I'm seeing a growing trend towards betting and gambling with Bitcoin and other cryptocurrencies, but if I focus on Bitcoin, why would people prefer to risk their Bitcoin and waste it this way? I see how bettors/gamblers with Bitcoin are growing on platforms like Twitch or Kick, betting and wasting Bitcoin on platforms like Stake.com, Bc.game among others, is it that more benefits are given to gamblers today in crypto casinos than in other regulated casinos with fiat money? Is it so you don't have to enter a KYC or is there something else? What do you think about all this?
pull down to refresh
111 sats \ 2 replies \ @siggy47 16 May
Humans gamble. They always have. They always will. This is just an example of bitcoin adoption in an industry that's always been fiat based. I'm happy to see it.
reply
75 sats \ 1 reply \ @riberet19 OP 16 May
I suppose that's the case, but I think that not having to pass a KYC in crypto casinos has something to do with the increase in adoption in this area.
reply
0 sats \ 0 replies \ @siggy47 16 May
No doubt about it.
reply
72 sats \ 3 replies \ @Undisciplined 16 May
I made a post #342765 a while ago about how you can get better-than-fair odds at freebitcoin, when betting on sports and other events.
So, it's fun and you can do it in a way that you're expected to make a positive return.
There's also an element of betting on yourself and your knowledge. This is the prediction market element that @ek used to talk about a lot.
reply
42 sats \ 2 replies \ @riberet19 OP 16 May
I know Freebitcoin, I have been using it since 2019, but I have never invested a single sat there, I simply used the sats I earned to reinvest in Fun tokens and so on, and that's how I grow the account, but I have never gambled there.
reply
85 sats \ 1 reply \ @Undisciplined 16 May
I've been growing my account there gradually but swiftly, by wagering on sports. I have a positive return after systematically wagering on hundreds of events, so I think the approach I outlined in that post has been validated.
reply
96 sats \ 0 replies \ @riberet19 OP 16 May
Thanks, I'm going to read it, I'll try to leave my point of view.
reply
135 sats \ 5 replies \ @Satosora 16 May
because it is fun.
why do people gamble?
on the hope that they will win big!
reply
31 sats \ 4 replies \ @riberet19 OP 16 May
Sure, it's fun, but what's the fun of losing your money over and over again in case you are losing money? and on top of doing it with Bitcoin, I guess these people haven't studied enough Bitcoin or they think that this way they will be able to earn more Bitcoin in less time.
reply
43 sats \ 3 replies \ @Satosora 16 May
gamblers always think they will win on the next roll.
Thats why it is addictive.
Gives you the adrenaline rush.
reply
43 sats \ 2 replies \ @riberet19 OP 16 May
It's a shame to think that for sure many Bitcoiners lost their Bitcoin on these sites.
reply
10 sats \ 1 reply \ @gmd 16 May
Bitcoiners have the same degen monkey brains as everyone else. Look how many have lost their corn in the past trying to make more BTC trading etc, interest schemes, etc
https://i.kym-cdn.com/photos/images/newsfeed/002/508/125/847.jpg
reply
99 sats \ 0 replies \ @Satosora 17 May
Haha this is so true.
Always one hand away from being rich.
reply
110 sats \ 4 replies \ @TNStacker 16 May
Without risk there is no reward.
reply
21 sats \ 3 replies \ @riberet19 OP 16 May
Maybe, but I prefer not to take these kind of risks.
reply
21 sats \ 0 replies \ @BlokchainB 16 May
To each is own
reply
10 sats \ 1 reply \ @TNStacker 16 May
Nothing wrong with your preference. Nothing wrong with mine, either.
reply
9 sats \ 0 replies \ @riberet19 OP 16 May
Of course not.
reply
42 sats \ 1 reply \ @BlokchainB 16 May
Buying and holding bitcoin is a gamble.
reply
50 sats \ 0 replies \ @TNStacker 16 May
Few!
reply
10 sats \ 2 replies \ @TheBTCManual 16 May
I don't think these people see Bitcoin as a store of value but as way to get value into the casino, they were going to gamble anyway, if they could do it with cash or their credit card they would,
But gambling often has issues with payment processing, and some people don't want these sites tied to them directly so Bitcoin offers a method of transfering value into these casinos
Also these offshore casinos cater to a global audience, its easier to just support Bitcoin and stablecoin deposits than try to partner with every skippy bank and payment processor in every country, it also reduces the need to manage charge backs which is a major ballache for gambling companies
reply
0 sats \ 1 reply \ @riberet19 OP 16 May
What you're saying makes a lot of sense, I think that's probably what's going on, we don't even know where these crypto casinos are located legally.
reply
0 sats \ 0 replies \ @TheBTCManual 16 May
Absolutely, If you google like Stake it bought a Curaçaoan licence, but you can get your ass theres no servers sitting there or even much of an operation there
They often have complex structures with shell companies all over the place and banking services through proxies, so running your own bitcoin and crypto infrastructure is so much easier.
these sites are also uses as mixing services because casinos don't really operate like exchanges, theres reports of operations sending funds to offshore casinos and washing their funds and pulling out stablecoins or Bitcoin so that could be another source of funds moving in and out
reply
10 sats \ 0 replies \ @FallingD02 16 May
The true Awake stackers will not put their btc on one of those platforms or on any similar one... But we should not ignore the mass (liquidity), the majority does not know bitcoin but there are already many who know it and manage it, and in turn Let's not ignore, what is the main thing that attracts people to the world of cryptocurrencies? (Quick Profits and the Dream that your Next purchase will make you a millionaire). That is to say, today we have Stackers and Bettors, both use bitcoin but they do not have the same foundations or objectives.
reply