Many believe crypto gambling sites are unsafe and would probably steal their virtual cash. See, that’s a myth, widely accepted by many to be accurate, but it’s still largely false. The truth is that crypto gambling sites are one of the safest betting platforms.
This isn’t the only crypto gambling myth out there, though, as many more are still in circulation. These myths have caused much misinformation and turned many online bettors away from crypto gambling sites. Hence, this article will outline seven myths about crypto gambling sites and educate punters on the truth regarding them.
The 7 Misconceptions About Crypto Gambling Sites
Outlining seven of the misconceptions about crypto gambling sites serves many purposes. First, it stops people who don’t know better from saying bad things about Bitcoin gambling sites and teaches them so they can tell others the truth. Doing this also allows bettors to visit Bitcoin gambling sites with an open mind, knowing what to expect.
Below are some of the most widespread myths about crypto gambling sites:
Crypto Gambling Sites Only Wager with Cryptocurrency
A large number of bettors are unaware of this, but there are two types of crypto gambling sites:
- Unfettered crypto gambling sites
- Hybrid crypto gambling sites
Unfettered crypto gambling sites are the ideal cryptocurrency wagering platforms. These sites allow you to deposit digital coins into your account and wager them directly on your games.
You can bet 0.2 ETH or 0.03 BTC on your favorite slot machine or blackjack game. If you’re lucky enough to win, you’ll also earn ETH, BTC, or whatever cryptocurrency you wagered.
Hybrid Bitcoin gambling sites also allow punters to deposit their cryptocurrencies into their accounts. However, they don’t allow you to stake these digital coins. Instead, players must convert their cryptocurrency into fiat currency before they gamble with them.
You can deposit 0.03 ETH, but you’ll have to convert it to its fiat equivalent before betting. You’ll still get paid in fiat currency if you’re lucky enough to win. Afterward, you can convert your fiat currency back to your virtual money and withdraw it.
So, not all Bitcoin gambling sites allow you to wager with cryptocurrency; most of them will have you wager with fiat.
Crypto Gambling Sites Are Illegal
This is one of the most popular myths regarding crypto gambling sites since there’s no clear information on this. The truth is that Bitcoin gambling sites are legal in some countries, illegal in others, and grey in others.
Countries like Egypt, Russia, Morocco, and China have banned cryptocurrency and Bitcoin gambling sites by regulation, citing various reasons. Some countries, like the United Kingdom and Canada, have legalised virtual currency and Bitcoin gambling sites. These countries passed strict laws regulating the use of virtual currencies and also taxing their usage.
On the other hand, the rest of the world is adopting a “wait and see” attitude. That’s why they’re in the grey area. They have neither explicitly permitted nor prohibited cryptocurrency gambling sites.
As such, crypto gambling sites are only illegal in countries where they’re banned.
Crypto Gambling Sites Offer Absolute Anonymity
Well, crypto gambling sites offer a degree of anonymity far greater than conventional betting platforms, but it’s not absolute. You could say that they provide increased privacy, but there are many areas where your identity can be exposed.
When you place stakes with digital currency at some online sportsbooks, they’ll have you undergo a “Know Your Customer” (KYC) procedure. This would expose your identity since you’re connected to the public key.
As stated above, some Bitcoin gambling sites may require you to convert your digital currency to fiat. A KYC procedure might be needed when converting fiat to digital currency. This will also expose your identity.
Cryptocurrency Volatility Makes You Lose Funds at Bitcoin Gambling Sites
It’s widely known that, apart from stablecoins, all other digital coins are volatile. You can also deposit your digital currency into your casino account, but it would be worth less than it was initially. However, this doesn’t translate to when you place a wager.
Whenever you place a wager on a crypto gambling site, withdrawals use the same rate as when you set that wager. This holds regardless of the changes that occurred while you were betting. So, digital coin volatility doesn’t affect your pay while betting.
Crypto Gambling Sites Are Expensive
Many punters look at the value of cryptocurrency and relate that to Bitcoin gambling sites. Therefore, they believe that these Bitcoin staking websites are costly compared to regular staking sites. However, the reverse is the case, as crypto gambling sites are cheap.
Hence, crypto gambling sites do not charge withdrawal or deposit fees like conventional platforms, so they’re cheaper to bet with.
Crypto Gambling Sites Are Complex
Most misconceptions about Bitcoin gambling sites stem from people’s understanding of digital coins. They look at the complexity of the ways that digital coins operate and bring that to BIT staking platforms.
The truth is that, apart from their wagering currency, crypto gambling sites are very similar to traditional staking sites. This means that you can expect the same site design and site mechanics as your conventional platforms.
Crypto Gambling Sites Are Dangerous
When you’ve fallen prey to an online scam, you naturally start assuming that all individuals online are scammers. Unfortunately, that’s the case for bettors that have visited crypto gambling sites that are run by scam artists.
The truth is that Bitcoin betting platforms are some of the safest, as long as you visit the genuine ones. You can avoid such issues by visiting licensed Bitcoin gambling sites and those sites with stellar online reputations.
Many bettors have been misinformed regarding crypto gambling sites, leading to the birth of these myths. As such, it’s necessary to get the truth out there, to open the eyes of bettors. This will allow them to see Bitcoin gambling sites for what they are and properly enjoy their benefits.