With the continued increase in popularity in regards to the gambling and cryptocurrency industries separately, there should be no surprise that the two have been intertwined and have been successful in creating bitcoin casinos. Indeed, the use of cryptocurrencies for many operators has provided bettors with a number of new opportunities compared to traditional online gambling, as the virtual currency provides them with a number of benefits that could not be acquired when playing casino games using fiat currency. For instance, there is greater security regarding the tokens used as less personal data and information is required, whilst there is also the ability to use the decentralized currency in a way in which regulated money could not.
However, whilst the online crypto casino phenomena is still relatively new and one that may take some time to convince a vast number of avid gamblers who are holders of these coins, there are a number of different myths and facts that should be known about these platforms that should help to shine a positive light on them! As with traditional online casinos and other forms of gambling including sports betting, there are a number of unproven claims that have circulated around various circles, although many of these should be taken lightly and without too much notice.
Below Winz.io team has collected four of the most popular myths to have been provided regarding the online crypto casino platforms that really ought not to have been made, with many of the claims typically being baseless and having no foundation to them.
One of the biggest myths that can be found is that the security levels provided to users who bet with these platforms are of a substandard nature and is not as good as traditional online platforms. As mentioned earlier, one of the biggest benefits that crypto coins provide holders is the amount of security that they provide.
The myth has come from the idea that Bitcoin and other cryptocurrencies are not legit or real, thus making them difficult to use or trust, but with the blockchain technology (Read also How blockchain is transforming the online gambling world) that is involved, they could not be any more authentic or secure if they tried! Furthermore, they are secure in the sense that they provide anonymity and provide plenty of discretion; something traditional fiat currency fails to offer.
#2 Gambling opportunities
As Bitcoin is still a relatively new payment method for online casinos, there are a lot of incorrect thoughts about the number of gambling opportunities that can be had using the currency as many will believe that the options are still relatively limited. However, this is not the case as there are more and more options and betting opportunities becoming available at Winz.io casino regularly, with many of the same crypto slots that are available to everyone who holds cryptos.
#3 Transaction issues
Perhaps one of the biggest advantages and benefits cryptocurrency provides its holders is the fact that any transaction made is instant and can be rather convenient for those who use the virtual tokens that are on offer. However, there is a myth being floated around when it comes down to online bitcoin casinos, as many have made the assumption that the transactions are anything but quick and easy to make. This simply is not true, as these transactions are essentially as easy to make as the traditional currency transactions that would have been made in the past. The internet can scare certain users because of what can take place, but using digital money is one of the easiest things to do and one anyone can do successfully.
#4 Gambling with Bitcoin is committing fraud
One of the top myths to have emerged more recently is that gambling with Bitcoin is an act of fraud, although this is one of the biggest misconceptions that an individual can have towards it. One of the biggest reasons for this idea is that they feel they will be scammed and not get their money’s worth when they deposit the cryptocurrency to their account. However, joining a Winz.io Bitcoin online casino that has managed to acquire a positive reputation via others within the crypto gambling community or by checking out a number of reviews or monthly BIG WINZ reports before signing up and depositing a transaction can help to ensure that only losing a bet is the worst that can happen when using the platform of choice.