6 Common Myths About Bitcoin Gambling Most People Think Are True


There is a great expansion of online gambling platforms in recent years, which is a result of developments in digital technology and the wide use of smartphone devices. There are many advantages of websites when we compare them with land casinos, such as the simplicity and time-saving since you can play games whenever you want. The modern online platforms offer users the possibility to choose from hundreds of games and many other excellent features. Moreover, we have to mention that the year 2024 was very important for this sort of entertainment. Since a lot of people had to stay home during the lockdown, many of them became interested in sports betting and casino games.

Furthermore, the gambling industry is advancing rapidly, and the most recent improvements are related to the implementation of AI, virtual reality, cloud computing, and blockchain technology. The ability to place a deposit with an e-wallet is especially convenient since it brings various benefits like improved safety, anonymity, and faster payouts. If you are interested in online casinos that accept cryptocurrencies, continue reading at Playamo.


On the other side, there are still some misconceptions related to cryptocurrencies. This model of payment became very popular in recent years, especially as a trading option since some of the most popular coins like BTC, ETH, and many others became much more valuable in recent months. Still, we can notice that a lot of people are talking about this market, even though they don’t know so much about it. That is the main reason for some common myths. Here are some which are related to Bitcoin gambling.

1. You Are Completely Anonymous

Even though blockchain technology and the ability to use an e-wallet for transactions represent the most secure method today since you can prevent anyone from seeing any data rather from the hash code of your digital wallet, the fact that you will have to register at some website to play games leads to the point that they could find the connection between you and your BTC address. However, it does not represent a risk at all, but you should only choose those online platforms that are well-known, and avoid unknown sources that might represent potential dangers. It is not a rare case that we can find unreliable online casinos today since this is a very popular industry. The best way to avoid them is to check the ratings and comment sections to see if other people had any issues with them.

2. Lack of Promotion

Another misconception is related to the promotion of casinos that accept e-wallet payments. However, you should check more and you will see that there are actually quite a lot of online gambling platforms with this feature. The main reason why some people haven’t noticed already that are is a great selection of them is because the competition on the market is huge these days, especially when it comes to standard websites where you can only use a credit card. Also, there is a great rise of websites that recently started accepting BTC.


3. Security Issues

Like with standard online platforms, there is a chance for a scam when it comes to Bitcoin casinos as well. First of all, you should pay attention when you are choosing the online exchange where you can convert or trade with your cryptocurrencies. Besides that, keep your coins on an offline e-wallet since it is the safest option. Cybersecurity can be a serious issue, but you can avoid these scams by learning more about the methods that hackers are using to steal your private data and funds, such as malware files, suspicious links, unknown websites, and more. In that matter, if you are following all of the safety measures, the chances for a scam are very low.

4. You Can Win Less

It is actually quite the opposite when we look at the current situation on the market when BTC and many other cryptocurrencies are becoming more valuable. Therefore, your prize might become even bigger over time if you select the online platform where you can withdraw the funds in Bitcoin. The current price of BTC is over $50,000, which is ten times more than in the same period last year. Also, according to predictions of some experts, it will continue to rise. On the other side, some people find it suspicious since a lot of crypto casinos don’t offer the same bonuses, but the main reason for that is the high fluctuation on the market that could lead them to serious losses. However, there are already some of them where you can get a great newbie bonus after placing the first deposit.

5. Disadvantages Related to Payouts and Deposit

The fact is that online platforms with an implemented blockchain system have many advantages over standard ones. For instance, they offer the flexibility to use various payment methods. Also, the average waiting time for a withdraw of funds from a standard casino account is between two and five days, while you can instantly get your winning when using an e-wallet. This is one of the main benefits of it in the first place.

6. It is a Scam

As we already mentioned, the main reason why some people are afraid of this option and claim that it is a fraud is because of the lack of knowledge. There are various risks as well, bet they are the same as for standard online casinos. In that matter, there is no reason to question this model of depositing funds for betting when you are sure that you have chosen a reliable website.


The Bottom Line

Blockchain technology represents an evolution for various industries, and we can have many benefits from its implementation. When it comes to gambling, you can avoid taxes and various fees required by banks. Also, this technology allows developers to create better platforms and provide players with an improved experience. Considering all of these features, Bitcoin casinos represent a much better option.