New technology is often met by skepticism. Crypto and cryptobetting is no exception, despite the fact that the technology isn’t particularly “new” anymore.
But a lot of the notions leading to skepticism about cryptobetting are just misconceptions or myths…
Whilst there can be some truth to some of the reservations about cryptobetting, there are also many widespread misconceptions that could not be further from the truth.
The most common misconception floating around is, perhaps, that cryptobetting is a complex process. This is of course, not the case at all. Many cryptobetting sites have user-friendly interfaces. The only thing that a bettor actually has to do, in order to indulge in cryptobetting, is to set up a crypto wallet. If the wallet address is then copied to online crypto sportsbooks, the deposits and withdrawals will run just as smoothly, as if one is betting with a regular sports betting site.
Generally, you can make bets directly from your wallet, without having to deposit to a site. You need to be aware though, that all sites do not have this function. In which case, you will have to make a crypto deposit. But your crypto wallet is still a good place, of course, to store your crypto.
So, the simple process is: acquire a cryptocurrency wallet-acquire cryptocurrency-choose cryptobetting platform-deposit and start wagering!
The complexity myth is also debunked by the fact that cryptobetting sites generally offer a faster process. Crypto allows instant deposits, and all transactions appear on your account immediately. There is no verification process, and the same applies when you withdraw your funds.
Another completely misleading myth is that cryptobetting is often fraudulent. Nowadays it is actually very easy to verify genuine crypto betting sites. There may have been attempts in the past by some fraudsters to set up fraudulent sites, but this is indeed very easy to see through. Also, this kind of criminal activity is not particularly common, nor is it limited to just cryptobetting.
There is also a common myth that cryptobetting may be unsafe.
However, the reverse is actually the case. One of the main advantages of cryptobetting is the safety level. The blockchain process does not require personal data or bank details, which allows bettors anonymity. In addition to this, third party users can not pass through the system. It is, so to say, “tamper proof”.
Yet another myth surrounding cryptobetting, is that the same solid customer support that is available for regular betting sites, do not exist for cryptobetting sites. This is absolutely untrue. The established cryptocurrency sportsbetting sites and casinos offer just the same support through email, live chat and, often, telephone contact.
The support options are quite easy to check up, before deciding to engage or use a particular cryptobetting platform.
But one discussion that is not going anywhere as far as cryptobetting is concerned, though, is that regarding volatility.
And there is of course, some truth to this.
Part of the allure and charm of crypto is that the value of crypto coins can go up or down. This, however, does not affect the betting in itself.
In other words, when you place your bets, you get the amount of crypto coins that you had withdrawn into your account, regardless if the value of the bitcoin has gone up or down when you place your bet.
In the same vein, as far as the value at withdrawal is concerned, it is not likely that value will have gone down, given that it normally takes hours or even days for coin values to drop when this happens.
It is still possible for this to occur, of course, but the value can go in the other direction as well. And cryptobetting is not more volatile, than crypto transactions are in general.
It should also be noted that cryptobetting can be more profitable for a certain category of bettors, as crypto transactions tend to have lower fees compared to traditional payment methods. In fact, most cryptocurrency transactions have minimal fees, particularly beneficial for frequent bettors engaging in multiple transactions.
There are also myths about cryptobetting that may be regarded as “positives” by some people, but that are not true. One common such misconception is that there is no taxation involved with digital currencies. However, escaping the taxation laws of a country or region are normally not particularly enhanced by playing on a bitcoin gaming platform. Digital currencies are traceable and transactions can be seen publicly. It can though, be fruitful in certain cases, to look for regions with a tax system that are favourable for bitcoin/crypto gambling.
