How many times have you heard about crypto gambling in the last 15 days? Once? Twice? We won’t be surprised if you have come across the phrase online almost every day. People are desperately searching to learn about bitcoin and crypto gambling, making them trending search topics worldwide.
We have decided to debunk some of the top misconceptions about crypto casinos in India.
TOP 5 Misconceptions around Crypto Gambling
Digital cryptocurrencies are illegal
It is singularly the most significant confusion around cryptos – are they legal? The straight answer is YES. Central Banks in the major economies have come up with regulations and restrictions regarding the launch of and transactions in crypto-based currencies. However, these digital currencies do not depend on the authority of central banks and do not necessarily derive value like conventional fiat currencies do.
Besides, governments honestly do not have sufficient control to monitor transactions in crypto digital currencies. So, until any currency is explicitly banned in any country, you can use them in online bitcoin casinos for gambling purposes. The use of bitcoin-like currencies makes gambling transactions more secure and safe.
Cryptos are fradulent
Practically, digital cryptocurrencies are fraud-resistant unless you defraud yourself. The concept of distributed ledger makes tampering impossible in crypto-based technologies. So, if you choose established cryptocurrencies like Bitcoin, Ethereum and play only in reputable online bitcoin casinos, you are in safe hands.
However, the majority of frauds happen due to negligence. We fall prey to fraudsters by disclosing sensitive information and passkeys publicly. No cryptocurrency and crypto casino can help in such cases. So, even when you deal in online crypto casinos, you need to be careful about not disclosing or sharing information like login credentials.
Bitcoin and similar currencies have no value
Bitcoin and other cryptocurrencies are different from fiat currencies like USD, Pound, Euro, or Indian Rupees. Fiat currencies derive their values from the government’s sovereignty in a country and the liquidity of its central bank. On the other hand, digital cryptocurrencies do not depend on central banks and governments.
They gain value from the size of their user base, the utility in the real world, and the scarcity. The security and safety features of cryptocurrencies make them immensely popular among individuals and enterprises. So, the demand and value of Bitcoin and other popular crypto coins are going up steadily. It is incorrect to compare these digital currencies with the value system of fiat money.
The volatility of Bitcoin might impact gambling
This concern seems justified by checking the price trend of a few major cryptocurrencies. In the last one year price of Bitcoin has increased by over 250%. It makes the asset class highly volatile. The price increase benefited people in Bitcoin casinos as they enjoyed better leverage. However, it also makes these currencies vulnerable to severe downside corrections. Though prices of the US Dollar, Euro are more stable, the risk is equally applicable to any other less traded conventional currencies.
Few casinos offering crypto betting
Many reputable best online casinos have started accepting cryptocurrencies and offering crypto betting worldwide. The number of bitcoin casinos in India is also increasing every day. And many of them are top-ranked casinos. Some of the popular crypto casinos in India are –
So, you will not find too much difficulty in crypto betting in India.
If you already own Bitcoin or any other cryptocurrency, it makes sense to get into crypto betting. You get the benefit of increased valuation. However, you should know the terms and conditions of the crypto casino you start playing.
Especially understand the minimum bet sizes, processing charges, and facilitation costs. It will save a lot of future hassles and misunderstandings. Check LuckyRaja.com for more updates on crypto casinos, and let us know if you have any other queries.
Do not forget to gamble responsibly.