The last few years saw cryptocurrencies enjoy growing demand. Since 2017, Bitcoin, which sets the trend for other coins, has experienced all-time highs. Other currencies have had encouraging performances as well. For that reason, cryptocurrency use increased dramatically, with the online gambling industry leading the charge. More and more players are eager to try out crypto gambling and see what the hype is all about. However, as with any unfamiliar technology, some consumers are wary about using digital coins. A sense of mystery continues to surround cryptocurrency usage, primarily due to misinformation.
Various misconceptions about blockchain transactions make it hard for some consumers to trust this payment option. So, even players who might want to gamble with digital currency might be a tad hesitant. The different myths floating out there not only make it difficult for players to realize the benefits of crypto but also prevent them from understanding the risks clearly. Therefore, gamblers should know what’s true about digital coins so that they can use them appropriately. This guide attempts to accomplish that.
Digital Currency Lacks Real Value
One of the notions pedaled about crypto is that it has no value because, since its inception, the currency has proven difficult to categorize. Various countries have had trouble deciding how to impose taxes on digital currency payments. However, digital coins continue to demonstrate their worth in the payment ecosystem. Bitcoin and various other coins operate on a proof of work concept. A process called mining generates these PoW-based currencies. Mining uses powerful computers to supply processing power used to verify and secure every crypto transaction. Miners receive new coins in exchange. Since producing new virtual currencies has real costs, then the products hold real value.
The last few years have also shown the value of Bitcoin and altcoins. Cryptocurrency use has been growing exponentially. Now, various sectors accept digital coins in exchange for goods and services. Some big brands have crypto payment options that continue to prove that digital currencies are not a fad. Online gambling is one of the early adaptors, with some gambling operators accepting varied crypto coins. So, if you intend to try a coin like EOS, you won’t have trouble finding EOS Casinos where you can deposit to enjoy your favorite games. A few hours of gaming with digital currencies should tell how much value they hold.
Users Have to be Tech Savvy
Understandably, a lot of people believe that cryptocurrencies are only suitable for consumers in tech. This misconception arises from the fact that since they were founded, digital coins have been sold as technologically complex commodities. While it’s true that learning how crypto works is not easy, the industry is not restrictive. Any person who wishes to use to invest in the sector can do so. You only have to know a few basics.
For instance, if you intend to gamble with Bitcoin, then you have to learn how to acquire coins and deposit at online casinos. Bitcoin casino games are similar to regular ones, meaning you only have to fund your account and start playing. The real work is learning how to pick coin exchanges to buy and sell currency. You should also familiarise yourself with storage alternatives and how to select the most convenient one for your online gambling. If you want to mine crypto rather than buy it, then that would be more complicated.
Virtual Coins Can Be Counterfeit
The idea that cryptocurrency can be faked comes from a poor understanding of how blockchain technology works. One thing that digital currency cannot be is counterfeit. For one, unlike fiat currency, it’s not physical. The fact that the currency exists virtually means that it doesn’t have a physical form to imitate. What about the transactions? Can they be duplicated like some digital files? The blockchain network uses cryptography to register transactions. It’s also a distributed, permanent, and public ledger. The blockchain consists of all the payments ever made using its corresponding currency.
Each transaction that enters the network is validated and grouped into blocks that link to each other. Since the blockchain is shared, records are duplicated on all the machines connected to the network. Therefore, it’s impossible to imitate virtual currencies or copy transactions. Any attempt to do would crash the entire system. So, currency holders don’t have to fret about losing their investments due to counterfeiting.
Cryptocurrency is for Illegal Practices
This myth is one reason some consumers avoid using digital coins. The driving force behind this notion is the fact that cryptocurrency transactions provide a certain level of anonymity. This feature allows users to transact on the dark web while maintaining a degree of privacy. The idea is that crypto is effective as a payment option for illicit activities. In 2013, a black-market website called the Silk Road had Bitcoin as its main transaction mode, hence, perpetuating the myth further.
Admittedly, virtual currencies might offer certain advantages for people who want to keep their transactions quiet. It’s why the payment method suits many gamblers. However, it’s not true that cryptocurrency is tailored for illegal activities. In fact, the same could apply to fiat currency. Cash is the most effective way to pay for illicit practices because it is hard to track. Illegal activities associated with Bitcoin and altcoins dropped significantly in the past few years. One reason is that various governments instituted Know Your Customer requirements to eliminate the illicit element by verifying users. Regulated crypto casinos have KYC and anti-money laundering policies to protect customers.
The advent of cryptocurrency brought with it a multitude of misconceptions, mostly because people didn’t comprehend how the technology works. Some of the myths were left behind as digital currencies became more popular, while others persisted. Gamblers trying out crypto gaming should know what’s true or not about virtual currency to capitalize on their benefits.
