The Pros and Cons of Bitcoin Gambling

[wxa7115]

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.

While I agree that the volatility can be a pain when you gamble as you could have earned a lot of bitcoin during a session only to find out that you lost in terms of fiat when the market crashed, this is something in which we had years to learn how to handle.

Personally when that happens I think about it in the same way I think about my bitcoin investment, maybe its fiat value is down but in the future it will go up, besides we are gambling with satoshis and not with fiat so as long as I got more bitcoin in my wallet I think of it as a win.

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[goaldigger]

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

He gives the source link and summarize it to give the highlights of the topic, I don’t think its plagiarism since he acknowledge the real source. Well, its up to them if its qualified for plagiarism and going back to the topic, using Bitcoin really have its own pros and cons especially now that Bitcoin is being considered as one of the best investment, and very few are spending their Bitcoin on its real usage. I do gamble sometimes with Bitcoin, and I understand that I’m losing more because of its volatility.

[DoublerHunter]

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.

While I agree that the volatility can be a pain when you gamble as you could have earned a lot of bitcoin during a session only to find out that you lost in terms of fiat when the market crashed, this is something in which we had years to learn how to handle.

Personally when that happens I think about it in the same way I think about my bitcoin investment, maybe its fiat value is down but in the future it will go up, besides we are gambling with satoshis and not with fiat so as long as I got more bitcoin in my wallet I think of it as a win.

^ On this perception, you are not a gambler, you are a holder because you care about the value of BTC.
A gambler will not care about a value when it will drop or up, if they gamble in crypto after they purchase, they gamble it directly to the gambling casino that they like to gamble there is no loss of the value because you are purchasing at a lower price and in gambling casino if you will bet 1 BTC you will win 1 BTC even if the price has drastically down. Volatility is nothing if you are a gambler, but if you care on it you are a holder.

[Google+]

^ On this perception, you are not a gambler, you are a holder because you care about the value of BTC.
A gambler will not care about a value when it will drop or up, if they gamble in crypto after they purchase, they gamble it directly to the gambling casino that they like to gamble there is no loss of the value because you are purchasing at a lower price and in gambling casino if you will bet 1 BTC you will win 1 BTC even if the price has drastically down. Volatility is nothing if you are a gambler, but if you care on it you are a holder.

Agree with you. there is no worry for gambling addicts when the price of bitcoin falls or when bitcoin goes up, of course they will bet and bet as usual. and I experienced this myself because I play gambling only with Doge crypto currency, I don't care if the Doge goes up or down when I want to play gambling I always buy Doge and make bets. maybe in this context only newbies in crypto gambling will have a problem with this because they see the estimated value of the asset falling since the market crash and measure Btc to fiat.

[livingfree]

The cons of bitcoin being volatile is its nature. It's the same for other supported altcoins of a casino except the stable coins. But bitcoin gambling has been the standard of crypto casinos.

It's where it all started until some casinos have been built on different chains as dapps, smart contracts and other of the same stuff. Yet, it never gets unpopular if it's about bitcoin gambling.

We're on it, and some bitcoin casinos that don't accept other altcoins except bitcoin only and fiat deposits/withdrawals.

[Cling18]

^ On this perception, you are not a gambler, you are a holder because you care about the value of BTC.
A gambler will not care about a value when it will drop or up, if they gamble in crypto after they purchase, they gamble it directly to the gambling casino that they like to gamble there is no loss of the value because you are purchasing at a lower price and in gambling casino if you will bet 1 BTC you will win 1 BTC even if the price has drastically down. Volatility is nothing if you are a gambler, but if you care on it you are a holder.

Agree with you. there is no worry for gambling addicts when the price of bitcoin falls or when bitcoin goes up, of course they will bet and bet as usual. and I experienced this myself because I play gambling only with Doge crypto currency, I don't care if the Doge goes up or down when I want to play gambling I always buy Doge and make bets. maybe in this context only newbies in crypto gambling will have a problem with this because they see the estimated value of the asset falling since the market crash and measure Btc to fiat.

Yes, the value of cryptocurrency won't affect you if you're an old-time gambler because you already know how to deal with it. Old gamblers focus on playing and not on the volatility of cryptocurrencies unlike traders and investors because we focus on winning here regardless of the current market situation.

[Lanatsa]

^ On this perception, you are not a gambler, you are a holder because you care about the value of BTC.
A gambler will not care about a value when it will drop or up, if they gamble in crypto after they purchase, they gamble it directly to the gambling casino that they like to gamble there is no loss of the value because you are purchasing at a lower price and in gambling casino if you will bet 1 BTC you will win 1 BTC even if the price has drastically down. Volatility is nothing if you are a gambler, but if you care on it you are a holder.

Agree with you. there is no worry for gambling addicts when the price of bitcoin falls or when bitcoin goes up, of course they will bet and bet as usual. and I experienced this myself because I play gambling only with Doge crypto currency, I don't care if the Doge goes up or down when I want to play gambling I always buy Doge and make bets. maybe in this context only newbies in crypto gambling will have a problem with this because they see the estimated value of the asset falling since the market crash and measure Btc to fiat.

When you do gamble then you wont really be mattering or minding that much about investment or on the coin that you've been using in terms of its volatility since you would be always be thinking or minding about on fiat

value which does simply means that whatever the market condition would be then you wont really care about the price as long you do love to play gambling then this is what you would really be thinking on.

Pros and cons would be typically be talking about gambling addiction and financial problems and into its pros then it would be a huge winning and leisure you do seek off.
Its just common sense but there are people who do go beyond borders and would really be ending up on the wrong path.

[terrorJR]

Yes, the value of cryptocurrency won't affect you if you're an old-time gambler because you already know how to deal with it. Old gamblers focus on playing and not on the volatility of cryptocurrencies unlike traders and investors because we focus on winning here regardless of the current market situation.

True, this will not affect if it is just a gambler but if you look at what is happening here most of those who gamble apart from being gamblers they are also traders or crypto investors which when something like this is happening now indirectly this will become Thought for them not all are like that but for the most part it will probably do.

[ultrloa]

^ On this perception, you are not a gambler, you are a holder because you care about the value of BTC.
A gambler will not care about a value when it will drop or up, if they gamble in crypto after they purchase, they gamble it directly to the gambling casino that they like to gamble there is no loss of the value because you are purchasing at a lower price and in gambling casino if you will bet 1 BTC you will win 1 BTC even if the price has drastically down. Volatility is nothing if you are a gambler, but if you care on it you are a holder.

Agree with you. there is no worry for gambling addicts when the price of bitcoin falls or when bitcoin goes up, of course they will bet and bet as usual. and I experienced this myself because I play gambling only with Doge crypto currency, I don't care if the Doge goes up or down when I want to play gambling I always buy Doge and make bets. maybe in this context only newbies in crypto gambling will have a problem with this because they see the estimated value of the asset falling since the market crash and measure Btc to fiat.

Yes, the value of cryptocurrency won't affect you if you're an old-time gambler because you already know how to deal with it. Old gamblers focus on playing and not on the volatility of cryptocurrencies unlike traders and investors because we focus on winning here regardless of the current market situation.

But sometimes the phase will be different if you start to cashout your money on gambling site. For sure this crash affect even if your old timer because you will possibly look at the value especially when you bought yours at expensive rate. But if you mean upon gaming surely gamblers will ignore that because what mostly gamblers aim is to enjoy and try to win their games.

[TimeTeller]

Yes, the value of cryptocurrency won't affect you if you're an old-time gambler because you already know how to deal with it. Old gamblers focus on playing and not on the volatility of cryptocurrencies unlike traders and investors because we focus on winning here regardless of the current market situation.

True, this will not affect if it is just a gambler but if you look at what is happening here most of those who gamble apart from being gamblers they are also traders or crypto investors which when something like this is happening now indirectly this will become Thought for them not all are like that but for the most part it will probably do.

Generally speaking, gamblers will always gamble no matter what the market situation is.
They may reduce their spending habits but they will continue to play.
For those who are also traders, they will know what alts to use in order to lessen their losses.
But for the most part of it, gamblers won't stop just because the value of bitcoin declines in the market.

[Zackgeno96]

I also think that gamblers continue to gamble. Most people who gamble now must have also gambled on regular gambling sites, which do not offer crypto. You see more and more that casinos are switching to crypto payments. But then the anonymity of the crypto disappears a bit, because large sites that have been in the business for a long time will start with the KYC. You have to weigh the advantages against the disadvantages. I think there are more pros than cons. But if you're against the kyc, that's a big disadvantage of course

[goinmerry]

But sometimes the phase will be different if you start to cashout your money on gambling site. For sure this crash affect even if your old timer because you will possibly look at the value especially when you bought yours at expensive rate. But if you mean upon gaming surely gamblers will ignore that because what mostly gamblers aim is to enjoy and try to win their games.

That's a different story now since that person badly needs to cash out.

Price volatility has nothing to do with that as we are the one who needs to adjust.

For me, bitcoin being crashed or not won't impact those gamblers since I think that's even an advantage to them as they will have more Bitcoin in return if they will purchase it by cash. Since they are playing with Bitcoin currency on the gambling site, it means more bankroll to them that they can use in the long run.

When it comes to cashing out, if it was really necessary to do, whether the trend is uptrend or downtrend, these guys will convert their Bitcoin to whatever price.

[Distinctin]

Yes, the value of cryptocurrency won't affect you if you're an old-time gambler because you already know how to deal with it. Old gamblers focus on playing and not on the volatility of cryptocurrencies unlike traders and investors because we focus on winning here regardless of the current market situation.

True, this will not affect if it is just a gambler but if you look at what is happening here most of those who gamble apart from being gamblers they are also traders or crypto investors which when something like this is happening now indirectly this will become Thought for them not all are like that but for the most part it will probably do.

Generally speaking, gamblers will always gamble no matter what the market situation is.
They may reduce their spending habits but they will continue to play.
For those who are also traders, they will know what alts to use in order to lessen their losses.
But for the most part of it, gamblers won't stop just because the value of bitcoin declines in the market.

Certainly, no doubt about that. Gamblers will still have time and ways to gamble despite what's happening in the market. It's the trader who's likely affected if there are some troubling situations in the market but gamblers? I don't think so, they will always adjust and I think we somehow know about that too as part of us here as also bettors classified as gamblers.

[terrorJR]

True, this will not affect if it is just a gambler but if you look at what is happening here most of those who gamble apart from being gamblers they are also traders or crypto investors which when something like this is happening now indirectly this will become Thought for them not all are like that but for the most part it will probably do.

Generally speaking, gamblers will always gamble no matter what the market situation is.
They may reduce their spending habits but they will continue to play.
For those who are also traders, they will know what alts to use in order to lessen their losses.
But for the most part of it, gamblers won't stop just because the value of bitcoin declines in the market.

To stop maybe not because it is difficult to break the habit of gambling and I also feel that way, but there are indeed some things that are reduced or minimized in this case so that there are limits there. At least it's like that for me. because it is quite difficult to break the habit of gambling but on the other hand we are also faced with difficult situations so there must be a middle point there.

[ralle14]

For me, bitcoin being crashed or not won't impact those gamblers since I think that's even an advantage to them as they will have more Bitcoin in return if they will purchase it by cash. Since they are playing with Bitcoin currency on the gambling site, it means more bankroll to them that they can use in the long run.

When it comes to cashing out, if it was really necessary to do, whether the trend is uptrend or downtrend, these guys will convert their Bitcoin to whatever price.

Those are only for the gamblers that just came in after the dump but it's still a disadvantage for those who are playing before the dump came in because like you've said some of them will cash out when they really need the money.

But then the anonymity of the crypto disappears a bit, because large sites that have been in the business for a long time will start with the KYC. You have to weigh the advantages against the disadvantages.

From my experience with casinos that slowly introduce KYC, it still varies though most of them would only be optional then there are others that require a bit of KYC like Roobet.

[Viscore]

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.

But gamblers are greedy in nature and so it's hard for them not to chase their luck if they feel lucky, or not to run after from their huge losses. That is why a lot of gamblers are losing because they never realized that the house has always its advantage, and so it should always win over the gamblers. If only gamblers are playing more on for pleasure, then we don't have to see gamblers losing all their possessions and then living in rekt.

[fiulpro]

- When it's taxed the tax reaches the sky !
- Bitcoin Gambling is frowned upon many countries but most of them are now trying to get more flexible with it and adapt at the same time I do think we would be able to see better options in the future.
- I do think the best option is : Gambling in Altcoins because the transaction fee is apparently very low but there are some casinos which are allowing fee withdrawals and etc therefore it would be nice as well

I do think that Bitcoins and other Altcoins provide an alternate platform which is not so focused on centralization and documents which is a big plus so you can have your private like different from the public one without having to get permissions from your banks ~

It is not about Greed, it's about entertainment.
Gambling *Addicts* are Greedy because they wish to make their money back which is also a normal human reaction so I won't say that.

[Tumanggor]

I also think that gamblers continue to gamble. Most people who gamble now must have also gambled on regular gambling sites, which do not offer crypto. You see more and more that casinos are switching to crypto payments. But then the anonymity of the crypto disappears a bit, because large sites that have been in the business for a long time will start with the KYC. You have to weigh the advantages against the disadvantages. I think there are more pros than cons. But if you're against the kyc, that's a big disadvantage of course

US regulatory agencies require KYC on exchange and gambling site users who wish to enter their territory, So there are many gambling sites that initially did not require KYC but had to follow the rules if they wanted to enter the US market

but out there there are still many crypto gambling sites that do not require their users to do KYC and maintain the anonymity of their users like gamdom

playing on crypto gambling sites has many conveniences (WD and deposits) than regular fiat gambling sites

[carlfebz2]

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.

But gamblers are greedy in nature and so it's hard for them not to chase their luck if they feel lucky, or not to run after from their huge losses. That is why a lot of gamblers are losing because they never realized that the house has always its advantage, and so it should always win over the gamblers. If only gamblers are playing more on for pleasure, then we don't have to see gamblers losing all their possessions and then living in rekt.

People does have different perceptions towards gambling and does have different reactions on gambling some do really play for entertainment and some do really play hardly to win but we know that house do always win.Cons would really be on addiction side and its pros will really be entertainment and for winning some profits but its not totally that a thing for someone to be mindful and make it as a dedication
for you to play even more.

Play on the amount that you can afford to lose.Dont chase losses and dont make yourself get addicted.This is the main key on making your life away or be able to avoid
unfortunate events and happenings on your life if you do know on how to control yourself.Dont make it as a source of income and dont ever beleive
that this is the fastest way on making yourself rich.

[noormcs5]

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.

While I agree that the volatility can be a pain when you gamble as you could have earned a lot of bitcoin during a session only to find out that you lost in terms of fiat when the market crashed, this is something in which we had years to learn how to handle.

Personally when that happens I think about it in the same way I think about my bitcoin investment, maybe its fiat value is down but in the future it will go up, besides we are gambling with satoshis and not with fiat so as long as I got more bitcoin in my wallet I think of it as a win.

I don't mind if the bitcoin dumps as long as i am holding my winnings in bitcoin.
The main problem in gambling is that you have a lot of risk of losing your money. I have seen people invest their savings and hard earned money in bitcoins and later they lost all the money in gambling.
So its not mainly about your portfolio value in terms of dollars but also the risk involved in gambling is a big con for bitcoin gambling.