Gambling with stablecoins, Fiat, or crypto?

[mirakal]

I do both fiat and crypto depending on the availability.

The downside of gambling using bitcoin or ether is the volatility and the high cost of transaction fees so i turned to XRP as sending XRP is almost instant and the fee is very minimal.

On the other hand, here in our country, there is this app where you can conveniently bet\gamble using fiat but you have to give up your KYC, that's the only downside on my part.

Same here mate. I do gamble on what's available on my wallet. But more often I do gamble using fiat because it's less valuable and more affected by inflation compared to crypto. Yes, KYC is unstoppable with fiat, but I somehow get used to it since majority of the casinos require KYC verification nowadays.

My fiat is for gambling, while majority of my crypto goes to my investment, and that's the reason why I don't risk too much crypto when gambling but use fiat instead before its value will depreciate with inflation.

[alani123]

I think gambling with stablecoins is the most convenient for most people. Gambling already is a risk so taking kn currency risk just to keep a balance on a gamble site doesn't make sense for most people. Many might buy BTC because it's the market that had the most liquidity with FIAT pairs but then will go on to get stablecoins with the BTC they don't want to keep.

If I wanted to buy BTC and keep it I would simply not deposit it on a gambling sites because that's always a risk of losing it all. But also what's convenient for most people doesn't have to work for everybody. Some might see casinos as a quick way to multiply your crypto. That's still a decent way to play imo of someone likes risks.

[bitterguy28]

Now I only every gamble using Stablecoins, it's not that different from gambling with crypto or fiat really, just that now you're more aware of how much money you lose, which is generally very important especially when taking into consideration the gambling strategy I used, so there's that.

that’s actually quite smart not only because of the fees but also you get direct comparison of how much it is really compared to your currency it might be a bit hard to see just how much you are spending when it is converted to crypto since you need to compute first. but with a stablecoin, it’s not exactly fiat but you can see that is how much fiat you are spending

[Sandra_hakeem]

Cryptocurrencies. Not also because of the KYC thing but I can set a very small amount when it comes to original games like Keno, Plinko, and Dice. The good thing is Stake.com allows a very low amount to gamble on those games and if you are using cryptocurrencies you can go lower than 1 cent of a dollar.
For those who like to just wager enough to achieve the weekly and monthly bonuses, this is a good thing for them and I am one of those who just want to play when it comes to casino games. I only put a higher amount of money when it comes to sports betting and slots.

wow .... It's actually a cool feature to be able to wager an equivalent of 1CENT.. Hey, what's the other currency that makes up a cent? I don't wanna pick that up against you since I'm not sure if it's a mistake or not, but it doesn't just sound right.
Sport betting has been one of the most profitable games in my experience so far as a cashier - whenever i hear of casino and virtual games, the first thing that comes into my mind is the "house edge". Some casino's average on the total stakes is too low that you can't even win 2 times in a row. Always, I'd prefer wagering in Fiat or better still, stable coins like Usdt etc...

[Julien_Olynpic]

Cryptocurrencies for replenishing an account at a casino or bookmaker’s office, in my opinion, are beyond competition.
Cryptocurrencies have the advantage of being relatively anonymous. Of course, the casino may ask for KYC when withdrawing funds. But we see that the evolution of gambling follows certain laws. Gambling is becoming more accessible, reasonable restrictions are being introduced to prevent gambling addiction, players are gradually gaining more opportunities in terms of anonymity, and so on. These are all changes that are pointless to deny. Someday, the KYC in casinos will disappear altogether or a minimum number of players will go through it.

[Pandorak]

[...] How about you?

I love to gamble by using cryptocurrency and it is bitcoin. Personally, the reason why i use bitcoin because i love to save my fund in bitcoin, even i save my monthly salary and always convert it in bitcoin, so, when i try to use my saving for gambling, i just take some of it from my saving fund. And, the other reason why i love to use Bitcoin is because it is not only easy for me, but also it is really acceptable in every gambling site and It really makes it easier for me to play on any site that i want to try. I am sure there are people who feel that way too, or maybe agree with my opinion, right ?

[LUCKMCFLY]

The title says it all. Which currency do you prefer to use when betting? Is it stablecoins, good-old Fiat, or traditional cryptocurrencies such as Bitcoin or Ethereum?

I don't really have a preference, it really depends on where i am gambling, if i am gambling in physical game houses in my country, then it is obviously fiat i use. On the other hand, if i am gambling in a crypto casino, i use bitcoin to gamble, but in great crypto casinos like Spinarium that allows me deposit funds in my country's fiat currency, i gamble with fiat.

Well I say hey, betting is betting, for me it is risking money in any way , if I do it from the fucking point of view that it is money, being crypto then at least I am a little more anonymous, in Fiat more problems can be generated, with banks, governments, etc., so I am one of those people who avoid 100% that they know my movements, and since for governments playing in a Casino is a luxury , then I Avoid a government applying the law to me by making me pay taxes for it, if I play in a casino purely with fiat money, there is no other Choice, but in a crypto casino for me it makes no sense to use fiat.

[piebeyb]

I think gambling with stablecoins is the most convenient for most people. Gambling already is a risk so taking kn currency risk just to keep a balance on a gamble site doesn't make sense for most people. Many might buy BTC because it's the market that had the most liquidity with FIAT pairs but then will go on to get stablecoins with the BTC they don't want to keep.

If I wanted to buy BTC and keep it I would simply not deposit it on a gambling sites because that's always a risk of losing it all. But also what's convenient for most people doesn't have to work for everybody. Some might see casinos as a quick way to multiply your crypto. That's still a decent way to play imo of someone likes risks.

Yes, I will also do the thing that if I buy Bitcoin, I should save it to invest instead of playing it in gambling and trying to multiply it in the end losing everything, I have done this in the past so I regret now that I have lost some BTC in gambling, but that's it. I don't have to regret it every time, which in essence just makes it an experience that doesn't have to be repeated again next season, I prioritize Stablecoin over cryptocurrencies, especially Bitcoin, which may still be worth more than its price today in the future.

No one knows, but don't ever store cryptocurrencies on gambling sites or online casinos because there are also many cases where casino sites or gambling sites make it difficult for users to withdraw and even steal their users' money. Make sure to use money directly when gambling, use money that is not used or ready to be lost. , it's better to use stablecoins even though sometimes everyone likes risk and has different views, it all comes down to each person.

[Mate2237]

I like to gamble with those casinos that have different options to deposit and play. And I prefer casinos that are here and also accept fiat for deposit and in the casino you can convert it to cryptocurrency and use it to play gamble. Though one thing I discovered is that, many of them do not have doe not allow the fiat currency to play games in the casino and they can only allow deposit and you convert it to any of the cryptocurrencies. That is also good.

And depositing cryptocurrency is more faster than depositing fiat. And one of the best play to play gamble with nice slots and spin games is spinarium. You can check their website and see the games by yourself.

[EarnOnVictor]

Which currency do you prefer to use when betting? Is it stablecoins, good-old Fiat, or traditional cryptocurrencies such as Bitcoin or Ethereum?

The truth is that I use all of them and it depends on the betting platform I want to use at that time. But presently, I use Fiat and USDT for obvious reasons, the volatile cryptocurrencies could cause you a huge loss if care is not taken, especially if you are the type that holds your money on the betting platform for months.

However, if they can fall back and start rising in the wake of another bullish cycle, I may reconsider them as a crypto enthusiast and an investor in addition to the betting goal.

So crypto for me, is the true winner here.

I agree!

[stadus]

[...] How about you?

I love to gamble by using cryptocurrency and it is bitcoin. Personally, the reason why i use bitcoin because i love to save my fund in bitcoin, even i save my monthly salary and always convert it in bitcoin, so, when i try to use my saving for gambling, i just take some of it from my saving fund. And, the other reason why i love to use Bitcoin is because it is not only easy for me, but also it is really acceptable in every gambling site and It really makes it easier for me to play on any site that i want to try. I am sure there are people who feel that way too, or maybe agree with my opinion, right ?

Make sure you don't gamble all your savings so you have some left when the bull run comes. Consider it as an investment, though there is no risk in saving. However, with the volatility of bitcoin's price, it may drop in value in the future, so that's the risk.

There's definitely an advantage to using bitcoin in gambling as all crypto casinos accept bitcoin. However, sometimes the fees are high, so you might miss the action if that happens. That's why, for me, I choose altcoins or stablecoins when I'm gambling so I don't have to worry about the fees. I also have an investment in bitcoin that is dedicated solely for investment. I don't take any from it for gambling as I believe that gambling and investment should not be mixed.

[GxSTxV]

How about you?

Short answer; I prefer stablecoins for many reasons. In my experience in gambling as I have started with Fiat and virtual banks, honestly, it wasn’t a good experience for me and also for many people, starting from the complicated way of verifying your bank account, identity, matching the name and address of both casino and bank accounts. Small deposits only allowed until you verify the source of your money, which sometimes it isn’t possible in some countries that doesn’t have english written documents or the casinos simply doesn’t have agents to read other languages. Simply it was a very bad experience with fiat.
This experience pushed me to switch for crypto, starting from Bitcoin in small casinos, betting on sports without even opening an account. The thing that pushed me also to stablecoins is the volatility of market, when you leave the crypto in your casino account just to notice the value of your coins went down.

With stablecoins, you will have the feature of quick deposits, quick withdrawals and very low fees, with the ability of exchanging your stablecoins in decentralized exchanges if you want to keep your identity hidden or you are just lazy for a KYC process.

[Salahmu]

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Yeah likewise me I don't have a problem using any method but however I normally prefer using fiat because of the stability, and one thing we should also understand about using crypto for the gambling is that crypto price is not stable and there is a likelihood that the crypto price could possibly depreciate in value while gambling, for instance a gamblers funded his gambling account using a certain crypto he bought during the time the market was still high and if perhaps he decides to withdraw the amount he deposited you will see that the exact amount he deposited will seriously depreciate in value because already the general crypto is down in price, which is why I normally go for fiat because no matter anything the price remains the same.

Remember that some countries will freeze bank accounts exposed to gambling and this is already covered in laws that will be implemented soon. If you like to gamble with fiat, then you should know what the consequences are. Stablecoins are good as a solution if you don't want to lose the value of your crypto due to price volatility.

Thanks for drawing back my attention because I was actually mistaken stable coin to be fiat because I was actually referring to stable coin because already there has been some regulations that made our government to stop banks from direct deposit into crypto trading platform, so you are right because since there has been a law imposed by government anybody who violate it by using there bank to deposit will have his or her bank account freezing, so actually the best way is using stable coin deposit because already in every gambling platform stable coin like USDT is always considered one of the best because is free from any fluctuation than any normal crypto.

[Webetcoins]

I think there is a typing error in your title. It must be other payment processors instead of stablecoins. Because, stablecoins are already a combination of both crypto and fiat. Anyways, I can see that you already clear it out in your description.

Since I'm playing in a fiat-based casinos right now, obviously I'm using a fiat to play. Some of them still support cryptos and even though some of those cryptos are cheap, I still stick with fiats because this is the only thing that I have right now and I find it a bit hard to top up my crypto wallet with a crypto.

Cryptos are only a currency and not some kind of a platform for us to say that they can be KYC-free. Cryptos volatility is not a downside, if you know how to utilize them well. Centralized services, do actually have that kind of protection you are talking about but we must not depend on them of course because some aren't still guaranteed. If you're in a country where gambling is illegal, then you shouldn't insist to gamble by using a crypto, and/or a VPN because that's not right. 

[Taskford]

[...] How about you?

I love to gamble by using cryptocurrency and it is bitcoin. Personally, the reason why i use bitcoin because i love to save my fund in bitcoin, even i save my monthly salary and always convert it in bitcoin, so, when i try to use my saving for gambling, i just take some of it from my saving fund. And, the other reason why i love to use Bitcoin is because it is not only easy for me, but also it is really acceptable in every gambling site and It really makes it easier for me to play on any site that i want to try. I am sure there are people who feel that way too, or maybe agree with my opinion, right ?

Make sure you don't gamble all your savings so you have some left when the bull run comes. Consider it as an investment, though there is no risk in saving. However, with the volatility of bitcoin's price, it may drop in value in the future, so that's the risk.

There's definitely an advantage to using bitcoin in gambling as all crypto casinos accept bitcoin. However, sometimes the fees are high, so you might miss the action if that happens. That's why, for me, I choose altcoins or stablecoins when I'm gambling so I don't have to worry about the fees. I also have an investment in bitcoin that is dedicated solely for investment. I don't take any from it for gambling as I believe that gambling and investment should not be mixed.

That would be so bad if he decide to gamble all his savings since there would be a chances that he will be broke for that. But also for sure he provably know the risk since he provably got a lot of knowledge and warnings about this possibilities thru discussions made it.

In my case I choose depends on the situation also the funds availability since if I earned some currency then that is the one which I'm going to use. But if there are times that there are issue on the market then USDT will be the best option since we will not worry about anything and we can continue to gamble without getting any further more issues.

[nullama]

The title says it all. Which currency do you prefer to use when betting? Is it stablecoins, good-old Fiat, or traditional cryptocurrencies such as Bitcoin or Ethereum?

Personally, I like to gamble with crypto not only because it's "KYC-free", but also because it represents freedom. The only downside is market volatility. Stablecoins always have their value pegged to Fiat (usually the USD), but they're too centralized and often lack investor protections or guarantees of any  kind. And then there's the choice of Fiat, but most (if not all) casinos or gambling sites require you to reveal your personal ID (KYC) to use them. In some countries it's even illegal to gamble online. So crypto for me, is the true winner here.

How about you?

The thing is that fiat doesn't have a future, really.

Most central banks hope for a 2% devaluation.

If you just keep your money in Bitcoin, you will not get that kind of devaluation over long periods of time

[Abiky]

If casinos require KYC anyway, why would I care if they ask for my ID when I deposit crypto, or fiat? It's all the same in this matter.
I don't own any stablecoins or altcoins. All I have is bitcoin and I'm reluctant to put that at stake when we're about to enter a post-halving bull run.
The way I see it cash is the real winner. You may not get KYC in physical casinos where you deposit cash and you save your precious bitcoin while dumping inflationary currency.

Yes. Cash is "King" when it comes to gambling anonymously. But even physical casinos require you to provide some sort of ID (if I'm not mistaken). You can only obtain true anonymity by betting with privacy coins such as Monero or Grin. A truly-decentralized gambling platform (powered by smart contracts) using ZKPs would be the perfect solution for those seeking anonymity and privacy. But this might be "illegal" under the eyes of mainstream governments. They're the ones who make the rules anyways.

If you don't care about your privacy, then gambling with either stablecoins, Fiat, or traditional cryptocurrencies wouldn't make any difference. You're free to decide the way you gamble. I'd stick with crypto, no matter what.

[AmoreJaz]

If casinos require KYC anyway, why would I care if they ask for my ID when I deposit crypto, or fiat? It's all the same in this matter.
I don't own any stablecoins or altcoins. All I have is bitcoin and I'm reluctant to put that at stake when we're about to enter a post-halving bull run.
The way I see it cash is the real winner. You may not get KYC in physical casinos where you deposit cash and you save your precious bitcoin while dumping inflationary currency.

Yes. Cash is "King" when it comes to gambling anonymously. But even physical casinos require you to provide some sort of ID (if I'm not mistaken). You can only obtain true anonymity by betting with privacy coins such as Monero or Grin. A truly-decentralized gambling platform (powered by smart contracts) using ZKPs would be the perfect solution for those seeking anonymity and privacy. But this might be "illegal" under the eyes of mainstream governments. They're the ones who make the rules anyways.

If you don't care about your privacy, then gambling with either stablecoins, Fiat, or traditional cryptocurrencies wouldn't make any difference. You're free to decide the way you gamble. I'd stick with crypto, no matter what.

In other words, this preference still depends on the person. As we have different considerations on why we are using certain currency, it is on your own accord whether you go to fiat, stablecoins or crypto. And most of the time, the usage of currency depends on the situation in front of you. Like for an example - you want to play at the comfort of your home, and you only have crypto in your wallet - definitely, you will likely use your crypto to deposit in your online casino account. You won't go to the extent of going outside and find a land-based casino because you are too lazy to go out that day. You know what I mean here. We can't say, we want to use fiat or crypto all the time. Sometimes, it is the situation that calls for it.

[uneng]

Right now it's more practical for me to gamble with stablecoin, since Stake is paying the signature campaign through Tether currency. If I have to convert it into Bitcoin or fiat in order to gamble, it means I will be wasting some money through taxes which can be completely avoided if I just use the USDT currency. But some time ago, when they were paying through BTC currency, I prefered using Bitcoin to gamble for the same reasons stated above.

If I had to deposit money at the casino to play, I would choose Bitcoin, though. It's more convenient when playing at online casinos when compared to fiat currency, which is heavily traceable and taxable by local regulators.

[serjent05]

I use whatever fund is available since I am gambling in a centralized platform where different cryptocurrency is enabled.  I am trying to play in a decentralized gambling platform but the thought of paying for transaction fee each bet stopped me since it would be way more expensive than playing in a centralized platform.  I am not playing a few bet but rather hundreds to thousands of bet in a game, so using a decentralized gambling platform where every bet needs to pay a transaction fee may eat up my allocated bankroll just for the transaction fee.

I do not mind providing my KYC as long as the casino platform is reputable.  Besides our country's citizen database is already breached so I do not think that my information is still safe out there.