Gambling with stablecoins, Fiat, or crypto?

[nullama]

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.

I don't get the issue with taxes while converting the money you received.

In most countries receiving a payment for posting would be taxed, if you then convert it to another form of currency, say Bitcoin to USDT or whatever, then you wouldn't be paying tax again for that conversion since your cost basis is basically the same as the price. So, in reality, in terms of tax it doesn't matter if you use the same coin you received or you convert it to something else, the tax is basically the same.

[hyudien]

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.

Yes, that's right, it depends on us as gamblers. I prefer to use crypto because I hold more crypto and the one that I use most often is TRX. There are several reasons why I prefer to use TRX for gambling, one of which is because the fees are relatively cheap when I make a deposit into my gambling account.
However, at certain times I also used others, for several reasons, one of which was that what was available at that time was only stable coins, for example. Although I could convert it to crypto but I prefer to use whatever is available at that time.
This is actually a very simple thing, because again it depends on us, the situation or even the available assets that we can use for gambling. It's true that some people prefer to just use what they like, that's not a problem, so just use what we like.

[Apocollapse]

In most countries receiving a payment for posting would be taxed, if you then convert it to another form of currency, say Bitcoin to USDT or whatever, then you wouldn't be paying tax again for that conversion since your cost basis is basically the same as the price. So, in reality, in terms of tax it doesn't matter if you use the same coin you received or you convert it to something else, the tax is basically the same.

It's true you will not be taxed for converting USDT to BTC or vice versa, but if you sold your BTC or any other altcoins higher than what you win from gambling, you will need to pay capital gains tax.

Let's say you convert $5,000 to BTC, you will get 0.074 BTC.

In sports you're betting in USD, not in BTC, so you will see $5,000 in your account, you stake all of your money on football match where the odds is @2.00.

Turns out you win, which mean your money now $10K or 0.148 BTC.

You choose to withdraw your coins to exchange or wallet, then you wait until bull season.

Bitcoin price up, your 0.148 BTC now worth $20K.

If you sell all of your coins, you need to pay both taxes, $5K is the profit from gambling and $10K is the profit from capital gains.

[Slow death]

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.

Yes, that's right, it depends on us as gamblers. I prefer to use crypto because I hold more crypto and the one that I use most often is TRX. There are several reasons why I prefer to use TRX for gambling, one of which is because the fees are relatively cheap when I make a deposit into my gambling account.
However, at certain times I also used others, for several reasons, one of which was that what was available at that time was only stable coins, for example. Although I could convert it to crypto but I prefer to use whatever is available at that time.
This is actually a very simple thing, because again it depends on us, the situation or even the available assets that we can use for gambling. It's true that some people prefer to just use what they like, that's not a problem, so just use what we like.

In my case I have been using USDT, but in the recent past I used Litecoin because it has a very low transaction fee, but the problem is that with this market volatility, using Litecoin to bet gave me a headache. for example I deposit 10$ in litecoin, the next day the price of litecoin drops and I have only 9$, I choose a game that has odds of 2.00 and I bet 1$, the next day I see the result of the bet and realize that I won, but instead of earning 2$, I get 1.80$ because the price of Litecoin fell and in my balance instead of me having 9$, I get 8$ because the price of litecoin fell, so 8$ + 1.80$ = 9.80 $, so there is a scenario in which I deposited 10$, chose a game that has an odd of 2.00 and got it right, but even so I still made losses because in my jump I had 9.80$

I know they can say that it could also happen that the price of Litecoin goes up and with that the money in my balance will also go up, and that would be good, but this falling scenario is what irritated me the most and I preferred to stay using the USDT because it is stable, so I have 10 USDT, I don't need to worry about the next day becoming less than 10 USDT without me having made any bets. I think stablecoins are ideal for playing in casinos. I would not use a bank card to play at any online casino because the transaction fees are very high, banks charge high transaction fees for deposits and even withdrawals. for example, if I wanted to deposit 20$ in a casino using my bank, I would have to have 30$ in my bank account and 5$ to 7$ would be transaction fees, in the casino I would receive 20$ and in my bank account I would have 3 $ to 5$. If I wanted to withdraw 20$ from the casino to my bank account, then 15$ would arrive in my bank account, 5$ would be a bank fee, it's simply not worth it

[shield132]

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?

It depends on my mood. If I gamble in a crypto casino, I use traditional cryptocurrencies and if I gamble in a local online casino, I use a local currency, fiat. There are some crypto casinos that allow betting as low as 0.00000001 Dogecoin for example and I like to gamble with Doge on such casinos because it allows me to have very long gambling sessions without losing anything at all. When I want to test my luck, I deposit crypto again but this time I deposit Bitcoin or Matic and gamble as usual. When it comes to sports betting, I mix it, sometimes I bet with fiat in local online casinos and sometimes I bet with crypto.

[DubemIfedigbo001]

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.

We all love being behind a mask to do our gambling activities, and I love it when you mention the freedom that comes with it, although most times these freedoms come with a significant cost. It can really be costly to deposit bitcoin into the casino platforms except for some notable casinos that compensates for that. Slightly discouraging though, but it gives me personally that feeling that my privacy is upheld.

Another shortcoming of depositing crypto is that you can overspend without knowing unless you've learnt to gamble with a budget and only deposited amounts you can afford to loose.

[bakasabo]

It depends on my mood. If I gamble in a crypto casino, I use traditional cryptocurrencies and if I gamble in a local online casino, I use a local currency, fiat. There are some crypto casinos that allow betting as low as 0.00000001 Dogecoin for example and I like to gamble with Doge on such casinos because it allows me to have very long gambling sessions without losing anything at all. When I want to test my luck, I deposit crypto again but this time I deposit Bitcoin or Matic and gamble as usual. When it comes to sports betting, I mix it, sometimes I bet with fiat in local online casinos and sometimes I bet with crypto.

I would say that Bitcoin is rather strange solution for gambling, since you say you gamble with 0.00000001 Dogecoin or with small values. Because withdrawal fees for Bitcoin can be a fortune since you like to gamble with low bank. And frankly speaking, I dont understand why people gamble with 0.00000001 Dogecoin or any other altcoin that allows to place a tiny bet. You can have a longer gambling sessions, but the same you will never win big. Even if you hit 9999x, you will still get less than 1 doge. Isnt it that with such tiny bets, you just waste time?

[Odusko]

I prefer using cryptocurrency to gamble, this is because with cryptocurrency as deposits or withdrawals I don't face any third party issues and also at some point the outcome and rewards come in more, let say you stake the bet with Bitcoin or USDT, by the time you are lucky to win the bet you will have big amount when you excahge it to your local currency and this is also as there won't be anything like tax on cryptocurrency deposits unlike fiat currency where banks and payment system charge you aside from the fees and sometimes there is a fed tax on it if the Casino is a licence casino.

Among my most favourite coins to gamble with, I prefer bitcoin since bitcoin volitility is ok for me and I can easily convert my winning into investment my simply withdrawing my bitcoin and holding it in my wallet, this is most accurately easy way for me to utilise my gambling winnings, because if I receive fiat the next thing that will come with it is how to liquidate the available balance to excape inflation since it worthless holding fiat in your bank account,

[danherbias07]

It depends on my mood. If I gamble in a crypto casino, I use traditional cryptocurrencies and if I gamble in a local online casino, I use a local currency, fiat. There are some crypto casinos that allow betting as low as 0.00000001 Dogecoin for example and I like to gamble with Doge on such casinos because it allows me to have very long gambling sessions without losing anything at all. When I want to test my luck, I deposit crypto again but this time I deposit Bitcoin or Matic and gamble as usual. When it comes to sports betting, I mix it, sometimes I bet with fiat in local online casinos and sometimes I bet with crypto.

I would say that Bitcoin is rather strange solution for gambling, since you say you gamble with 0.00000001 Dogecoin or with small values. Because withdrawal fees for Bitcoin can be a fortune since you like to gamble with low bank. And frankly speaking, I dont understand why people gamble with 0.00000001 Dogecoin or any other altcoin that allows to place a tiny bet. You can have a longer gambling sessions, but the same you will never win big. Even if you hit 9999x, you will still get less than 1 doge. Isnt it that with such tiny bets, you just waste time?

Or it's just entertainment for some of us. A person who doesn't like to lose will do such a thing and he doesn't really care how low his winning amount will be as long as he keeps on playing the game that he loves with a little bit on the stake. It's not a waste of time if you are not doing anything at all. Maybe he just likes to be kept entertained and that's the solution he came up with.
I also like betting low amounts but not as low as that. I think my current lowest in casino games provided they let me do it is 0.005 in USDT. I can still feel a bit of loss when it goes to thousands but there's always the RTP that will bring back a part of that money that you loss. As long as we still enjoy our games, I don't think money matters.

[o48o]

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.

I don't get the issue with taxes while converting the money you received.

In most countries receiving a payment for posting would be taxed, if you then convert it to another form of currency, say Bitcoin to USDT or whatever, then you wouldn't be paying tax again for that conversion since your cost basis is basically the same as the price. So, in reality, in terms of tax it doesn't matter if you use the same coin you received or you convert it to something else, the tax is basically the same.

Yeah, that was confusing. Maybe uneng meant that taxation event when he/she is turning that bitcoin back to fiat again. And in where i live, stablecoins are not considered to be FIAT money, but they are taxed in a same way as other cryptos are, fiat money to crypto isn't taxed, and every crypto to crypto conversions are taxed for gains against our FIAT currency, which is not usd, which makes everything extra confusing.

And i don't know where uneng lives where it's still easy to hide bitcoin, but bitcoin is traceable and continues to be more traceable with latest tracking open softwares. And meanwhile tracking fiat money requires all sorts of extra steps like forms and permissions as there are different networks and different banks.

[bakasabo]

It depends on my mood. If I gamble in a crypto casino, I use traditional cryptocurrencies and if I gamble in a local online casino, I use a local currency, fiat. There are some crypto casinos that allow betting as low as 0.00000001 Dogecoin for example and I like to gamble with Doge on such casinos because it allows me to have very long gambling sessions without losing anything at all. When I want to test my luck, I deposit crypto again but this time I deposit Bitcoin or Matic and gamble as usual. When it comes to sports betting, I mix it, sometimes I bet with fiat in local online casinos and sometimes I bet with crypto.

I would say that Bitcoin is rather strange solution for gambling, since you say you gamble with 0.00000001 Dogecoin or with small values. Because withdrawal fees for Bitcoin can be a fortune since you like to gamble with low bank. And frankly speaking, I dont understand why people gamble with 0.00000001 Dogecoin or any other altcoin that allows to place a tiny bet. You can have a longer gambling sessions, but the same you will never win big. Even if you hit 9999x, you will still get less than 1 doge. Isnt it that with such tiny bets, you just waste time?

Or it's just entertainment for some of us. A person who doesn't like to lose will do such a thing and he doesn't really care how low his winning amount will be as long as he keeps on playing the game that he loves with a little bit on the stake. It's not a waste of time if you are not doing anything at all. Maybe he just likes to be kept entertained and that's the solution he came up with.
I also like betting low amounts but not as low as that. I think my current lowest in casino games provided they let me do it is 0.005 in USDT. I can still feel a bit of loss when it goes to thousands but there's always the RTP that will bring back a part of that money that you loss. As long as we still enjoy our games, I don't think money matters.

I did not mean to look disrespectful or hurt someone. Everyone gamble with the amount the want, I just dont get why people spend hours and hours to turn 1 cent into 2 cents, when they probably burn electricity for a bigger amount. That is why I prefer sometimes fiat over crypto. Nevertheless, with such a low bet, would it be no different from playing with game money?

[nullama]

~snip~
It's true you will not be taxed for converting USDT to BTC or vice versa, but if you sold your BTC or any other altcoins higher than what you win from gambling, you will need to pay capital gains tax.

Let's say you convert $5,000 to BTC, you will get 0.074 BTC.

In sports you're betting in USD, not in BTC, so you will see $5,000 in your account, you stake all of your money on football match where the odds is @2.00.

Turns out you win, which mean your money now $10K or 0.148 BTC.

You choose to withdraw your coins to exchange or wallet, then you wait until bull season.

Bitcoin price up, your 0.148 BTC now worth $20K.

If you sell all of your coins, you need to pay both taxes, $5K is the profit from gambling and $10K is the profit from capital gains.

Yeah, but in the end you only end up paying taxes on the extra money you get.

If the value of BTC increases and you sell, you made a profit, you got extra money.

If you got paid in BTC, you got a profit, and so on.

In the end you only pay tax on the increased amount of money that you end up with.

You don't pay tax twice, or anything like that, only when there is more value in the end than when you started.

Even if you don't sell all your coins, if you bought two at $1 each and sold one at $2, you pay taxes on that extra $1.

[criptoevangelista]

~snip~
It's true you will not be taxed for converting USDT to BTC or vice versa, but if you sold your BTC or any other altcoins higher than what you win from gambling, you will need to pay capital gains tax.

Let's say you convert $5,000 to BTC, you will get 0.074 BTC.

In sports you're betting in USD, not in BTC, so you will see $5,000 in your account, you stake all of your money on football match where the odds is @2.00.

Turns out you win, which mean your money now $10K or 0.148 BTC.

You choose to withdraw your coins to exchange or wallet, then you wait until bull season.

Bitcoin price up, your 0.148 BTC now worth $20K.

If you sell all of your coins, you need to pay both taxes, $5K is the profit from gambling and $10K is the profit from capital gains.

Yeah, but in the end you only end up paying taxes on the extra money you get.

If the value of BTC increases and you sell, you made a profit, you got extra money.

If you got paid in BTC, you got a profit, and so on.

In the end you only pay tax on the increased amount of money that you end up with.

You don't pay tax twice, or anything like that, only when there is more value in the end than when you started.

Even if you don't sell all your coins, if you bought two at $1 each and sold one at $2, you pay taxes on that extra $1.

In this case, isn’t it better to keep your capital entirely in crypto? and if you want to exchange for dollars, use a crypto x crypto broker no kyc... Paying taxes is only one option when you are in the cryptocurrency ecosystem. It is interesting to use the decentralized financial system to our advantage, instead of exchanging for fiat and paying taxes every time.

[Abiky]

In this case, isn’t it better to keep your capital entirely in crypto? and if you want to exchange for dollars, use a crypto x crypto broker no kyc... Paying taxes is only one option when you are in the cryptocurrency ecosystem. It is interesting to use the decentralized financial system to our advantage, instead of exchanging for fiat and paying taxes every time.

Exactly. That's crypto's main selling point. You can use it (spend it) without being taxed. Assuming you don't cash out or sell to Fiat. It's like how the rich uses their shares (stocks) in a company to get loans on top of other ones. They avoid having to pay capital gains tax to the government. At least, this is the case in the US. I can't say the same about other countries.

To stay on the safe side, just gamble with privacy coins on a non-KYC casino or gambling site. I'm waiting for the day when decentralized gambling (Web3) takes over the world by storm. It would be truly revolutionary. Especially if it makes use of scaling techniques like L2s, ZKPs, and whatnot. You are free to gamble with any currency you want. Just be aware of the advantages/disadvantages of each before going all in.

[lembang]

In this case, isn’t it better to keep your capital entirely in crypto? and if you want to exchange for dollars, use a crypto x crypto broker no kyc... Paying taxes is only one option when you are in the cryptocurrency ecosystem. It is interesting to use the decentralized financial system to our advantage, instead of exchanging for fiat and paying taxes every time.

Exactly. That's crypto's main selling point. You can use it (spend it) without being taxed. Assuming you don't cash out or sell to Fiat. It's like how the rich uses their shares (stocks) in a company to get loans on top of other ones. They avoid having to pay capital gains tax to the government. At least, this is the case in the US. I can't say the same about other countries.

To stay on the safe side, just gamble with privacy coins on a non-KYC casino or gambling site. I'm waiting for the day when decentralized gambling (Web3) takes over the world by storm. It would be truly revolutionary. Especially if it makes use of scaling techniques like L2s, ZKPs, and whatnot. You are free to gamble with any currency you want. Just be aware of the advantages/disadvantages of each before going all in.

You are right, look for and play on sites that do not require KYC  . I prefer making deposits using crypto because it's easier and the prices are not flat, so when we make a profit, we may end up doubling our gains with the increase in the coin's price.

[Darker45]

I gamble with all of them. When gambling locally, I bet with cash of course. Neither stablecoins nor Bitcoin is accepted in casinos and other gambling places here. I also can't bet with crypto when betting around my neighborhood.

It's when I'm gambling online that I mainly use crypto. Lately, however, I have been gambling with altcoins, not Bitcoin. It seems Bitcoin is too valuable to play with. But there are also other online gambling platforms that I've used that don't accept crypto, so fiat is the only way.

[ethereumhunter]

In this case, isn’t it better to keep your capital entirely in crypto? and if you want to exchange for dollars, use a crypto x crypto broker no kyc... Paying taxes is only one option when you are in the cryptocurrency ecosystem. It is interesting to use the decentralized financial system to our advantage, instead of exchanging for fiat and paying taxes every time.

Exactly. That's crypto's main selling point. You can use it (spend it) without being taxed. Assuming you don't cash out or sell to Fiat. It's like how the rich uses their shares (stocks) in a company to get loans on top of other ones. They avoid having to pay capital gains tax to the government. At least, this is the case in the US. I can't say the same about other countries.

To stay on the safe side, just gamble with privacy coins on a non-KYC casino or gambling site. I'm waiting for the day when decentralized gambling (Web3) takes over the world by storm. It would be truly revolutionary. Especially if it makes use of scaling techniques like L2s, ZKPs, and whatnot. You are free to gamble with any currency you want. Just be aware of the advantages/disadvantages of each before going all in.

Using crypto for playing gambling can hide us from paying the taxes because we can send our crypto to our personal wallet. If we wants to send it to our bank account, we can only send enough money and still hides our crypto in a safe place. We can still saving our crypto in our personal wallet and waiting for the right time to sell the coins at a high price so that will be additional profit for us.

But if we use decentralized gambling, the government will not stops from tracking the gamblers and still asks the casino to verify their members. But hopefully, there will still any casino that doesn't use strictly rules for their members so members doesn't have to do KYC for just playing gambling especially for small gamblers who only wants to spends their spare time.

[Yaunfitda]

I gamble with all of them. When gambling locally, I bet with cash of course. Neither stablecoins nor Bitcoin is accepted in casinos and other gambling places here. I also can't bet with crypto when betting around my neighborhood.

It's when I'm gambling online that I mainly use crypto. Lately, however, I have been gambling with altcoins, not Bitcoin. It seems Bitcoin is too valuable to play with. But there are also other online gambling platforms that I've used that don't accept crypto, so fiat is the only way.

That's the good thing if you have local casinos that will accept your fiat as there will be no problem and it will be very easy for you. But there could be majority here who are using crypto, Bitcoin, Ethereum and other altcoins that are very quick. And in the last quarter of the year and going into the first of this year, Bitcoin fees are so high that we look for other alternative, and yeah it could be valuable as the price could go up as we are in the bull run already. However, I think there will still Bitcoin gamblers here, no matter what are the circumstances that we are facing. For PvP in my local neighborhood, of course it will be fiat to be used. But I still prefer crypto, to be honest then fiat and stablecoins.

[Republikcoin.com]

You are right, look for and play on sites that do not require KYC  . I prefer making deposits using crypto because it's easier and the prices are not flat, so when we make a profit, we may end up doubling our gains with the increase in the coin's price.

Finding a site that doesn't require KYC is not difficult, but that doesn't mean that everything will be easy enough for you to do because what is being discussed is about how to use money in gambling, not in trading as you mentioned. It will be quite difficult for anyone to be able to win simultaneously at one time so what you said by doubling profits will always be difficult for everyone to achieve through gambling even though it is something that is not impossible for just one or two people to happen.

[Abiky]

Using crypto for playing gambling can hide us from paying the taxes because we can send our crypto to our personal wallet. If we wants to send it to our bank account, we can only send enough money and still hides our crypto in a safe place. We can still saving our crypto in our personal wallet and waiting for the right time to sell the coins at a high price so that will be additional profit for us.

But if we use decentralized gambling, the government will not stops from tracking the gamblers and still asks the casino to verify their members. But hopefully, there will still any casino that doesn't use strictly rules for their members so members doesn't have to do KYC for just playing gambling especially for small gamblers who only wants to spends their spare time.

If the gambling site is truly-decentralized, governments won't be able to verify its members. Especially if the creator is anonymous. Sadly, this is not the case as many so-called decentralized applications rely on centralized infrastructure and creators have publicly-known identities. Even so-called decentralized exchanges are becoming a victim of government crackdowns and heavy regulations. So gambling online in a private and truly-decentralized way is almost impossible. Our options are limited.

I've stumbled across a handful of XMR gambling sites, but I'm not sure if they're legit. Gambling with privacy coins might protect you from the "taxman". Using cash (Fiat) to gamble physically is another option. Just remember to never gamble what you can't afford to lose, and there should be nothing to worry about.