Is Bitcoin Gambling a big opportunity or a big trap?

[|MINER|]

From my personal point of view, I think gambling is not a big opportunity for us, and at the same time, it is not a big trap.

The reason why I say it is not a big opportunity is that in gambling, winning or losing depends only on luck, since there is no strategy or skill involved, we can never know in advance what our luck is and there can be any issue here, losing or getting a jackpot, but because it is uncertain, it can never be a big opportunity. Rather, if we gamble in this way, we will have to face bad situations.

On the other hand, it is not a big trap because only after knowing what gambling is like, people go to gambling and face or win. So we cannot call it a trap.

[Dr.Bitcoin_Strange]

Even with fiat gambling, has it not still caused gambling problems for most gamblers? The problem is not the currency that is being used for gambling, I think the major problem is the gamblers who allows themselves to lose control, self discipline is the key of being responsible or doing the things that ought to be right in any kind of situation but because of how some people are so soft or easily deceived or eager to get money, they end up in problems like gambling addiction. It is not the currency but rather the gamblers.

[internetional]

Anytime you deposit some bitcoins to your casino account it's best to assume you deposited normal fiat based on the current rate.

Trying to reflect back on how you lost some coins you could have held is actually not a nice experience. It's same situation with those that gambled via bitcoin when it was still less than $1,000. The did that based off the value of those coins at that time.

Yes, that is exactly the reason why it was hard for me to believe that the gambling business in Bitcoin could take hold and succeed. I can understand those who gamble with worthless altcoins that will depreciate anyway (for example, ones received from an airdrop). But what drives people who gamble with bitcoins - I don't understand. Or are there still people who have bitcoins but don't realize their value?

[Cointxz]

The big question for me now is, do we consider bitcoin gambling sites a big opportunity for the people or a big trap that will leave many young people addicted and financially broke?

Big opportunity for what? To have income or to have fun online? Because this opportunity you are describing sounds like a way to earn a living using gambling while in reality all gambling can’t provide consistent profit due to house edge. There’s no person in the world that has 100% lucky all the time.

It’s not a trap either because gambling doesn’t force you to play. The decision is made solely by the players.

[gunhell16]

Recently I've been noticing how bitcoin gambling sites are becoming increasingly popular among young people as these days you don't have to walk into a betting shop again or visit any casino games centres before you can gamble, now you can just get everything served to you on your smartphone while you're sitting at home and since the introduction of crytocurrency including bitcoin into gambling, it has even gone further to make gambling faster, easier sweeter and more enjoyable to many young people.

Now with these crypto based gambling sites you have easy access to playing gambling games and bets, borderless transactions through wallets and also get instant payouts as well as you don't have to pass through many traditional verifications or ID checks.

But as good as these new developments may sound, we have already started witnessing its side effects around increasing financial loss among the young ones since the process has been made easier than ever, growimg number of young gamblers becoming more attached and more addicted to gambling as they could do everything at home and more importantly making it more difficult for proper regulations among government institutions.

The big question for me now is, do we consider bitcoin gambling sites a big opportunity for the people or a big trap that will leave many young people addicted and financially broke?

Bitcoin gambling isn't a problem, especially when you suddenly get lucky; you can surely win a large amount of Bitcoin. But if you're unlucky,
the Bitcoin balance you put into the online casino can also be quickly depleted, right?

Once you've lost, you should stop attempting to deposit more Bitcoin into the online gambling casino.
At that point, you'll just be chasing your losses.

[ozgr]

The main issue is the simplification of the interface of casino websites and the ability to play from phones. About 10 years ago, we couldn't play from phones, but now everyone is playing slots on their phones. Even before crypto, it was easy to invest in casino websites.

[Ever-young]

Even with fiat gambling, has it not still caused gambling problems for most gamblers? The problem is not the currency that is being used for gambling, I think the major problem is the gamblers who allows themselves to lose control, self discipline is the key of being responsible or doing the things that ought to be right in any kind of situation but because of how some people are so soft or easily deceived or eager to get money, they end up in problems like gambling addiction. It is not the currency but rather the gamblers.

Yoiu're spot on. regardless of the currency, the casino or the game still, as long as the gambler is able to maintain total control of their gambling habit, i believe there shouldn't be much of a problem, it's not as if they won't lose some bet, but even if they lose, the loses wouldn't affect them that much because they'll know better to gamble within their means and not gamble with money meant for something else, which is usually where the actual problem starts for most gamblers who often encounter gambling problems.

[Bluedrem]

Recently I've been noticing how bitcoin gambling sites are becoming increasingly popular among young people as these days you don't have to walk into a betting shop again or visit any casino games centres before you can gamble, now you can just get everything served to you on your smartphone while you're sitting at home and since the introduction of crytocurrency including bitcoin into gambling, it has even gone further to make gambling faster, easier sweeter and more enjoyable to many young people.

Now with these crypto based gambling sites you have easy access to playing gambling games and bets, borderless transactions through wallets and also get instant payouts as well as you don't have to pass through many traditional verifications or ID checks.

But as good as these new developments may sound, we have already started witnessing its side effects around increasing financial loss among the young ones since the process has been made easier than ever, growimg number of young gamblers becoming more attached and more addicted to gambling as they could do everything at home and more importantly making it more difficult for proper regulations among government institutions.

The big question for me now is, do we consider bitcoin gambling sites a big opportunity for the people or a big trap that will leave many young people addicted and financially broke?

Bitcoin has nothing to do with gambling. You may have meant that Bitcoin can currently be used to play casino games on various casino sites. Yes, it is true that you can play casino games with Bitcoin. But if you look, you will see that apart from Bitcoin, there are other digital currencies as well as fiat currency transactions for playing casino games. I do not think Bitcoin is responsible for the expansion of casinos. When a gambler has Bitcoin, he may be gambling with that Bitcoin. On the other hand, those who do not have Bitcoin may be gambling with other currencies. Yes, we can say that after the modernization of technology, people no longer have to go to casino centers, they can play casino games from home, this may be a reason for the expansion of gambling.

[iBaba]

~~~

Gambling isn't an opportunity even though there is a possibility of winning. Since crypto gambling became popular the rate of losses in gambling has I creased drastically because people are trying to earn fast. Bitcoin gambling is a trap, you are at risk of losing a valuable asset whenever you stake with it. Instead of gambling with Bitcoin it's way better to put it into an investment that's a long term

Since all of these things happen online digitally including the gambling and your assets, I feel like that's the number one reason why it can lead to a trap for someone who doesn't take it slowly. Coupled with these bitcoin gambling sites have made staking and/or engaging in gambling almost seamless.

I know the initial intention just like every other advancements was positive, such that it was created to make payment processes easier and less tedious but its ripple effects is what makes it prone to addiction and financial losses, in the sense that people can now almost instantly set a bet and fund their wallets in very few minutes and less stress of payments or what a view.

The big question for me now is, do we consider bitcoin gambling sites a big opportunity for the people or a big trap that will leave many young people addicted and financially broke?

Well, I think bitcoin gambling sites as you referred to it as, or online crypto currency casinos, are neither a big opportunity for young people, but it's also not a big trap either.
Online crypto casinos is maybe somewhere in-between a big opportunity and big trap, and I say this because gambling generally is either good or bad, it all depends on our manner of approach; that is, our experience in gambling will solely depend on how we treat it, for example, you treat gambling like it's a business, this simply means that you will have to gamble every day and would depend on it for livelihood, something that all gamblers are highly discouraged from doing because this could destroy life and great destiny.

On the other hand, one could choose to treat gambling as a fun venture, play only with an amount of money he can easily afford to lose, this person would enjoy and have a good experience with it because he is gambling for the right reasons, people like this could one day get the opportunity of winning big from gambling, while other person who's livelihood depends on gambling, gambling may become a big trap for him because even though he potential of winning big is there, but he will still likely squander it all and lose the money back to the casino where the win came from.

But what if when you don't take it as a business but then you're already an addict in the name playing the gambling game for fun but too frequently. You know when we even talk about gambling, it is a wide range of games including sports betting, casino games, slots, raffle tickets, etc kinds of games.

You know there's the possibility of someone getting addicted to one kind of gambling but not addicted to the others or being able to manage their level of attachment to one kind of gambling but unable to do same to the other, whereas you will also see serial gambling addicts who become addicted to virtually multiple kinds of gambling in the name taking some for fun while others for business but end up being tied to both? What can one do in that situation?

[EarnOnVictor]

-snip-
The big question for me now is, do we consider bitcoin gambling sites a big opportunity for the people or a big trap that will leave many young people addicted and financially broke?

Well said, friend.

I want you to know that nothing has its pros without its cons, it now depends on the thing whether or not the pros outweigh the cons. For starters, Bitcoin has created an immense opportunity, and part of it is gambling. And gambling, as it is, is harmless, and it depends on how you engage in it.

Now, Bitcoin is just a payment system here, so it is exonerated of any faults itself. It depends on the player. So whether it is positive or a trap is "psychological" and it depends on individuals.

[Moreno233]

Even with fiat gambling, has it not still caused gambling problems for most gamblers? The problem is not the currency that is being used for gambling, I think the major problem is the gamblers who allows themselves to lose control, self discipline is the key of being responsible or doing the things that ought to be right in any kind of situation but because of how some people are so soft or easily deceived or eager to get money, they end up in problems like gambling addiction. It is not the currency but rather the gamblers.

I think the type of gaming the OP is referring to is gambling in summary but a little different from the casino games we know and the sports betting that we play. If you check the Gambling Board, you will noticed that there have been many new platforms launching Bitcoin gaming in which you are expected to predict if Bitcoin will go up or down over a time period and the longer the time period, the higher the odd. This type of gambling is purely based on Bitcoin price movement which I think inspired the OP to make this post. I have not tried it because it seems too  risky for me.

[Stepstowealth]

The big question for me now is, do we consider bitcoin gambling sites a big opportunity for the people or a big trap that will leave many young people addicted and financially broke?

The intentions of crypto casinos is not to have people who are more addicted or financially broke but there are many people who have become financially broke or addicted more easily due to how easy it is to gamble on these platforms. There are even people who find it difficult holding or keeping bitcoins that they have, considering that they are gamblers who have knowledge of crypto casinos and at the same time have cryptocurrency that can be used in gambling. There will always be the trigger and the temptation to want to gamble, this is why it is necessary that individuals who are gamblers and plan on investing in cryptocurrency as well should keep bitcoins meant for investment separate from the one they want to use in gambling. 

[MainIbem]

I think the type of gaming the OP is referring to is gambling in summary but a little different from the casino games we know and the sports betting that we play. If you check the Gambling Board, you will noticed that there have been many new platforms launching Bitcoin gaming in which you are expected to predict if Bitcoin will go up or down over a time period and the longer the time period, the higher the odd. This type of gambling is purely based on Bitcoin price movement which I think inspired the OP to make this post. I have not tried it because it seems too  risky for me.

Oh if what you're saying corresponds with the OP's idea for creating this thread then I can now say I totally understand, I thought he was referring to whether gambling is an opportunity to earn more Bitcoin or a trap since many new casino's now support the use of Bitcoin for gambling. Well, as you've said, predicting the price movement of Bitcoin can be very risky and I also won't love to take that risk since Bitcoin is very volatile and no one can predict the accurate price it would be at a given point in time, one can only guess a price close to the actual one but not accurately, it's even more riskier than slot games and sports betting, left for me I think I'll stick to what I'm familiar with.

[mak013]

Recently I've been noticing how bitcoin gambling sites are becoming increasingly popular among young people as these days you don't have to walk into a betting shop again or visit any casino games centres before you can gamble, now you can just get everything served to you on your smartphone while you're sitting at home and since the introduction of crytocurrency including bitcoin into gambling, it has even gone further to make gambling faster, easier sweeter and more enjoyable to many young people.

Now with these crypto based gambling sites you have easy access to playing gambling games and bets, borderless transactions through wallets and also get instant payouts as well as you don't have to pass through many traditional verifications or ID checks.

But as good as these new developments may sound, we have already started witnessing its side effects around increasing financial loss among the young ones since the process has been made easier than ever, growimg number of young gamblers becoming more attached and more addicted to gambling as they could do everything at home and more importantly making it more difficult for proper regulations among government institutions.

The big question for me now is, do we consider bitcoin gambling sites a big opportunity for the people or a big trap that will leave many young people addicted and financially broke?

Bullshit. Gambling in cryptocurrencies is the same like gambling in fiat. If you lose, you lose everywhere. It doesn`t depend on type of money you spend.

PS. Soon all popular crypto casinos would ask your ID, so it would be a standard of the casino. Except some casinos without any guarantees for freaks.

[CryptopreneurBrainboss]

The big question for me now is, do we consider bitcoin gambling sites a big opportunity for the people or a big trap that will leave many young people addicted and financially broke?

There shouldn't be any difference between Bitcoin gambling or your regular gambling, they're the same thing because Bitcoin is a currency just as your fiats are but the difference is the characteristics that Bitcoin has. There are other currency that can be used for gambling and not just Bitcoin so don't see them as different. The same way you're to be precaution when gambling with fiats that's how you're meant to be cautious with Bitcoin. Gambling isn't meant to make you broke, you're the ones making yourself broke because of our greediness. If we're to gamble the way it ought to be done, we shouldn't be having any negative impacts in our lifes but we choose to be greedy and this cause us losses.

[GeorgeJohn]

The main issue is the simplification of the interface of casino websites and the ability to play from phones. About 10 years ago, we couldn't play from phones, but now everyone is playing slots on their phones. Even before crypto, it was easy to invest in casino websites.

That is to say that technology has dominated the world I think in early 90s there was nothing like gambling with the internet device but currently you cannot do without internet device in anything that has to do with gambling every country now is making use of Internet especially using a laptop and the handset to partake in gambling

Before people we are doing a centralized kind of gambling where they went to a gambling shop or gambling center to book all the game they want to book but today you can be in any country you feel like that have access to any a slot game or any casino platform and the Gamble so I believe that this is what development has turned gambling into

Another reference that we have to know is that during the ancient time of gambling you cannot use a cryptocurrency especially Bitcoin to participating gambling but recently since the existence of Bitcoin all those things are evoke we are by you can use a cryptocurrency to gamble

[livingfree]

From my personal point of view, I think gambling is not a big opportunity for us, and at the same time, it is not a big trap.

The reason why I say it is not a big opportunity is that in gambling, winning or losing depends only on luck, since there is no strategy or skill involved, we can never know in advance what our luck is and there can be any issue here, losing or getting a jackpot, but because it is uncertain, it can never be a big opportunity. Rather, if we gamble in this way, we will have to face bad situations.

On the other hand, it is not a big trap because only after knowing what gambling is like, people go to gambling and face or win. So we cannot call it a trap.

It is neither.

Because it depends on how we're going to do it for ourselves. If we gamble with Bitcoin and we don't have that much, it could be bad but if that satisfies you, you're responsible for what you do.

And the trap could come based on how you look at the situation and the effect of it. But in the end, there will always one thing that comes after to all of us, and that's the regret of why we've gambled with our Bitcoins before.

[_BlackStar]

No, crypto gambling isn't a trap - but gamblers trap themselves in a vicious cycle of addiction. All gamblers know the risks associated with gambling and they should understand and control their actions. I can't blame casino owners for gamblers' losses and bankruptcies - but it's the gamblers' inability to control themselves and establish safe financial and psychological boundaries.

[boyptc]

The main issue is the simplification of the interface of casino websites and the ability to play from phones. About 10 years ago, we couldn't play from phones, but now everyone is playing slots on their phones. Even before crypto, it was easy to invest in casino websites.

It's the fact that gambling made easier nowadays. But it's not only limited to Bitcoin.

I think that most gamblers that are losing their control will fall for their own trap. No other than set it up for them but it's them. Because it's not always the choice that we do.

But the actions that we do, so whether you gamble with Bitcoin and you see it as an opportunity to add more of it once you win. However, we don't have control of the results and that's why we still lose both of it, so we still fall for own traps that we make.

[Questat]

For me, it’s more on a big trap since I’m not actually fond of using bitcoin when gambling. I do gamble but only with my extra fiat, and for bitcoin, I do see it as a major investment so there’s no way I will spend it on my gambling purposes. While gambling can attract opportunities to double my bitcoin, but I believe it’s highly possible to lose them all than expect to double or triple the amount.

Gambling should be made for fun, but spending bitcoin in the field of gambling just don’t seem to bring fun for me.