The Pros and Cons of Bitcoin Gambling

[xSkylarx]

gambling is design to take our money and not for us to take theirs .

That is how the business itself works. Gambling was made solely for entertainment, It's just us that take it to another level because there is a possibility to earn from it and if lucky, can change our whole life. Gambling is a game of luck so there is no guarantee that you will earn from it as often as you want. Gamblers should put aside the money when they are gambling, they should just do it for fun and avoid chasing losses. Addiction related cases will be much lesser if gamblers' mindset will be like that.

[1714807881]

1714807881

[1714807881]

1714807881

[1714807881]

1714807881

[rhomelmabini]

Not to mention, Bitcoin being used on gambling sites is one of the many reasons that it flourished to what it is now. Of course there will be pros and cons on using bitcoin or other crypto on gambling sites, but I say it's on the individual to weigh that if it's convenient for them on using it or not. For me, I say it's more convenient but I try to limit it especially if it concerns my privacy.

Exactly, the adaption of bitcoin and other crypto being used as the main currency for gambling is one of the great thing why crypto is flourishing and prospering. Actually, other than security and anonymity of the users, there is no main pros for crypto gambling website differ in just a regular online casino. Anyways, the convenience it provides to us in the crypto industry to directly use our crypto to gamble is already to good for me.

When we interact and put our money inside an online gambling casino, that definitely already less secured and has less anonymity compared to when it was just on your wallet. I say the pros in it are just it's convenient for us to use directly and no need for middlemen just for us to be able to play in a casino.

Soo much convenience i would say if we do tend to compare it into those traditional aspect or ways on how we would able to play without any hardship
in speaking with anonymity and decentralized.Yes, there are some part which are totally some cons but not really that much or more worst when dealing with a fiat casino.
The only con's i would say is in attaching yourself with the addiction on playing gambling and i dont see any issues about putting yourself known
that you've been doing gambling.Its none of their business on how you would be spending up your funds.

There are always pros and cons, in both traditional and online crypto gambling.
And it depends on how you look at these 2, and how it will work to your advantage.
Because at the end of the day, the funds that you will spend is up to you.
But on my end, I found crypto gambling as a very convenient place for me to handle my gambling activities.
So the pros and cons of bitcoin gambling as compared to traditional fiat casinos depend on the gambler himself.
Some will stick to fiat or traditional, because they are more comfy with it as they are used to this set-up.
But for most here in the forum, I believe, a lot are having their betting via online crypto casinos now.

I tend to agree on that considering this is a crypto focused forum and most gamblers here would definitely on that. We don't know if there are users in this forum that are more comfortable on traditional gambling if they do, but I definitely won't agree if they are using crypto already in years yet prefers the traditional, just my opinion. Crypto was more convenient I say, you can even lay in bed while gambling or do other chores if you area multitasker.

[ChiBitCTy]

As others have pointed out you got a few things wrong here and one of the main things being that it’s not traceable which is just not true. I think the main advantage is that it does provide a level of privacy but it’s not fully private and it’s important to understand that.

[Wakate]

Bitcoin had made a great chances in the history of the gambling world. It changes the mindset of gamblers and makes it easier to gamble even in a foreign country without the need to exposing your identity to gambling site that could end up being hacked if anything goes wrong. Bitcoin has made our really identity unknown and increases the urge of gambling.
The decentralized gambling is more safe and better than the use of fiat. It makes gambling transactions more faster and reliable if the gambling platform has enough trust reputation.

[virasisog]

Bitcoin had made a great chances in the history of the gambling world. It changes the mindset of gamblers and makes it easier to gamble even in a foreign country without the need to exposing your identity to gambling site that could end up being hacked if anything goes wrong. Bitcoin has made our really identity unknown and increases the urge of gambling.
Decentralized gambling is safer and better than the use of fiat. It makes gambling transactions more faster and reliable if the gambling platform has enough trust reputation.

Security and privacy are the things that make Bitcoin gambling better than fiat gambling. In our generation these days where the government always track our assets, Bitcoin's decentralization saves us. It also provides the convenience that we want since we can bet and play whenever we want as long as gambling is legal in our country. There might be cons because of cryptocurrency's risks but Bitcoin still a safer choice compared to other form of gambling payment.

[wxa7115]

gambling is design to take our money and not for us to take theirs .

That is how the business itself works. Gambling was made solely for entertainment, It's just us that take it to another level because there is a possibility to earn from it and if lucky, can change our whole life. Gambling is a game of luck so there is no guarantee that you will earn from it as often as you want. Gamblers should put aside the money when they are gambling, they should just do it for fun and avoid chasing losses. Addiction related cases will be much lesser if gamblers' mindset will be like that.

True, the aim of casinos is very clear, they are just offering a way to pass some of our time and offer to us a way to get some excitement in our lives.

However there are some people that take this too far, whether because they want to experience that excitement over and over again or because they want to become profitable, they stop using gambling for its main purpose and that is when they get into trouble, as they are unable to separate their fantasies from the reality and they think they can accomplish their goals, even if it is something impossible to do.

[BITCOIN4X]

I tend to agree on that considering this is a crypto focused forum and most gamblers here would definitely on that. We don't know if there are users in this forum that are more comfortable on traditional gambling if they do, but I definitely won't agree if they are using crypto already in years yet prefers the traditional, just my opinion. Crypto was more convenient I say, you can even lay in bed while gambling or do other chores if you area multitasker.

The case may be different for countries where gambling is legal. There are some of them who might tend to prefer the atmosphere of a physical casino to an online casino, but if they want to take good care of their privacy, then crypto gambling is a great option for them. It is much more likely for anyone whose gambling status is illegal to try crypto gambling as it is the safest way to do it regardless of KYC, it is a good option to consider.

[ipanks]

snip

snip

I believe that the choice of a casino will depend on the comfort factor of a person in playing gambling, even if the country legalizes or does not legalize gambling. As long as he feels comfortable playing gambling, he will continue to play gambling and the currency he will use will also depend on the comfort factor he wants. Maybe he used fiat more at first, but as technology developed and cryptocurrency became more popular, he switched to using cryptocurrency and left fiat to gamble.

[wxa7115]

I tend to agree on that considering this is a crypto focused forum and most gamblers here would definitely on that. We don't know if there are users in this forum that are more comfortable on traditional gambling if they do, but I definitely won't agree if they are using crypto already in years yet prefers the traditional, just my opinion. Crypto was more convenient I say, you can even lay in bed while gambling or do other chores if you area multitasker.

The case may be different for countries where gambling is legal. There are some of them who might tend to prefer the atmosphere of a physical casino to an online casino, but if they want to take good care of their privacy, then crypto gambling is a great option for them. It is much more likely for anyone whose gambling status is illegal to try crypto gambling as it is the safest way to do it regardless of KYC, it is a good option to consider.

We must also take into account that things have changed due to the pandemic and the habits of the average person have changed as well, before the pandemic I did in fact like to gamble once in a while at physical casinos but since the pandemic started I have yet to step into a casino again.

And what happens is that things that did not bother me before do in fact bother me now, for example at physical casinos the minimum bet is very high while at cryptocurrency casinos the minimum bet is incredibly low, to the point that even if you were to play the same amount of time in both casinos the amount of money you will spend at an online casino will be many times lower.

[LUCKMCFLY]

I tend to agree on that considering this is a crypto focused forum and most gamblers here would definitely on that. We don't know if there are users in this forum that are more comfortable on traditional gambling if they do, but I definitely won't agree if they are using crypto already in years yet prefers the traditional, just my opinion. Crypto was more convenient I say, you can even lay in bed while gambling or do other chores if you area multitasker.

The case may be different for countries where gambling is legal. There are some of them who might tend to prefer the atmosphere of a physical casino to an online casino, but if they want to take good care of their privacy, then crypto gambling is a great option for them. It is much more likely for anyone whose gambling status is illegal to try crypto gambling as it is the safest way to do it regardless of KYC, it is a good option to consider.

Yes, in fact I know some friends who used to be very good at going to the physical casino to play, because he specifically did not mind leaving all his salary there, I remember that when I met him he bet a lot of money on few things, in roulette he bet too much and most of the time he lost, but when he learned about online games and crypto casinos, he played but for him it was not the same emotion, he was more like being in a casino where they gave him drinks, he saw women and apart from that he played, for him That was more important, he resorted to crypto casinos because in my country it lasted almost 20 years with prohibited casinos, and that is why he took that option of the crypto casino.

[Spack17]

The biggest advantage of gambling with Bitcoin is that it is private and tax free. The government cannot benefit from your money. However, the biggest disadvantage is; its value is constantly changing. You must calculate the amount you use according to at least 3% variability. Otherwise, you may lose a little while trying to make a profit.

[gunhell16]

Yes, in fact I know some friends who used to be very good at going to the physical casino to play, because he specifically did not mind leaving all his salary there, I remember that when I met him he bet a lot of money on few things, in roulette he bet too much and most of the time he lost, but when he learned about online games and crypto casinos, he played but for him it was not the same emotion, he was more like being in a casino where they gave him drinks, he saw women and apart from that he played, for him That was more important, he resorted to crypto casinos because in my country it lasted almost 20 years with prohibited casinos, and that is why he took that option of the crypto casino.

Perhaps, the friend you are talking about is that this gambling for him was one of His vices, isn't? according to you, He gambled too much
in accordance to my understanding. Maybe for Him gamble is a one of his advantage to earn here in easiest way or it could be that He rely on luck also.
And as far as I can see to your friend too that He is a risk taker as an individual gambler here in the cryptocurrency.

As others have pointed out you got a few things wrong here and one of the main things being that it’s not traceable which is just not true. I think the main advantage is that it does provide a level of privacy but it’s not fully private and it’s important to understand that.

Isn't that Bitcoin was pseudonymous that is why its traceable? Can clarify here specifically in which for you is not
true that it is traceable? thanks Sir...

[Zilon]

The biggest advantage of gambling with Bitcoin is that it is private and tax free. The government cannot benefit from your money. However, the biggest disadvantage is; its value is constantly changing. You must calculate the amount you use according to at least 3% variability. Otherwise, you may lose a little while trying to make a profit.

If the government can't benefit through taxes then how do we intend generating revenues for development. This is the reason the government keeps fighting hard to either ban or regulate this crypto currencies so they don't get completely sidelined in our transactions.

The volatility could work either ways it could be bullish or bearish meaning it could be an advantage or disadvantage depending on  the price as at when the deposit was made and when the withdrawn winning is made.

[Maslate]

It's not private anymore if a casino will require us to comply with the KYC.

Though there are still a lot of casinos that really offer anonymous gambling, the moment they get a license, it's just like they are turning into a fiat casino because they are already regulated, hence gamblers have to comply with the regulation.

It's only private if it's a "real decentralized" system that we are using, unfortunately, it does not work that way becuase bitcoin is only a payment method and we still follow the typical type of gambling.

[tn211]

It's not private anymore if a casino will require us to comply with the KYC.

Though there are still a lot of casinos that really offer anonymous gambling, the moment they get a license, it's just like they are turning into a fiat casino because they are already regulated, hence gamblers have to comply with the regulation.

It's only private if it's a "real decentralized" system that we are using, unfortunately, it does not work that way becuase bitcoin is only a payment method and we still follow the typical type of gambling.

KYC is the standard. Apart if this is good, I avoid small casino's etc. Had a bad experience in the past hence i i only gamble, for fun, with the big boys.
Just make sure to follow the book when you win, governments are not too fond of crypto, nor will they of you when you try to bypass the law.. And yes casino's have to cooperate...

[Plaguedeath]

The biggest advantage of gambling with Bitcoin is that it is private and tax free. The government cannot benefit from your money. However, the biggest disadvantage is; its value is constantly changing. You must calculate the amount you use according to at least 3% variability. Otherwise, you may lose a little while trying to make a profit.

It's no longer private when you have created an account with your real IP address and moreover you had giving your KYC.
It's no longer tax free when the government cooperate with the casino.
The volatility is the advantages why many people invest on Bitcoin, if you hate volatility then crypto space isn't for you.

[madnessteat]

^

Bitcoin is bought not because of volatility but because it is a deflationary asset with limited issuance.

No one is forcing you to reveal your IP address or go through KYC. You do it on your own, as there are still casinos that do not require users to provide personal information.

If you use Bitcoin wisely you can remain completely anonymous when you gamble.

[Peanutswar]

The biggest advantage of gambling with Bitcoin is that it is private and tax free. The government cannot benefit from your money. However, the biggest disadvantage is; its value is constantly changing. You must calculate the amount you use according to at least 3% variability. Otherwise, you may lose a little while trying to make a profit.

If the government can't benefit through taxes then how do we intend generating revenues for development. This is the reason the government keeps fighting hard to either ban or regulate this crypto currencies so they don't get completely sidelined in our transactions.

The volatility could work either ways it could be bullish or bearish meaning it could be an advantage or disadvantage depending on  the price as at when the deposit was made and when the withdrawn winning is made.

There are a lot of countries that their government want to push having taxes but if the country does not have enough support at the same time knowing of how the cryptocurrency work they cant make a petition with it. In my country they want to push with this but some of the people defended that they cant do this because it is volatile at the same time.

[aioc]

Bitcoin had made a great chances in the history of the gambling world. It changes the mindset of gamblers and makes it easier to gamble even in a foreign country without the need to exposing your identity to gambling site that could end up being hacked if anything goes wrong. Bitcoin has made our really identity unknown and increases the urge of gambling.
The decentralized gambling is more safe and better than the use of fiat. It makes gambling transactions more faster and reliable if the gambling platform has enough trust reputation.

This is why we have a lot of Cryptocurrency based casinos than fiat casinos and many more coming because this is the future of online gambling, it serves the needs of the gamblers, decentralized, anonymous, and protected, in the past gamblers are very much concerned on how they gamble because they are exposed and like what you said there are many options to deposit and there are no questions on deposit and withdrawal because it's relying on blockchain where transactions are transparent.

[dataispower]

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.

if you have noticed that, don't hesitate to report with a good evidence which is the source from that link or from the site where all these are being done for plagiarism checker out board. this is one the condition of the forum but anyone that violated the law the first penalty of ban not to have access to the community if you really it is what op done, it is a just a simple matter which can shut down it's account anytime. Paraphrase is guilty of the law