6 Common Myths About Crypto Gambling Debunked: What You Need To Know
Due to the rise of popularity in cryptocurrency use, many casino players and sports bettors can now find many gambling sites accepting cryptocurrencies. Some gambling sites even exist solely to cater to crypto gamblers who want to bet and win crypto.
As much as they’re attractive, cryptocurrencies can be an intimidating foreign territory for non-users. In addition, there are multiple misconceptions and myths surrounding digital currency, so it’s common to be skeptical if you’re not a crypto user. The good news is that most of these misconceptions aren’t true! Here's the truth behind six of the most common myths about crypto gambling that you must know.
Starting Crypto Gambling is Complex
People who have checked crypto gambling sites might jump to the conclusion that getting involved in crypto gambling is complex and technical. Even if you’re a seasoned gambling site user, crypto sites may look entirely different and hard to understand. However, how these sites work doesn’t differ much from regular gambling sites.
If we have to say which part is the hardest, researching cryptocurrencies and finding the best crypto exchangers would take the most time. However, they’re not as technical as many thought they were. Like how you can store your money online on an e-wallet and buy foreign fiat currencies online, cryptocurrencies work the same way.
If you want to try crypto gambling, here are some steps that might be helpful to get you started:
- Browse your crypto gambling site options to find your most preferred go-to site. Make sure to study the site’s reliability and offerings carefully.
- Make an account and verify it.
- Study the cryptocurrencies the site accepts and compare your options.
- Once you’re sure which cryptocurrency to use, find a reliable exchange site or check if the gambling site partners with one. See and compare the exchange rate before depositing your fiat to buy the crypto of your choice.
- Pick a crypto wallet to store your cryptocurrencies (hot or cold).
- Deposit into your gambling account using your new crypto wallet.
Cryptocurrency Transactions Aren’t Sustainable
There have been some rumors that cryptocurrencies use a lot of energy to run. However, this isn’t true. The energy used to run cryptocurrencies is similar to computers and house lights. They’re even lower than the transportation industry, which spends around 25% of the global energy consumption.
The blockchain industry has consistently tried to keep its practices eco-friendly. Some innovations, like hydro-colling farms and petroleum gas-associated utilization, have been released to ensure sustainability. When people reduce at least 10% of their electronic use, it’ll save more energy than the total global Bitcoin network use.
The Web3 community is also actively involved in solving climate issues. There have been many solutions addressing climate change, including the use of tokenized carbon credits and carbon-neutral blockchains..
Tied Closely to Money Laundering
Many people speculate that cryptocurrencies are tied closely to money laundering. It’s not rare to hear that crypto-gambling sites exist to facilitate money laundering. However, this isn’t the case with reputable gambling sites.
When gambling sites are licensed, they must follow strict regulations from the licensor. This includes having a Know Your Customer (KYC) and AML (Anti-Money Launder) procedures.
These gambling sites require users to go through with the KYC procedure, where they must provide identification documents so the operator can check if the user has done illicit activities before. The implemented AML measures will monitor the user’s site activities, follow their transaction patterns, and report suspicious betting behaviors to the authorities.
Crypto Wallets Are Not Secure
It’s understandable that people are unsure how safe crypto wallets are. The truth is that crypto wallets operate similarly to regular cash digital wallets. Both use similar security measures that equally protect the user’s assets the same way. There isn’t any ecosystem that’s fully immune to cyber-attacks.
Just like how you do other digital wallets, there are some things you can do to strengthen your crypto wallet security. This includes creating a strong password for your wallet and activating its two-factor authentication to ensure they’re not as easy to breach. With the crypto wallet, you also have the option to choose a cold wallet, which is offline and harder to breach.
Cryptocurrencies Are Too Volatile for Gambling
Cryptocurrencies are known to be highly volatile, so many people think cryptocurrencies are unsuited for betting. When the value of your coin drops, you may win less than you expected. Although this can be true, stablecoins are already a solution to this problem. These stablecoins offer higher stability in value compared to regular cryptocurrencies.
Stablecoins are cryptocurrencies pegged to other more stable assets like fiat currencies. Two popular stablecoins pegged to fiat currency are USDT (Tether) and USDC (USD Coin). These two stablecoins are used on most gambling sites. DAI, another stablecoin, is also accepted in major gambling sites, but it's a stablecoin pegged to another cryptocurrency.
Cryptocurrencies Vs. Traditional Gambling
So, what can crypto gambling sites offer that’s better than traditional gambling sites? Crypto gambling sites offer several advantages.
First, crypto wallets offer an extra layer of security. When making payments using your crypto wallet, you won’t have to share sensitive information with the gambling site. Cryptocurrencies are also known to be processed quicker than cash transactions. Therefore, you can receive your winnings faster.
Cryptocurrencies also offer high security measures. Each of your crypto transactions is transparent and immutable, making them less prone to fraud and manipulation.
