Question Crypto deposits vs bank cards, what do you prefer?

[IvoryStackSociety]

I've been thinking about switching more to crypto for casino payments because the deposits and withdrawals seem much faster, especially compared to some bank methods that can take days. That said, cards still feel simpler and more familiar to me since I use them for most online payments anyway.

Do you mainly use crypto now, or do you still prefer traditional payment methods?

 

[Webzcas]

Crypto has many benefits, for one if playing offshore using crypto ensures your bank card details cannot be stolen. Believe me this happens, especially if they are using payment processors that act as flower shops in Nairobi when processing bank card payment transactions!

Secondly, when applying for a mortgage, even a couple of debit card transactions on your bank statement with an online casino could affect the chances of getting said mortgage. Seriously!

So yes, crypto along with ewallets is IMO the safest form of payment method IMO.

 

[X-Raided]

I've been thinking about switching more to crypto for casino payments because the deposits and withdrawals seem much faster, especially compared to some bank methods that can take days. That said, cards still feel simpler and more familiar to me since I use them for most online payments anyway.

Do you mainly use crypto now, or do you still prefer traditional payment methods?

If you're from New York, keep in mind that all crypto winnings that you sell off on any Centralized Exchange for USD will be reported to the IRS by the Centralized Exchange that you sell it on. Since you can't sell crypto or transfer the USD to your bank without proper KYC by the exchange.. Uncle Sam will always want their cut of your winnings.

I'm surprised that @Webzcas didn't mention this.

 

[teckiwi]

I keep gambling off my card by using skrill/crypto, as said above good for mortgage etc to not have any sort of gambling transactions.

 

[Webzcas]

I'm surprised that @Webzcas didn't mention this.

Good catch and spot on. Same with the UK now as all exchanges report all sales to HMRC. However, gambling winnings in the UK are not taxable.

 

[satchnz]

If you're from New York, keep in mind that all crypto winnings that you sell off on any Centralized Exchange for USD will be reported to the IRS by the Centralized Exchange that you sell it on. Since you can't sell crypto or transfer the USD to your bank without proper KYC by the exchange.. Uncle Sam will always want their cut of your winnings.

I'm surprised that @Webzcas didn't mention this.

Would this not be the same for fiat winnings too though in the US?

@IvoryStackSociety - are you talking about changing the deposit currency to crypto at a casino you already frequent, or are you considering a move to offshore crypto gambling?

 

[X-Raided]

Would this not be the same for fiat winnings too though in the US?

Only when playing in online casinos regulated by the states, like New Jersey for example. You would claim your winnings at the end of the year to the IRS because those kinds of casinos must report to the IRS, since they're based in the states.

Otherwise he'd be playing and depositing using a credit card or debit card on an offshore casino that uses a processor that de-scrambles the charge. It would say "Phone shop payment - $49.99" for example.

Buying crypto isn't a taxable event.. it's only when you SELL the crypto or SWAP it out for a different currency on a centralized exchange.