Crypto Gambling: Myths Debunked
Right now, cryptocurrencies are revolutionizing society, and a wide range of sectors are adopting the blockchain technology that powers them.
It shouldn't come as a surprise to see that casino sites frequently accept cryptocurrency as a form of payment because the online gaming industry has always been keen to adopt new developments.
If you've experimented with Bitcoin and its competitors but haven't ventured into the world of crypto gambling, you might have some misconceptions about what it entails. Let's examine the biggest fallacies surrounding crypto gaming and the reality hidden behind the misinformation to shed some light on this.
Complexity Of Cryptocurrency Betting Transactions
Individuals who are unfamiliar with cryptocurrencies might think that owning a variety of coins makes online transactions more complicated, however, this is untrue. It's really simple to understand cryptocurrency betting.
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Simply knowing how to set up your crypto wallets is necessary. After creating the wallet, you copy the wallet address to the cryptocurrency sportsbooks online, where all of your deposits and withdrawals will be sent. So simple, in fact.
Cryptocurrency Wagering Is Allowed At Expert Bitcoin Casinos
The first misconception that many people make is that if crypto gambling sites in the US accept cryptocurrency deposits, gamers can also place bets in their preferred fiat currency.
The reality is that there are two tiers of crypto casinos; the more popular of the two is known as a hybrid casino, as outlined in the best guide to Bitcoin gambling.
This website allows Bitcoin payments, but in order to place bets, you must first convert your Bitcoin payment into fiat money.
Check the fine print before you join up to know what kind of website you are playing at because there are unrestricted Bitcoin casinos available, but they are less prevalent than hybrid casinos.
Bitcoin Gambling Is Not Legal
Since cryptocurrencies are typically neither fully controlled nor adequately regulated in most jurisdictions, there is unlikely to be a local law specifically prohibiting their use in a casino or gaming setting.
There might be regulations that regulate gambling and games of chance more broadly, and if you cannot lawfully gamble at land-based or internet casinos, the same rules will apply to crypto casinos.
On the other hand, if gaming is permitted and regulated in your area, you are free to use cryptocurrency in this situation without fear of repercussions from the law.
Cryptocurrency Gaming Is Risky
It is just untrue to say that utilizing any other type of online gambling site is riskier than playing at casinos that take cryptocurrency.
While there are normal phishing sites and scams to watch out for, and you should follow basic security measures yourself, if you choose a trustworthy crypto gaming vendor, you can be sure that your information will be kept safe and your identity won't be used fraudulently.
In fact, it might be argued that using cryptocurrencies for gaming is even safer than using conventional payment methods because they are made to give players anonymity.
Only Unlawful Behavior Uses Digital Assets
However, the majority of cryptocurrency transactions are carried out with genuine and legal purposes. Although criminal organizations and individuals have been known to take advantage of cryptocurrencies. As the use of cryptocurrencies increases, so do the restrictions that are in place to control them.
Governments throughout the world are cracking down on the use of cryptocurrencies by organized crime and criminals, and many have taken steps to prevent this by setting up specialized agencies and teams.
Cryptocurrency Gaming Is Pricey
One drawback of several cryptocurrencies is that the fees for each transaction might be extremely expensive.
This may or may not be the case in the context of an online casino, therefore it makes sense to find out exactly what charges and other expenses consumers of the platform you choose to use will incur.
Naturally, there will be costs involved if you play at a non-crypto casino site using fiat money, but in most circumstances, there won't be much of a difference in price.
Fewer Victories Because Of The Volatility Of Cryptocurrencies
Yes, that cryptocurrency is quite erratic. You have probably read a number of publications that explain how betting with cryptocurrencies is risky and could result in a loss since, by the time you win, the value of the coin may have dropped below what it was when you placed the bet.
This is entirely accurate, however, when you opt to take bets, you actually receive the exact quantity of cryptocurrency coins you withdrew into your account, regardless of whether the price of bitcoin had increased or decreased at the moment you were going to place your wager.
The conclusion
Anyone who has even the slightest interest in crypto gambling should give it a try because it's an interesting alternative to the widely available online casinos, and you never know if it will match your own goals and philosophies.
Most importantly, only bet what you can afford to lose and never go all-in with one casino, much less on one big cryptocurrency bet. Instead, ease into it gradually.
About The Authors
William Willis - William Willis is a freelance writer and social media manager who specializes in assisting finance professionals and Fintech entrepreneurs in growing their online audience and attracting more paying customers. William worked as a bank teller and virtual assistant for financial firms in the United States and the United Kingdom for six years before beginning her writing career. William is a strong force in the workplace, inspiring others to work hard and excel with his optimistic attitude and boundless energy. He enjoys hiking, crocheting, and playing video games with his children in his spare time.