May 20, 2022 11:31 UTC
May 20, 2022 at 11:35 UTC
Digital currency is changing the world in many ways. While some people continue to see it as fraud, blockchain technology is witnessing rapid adoption in many industries. So, because of this adoption, crypto gambling has become one of the most sought-after forms of betting today.
The number of online crypto gambling casinos continues to rise rapidly. Many traditional online betting platforms are beginning to accept bitcoin as a form of payment. One can hardly ignore the several perks that bitcoin and other digital currencies have over fiat currencies.
Furthermore, new punters have become susceptible to several myths that have scared them from trying bitcoin gambling. In the subsequent sections, we will debunk some popular crypto-betting myths.
Digital currency is Fraudulent
Many believe that bitcoin is fraudulent since there is no government control over it. Punters who have this school of thought have stayed away from the expansive world of bitcoin gambling. Inadvertently, they prefer the traditional gambling platforms they’ve played on for years.
While there is no government regulation of bitcoin, the decentralized blockchain technology is very secure. However, this affirmation is not to rule out the existence of phishing sites that cunningly steal people’s private data.
Nonetheless, if you follow the best security practices and pick a reputable online casino, there is no way you will lose your funds. Another perk is that digital currencies provide a certain degree of anonymity which is safer than traditional payment methods.
Crypto gambling is Prohibited
In many territories, there are no laws regulating people using digital currencies. This absence of regulation means that there are no restrictions on their usage on online gambling platforms.
Nevertheless, you need to pay attention to the governing laws of gambling in your territory. If there aren’t any laws banning gambling in your region, you can play on bitcoin gaming platforms like every other casino.
On the other hand, if your regional leaders have banned betting, there is a high probability that online platforms are prohibited. In addition, this ban will affect bitcoin gaming sites because they are a form of online casinos.
The crucial step is to look at the laws regulating general betting in your region to avoid doing something illegal
There is no Taxation on Digital Currencies
This myth has led many into believing that they can escape the taxation laws of their country when they play on a bitcoin gaming platform. However, it is vital to know that digital currencies are not invincible to traceability. In addition, you can easily see every transaction publicly on the blockchain.
Countries like the United States of America place a tax on digital currencies like other stocks. Bitcoin gambling sites operate within the tax laws in the US, like lotteries, game shows, and lotteries. However, this regulation doesn’t mean that the revenue service will come knocking at your door.
Some people may argue that the revenue service will come only when you win substantial amounts of bitcoin. Nonetheless, the IRS can track you down even when you hit a win of 0.005 BTC. So look for regions with a tax system that favors you for bitcoin casino gambling.
Bitcoin Trading Value Controls the Casino Payout
This thought has played a crucial role among the myths holding back some punters from playing on bitcoin gaming sites. Bitcoin and many other digital currencies are not stable as their markets are volatile.
However, this volatility can only affect the value of your winnings. There is no evidence to point to the fact that the trading price of bitcoin will affect how well your casino pays you. The payout stated by your casino for a particular game remains the same when you win. It does not fluctuate based on the trading price of bitcoin.
Any casino that claims to have their payouts subject to the trading price is probably fraudulent. Indeed, the return to player rate remains the same whether the trading price goes up or down.
These Casinos have limited games and Perks
This assumption is one of the myths arising from the mix-up between decentralized casinos and bitcoin gaming platforms. Decentralized casinos host games specifically and exclusively developed for blockchain gambling. They are a different breed of online casinos altogether.
On the other hand, crypto casinos have slot machines, video poker games, sports betting, live dealer games, and table games. So you can easily find your favorite games in these casinos, except your operator does not host that particular game.
Also, hybrid casinos provide the freedom of using fiat or digital currency. Punters looking for juicy welcome bonuses can find them in bitcoin gambling casinos. Perks like deposit bonuses, reload bonuses, and free spins are also available at these casinos.
Sometimes, the best bitcoin gambling sites offer more generous welcome and game bonuses than the average online casino.
Every Bitcoin Casino allows Wagering with Digital Currency
This notion is probably the first assumption when a new player heads over to bitcoin gaming sites. After all, if it allows for deposits with digital currencies, it should allow players to place bets in bitcoin. Unfortunately, this is not true in many cases, as we will soon see.
Remember the decentralized casinos mentioned earlier. They are exclusively based on digital currencies, allowing wagers in any coin. However, they are less common in the online casino space.
The next and most common type you will find on your search for bitcoin gaming sites is hybrid casinos. They accept payments in bitcoin but require players to convert their deposit into fiat currency to place wagers.
Do not let any of these myths hold you back from exploring the potential of crypto gambling. Many bitcoin gaming sites offer juicy welcome bonuses to new players, which may come in handy to grab wins.
Also, blockchain technology is secured, meaning that your assets are safe when you wager with them. So throw away any form of fear and play your favorite casino games. It is time to put your virtual currencies in the game and grab the wins from these modern online gambling sites.