Have you ever heard that there are Bitcoin casinos that work pretty well, and they are based on blockchain, that is the technology required for Bitcoin to work. As you can suppose, crypto gambling is usually followed by a lot of myths and misconceptions, because most people have strong beliefs on the topic, and they aren’t ready to give up on them. But, the truth is that the everyday situations from the regular casinos can occur in the cryptocurrency ones.
You probably already know that Bitcoins have a status of safe-haven among the crypto assets, and many people compare them with gold. That doesn’t mean the other cryptocurrencies aren’t valuable, but they haven’t still accomplished the same popularity as the most known currency in the crypto world. That’s why it’s completely expected that the first crypto-based casinos work with Bitcoins. Knowing that their existence is not related to any bank, and their rates don’t depend on fiat money, people have wrong beliefs on how crypto gambling works.
But, first, let’s explain what’s a crypto casino?
Bitcoin casinos, as the most popular type of crypto gambling services, complete the games, prizes, and transactions with these crypto coins exclusively, but they offer the client to convert the winning into traditional currencies. People also bet on sports and play online lotteries using cryptocurrencies nowadays, and they are starting to embrace the whole concept of these services. The most important thing you have to pay attention to is whether crypto gambling is legal in your country or not. You can continue reading at playamo.com to see how these things work, and also see what makes the people confused.
We will try to debunk some of the popular misbeliefs, and ruin those myths, so you can understand better how all of them work.
1. It’s completely anonymous
This is the most common misconception related to crypto casinos. You have to know that blockchain transactions are protected and secured, and they won’t ever uncover the identity of both ends of the money transfer. But, on the other hand, in order to play, you have to give some personal details to the casino, and that information can be easily tied and connected to the performed transaction. You have to be aware that the casino’s politics of using is to have all the information available for their clients, and the only thing that is anonymous in this case is the process of transferring the money, and the whole path they are traveling through the blockchain. In fact, depending on the amount you request, your identity can easily be tracked, if the people behind it know how to do that.
2. These gambling services are not that popular
This is completely wrong. They are not popular because of the lack of promotion – we know that in some countries at least one of them is illegal, and when they are combined, then the product is something that should be shared only with those who are ready to embrace the challenge. But, in the reality, a lot of people are aware of their existence and want to join them. On the other hand, just because they aren’t using the traditional channels of promotion, it doesn’t mean they don’t promote themselves. You only need to know where you have to look for them. Once you are ready to start this adventure, you will see the real excitement that lies beneath the crypto transfers and gambling jackpots.
3. The risk of cyber attacks
Let’s be real – there will always be at least one person who wants to try to earn some Bitcoins illegally, and they will try to cause cyber-attacks and hack the transactions. We know that the banks can be hacked, even though they are using advanced systems of protection. The same goes for the crypto market, but the risk is also low because the blockchain is healing all the time, even though it’s pretty vulnerable. But, knowing that the transactions are secured through both the blockchain and the casinos’ payment systems, the chance of getting hacked is pretty low and almost equal to zero. But, remember – almost, not completely. That means you still have to be cautious and use only your devices to perform these actions online.
4. It’s a complete fraud
This is maybe the most common myth, that goes together with all the others we mentioned above. Many people consider gambling as a fraud, and Bitcoins too. We can’t blame them for that, because cryptocurrencies are relatively new on the market, and it’s understandable why some people can’t understand them. Gambling is also often related to illegal activities, and when these two things are combined, there is a nice recipe for getting all the things wrong. There is nothing wrong to be against crypto gambling, but also, you can be more open to the new challenges and opportunities this market offers to you. Fiat money gambling is equally risky too, and people should be careful not to get addicted to it. But it’s definitely not a fraud, and you have to accept that.
When it comes to the strategies you have to avoid, we only have to tell that when gambling, no strategy will lead to winning the jackpot – so it’s on you to decide what you will do, and how you will combine your actions, so you can win something. No proven strategy works neither in real life gambling and the online one too.
As you can see, there are a lot of things that make these casinos popular among the people. Also, they offer transactions with low fees, that are rarely taxable under the same conditions as the regular games of luck. You can have access to almost every online crypto casino you want, knowing that once you win, you will get the money almost immediately.
That’s why the authorities are trying to monitor Bitcoin gambling. The traditional casinos work with different regulations, and every action is trackable. But, with the crypto-based ones, the legal aspects are much different, knowing that in some areas gambling and crypto transactions are completely forbidden.
It will take a lot of time until the whole markets make a durable and stable connection, and people from all around the world can enjoy playing and winning big, knowing that they can earn something valuable as an addition to the home budget.