Gambling with stablecoins, Fiat, or crypto?

[sp4rhawk]

I think congestion is no longer a problem when we're using stable token to gamble. I found many gambling sites that support L2 blockchains, like Stake. They are adding support for various scalable blockchains, like Polygon and BSC. This helps us avoid the downsides of a native blockchain when it gets congested due to high traffic.

It doesn't even make sense to use the congestion as a reason why people have no interest to gamble.

We can actually stop considering the congestion, and this is more reason why we should always verify before sending from the wallets, many have been victims of that and many more will be. It's however, lessened with the USDT because there are more than 10 alternatives to it and every one of them can't be congested at once.

But the underlying issue here is that some wallets will never allow you to send your USDT through another chain from the one you received it from, what if your chain is congested at that time? This is why we can't entirely undermine the concern. Recently, the TON network was very congested for days, I've seen the polygon and others too so congested, even the popular BSC.

In all, I noticed that the lower the transaction fee, the more the congestion likelihood of congestion due to more people using it, though it's not happening so frequently.

I agree with you that using stable tokens for gambling can help alleviate congestion issues on the blockchain. It's good to hear that sites like Stake are supporting L2 blockchains like Polygon and BSC to make transactions smoother. It's true that congestion can be a concern, especially when sending funds from one chain to another. We always need to double-check before making transactions to avoid any issues. Thanks for sharing your insights!

[ethereumhunter]

Regardless if they see their Bitcoin amount reducing, they would not stop gambling because they are already addicted to gambling. Gambling addicts know that they are losing money but they can not stop if they wanted to. When they have not gambled, to them they do not care about any other things but just want to bet. Using Bitcoin, fiats or any currency will not make them to reduced the way they are gambling. Cryptocurrency is the worst currency that an addict can be using for betting because he is not emotionally attached to cryptocurrency since they are not physical and it might look like he is not losing anything but he has lost alot of money already. We are getting lots of gambling addicts recently because of online casinos and the introduction of digital currency to use in gambling.

That is what happen if they become addicted to gambling. They will not thinks about their Bitcoin amount reducing as they only want to keep playing gambling. If they don't think that will effect to their finances or they can not make a profit when Bitcoin price increase, they will lose many things including they can bankrupt and will not make any profit. Getting addicted to gambling will not gives them a chance to realize what happen to them so they will still playing gambling without stop. Using fiat or crypto to playing gambling will not be a problem but they must avoids the chance to become addicted to gambling because gambling can make them easily to get tempts and can not stop from playing gambling. If they can have control over themselves, they will not have difficulty when playing gambling no matters what currency they use, whether that is fiat or crypto.

[Abiky]

I think congestion is no longer a problem when we're using stable token to gamble. I found many gambling sites that support L2 blockchains, like Stake. They are adding support for various scalable blockchains, like Polygon and BSC. This helps us avoid the downsides of a native blockchain when it gets congested due to high traffic.

It doesn't even make sense to use the congestion as a reason why people have no interest to gamble.

Congestion only becomes a problem when the underlying blockchain network experiences a surge in popularity. Stablecoins are expensive on the main Ethereum blockchain. But not on L2 networks or highly-scalable L1s like Solana and BSC. The biggest downside of most stablecoins is not network congestion, but rather privacy/freedom. The vast majority of them are highly-centralized. Even Tether and USD Coin have a "blacklist" feature.

Gambling with truly-decentralized stablecoins like DAI and USDD is becoming scarce these days. If you only want convenience, then choose a centralized stablecoin instead. Fiat is even worse, imo. To each, their own currency of preference. At least we know the gambling industry won't be going away soon.

[bangjoe]

I think congestion is no longer a problem when we're using stable token to gamble. I found many gambling sites that support L2 blockchains, like Stake. They are adding support for various scalable blockchains, like Polygon and BSC. This helps us avoid the downsides of a native blockchain when it gets congested due to high traffic.

It doesn't even make sense to use the congestion as a reason why people have no interest to gamble.

Congestion only becomes a problem when the underlying blockchain network experiences a surge in popularity. Stablecoins are expensive on the main Ethereum blockchain. But not on L2 networks or highly-scalable L1s like Solana and BSC. The biggest downside of most stablecoins is not network congestion, but rather privacy/freedom. The vast majority of them are highly-centralized. Even Tether and USD Coin have a "blacklist" feature.

Gambling with truly-decentralized stablecoins like DAI and USDD is becoming scarce these days. If you only want convenience, then choose a centralized stablecoin instead. Fiat is even worse, imo. To each, their own currency of preference. At least we know the gambling industry won't be going away soon.

Referring to unfreedom and centralization in my opinion this is optional if it can still be used, as long as we do not commit crimes or our stable coins do not come from and or are sent to addresses that are being monitored by them, I think it is safe and as long as it is smooth, and there is also no need to worry if we do not commit fraud.

The problem of cost we can use alternative networks as you said, where you are more confident and do not burden you why don't you choose that network even though it is expensive for some people, in the end this will be our subjectivity in the use of coins that we want to use to interact with gambling, we will always find alternative solutions to everything that makes us uncomfortable.

[serjent05]

I think congestion is no longer a problem when we're using stable token to gamble. I found many gambling sites that support L2 blockchains, like Stake. They are adding support for various scalable blockchains, like Polygon and BSC. This helps us avoid the downsides of a native blockchain when it gets congested due to high traffic.

It doesn't even make sense to use the congestion as a reason why people have no interest to gamble.

Congestion only becomes a problem when the underlying blockchain network experiences a surge in popularity. Stablecoins are expensive on the main Ethereum blockchain. But not on L2 networks or highly-scalable L1s like Solana and BSC. The biggest downside of most stablecoins is not network congestion, but rather privacy/freedom. The vast majority of them are highly-centralized. Even Tether and USD Coin have a "blacklist" feature.

Honestly it will only become a problem if we hold the coin where its network is congested.  It does not matter if the network is gaining popularity or there is a surge or spike in transaction fee as long as we do not hold it.  Like for example, I don't mind the congestion of the BTC network if I am using USDT BEP20 in my transactions.  At the end of the day whether we are affected by a certain network congestion or not is dependent on what cryptocurrency we are holding.

Gambling with truly-decentralized stablecoins like DAI and USDD is becoming scarce these days. If you only want convenience, then choose a centralized stablecoin instead. Fiat is even worse, imo. To each, their own currency of preference. At least we know the gambling industry won't be going away soon.

True, most gamblers go with centralized gambling platform because it is much easier to access and play than the decentralized platform.  Btw, even if the token or cryptocurrency used is decentralized once it hits the centralized platform it will act as centralized cryptocurrency until it exits the centralized platform.

[nullama]

~snip~
Congestion only becomes a problem when the underlying blockchain network experiences a surge in popularity. Stablecoins are expensive on the main Ethereum blockchain. But not on L2 networks or highly-scalable L1s like Solana and BSC. The biggest downside of most stablecoins is not network congestion, but rather privacy/freedom. The vast majority of them are highly-centralized. Even Tether and USD Coin have a "blacklist" feature.

Gambling with truly-decentralized stablecoins like DAI and USDD is becoming scarce these days. If you only want convenience, then choose a centralized stablecoin instead. Fiat is even worse, imo. To each, their own currency of preference. At least we know the gambling industry won't be going away soon.

Well, you can always use Lightning with Bitcoin, which is almost free to use and almost instant as well.

This is possible because there are funds in Bitcoin that are secured on chain that are transacted in the second layer.

Any other coin will have the same scaling issues, Bitcoin is the best coin you can use with widespread usage.

[Abiky]

True, most gamblers go with centralized gambling platform because it is much easier to access and play than the decentralized platform.  Btw, even if the token or cryptocurrency used is decentralized once it hits the centralized platform it will act as centralized cryptocurrency until it exits the centralized platform.

So true. Betting on centralized gambling sites with KYC greatly defeats the purpose of crypto. You're better off using Fiat for that matter. To each, their own currency of preference. Neither crypto-based gambling sites will replace traditional Fiat-based ones, or vice versa. With plenty of options to choose from, anyone can gamble with ease.

Be aware that crypto is extremely-volatile (especially altcoins). You could lose a lot more money than initially invested if things go south. I guess that's why most gamblers choose Fiat or Stablecoins instead of crypto. If you don't care about the money, then crypto gambling is for you. Otherwise, look elsewhere. Gambling is a multi-billion dollar ($USD) industry, so don't expect it to go anywhere soon.

[noormcs5]

~snip~
Congestion only becomes a problem when the underlying blockchain network experiences a surge in popularity. Stablecoins are expensive on the main Ethereum blockchain. But not on L2 networks or highly-scalable L1s like Solana and BSC. The biggest downside of most stablecoins is not network congestion, but rather privacy/freedom. The vast majority of them are highly-centralized. Even Tether and USD Coin have a "blacklist" feature.

Gambling with truly-decentralized stablecoins like DAI and USDD is becoming scarce these days. If you only want convenience, then choose a centralized stablecoin instead. Fiat is even worse, imo. To each, their own currency of preference. At least we know the gambling industry won't be going away soon.

Well, you can always use Lightning with Bitcoin, which is almost free to use and almost instant as well.

This is possible because there are funds in Bitcoin that are secured on chain that are transacted in the second layer.

Any other coin will have the same scaling issues, Bitcoin is the best coin you can use with widespread usage.

Well I think that not all gambling sites supports the bitcoin lightning network and therefore if you use bitcoin for gambling then you have to bear the high transaction fees plus the high transaction confirmation times depending upon bitcoin network conjection at that time.

Most people will prefer to use stable coins or even if they want to use the crypto they may use litecoin, dogecoin and other popular crypto coins that are available on the gambling sites for deposit and withdrawals.

[Out of mind]

I prefer to gamble with stablecoins most of the time. Also, I like betting with fiat, and I have gambled with bitcoin before. I think it's best to use stablecoins because there is no chance of volatility, most casinos use USDT. However trusted casino platforms allow gamblers to choose different currencies to bet on, not only fiat and local currencies but also cryptocurrencies nowadays are preferred by people.

[tbct_mt2]

I prefer to gamble with stablecoins most of the time. Also, I like betting with fiat, and I have gambled with bitcoin before. I think it's best to use stablecoins because there is no chance of volatility, most casinos use USDT.

With stable coins, you can have better imagination of your bet value and assigned bet capital so you can control your gambling fund better. With stable coins, you also have one more advantage, that is stable coins are on altcoin blockchains which in turn can give you cheaper on chain transaction fees. Moving your fund in and out gambling platforms or centralized exchanges or even on decentralized exchanges with expensive fees is not favorite by all users.

However trusted casino platforms allow gamblers to choose different currencies to bet on, not only fiat and local currencies but also cryptocurrencies nowadays are preferred by people.

As a business operator, they must provide good products and diversifying options for users. Some of these things is providing multiple available payment methods for users. With developments and adoption of Bitcoin and cryptocurrencies recent years, casinos surely have to provide these things on their platforms if they don't want to easily fail in race with other competitors.

[Cryptmuster]

So true. Betting on centralized gambling sites with KYC greatly defeats the purpose of crypto. You're better off using Fiat for that matter. To each, their own currency of preference. Neither crypto-based gambling sites will replace traditional Fiat-based ones, or vice versa. With plenty of options to choose from, anyone can gamble with ease.

Be aware that crypto is extremely-volatile (especially altcoins). You could lose a lot more money than initially invested if things go south. I guess that's why most gamblers choose Fiat or Stablecoins instead of crypto. If you don't care about the money, then crypto gambling is for you. Otherwise, look elsewhere. Gambling is a multi-billion dollar ($USD) industry, so don't expect it to go anywhere soon.

If it's easier, then you can play for USDT, sometimes I hear that it's easier for players to play this way, because it's easier to count profits, but I think there's no big problem if you bet for bitcoins, in the end you can get satoshi, which in my opinion is even more preferable if you do it in a bull market and especially on the eve of a bullrun. Most often, bets are a short-term action within one day, so there is no difficulty here with the fact that the price of bitcoin can change very much, holders hold bitcoin for years and consider it a good solution.

[bakasabo]

If it's easier, then you can play for USDT, sometimes I hear that it's easier for players to play this way, because it's easier to count profits, but I think there's no big problem if you bet for bitcoins, in the end you can get satoshi, which in my opinion is even more preferable if you do it in a bull market and especially on the eve of a bullrun. Most often, bets are a short-term action within one day, so there is no difficulty here with the fact that the price of bitcoin can change very much, holders hold bitcoin for years and consider it a good solution.

That is very true. I think many, if there is such an option in casino, immediately choose "display in fiat" their balances. Because it is not just easier to count profit, but to understand what you have won. For example you have won 3251 TRX. Can anyone instantly tell how much it is? Even by knowing exchange rate, it still requires to use calculator. That is $500. When a person sees that he has won $500, he can already understand that this is half of his salary, or for that amount it is possible to buy a new mobile phone. But when you win 3251 TRX, it looks confusing, if you should start celebrating, or this is only a decent amount. That is why no matter what gamblers use for gambling, many use "display in fiat" kind of option, and makes no big difference what is used for betting.

[delfastTions]

I know that someone has to find faults and ways to make him believe that he's lucky with the use of specific currency. That's the placebo effect.
I also believe on that somehow to make myself believe that I am better at something or make something positive out of negative situations.
It's normal to believe that but when you're knocking to the reality, you'll realize that it really means nothing at all.

It also seems to me that such mystical beliefs that the currency that you use in gambling can take place among players.
It's just that in general there are a huge number of signs, mystical beliefs, all sorts of events around luck in gambling that have nothing to do with the game at all and yet, in the player's opinion, influence the outcome of the game. Then such a player can justify victory or defeat in the game with all sorts of such signs. And in general, I do not condemn such superstitious players, especially because such internal psychological attitudes accompany any person in his life. And these are not necessarily signs in gambling. Signs can also be in relation to any events in a person's life. And probably a superstitious person who lost in gambling, nevertheless finds it a little easier to survive the loss simply because he was, as it were, warned by this sign, but did not understand it or ignored it. And accordingly, the events that were the basis for this sign are to blame

Every gambler, you'd hear some interesting thoughts about what their beliefs are.
If they think that gambling with some specific currencies or cryptocurrencies are really dealing with their luck, it's up to you on how you would react on that.
It's sort of a fun thing to hear but they really are believing into that matter and we cannot break their beliefs and superstitious beliefs just because we have a different.

In my opinion, other people's superstitions and various beliefs can be taken very, very seriously by them, even if they make you smile or even laugh. But for them, this is a powerful limiter of their further actions in general, and of course, this also happens in gambling. The most correct thing is not to try to convince them of the stupidity of such signs and predictions, but to treat this with understanding and at least neutrally. You should not argue with such a superstitious person and in no case scold them for stupidity. Simply because it is useless and in such a matter the psyche of a superstitious person will choose a sign or prediction in ahny case, and not your admonitions that this is stupidity. Let's just state that superstitions and predictions exist, everyone encounters them during life and all people live, including taking these superstitions into account in their actions. And of course, when betting in gambling, this takes place.

[nimogsm]

I prefer to gamble with stablecoins most of the time. Also, I like betting with fiat, and I have gambled with bitcoin before. I think it's best to use stablecoins because there is no chance of volatility, most casinos use USDT. However trusted casino platforms allow gamblers to choose different currencies to bet on, not only fiat and local currencies but also cryptocurrencies nowadays are preferred by people.

in bookmakers I use only usdt because I need a fixed result and it’s easier to control winnings or losses, and if these are slots, for example, then I play on different alts because the process itself is more interesting and I don’t feel a strong loss, of course it all depends on the minimum bet In fact, it feels more fun.

[Fivestar4everMVP]

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?

This is something that have been discussed on this forum on several occasions, maybe 3 or 4 different threads ive come across in the past that is particularly on this same topic, but thats by the way.

Let me point out to you that this days, even kyc have become mandatory for cryptocurrency only casinos, and this is due to the regulations coming to cryptocurrency, nowadays, it no longer matter whether or not, you are depositing and playing with cryptocurrency, you will still have to pass kyc verification when ever the casinos calls for it, which is often times, after you have encountered a large winning and requests for withdrawal.

Personally, for several reasons, I prefer to gamble using cryptocurrency stable coins, and one of the reasons is because it helps me keep accurate record of my winnings and loses traditional cryptocurrencies are volatile in price, and this means that, losing 0.1 bitcoin Today may not be the same as losing 0.1 bitcoin tomorrow when we consider the value of 0.1 bitcoin in dollars, and this because, the dollar value of 0.1 bitcoin changes, 0.1 bitcoin may be worth $500 at the time you lose it to gambling, but tomorrow, the same 0.1 bitcoin may be worth $1000 or even more.
But stablecoins remains the same in their dollar value, making a $500 loss to remain a $500 loss for as long as money exists.
This is why I prefer to gamble using stablecoins than any other option.

[delfastTions]

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?

This is something that have been discussed on this forum on several occasions, maybe 3 or 4 different threads ive come across in the past that is particularly on this same topic, but thats by the way.

Let me point out to you that this days, even kyc have become mandatory for cryptocurrency only casinos, and this is due to the regulations coming to cryptocurrency, nowadays, it no longer matter whether or not, you are depositing and playing with cryptocurrency, you will still have to pass kyc verification when ever the casinos calls for it, which is often times, after you have encountered a large winning and requests for withdrawal.

Personally, for several reasons, I prefer to gamble using cryptocurrency stable coins, and one of the reasons is because it helps me keep accurate record of my winnings and loses traditional cryptocurrencies are volatile in price, and this means that, losing 0.1 bitcoin Today may not be the same as losing 0.1 bitcoin tomorrow when we consider the value of 0.1 bitcoin in dollars, and this because, the dollar value of 0.1 bitcoin changes, 0.1 bitcoin may be worth $500 at the time you lose it to gambling, but tomorrow, the same 0.1 bitcoin may be worth $1000 or even more.
But stablecoins remains the same in their dollar value, making a $500 loss to remain a $500 loss for as long as money exists.
This is why I prefer to gamble using stablecoins than any other option.

Of course, stablecoins are much more convenient for playing in crypto casinos in many cases. Simply because you understand how much you have won or lost. And this is immediately clear and you do not need to mentally convert another cryptocurrency into dollars, clarify the current rates of this cryptocurrency in relation to the dollar or your local currency, and also remember about exchange fees and other red tape. Yes, you can simply pay more attention to the game itself than to these very calculations.

But about the mandatory and widespread KYC here, I think that the development of decentralized casinos will still eventually make it so that players will be able to play without providing personal data and at the same time they will still have at least a minimum level of guarantees of the integrity of such a casino and guarantees of payment of winnings to the player without any KYC. This is simply the next stage in the development of this area of ​​​​the gambling market. And by the way, it is in demand by millions of people around the world who want to gamble anonymously.

[Abiky]

This is something that have been discussed on this forum on several occasions, maybe 3 or 4 different threads ive come across in the past that is particularly on this same topic, but thats by the way.

Let me point out to you that this days, even kyc have become mandatory for cryptocurrency only casinos, and this is due to the regulations coming to cryptocurrency, nowadays, it no longer matter whether or not, you are depositing and playing with cryptocurrency, you will still have to pass kyc verification when ever the casinos calls for it, which is often times, after you have encountered a large winning and requests for withdrawal.

Personally, for several reasons, I prefer to gamble using cryptocurrency stable coins, and one of the reasons is because it helps me keep accurate record of my winnings and loses traditional cryptocurrencies are volatile in price, and this means that, losing 0.1 bitcoin Today may not be the same as losing 0.1 bitcoin tomorrow when we consider the value of 0.1 bitcoin in dollars, and this because, the dollar value of 0.1 bitcoin changes, 0.1 bitcoin may be worth $500 at the time you lose it to gambling, but tomorrow, the same 0.1 bitcoin may be worth $1000 or even more.
But stablecoins remains the same in their dollar value, making a $500 loss to remain a $500 loss for as long as money exists.
This is why I prefer to gamble using stablecoins than any other option.

There are some crypto-based casinos (or gambling sites) that aren't KYC-compliant. I believe Bitvest is one of them. The thing is, governments can't force regulations on truly-decentralized gambling sites. Especially those running on smart contracts (aka dApps). Without a central operator (in this case, the house) to prosecute, enforcing KYC would be in vain. This is only possible in crypto gambling (including stablecoins). With Fiat, it's another story. At least, debit/credit card transactions. I'm not so sure about cash-based (paper money) gambling.

You must be aware of each type of currency's advantages/disadvantages to make your own move. As with any kind gambling, don't spend more than what you can't afford to lose. It's an addiction, but it can be easily beaten with professional help.

[betswift]

I prefer to gamble with stablecoins most of the time. Also, I like betting with fiat, and I have gambled with bitcoin before. I think it's best to use stablecoins because there is no chance of volatility, most casinos use USDT. However trusted casino platforms allow gamblers to choose different currencies to bet on, not only fiat and local currencies but also cryptocurrencies nowadays are preferred by people.

in bookmakers I use only usdt because I need a fixed result and it’s easier to control winnings or losses, and if these are slots, for example, then I play on different alts because the process itself is more interesting and I don’t feel a strong loss, of course it all depends on the minimum bet In fact, it feels more fun.

That sounds like a great strategy, thanks for sharing it! Responsible gambling + fun