Several myths exist surrounding betting with cryptocurrency. Such myths have been the reason why some sports bettors have steered clear of Crypto betting. Even with the increased crypto betting online sites and the general acceptance by many users, some others still refuse to join this new trend because of the fear/doubts created in their minds due to these myths. You can check out the most reliable online betting sites at CryptoBetting.
Although myths are fictional, they tend to be powerless until there is some truth contained within them. The misunderstandings surrounding crypto betting have tended to have their grounds in actual circumstances that may have been misconstrued. This, therefore, confuses individuals who may not be so familiar with understanding the actual situation of things. Therefore this text aims to point out the information that is myths from factual information.
The Myths and Correct Facts
- Absolute Anonymity Anonymity of bitcoin
Cryptocurrency indeed ensures anonymity and privacy, since there is little need to fill in your banking information online. Hence, the transactions take place between you and just the sportsbook. It is true your anonymity is secured to the extent that your bank is not involved in the transactions; however, to say you are anonymous is a myth. Since the encryption behind blockchain tech involves public keys cryptography, the actual identity of crypto bettors is hidden; however, online sportsbooks and casinos find it important to carry out a verification of their customers, so even though your name may not be connected to the crypto address, the possession of a crypto address means it can be linked to you. As regards crypto betting, online sportsbooks find it of utmost importance to get to know their customers under the Know Your Customer (KYC) regulations.
- Reduced promotion of crypto sportsbooks since there is less crypto betting traffic
Here’s another common myth that is connected with cryptocurrency betting. The fact that there is less crypto betting traffic compared to fiat currency betting does not indicate that crypto betting is not on the rise. There have been studies that showed that crypto betting produced so much traffic globally around the world in the previous couple of years. Also, in general, the prices and the uses of crypto coins have been on the rise. This has brought about substantial opportunities to instantly acquire more profits and revenues. Also, the sportsbooks which have embraced crypto betting have acquired so much profit through the several promos to invite crypto sports bettors to sign up with them.
- Reduced wins due to the volatility of crypto coins
That cryptocurrency is indeed very volatile. You have seen a variety of texts that demonstrate how betting with cryptocurrency is unstable and could lead to you losing in the end because the value of a coin by the time you have won may have reduced to less than the value at the time of placing the bet. This is quite true but, in reality, when you choose to place bets, you get the exact amount of crypto coins you had withdrawn into your account, whether the value of bitcoin had gone down or up at the time you were about to bet.
Also, when it comes to the value at withdrawal, it is highly unlikely that the price will have reduced in that short moment of placing your bets. It takes hours for the value to drop, sometimes days for coin values to drop, hence, though it’s a possibility, it does not occur all the time. So, it is relatively safe to engage in crypto betting. The belief that you will not earn a higher value/ the current value upon making crypto bets is a myth.
- The myth of crypto betting having fewer benefits
Some myths exist that individuals will not enjoy benefits such as welcome bonuses or loyalty bonuses and other forms from sportsbooks while using crypto coins to bet. This is a myth that must be debunked. There are a variety of promos open to crypto sports bettors. They may not be as common as the general bonus offers for fiat currency sports bettors, but many exist. When you log onto crypto sportsbooks, such as the ones contained in the link we have provided above, there are various crypto sports betting bonuses and offers which are made available to online crypto sports bettors. They range from first deposit bonuses to loyalty bonuses.
- The myth that crypto betting is fraudulent
This is another misunderstanding which a lot of individuals have concerning crypto betting. They see it as a form of fraud to make them lose their money. These stories may be from individuals who had registered on fraudulent online betting websites and lost their money; however, when you register on genuine crypto betting sites, your money is secure and you get to earn even more upon winning bets. Therefore, this is a myth. Crypto betting is no fraud, it is genuine, just make sure you are making your bets on genuine websites, not fake ones.
- The myth that crypto betting transactions are complex
Since cryptocurrency involves the ownership of a variety of coins, individuals not familiar with this view and regards this as a complex level of online transactions; however, this is not true. Understanding cryptocurrency betting is no task at all. What is simply required is knowing how to set up your crypto wallets. Upon setting up the wallet, you then copy the wallet address to the online crypto sportsbooks where all your deposits will come from and all your withdrawals will go into. It is that easy.
Most of the factors above are the most popular myths that trail crypto betting, they have very little or absolutely no truth in them at all, and they also tend to dissuade sports bettors who are not familiar with how crypto works. However, with a more balanced knowledge of these details, individuals can now engage in crypto betting with no fear.