Crypto Gambling : How it works / pros and cons!! Gamble responsibly.

[Saint-loup]

Legal Status

Crypto gambling is often in a gray area legally. Some countries ban online gambling entirely, while others allow licensed crypto casinos. It's essential to check your country's regulations before participating.

Most countries don't prohibit their citizens to gamble online, even onto unregulated casinos afaik, they usually just prohibit unlicensed casinos by themselves to trade with their citizens, it's not the same thing actually. So in many countries casinos and exchanges could get sanctions theoretically, if they accept their citizens, or are available to them but not their customers, because laws are not against them precisely. Except in countries where gambling is prohibited for religious or social reasons of course.

[Odusko]

Legal Status

Crypto gambling is often in a gray area legally. Some countries ban online gambling entirely, while others allow licensed crypto casinos. It's essential to check your country's regulations before participating.

Most countries don't prohibit their citizens to gamble onlive, even onto unregulated casinos, they just prohibit unlicensed casinos by themselves to trade with their citizens, it's not the same thing.

Based on religion believes, some few countries ban online and any form of gambling within their citizens, this is to protect them financial and also protect their religion believes and mentained their holiness since gambling may be seen as a sin in such a religion, but we have several countries that have gambling friendly regulations while some other just look away from gambling and allow their citizens to do whatever they like when it comes to gambling.

This is the reason why we can see someone gambling online a d offline without even knowing what the laws of the country say about gambling, wether or not if it legal or illegal to gamble both online and offline.

All of this are the major mischief that surround gambling, regulations and prohibitions among countries around the world

[Davidvictorson]

Benefits

Privacy: Many crypto casinos require minimal personal information, allowing for more anonymous gambling.

Global Access: Because cryptocurrencies are decentralized, users from countries where gambling is restricted might still access these platforms.

Lower Fees and Faster Transactions: Crypto transactions often have lower fees and process faster than traditional payment methods.

This type of topic is hilarious because on every online crypto casino gambling website, one can easily this this.

Anyways , the pros of crypto casinos are what has attracted be to them. And the big word there is convenience. I can do everything from the convenience of my room. If it were fiat casino online payments and withdrawals would have been a hassle but that has been erased by crypto. And although there is a con which likely a higher transaction fee, one can also change between coins to minimize the amount paid in transaction fees.

[Josefjix]

Some of the things op listed are really those knowledge a newbie needs before venture into cryptocurrency gambling. However,  i will like to stress this,  security of your funds is most paramount due to the decentralized nature of cryptocurrency and the potential for fraud. You should do alot of findings on platforms and only invest on those platforms that used 2 factors authenticator, cold storage for funds and regular security audits before creating and funds your account with them.

[adzino]

Crypto gambling refers to online gambling platforms that allow users to wager using cryptocurrencies like Bitcoin, Ethereum, and others. These platforms leverage blockchain technology, offering some potential benefits but also notable risks.

How Crypto Gambling Works

1. Account Creation: Users create an account on a crypto gambling site. Often, only an email or wallet connection is needed.


2. Deposit: Users transfer cryptocurrency to their platform account.


3. Games: Crypto gambling sites offer games like poker, blackjack, slots, and sports betting, similar to traditional online casinos.


4. Provably Fair: Some platforms use algorithms that allow users to verify the fairness of game outcomes, a unique aspect of blockchain-based gambling.


5. Withdrawals: Winnings can be withdrawn back to the user’s cryptocurrency wallet.


-snip-

Crypto gambling is when you gamble with crypto currencies like making weird trades or investing in meme coins hoping you will get rich. What you mean here I believe is crypto casinos.

For your first point, how safe you think it is to create an account only with an email? Account security would be a big risk in such casinos. Also, never connect your wallets in which you are holding most of your funds. And in case of provably fairness, it has nothing to do with blockchain. You just use hashes and seeds to verify the outcome.

Privacy: Many crypto casinos require minimal personal information, allowing for more anonymous gambling.

Global Access: Because cryptocurrencies are decentralized, users from countries where gambling is restricted might still access these platforms.

If you playing on a centralized casino, there is no such thing as privacy. You will eventually have to verify your identity. You can gamble globally and still access the site, but you might be breaking your local laws.

[jaberwock]

Privacy: Many crypto casinos require minimal personal information, allowing for more anonymous gambling.

as I know gambling can not be anonymous, unless you intend to cheat or something detrimental, currently gambling also requires KYC if you want to make a withdrawal in a certain amount that is definitely above the normal limit, you must do KYC. crypto gambling that does not do KYC can be questioned for its credibility, those who do KYC still have fraudulent gambling, let alone those who do not require KYC on their gambling sites

I don't want to repeat what he said but that tells it all that it is possible now to gamble anonymously with the help of crypto because some or most of them are decentralized. Cryptos are invented not because of the cheaters but it is to counter the centralization system which can suck. We can't only avoid that cheaters are also taking advantage of this new technology. They still can get caught anyways and if not, for sure they still can get a bad karma.

Cryptos are not new and eventually, centralization also joins here, so as you said, there are now some gambling sites who does require a KYC but I think this is also to protect the consumer from the bad guys, so they are still helpful somehow.

[SamReomo]

And the results of the poll will definitely favor the crypto online betting sites because he is asking in the gambling section of this forum. So expect that everyone will vote for yes here in crypto betting site. You can get a no answer if he will post this in the general discussion board as some users here are not gamblers.

Yes, that might be the reason why he posted this in gambling board because here most people who gamble share their insights and OP also wanted to get some attention by posting it in this board. It's true that if he posted this in other boards then most people might not vote in favor of crypto online gambling sites.

[Ojima-ojo]

And the results of the poll will definitely favor the crypto online betting sites because he is asking in the gambling section of this forum. So expect that everyone will vote for yes here in crypto betting site. You can get a no answer if he will post this in the general discussion board as some users here are not gamblers.

Yes, that might be the reason why he posted this in gambling board because here most people who gamble share their insights and OP also wanted to get some attention by posting it in this board. It's true that if he posted this in other boards then most people might not vote in favor of crypto online gambling sites.

If is a debate and not a vote or poll, them online cryptocurrency casinos will still win, because of the level of their popularity here on this Forum 100% of members of this forum gamble online and almost none or less than 1% of the population here gamble on offline casinos, so asking this here we already know where and what we stands for in this Forum and what the advantage of online casinos are to us here also.


Most of us here adopted online cryptocurrency casinos because of the convenience and also privacy that we enjoyed from using online casinos, and as a cryptocurrency enthusiasns we love privacy despite gambling on centralized online casinos, we still value the real life privacy, that is the ability to gamble without anyone knowing what you are doing, that alone is a huge attraction to online platforms.

[bitterguy28]

for me it is easy to become addicted when you are gambling online so i think i will not favor this instead better to continue gambling in traditional ways in which physically ,
less chances of addiction and we cannot just hide our gambling activities not like online that you are free to keep hiding in the closet while playing .

[EarnOnVictor]

for me it is easy to become addicted when you are gambling online so i think i will not favor this instead better to continue gambling in traditional ways in which physically ,
less chances of addiction and we cannot just hide our gambling activities not like online that you are free to keep hiding in the closet while playing .

And you think this is the solution? You're wrong.

Gambling online or physically has their addictions, don't let us always distract a fact while the problem lingers. I've seen a lot of people who do not gamble online to date but are so addicted to physical gambling. They have tried all sorts of gambling activities with physical shops, but did not help them make money, still, they continue and it only mounts desperation and frustration on them to the point that people now look at them with ridicule after many attempts to help them overcome the addiction.

This is why I say we should understand gambling before we venture into it, this is the only solution. We must ensure that we take care of the psychological and managerial part if we ever want to be responsible in gambling. If you overcome "gambling" as a context, you've overcome all, it doesn't matter the location (offline or online).

[_act_]

for me it is easy to become addicted when you are gambling online so i think i will not favor this instead better to continue gambling in traditional ways in which physically ,
less chances of addiction and we cannot just hide our gambling activities not like online that you are free to keep hiding in the closet while playing .

If you can not hide your gambling activities, did you know that is lack of privacy. On online gambling sites, you will still have some privacies.

Another thing is that what that matters most is for someone to know how to gamble responsibly, not only about not gambling because of addiction. As for me, I have a little percentage that I put on gambling every week which is not more than 2% of my income weekly and it is online gambling.

[SamReomo]

If is a debate and not a vote or poll, them online cryptocurrency casinos will still win, because of the level of their popularity here on this Forum 100% of members of this forum gamble online and almost none or less than 1% of the population here gamble on offline casinos, so asking this here we already know where and what we stands for in this Forum and what the advantage of online casinos are to us here also.

Yes, I highly agree with you, here most players love to gamble on online casinos instead of visiting offline casinos. Some even avoid offline casinos because they hold bad reputation and if others find out that someone goes to a casino then that person losses his respect in eyes of his loved ones.

This forum members love to enjoy their time by placing betting on online casinos and it's more convenient to gamble on online casinos than on offline ones. When it comes to sports betting then it's 100x better to to do online than finding offline brokers who may place such bets. So in end online gaming wins even if majority of members support it here or not, still it will win when you consider all those factors.

[EarnOnVictor]

for me it is easy to become addicted when you are gambling online so i think i will not favor this instead better to continue gambling in traditional ways in which physically ,
less chances of addiction and we cannot just hide our gambling activities not like online that you are free to keep hiding in the closet while playing .

If you can not hide your gambling activities, did you know that is lack of privacy. On online gambling sites, you will still have some privacies.

Another thing is that what that matters most is for someone to know how to gamble responsibly, not only about not gambling because of addiction. As for me, I have a little percentage that I put on gambling every week which is not more than 2% of my income weekly and it is online gambling.

Well, it is not about privacy for everyone, most people do not care about what you say about their gambling life, so those who do not care about that can use the physical casinos as an alternative and also enjoy the extras attached to it if such is lucky to gamble at advanced and entertaining gambling outlets. But the issue I have with the guy is that he believed a physical casino is a solution to gambling addiction, this is indeed a misconception, every gambling setup can make anyone addicted.

[seoincorporation]

4. Provably Fair: Some platforms use algorithms that allow users to verify the fairness of game outcomes, a unique aspect of blockchain-based gambling

This is a fun point because most casinos nowadays doesn't offer this, since they work with verified slots providers then the games doesn't let us verify our rollos or change our seed, we have to blindly trust on this games.

[Lanatsa]

Benefits

Privacy: Many crypto casinos require minimal personal information, allowing for more anonymous gambling.
Global Access: Because cryptocurrencies are decentralized, users from countries where gambling is restricted might still access these platforms.
Lower Fees and Faster Transactions: Crypto transactions often have lower fees and process faster than traditional payment methods.


Risks

Lack of Regulation: Many crypto gambling sites operate without licenses, leading to potential legal and safety issues.
Volatility: Cryptocurrency prices fluctuate, meaning winnings or losses can change significantly in fiat value.
Risk of Scams: Unregulated sites have a higher risk of fraud, with some disappearing or refusing withdrawals.

One of the things that the reason on why we are really that loving crypto gambling on which because of its pros on which there's privacy and easy way on how to make dealing with on which it is really that unlike when dealing up with those traditional casinos on which you will really be needing up to verify yourself. There are really that those individuals who do really give out importance when it comes to their identity on which they do really that prefer on dealing up with crypto space and this is something that they do really like out because of that ease of playing and having that anonymity, but somehow these things do really changes up on the time or moment that it did boomed out or becoming that getting too much attention or simple this industry becomes bigger because soon these anonymous sites becomes that regulated gradually on which getting up some license for them to operate had become that needing to comply with some rules and regulation for them to be able to operate on which is the main reason why on we are seeing those casinos crypto based asking for some KYC before you could really be able to play but somehow there are still those remain unchanged overtime. Just like on exchange platforms too that over the years these kind of regulation had become that more strict on which considering that these type of businesses are really that generating that too much big income or revenue and thats why its not shocking that government would really be doing their very best to get a hold of these businesses via those regulation. About cons that cant be easily controlled on which this one pertains about addiction on which this is something a personal
type of problem that not anyone will be able to resolved it out.

[Saint-loup]

Provably fair unfortunately is not available and hasn't spread as widely as it should have been in 2024. It should be the norm of crypto gambling games now IMO. Because it really brings something new and disruptive, something good for the reputation of gambling activities. And it could bring more people to gambling games and betting. It was a new promising paradigm but unfortunately casinos and most customers don't seem to be interested in it until now. I hope it will change in the future though.

[AmoreJaz]

Provably fair unfortunately is not available and hasn't spread as widely as it should have been in 2024. It should be the norm of crypto gambling games now IMO. Because it really brings something new and disruptive, something good for the reputation of gambling activities. And it could bring more people to gambling games and betting. It was a new promising paradigm but unfortunately casinos and most customers don't seem to be interested in it until now. I hope it will change in the future though.

This feature - provably fairness, has been the subject of discussions even in the early stages of gambling. There has been several topics here that you can find with comprehensive discussion on this matter. Just a couple of the threads here -

Brief explanation of what PROVABLY FAIR means(for those who are wondering)
Do you verify every bet as a gambler? Provably Fair Guide.

The first thread showed that more than a decade ago, 11 yrs to be exact as it was posted Nov 18, 2013 - this has been brought up already in the gambling section. Do remember that there's no gambling license yet for those early crypto casinos, so people are just relying on one of these features - the provable fairness. So this is important for the players in order to check the site's credibility.
The second one though is a very good thread discussing this tool if you do want to verify the fairness of the site, posted more than 4 yrs ago.

[khaled0111]

This is a fun point because most casinos nowadays doesn't offer this, since they work with verified slots providers then the games doesn't let us verify our rollos or change our seed, we have to blindly trust on this games.

The reason why those casinos do not offer pf games is mainly because they know their customers don’t care too much about it. That’s the sad truth. Not many gamblers vetify their bets or even know what provably fair is or how important it is.
But to be fair, many trusted casinos offer a wide range of pf games mainly the original and in-house games.
Implementing pf algorithms into slots games and vetifying their results is a bit more complicated. But there are still some games providers that offer such games such as BGaming.

[mirakal]

Privacy: Many crypto casinos require minimal personal information, allowing for more anonymous gambling.

Most crypto gambling sites nowadays are KYC gambling sites. Many of them before were non-KYC but as they are growing bigger, they become KYC casino.

Also know that they are all centralized. They can request their customers to get verified at anytime. They have AML and CTF policies which they have to be strict with as they grow bigger.

Does non-KYC casinos still matter these days? Because no matter how we want being anonymous, but we are left with no choice seeing majority of gambling casinos, even crypto casinos have already required KYC. Or some may don’t require in the beginning, but when it comes to withdrawal, KYC is a must, so you have to comply on it so you can get your funds, otherwise your winnings will be gone like thin air.