Gambling with stablecoins, Fiat, or crypto?

[Fortify]

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?

Many people consider crypto to be their type of investing, so it can be a bit foolish to gamble that away. Unless you are very sure about the origins of your bitcoin, many people can find that their funds are traceable back to an exchange account which probably has your KYC information and may be even doing analysis on how you are spending your money - you might not be as hidden as you think. To me gambling with fiat currency is a bit better actually, because of one of the reasons you mention and that is price stability. I would be disappointed if trading it back out and finding that the 20% I won was swallowed up by a big lurch downwards and there are often additional fees involved at various levels if you want it back into fiat currency.

[TheUltraElite]

Many people consider crypto to be their type of investing, so it can be a bit foolish to gamble that away.

Indeed, however there is no clear distinction between the investor and the gambler mindset. One person can be either of them or both. If they are both, then they will treat their money like anything without care. They are the type of gamblers the casinos want to milk out money from.

They usually use crypto that they have invested in, including stablecoins. For them it does not matter if the coin is poised to go up or down, they just have to gamble.

We can all agree that gambling with money that one has earned is foolish, because it is a complete waste, but there will always be people trying to increase what they have because of their greed.

[traderethereum]

Many people consider crypto to be their type of investing, so it can be a bit foolish to gamble that away. Unless you are very sure about the origins of your bitcoin, many people can find that their funds are traceable back to an exchange account which probably has your KYC information and may be even doing analysis on how you are spending your money - you might not be as hidden as you think. To me gambling with fiat currency is a bit better actually, because of one of the reasons you mention and that is price stability. I would be disappointed if trading it back out and finding that the 20% I won was swallowed up by a big lurch downwards and there are often additional fees involved at various levels if you want it back into fiat currency.

Gambling using fiat or stable coin can be a solution for some people because they don't have to thinks about the volatility of the price. I also use stable coin to playing gambling but I don't use fiat because I am not feels comfortable to use fiat to playing gambling.
If those think that Bitcoin is worthy for them, they don't have to use it for gambling instead just keep their Bitcoin in their wallet. Using any currency will be depends on each people because they will find whatever that can make them comfortable in playing gambling.
If they thinks that they can use crypto to gambling, they will use it and no problem with their losses. But if they feels that using fiat will be better for them, that will be no problem too.

[Abiky]

Many people consider crypto to be their type of investing, so it can be a bit foolish to gamble that away. Unless you are very sure about the origins of your bitcoin, many people can find that their funds are traceable back to an exchange account which probably has your KYC information and may be even doing analysis on how you are spending your money - you might not be as hidden as you think. To me gambling with fiat currency is a bit better actually, because of one of the reasons you mention and that is price stability. I would be disappointed if trading it back out and finding that the 20% I won was swallowed up by a big lurch downwards and there are often additional fees involved at various levels if you want it back into fiat currency.

Of course. It wouldn't make sense to gamble with crypto purchased from a KYC-compliant exchange. You can easily get caught by the government. To achieve true anonymity and privacy, you'd need to acquire crypto in-person, or through a decentralized exchange. Anything that doesn't require you to verify your identity would be fine (no KYC).

I see no reason to gamble privately unless you're living in a country where online gambling is illegal or simply want to avoid paying taxes (which is not recommended). Most people have nothing to hide, so they wouldn't mind about the currency of their choosing. While Fiat is still "King" for gambling, that doesn't mean there is no future for stablecoins/crypto. The latter is just starting to blossom. Just wait a few more years, until the crypto gambling industry becomes a "force to reckon with". Exciting times ahead for gamblers.

[delfastTions]

Many people consider crypto to be their type of investing, so it can be a bit foolish to gamble that away. Unless you are very sure about the origins of your bitcoin, many people can find that their funds are traceable back to an exchange account which probably has your KYC information and may be even doing analysis on how you are spending your money - you might not be as hidden as you think. To me gambling with fiat currency is a bit better actually, because of one of the reasons you mention and that is price stability. I would be disappointed if trading it back out and finding that the 20% I won was swallowed up by a big lurch downwards and there are often additional fees involved at various levels if you want it back into fiat currency.

Of course. It wouldn't make sense to gamble with crypto purchased from a KYC-compliant exchange. You can easily get caught by the government. To achieve true anonymity and privacy, you'd need to acquire crypto in-person, or through a decentralized exchange. Anything that doesn't require you to verify your identity would be fine (no KYC).

I see no reason to gamble privately unless you're living in a country where online gambling is illegal or simply want to avoid paying taxes (which is not recommended). Most people have nothing to hide, so they wouldn't mind about the currency of their choosing. While Fiat is still "King" for gambling, that doesn't mean there is no future for stablecoins/crypto. The latter is just starting to blossom. Just wait a few more years, until the crypto gambling industry becomes a "force to reckon with". Exciting times ahead for gamblers.

I agree with OP.  Indeed, the use of cryptocurrencies in gambling is now much less than fiat, but this ratio is constantly shifting towards greater use of cryptocurrencies. 
Here we all must take into account the possibilities of non-custodial wallets, when you are actually both the owner of your money and at the same time a banker for this money.  And this combination of possibilities has one obvious advantage: no one will be able to block your money.  But with bank accounts, you are constantly under the threat of such a decision from the banks where your accounts are opened and used.  I see this option of non-custodial wallets for cryptocurrencies as an undeniable advantage compared to regular fiat accounts. 
And here, stablecoins can very well perform the function of your money while playing in a crypto casino.

[Abiky]

I agree with OP.  Indeed, the use of cryptocurrencies in gambling is now much less than fiat, but this ratio is constantly shifting towards greater use of cryptocurrencies. 
Here we all must take into account the possibilities of non-custodial wallets, when you are actually both the owner of your money and at the same time a banker for this money.  And this combination of possibilities has one obvious advantage: no one will be able to block your money.  But with bank accounts, you are constantly under the threat of such a decision from the banks where your accounts are opened and used.  I see this option of non-custodial wallets for cryptocurrencies as an undeniable advantage compared to regular fiat accounts. 
And here, stablecoins can very well perform the function of your money while playing in a crypto casino.

Both the gambling site and your wallet need to be non-custodial to obtain best results. If you deposit your crypto in a custodial gambling site (otherwise known as centralized), then you can easily expose yourself to KYC or even fraud (if the house decides to run away with the money). For full privacy and complete control of your crypto, decentralization is the way to go. Unfortunately, there aren't many gambling dApps out there. The tech is still in its infancy. Centralized crypto gambling sites are the dominating force of the industry. At least for now.

If you don't care about your privacy or financial sovereignity, use whatever currency you want to gamble. But if you care, choose crypto instead. Just remember to gamble wisely, and there should be nothing to worry about.

[2Pizza410000BTC]

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?

I mostly used Bitcoin when betting. Although stablecoin USD is by far the best, I have also participated in betting with Bitcoin. I don't know which currency everyone gambles with but I prefer Bitcoin the most for gambling. Physical gambling is not legal in my country Physical gambling is completely illegal and there are no physical gambling houses in my country so I always appreciate online gambling games that allow me to participate in gambling very easily and with privacy. But gambling must be taken as entertainment. Keep yourself free from gambling addiction.

[ethereumhunter]

Both the gambling site and your wallet need to be non-custodial to obtain best results. If you deposit your crypto in a custodial gambling site (otherwise known as centralized), then you can easily expose yourself to KYC or even fraud (if the house decides to run away with the money). For full privacy and complete control of your crypto, decentralization is the way to go. Unfortunately, there aren't many gambling dApps out there. The tech is still in its infancy. Centralized crypto gambling sites are the dominating force of the industry. At least for now.

If you don't care about your privacy or financial sovereignity, use whatever currency you want to gamble. But if you care, choose crypto instead. Just remember to gamble wisely, and there should be nothing to worry about.

Gamble wisely is recommended for gamblers who want to use crypto or fiat because they are responsible with themselves and their money so they must make sure that they can choose the casino where they want to playing gambling. Playing gambling with crypto gives you anonymity and privacy but that is only if we playing gambling in a casino decentralized although not many gambling dApps right now.

But with the strictly regulation from the government can attract dApps casino launch their casino to accommodate for crypto gamblers so they can protect their privacy and anonymity when playing gambling. Gamblers will not have to identify themselves in that casino so that can gives comfortable to them. But maybe we can still playing gambling using crypto and not asking to verify ourselves because we can limiting ourselves to playing gambling in that casino.

[betswift]

Many people consider crypto to be their type of investing, so it can be a bit foolish to gamble that away.

Indeed, however there is no clear distinction between the investor and the gambler mindset. One person can be either of them or both. If they are both, then they will treat their money like anything without care. They are the type of gamblers the casinos want to milk out money from.

They usually use crypto that they have invested in, including stablecoins. For them it does not matter if the coin is poised to go up or down, they just have to gamble.

We can all agree that gambling with money that one has earned is foolish, because it is a complete waste, but there will always be people trying to increase what they have because of their greed.

Unfortunately, that's true. It's essential to remember that gambling is more like an entertainment of sorts, rather than a way of increasing profits. With the change of the perspective, people can treat money they are willing to spend differently, with less greed intact.

[delfastTions]

I agree with OP.  Indeed, the use of cryptocurrencies in gambling is now much less than fiat, but this ratio is constantly shifting towards greater use of cryptocurrencies. 
Here we all must take into account the possibilities of non-custodial wallets, when you are actually both the owner of your money and at the same time a banker for this money.  And this combination of possibilities has one obvious advantage: no one will be able to block your money.  But with bank accounts, you are constantly under the threat of such a decision from the banks where your accounts are opened and used.  I see this option of non-custodial wallets for cryptocurrencies as an undeniable advantage compared to regular fiat accounts. 
And here, stablecoins can very well perform the function of your money while playing in a crypto casino.

Both the gambling site and your wallet need to be non-custodial to obtain best results. If you deposit your crypto in a custodial gambling site (otherwise known as centralized), then you can easily expose yourself to KYC or even fraud (if the house decides to run away with the money). For full privacy and complete control of your crypto, decentralization is the way to go. Unfortunately, there aren't many gambling dApps out there. The tech is still in its infancy. Centralized crypto gambling sites are the dominating force of the industry. At least for now.

If you don't care about your privacy or financial sovereignity, use whatever currency you want to gamble. But if you care, choose crypto instead. Just remember to gamble wisely, and there should be nothing to worry about.

That's exactly what you said about playing smart.  This also means choosing cryptocurrencies.  And apparently there is a preference for paying for the game in cryptocurrency rather than in fiat.  In my opinion, cryptocurrency payments in the field of Gambling are just one of the elements of a smart game, but if you weigh the pros and cons of cryptocurrency payments, you begin to understand that cryptocurrency is still preferable for many reasons.
 But a lot has been written about this in this topic.  And a smart player will certainly take all this into account.

[betswift]

I agree with OP.  Indeed, the use of cryptocurrencies in gambling is now much less than fiat, but this ratio is constantly shifting towards greater use of cryptocurrencies. 
Here we all must take into account the possibilities of non-custodial wallets, when you are actually both the owner of your money and at the same time a banker for this money.  And this combination of possibilities has one obvious advantage: no one will be able to block your money.  But with bank accounts, you are constantly under the threat of such a decision from the banks where your accounts are opened and used.  I see this option of non-custodial wallets for cryptocurrencies as an undeniable advantage compared to regular fiat accounts. 
And here, stablecoins can very well perform the function of your money while playing in a crypto casino.

Both the gambling site and your wallet need to be non-custodial to obtain best results. If you deposit your crypto in a custodial gambling site (otherwise known as centralized), then you can easily expose yourself to KYC or even fraud (if the house decides to run away with the money). For full privacy and complete control of your crypto, decentralization is the way to go. Unfortunately, there aren't many gambling dApps out there. The tech is still in its infancy. Centralized crypto gambling sites are the dominating force of the industry. At least for now.

If you don't care about your privacy or financial sovereignity, use whatever currency you want to gamble. But if you care, choose crypto instead. Just remember to gamble wisely, and there should be nothing to worry about.

That's exactly what you said about playing smart.  This also means choosing cryptocurrencies.  And apparently there is a preference for paying for the game in cryptocurrency rather than in fiat.  In my opinion, cryptocurrency payments in the field of Gambling are just one of the elements of a smart game, but if you weigh the pros and cons of cryptocurrency payments, you begin to understand that cryptocurrency is still preferable for many reasons.
 But a lot has been written about this in this topic.  And a smart player will certainly take all this into account.

Responsible players will choose what's best for them, and that's the main thing going Being smart and thinking about ahead is great and is beneficial for those willing to.

[Jawhead999]

Both the gambling site and your wallet need to be non-custodial to obtain best results. If you deposit your crypto in a custodial gambling site (otherwise known as centralized), then you can easily expose yourself to KYC or even fraud (if the house decides to run away with the money). For full privacy and complete control of your crypto, decentralization is the way to go. Unfortunately, there aren't many gambling dApps out there. The tech is still in its infancy. Centralized crypto gambling sites are the dominating force of the industry. At least for now.

I find that some of custodial gambling sites are allowing to connect directly using wallet, but I'm wondering will the casino ask KYC in the future and if the gamblers didn't, what the casino will do to the gamblers.

This will be different if the casino is completely non custodial and they didn't have any KYC rules, so the gamblers have a complete control over their coins.

Although the disadvantage is the casino could drain your wallet.

[Roseline492]

I mostly used Bitcoin when betting. Although stablecoin USD is by far the best, I have also participated in betting with Bitcoin. I don't know which currency everyone gambles with but I prefer Bitcoin the most for gambling. Physical gambling is not legal in my country Physical gambling is completely illegal and there are no physical gambling houses in my country so I always appreciate online gambling games that allow me to participate in gambling very easily and with privacy. But gambling must be taken as entertainment. Keep yourself free from gambling addiction.

Using Bitcoin in terms of betting is never a bad thing because every gamblers knows what currency is good for them to use and sticking to it is very good, however there are people who also prefer other cryptocurrency aside from Bitcoin, well one of the reasons why normal cryptocurrency is good sometimes is because of the minimum amount someone would bet because if I'm not mistaken I believe that the minimum to bet using Bitcoin will not be the same as other normal coins, perhaps that's the reason why some persons chose other coins, though for me I always prefer using fiat such as usdt because I'm use to it, Also in the case of physical gambling shops is very common in were I come from, so those who cannot gamble online will go for it.

[gabbie2010]

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?

Since I had stopped going to betting shop to be with fiat I had diverted to stablecoin (usdt) as the currency for placing bet notwithstanding that it is centralized I don't usually hodl my profit in USDT I do exchange to Bitcoin or Ethereum after withdrawal, meanwhile due to instability of the price of crypto that is why I didn't adopt it for gambling because at times after placing a bet  with Bitcoin and a massive sudden dump occurs it do affect my payout though during a period of pump too it favours me, however to avoid those situations I just have to sticked to stablecoin and all had been good so far without any issue

[delfastTions]

I agree with OP.  Indeed, the use of cryptocurrencies in gambling is now much less than fiat, but this ratio is constantly shifting towards greater use of cryptocurrencies. 
Here we all must take into account the possibilities of non-custodial wallets, when you are actually both the owner of your money and at the same time a banker for this money.  And this combination of possibilities has one obvious advantage: no one will be able to block your money.  But with bank accounts, you are constantly under the threat of such a decision from the banks where your accounts are opened and used.  I see this option of non-custodial wallets for cryptocurrencies as an undeniable advantage compared to regular fiat accounts. 
And here, stablecoins can very well perform the function of your money while playing in a crypto casino.

Both the gambling site and your wallet need to be non-custodial to obtain best results. If you deposit your crypto in a custodial gambling site (otherwise known as centralized), then you can easily expose yourself to KYC or even fraud (if the house decides to run away with the money). For full privacy and complete control of your crypto, decentralization is the way to go. Unfortunately, there aren't many gambling dApps out there. The tech is still in its infancy. Centralized crypto gambling sites are the dominating force of the industry. At least for now.

If you don't care about your privacy or financial sovereignity, use whatever currency you want to gamble. But if you care, choose crypto instead. Just remember to gamble wisely, and there should be nothing to worry about.

That's exactly what you said about playing smart.  This also means choosing cryptocurrencies.  And apparently there is a preference for paying for the game in cryptocurrency rather than in fiat.  In my opinion, cryptocurrency payments in the field of Gambling are just one of the elements of a smart game, but if you weigh the pros and cons of cryptocurrency payments, you begin to understand that cryptocurrency is still preferable for many reasons.
 But a lot has been written about this in this topic.  And a smart player will certainly take all this into account.

Responsible players will choose what's best for them, and that's the main thing going Being smart and thinking about ahead is great and is beneficial for those willing to.

However, sometimes even the smartest person, foreseeing future events, based on iron logic and common sense, as well as on his experience. However, life constantly makes adjustments to the events predicted in advance by this smart person. Life is an interesting, exciting adventure, full of completely unpredictable events and accidents, no matter how smart and far-sighted a person is. But sometimes it is impossible to predict. This, of course, fully applies to the player's luck in gambling.

[KTChampions]

Using Bitcoin in terms of betting is never a bad thing because every gamblers knows what currency is good for them to use and sticking to it is very good, however there are people who also prefer other cryptocurrency aside from Bitcoin, well one of the reasons why normal cryptocurrency is good sometimes is because of the minimum amount someone would bet because if I'm not mistaken I believe that the minimum to bet using Bitcoin will not be the same as other normal coins, perhaps that's the reason why some persons chose other coins, though for me I always prefer using fiat such as usdt because I'm use to it, Also in the case of physical gambling shops is very common in were I come from, so those who cannot gamble online will go for it.

I can't say that I tried all the casinos, but of those where I played, the minimum bet amount in bitcoin and USDT was practically the same. Considering that gambling using bitcoin in a casino takes place inside the casino itself without recording in the blockchain, the casino can split bets to satoshi or even less than satoshi. In the future, when Bitcoin grows exponentially, I wouldn't be surprised if in some casino you can place bets using fractions of a satoshi.

[stomachgrowls]

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?

Since I had stopped going to betting shop to be with fiat I had diverted to stablecoin (usdt) as the currency for placing bet notwithstanding that it is centralized I don't usually hodl my profit in USDT I do exchange to Bitcoin or Ethereum after withdrawal, meanwhile due to instability of the price of crypto that is why I didn't adopt it for gambling because at times after placing a bet  with Bitcoin and a massive sudden dump occurs it do affect my payout though during a period of pump too it favours me, however to avoid those situations I just have to sticked to stablecoin and all had been good so far without any issue

Actually there's no sense that you would really be that wanting nor likes on playing gambling on stablecoins on which we know that this would really be just that similar to fiat in speaking about those stable value
on which the difference only is that we do know that USDT is really that attached to crypto and that what makes it a little bit different to heard upon and impressions be made up by crypto people.

Making use whether USDT or directly on Bitcoin would really be that totally depending into someones preference since not all would really be liking on betting with USDT but rather they would be tending to directly
bet with Bitcoins or other established altcoins that we do have in the market because  they are really just that simply being trying out to accumulate or saving it up as much as possible. This is why
it would really be that better that better not mind on how other people do make handling with their gambling activity like on what they've been using or whatever the actions they are taking.

Doesnt matter on which one you would really be using since the main priority that we would really be having is on how to win up gambling and becomes profitable on which
this is the primary thing that comes up into someones mind in regarding into this. So its not really that a shocking thing and something casual i should say.

[DiMarxist]

Crypto is the best option among all. Since we are in the forum participating from one activity to another then it is better to use crypto because it is decentralised, reliable and faster to reflect in the casino site.
If you use fiat to make a deposit, you will not know when it will reflect on the casino account for you to use it. Because you are not paying directly to the casino account bit to a third party account before it will be send to the casino account so it will take some times to reflect.

[Numeral]

On some gaming platforms, if you even place a bet in bitcoin, it will still be converted into the dollar equivalent. The same will be true when calculating your winnings: you will be given the bitcoin equivalent of the reward in dollars at the exchange rate at the time the bet is calculated. There are times when the bet is not calculated automatically and you have to ask for it to be calculated, in which case the dollar to bitcoin exchange rate will be different. 

[Ruttoshi]

Crypto is the best option among all. Since we are in the forum participating from one activity to another then it is better to use crypto because it is decentralised, reliable and faster to reflect in the casino site.
If you use fiat to make a deposit, you will not know when it will reflect on the casino account for you to use it. Because you are not paying directly to the casino account bit to a third party account before it will be send to the casino account so it will take some times to reflect.

Why I love gambling with crypto is that you will have access to casinos that are not in your region and your country. Should in case there is a law that prohibits gambling, you can bypass that and keep on gambling without anyone knowing that you do gamble.

If it is fiat that is impossible because you can only use your country fiat to gamble when gambling is legalized in your country otherwise, you will get caught up by the government and you will face the punishment of violation of law.