The gambling space has experienced great changes in the recent past. Courtesy of technological advancement, it is now possible to play favorite games just anywhere and anytime. As long as you have an internet-enabled device and stable connection as well as access to platforms offering an online gambling experience, you are good to go. It is not just the availability of the online casino games that are exciting the whole gambling fraternity but also the convenience that players get when they are making payments.
There are numerous options that players can use to fund their accounts as well as withdrawal their winnings. The beauty of most of these payment options is that the funds reflect immediately. Bitcoin is one of the payment options that players are finding in the most online casino. A review carried out at best crypto casino Canada shows that Bitcoin payments are popular among players. Experts attribute this popularity to the low transaction fees that are charged on most of the platforms, and the anonymity that players get when they use it as a payment option, among other reasons.
Kevin N. Cochran, an online casino expert who has been exploring Bitcoin casinos notes that adoption of cryptocurrency in mobile gambling would have been higher, were it not for the myths surrounding the digital currency as a payment method in an online gaming platform. In this article, we will be exploring the popular myths about using Bitcoin to pay in online casinos.
The Legal Status of Casino Cryptocurrency
With the negative media attention that Bitcoin and other cryptocurrencies have received, some people believe that casino cryptocurrency is illegal. While some jurisdictions have banned the use of cryptocurrencies in general, it may not necessarily be the case with casinos especially if you are playing with platforms that are available in several countries.
If Bitcoin payments are outlawed in your country, it does not mean you cannot use it to fund your account on a platform that is operated internationally. Although Bitcoin and other cryptocurrencies are unregulated, they are accepted in most countries as a means through which payments can be made. If you are not sure about the acceptance of Bitcoin casino, check with your online platform.
The Safety of the Bitcoin Casino
Most people do not understand the technology behind Bitcoin and other cryptocurrencies. Perhaps the way the digital currencies were introduced and the perception that they are used in the underground world makes people question their safety. There are cases where theft of cryptocurrencies has been reported in the media, with holders losing a substantial amount of money.
Such news has led us to believe that Bitcoin is not safe. On the contrary, Bitcoin is a safe payment option. To access the funds and carry out transactions, users are supposed to use multiple authentication tools. With its strong security features, Bitcoin is not easily hacked.
Another misconception that surrounds the use of Bitcoin as a payment option is that of fraud. Some view cryptocurrency gambling as a means to lose their money easily. This may be understandable given that of late there have been many scams involving Bitcoin. People have been taking advantage of the lucrative nature of cryptocurrency to steal from people. Now and then you will hear of a scam where people are required to pay using cryptocurrencies.
When it comes to online casinos where risks are involved, people who do not understand how the platforms operate may make the wrong conclusion. This has happened on several occasions where gambling using Bitcoin has been termed as fraud. With increased incidences of people being scammed, we encourage players to patronize an establishment that is licensed and registered. Such an establishment would rarely encourage fraud as they have everything to lose, either in terms of lost business or revocation of their licenses.
While cryptocurrencies promise to secure your privacy, you are not entirely anonymous when you play at online casinos using digital currencies. Blockchain, the tech behind Bitcoin encrypts transactions with public-key cryptography. Although this hides the real identities of an individual behind the transaction the fact that you have a Bitcoin address means that any payment made can still be traced. Casinos should know the customer, therefore do not ever think that since you are using Bitcoin or any other cryptocurrency you are entirely anonymous.
Debunking the myths surrounding the use of Bitcoin in paying online casinos goes a long way in encouraging the use of digital currencies. There are several benefits that players can get through the use of Bitcoin in online payment. Talk of low transactions, increased security, partial anonymity, and the convenience they offer. For those who believe in these myths, this is what you have been missing.