Gambling is not a new thing, it dates back to the Paleolithic period, even before history was written. But it is true that the gambling known then is not the one existing now, they have undergone a dramatic evolution, however, the principle remains the same, wagering something valuable on a random event to gain something more valuable. From brick-and-mortar casinos to online casinos, and now to digital currency-based gambling, the trajectory of gambling is quite promising, but is that really profitable? Does traditional fiat gambling offer higher profit than modern memecoin gambling or is it the other way around? Let’s find out.
What Is Gambling?
Gambling is a game or event of chance or skill, in which players stake something valuable that has the potential to earn high rewards. Gambling can involve an immediate outcome as in rolling a die or spinning a roulette wheel and a long time frame as well, such as in events like sports betting where players often have to wait till the end of the season to know the results.
Gambling is not for money always, there are different reasons for gambling such as for relieving stress, for interacting with friends circles, for entertainment, etc. Gambling is not just a game or entertainment, it is a major commercial activity, with revenue projected to reach $471.14 billion by 2025.
Though gambling has mainly been done with fiat currencies since ancient times, with the digital era, cryptocurrencies, and memecoins are also widely used for casino transaction needs.
What Is Fiat Gambling?
Fiat gambling is the conventional gambling method where players utilize government-issued currencies like US Dollars and British pounds for transactions. In simple words, gambling using fiat currency is called fiat gambling. In fiat gambling, players deposit, wager and withdraw their winnings in fiat currencies.
Since brick-and-mortar casinos, players are using fiat currencies for casino transactions and still remains prevalent. Fiat gambling allows players to use credit cards, bank transfers, and e-wallets for transactions.
Advantages Of Fiat Gambling
Fiat currencies have been utilized for gambling for a long and offer numerous benefits. Major benefits include,
1. Large Collection Of Games
Online gambling has become popular over the years, enabling players to access a wide variety of gambling games like roulette, blackjack, crap, baccarat, poker, slot, etc in the comfort of their homes. Similar to game varieties vary from platform, they also vary in payment methods, with fiat currency payment players get access to a wider array of games, enabling them to choose according to their preferences.
2. Stability
Fiat currencies are stable, their value doesn’t fluctuate with changing market conditions, giving players a tangible return from their games. Also, fiat currencies have high liquidity, making it easy to convert the winning amounts to any other assets in secondary markets.
3. Regulatory Compliance
Most of the regulated gambling platforms support fiat currencies. Being regulated by government fiat currencies offers protection and insurance against frauds and scams that are prevalent in gambling platforms. With fiat gambling, players get security for their assets from financial regulators.
4. Acceptance
Though fiat currencies have topographic restrictions, they are accepted by all people, making the conversion easy. Players can transact their gaming funds through banks and other intermediaries, offering them a secure transaction method.
What Is Memecoin Gambling?
With the increased memecoin adoption, many players began using memecoins for their gambling needs. Gambling in which memecoins are utilized is known as memecoin gambling. Since memecoins utilize blockchain technology, the transactions are more secure and transparent, attracting players to memecoin gambling platforms.
Memecoin gambling is considered the new and improved model of gambling, where both players, as well as gambling operators, equally benefit. With the realm of memecoins, they poise to be the future of online gambling.
Advantages Of Memecoin Gambling
Integrating blockchain technology, memecoin gambling offers numerous advantages, including,
1. Near-Instant Transactions
Since memecoins operate on blockchains that enable transactions without relying on intermediaries, the transaction fees involved are very low. So players utilizing memecoins can enjoy their game without waiting for the transaction to complete.
2. Affordable
Memecoins are affordable, players can wager a bundle of memecoins, and even then it won’t affect their financial capabilities.
3. Anonymity
Memecoin gambling doesn’t require players to reveal their personal information like name, email address, KYC verification etc. All you need is a crypto wallet and the necessary funds, you are ready to gamble.
4. Accessibility
Memecoins are not restricted by topographic boundaries. Players can utilize their memecoins to play their favorite gambling games from any corner of the world. This also unites people of different countries, cast, and creeds in the name of games.
Profitability Of Memecoin And Fiat Gambling
Fiat currencies are tangible assets, giving players a stable value on winning games. Players wager a certain amount of fiat currencies and once they win, they receive a reward similar to the value of the fiat they deposited, which means fiat currency value remains unchanged for a long time. In fiat gambling, the profit depends on the amount they wagered and the pot amount offered on winning.
In memecoin gambling, players wager memecoins. Since memecoins are volatile, their price during the deposit time and the withdrawal time can vary significantly. If the price rises than the deposit time, players get high benefits on the other hand, if the price steeps down, they eventually face a loss. Thus in memecoin gambling the profitability depends not only on the winning pot but the value of memecoins at the time of deposit and withdrawal.
Final Verdict: Which Is More Profitable?
Memecoins are speculative assets while fiat currencies are stable assets. Though both offer their benefits, the profitability depends on the wagering amount and pot amount in Fiat gambling while it depends on both the pot amount and value of the memecoins during the withdrawal time in memecoin gambling. Since gambling is a game of luck, how much profit a player receives from the game solely depends on the player’s luck. Before participating in gambling, be it memecoin or fiat currency, players have to know the risks involved and should follow responsible gambling practices.