really matter is that the advantages are far more than the disadvantages.
Without bitcoin, somebody like me will never go into gambling because I hate the stress of trying to deposit fiat into my account with my debit or credit card, and also the stress one goes through during withdrawal most especially, if it is an international transaction, the fees banks charge are also nothing to write home about.
So morning, day or night, I still prefer gambling with my bitcoin than fiat.