Should Bitcoin leverage gambling?

[Mr_Brilliant$]

Bitcoin is a revolutionary tool that enables all kinds of ideas and experiments, including this one. But that doesn’t mean it’s the main or most important path for Bitcoin adoption. Turning lost bets into systematic Bitcoin demand is an interesting concept on paper, but it’s still a secondary and relatively niche use case. The core value of Bitcoin remains elsewhere.

just because I want something doesn't mean I am actually going to use it. That's basical it. If casinos decided to actually use Bitcoin it won't create more adoption of Bitcoin than it's already has.    I am saying this because buying, betting winning and then converting your coin to your fait currency doesn't mean adoption.

[Agbe]

Gambling is another platform that will make people to adopt bitcoin because cryptocurrency casinos are increasing daily and those gamblers who have not used bitcoin to gamble would like to try one day and from there they will start using it. But it will be good the gambler deposit it and use it instantly because nobody can predict what will happen in the next seconds. If you deposit and thinking to use them the next day, and the rate reduces it will affect the plan. For them people might not use it for long term gambling.

[Onyeeze]

Gambling is another platform that will make people to adopt bitcoin because cryptocurrency casinos are increasing daily and those gamblers who have not used bitcoin to gamble would like to try one day and from there they will start using it. But it will be good the gambler deposit it and use it instantly because nobody can predict what will happen in the next seconds. If you deposit and thinking to use them the next day, and the rate reduces it will affect the plan. For them people might not use it for long term gambling.

gambling bitcoin to be adopted in different country because it is a most fastest means of deposit in gambling platform which does not stress people that is why many owner of gambling platform uses cryptocurrency for deposit in their platform, I think that anyone who deposited in gambling platform is already set to gamble immediately because if you deposit like $10 in your gambling account on the album that you deposited with the Bitcoin and the price of Bitcoin drops if you also affect what you deposited in your gambling account so if you have not played yet it will require you to add more deposit, so that is why you cannot see people fund their account in gambling and leave it for extra 4 days before they gamble

[bangjoe]

Casinos became one of the industries that adopted bitcoin even earlier than any industry as far as I remember that the movement was massively carried out, even though it was only in the online casino section, we must remember from the beginning when the price of bitcoin was still very low and we used bitcoin to gamble in casinos, and I became a regret because of such behavior first.
And I honestly prefer to gamble using bitcoin since bitcoin has increased in price and recognition globally that makes it a financial class asset, it feels unethical to use bitcoin to gamble again (although I know that bitcoin is still a currency that never changes its purpose), and to this day there is no PoR for any casino, there is no such regulation for casinos.

[r_victory]

I believe that those who deal with cryptocurrencies generally prefer to hold Bitcoin and gamble with others, like me. I always opt for USDT, LTC, and TRX. I find it easier for the gambling market to be capitalized by stablecoins than by Bitcoin, not that I think it's better, but it would be the most rational approach.

[uche6215]

Stablecoins like the USDT are already being used in gambling platforms. The use of Bitcoin in gambling platforms can be risky because if the price of Bitcoin plummets at a point, everyone loses... Thus, Stablecoins which are more stable and less volatile as compared to Bitcoin, is being used instead

[Maslate]

Stablecoins like the USDT are already being used in gambling platforms. The use of Bitcoin in gambling platforms can be risky because if the price of Bitcoin plummets at a point, everyone loses... Thus, Stablecoins which are more stable and less volatile as compared to Bitcoin, is being used instead

The main point is, when you are gambling your goal is to win, so price fluctuation should not be your main concern. That is why stablecoins are really good for gambling.

Not all gamblers are investors, so I think those two should be separated.
Serious gamblers can use stablecoins like USDT, although there is still a risk that it can be frozen.

But for me, since many casinos still don’t require KYC, I would still use Bitcoin for gambling. I just love the old-school way.

[#CapsLOck]

I believe what is more important is that the question of whether or not Bitcoin can be used for gambling is not whether it can. But whether it's doing something useful in terms of adoption. If someone buys btc. Places it in the casino and converts it back to fiat as soon as they play at the casino. That person might simply be using Bitcoin as a payment channel rather than a store of value. This is not the same as actual possession or use of bitcoin in a person's finances. While gambling can be a great way to introduce newcomers to Bitcoin. It is not enough to ensure adoption. It seems that if casinos wish to help the adoption of Bitcoin. They will be better off providing their users with motivations to hold it and utilize it outside of the casino than to just take Bitcoin deposits.

[Royal Cap]

I believe what is more important is that the question of whether or not Bitcoin can be used for gambling is not whether it can. But whether it's doing something useful in terms of adoption.

Here, adoption is a bit incomplete if you just look at how many people are depositing Bitcoin at a casino, someone making a payment with BTC for the first time is also an opportunity to learn how to use it. However how much of a role does that play in long term adoption is a different question. Because we can see that bitcoin payments are still much less used than investments.

If someone buys btc. Places it in the casino and converts it back to fiat as soon as they play at the casino. That person might simply be using Bitcoin as a payment channel rather than a store of value.

Agreed but it would not be right to call the payment use case completely worthless. Someone may become more interested in Bitcoin as they use it but if the casino only has BTC as a means of deposit and withdrawal, then the impact of adoption will definitely be limited.

[lionheart78]

I believe what is more important is that the question of whether or not Bitcoin can be used for gambling is not whether it can. But whether it's doing something useful in terms of adoption. If someone buys btc. Places it in the casino and converts it back to fiat as soon as they play at the casino. That person might simply be using Bitcoin as a payment channel rather than a store of value. This is not the same as actual possession or use of bitcoin in a person's finances. While gambling can be a great way to introduce newcomers to Bitcoin. It is not enough to ensure adoption.

Well, whether a person uses Bitcoin as a payment channel or a store of value, this action is doing what the Bitcoin whitepaper planned.  If we look at the Bitcoin whitepaper abstract, it says :


This clearly shows that Bitcoin should be used as a payment and the one who do the transaction has the actual posession of BTC the moment he bought it until he uses it as payment.  

It seems that if casinos wish to help the adoption of Bitcoin. They will be better off providing their users with motivations to hold it and utilize it outside of the casino than to just take Bitcoin deposits.

This won't work because a casino is a business, and their goal is obviously to make use of Bitcoin for their profit. They would rather create a service that enable people to spend their Bitcoin on their platform rather than utilizing their funds without benefits.