If you have kept up with the news, you’ll know that cryptocurrency is the new thing in the financial world. However, the blockchain frenzy does end there, as this technology has also invaded the online betting scene. This has led to more than a few crypto gambling sites.
These days, crypto gambling sites are a much-talked-about subject with many rumors flying around. So it’s no surprise that more people believe that it’s better than regular online gambling and could offer more wins.
This has led many adventurous punters to venture into the crypto gambling scene with delusions of grandeur. Hence, it would be best to debunk these unrealistic expectations and open your eyes to the realities of crypto gambling sites.
Expectation 1: All Crypto Gambling Sites Offer Better Deals than Regular Online Gambling Sites
These days, there’s always news about someone hitting it big on the crypto gambling scene. You’ll probably see it in your Twitter news feed, on Facebook, and on other major social media platforms.
You’ll probably hear that someone won a couple of thousand dollars with some insane welcome bonus. People believe that visiting a crypto gambling site offers you an opportunity to play for free with some bonus offers.
Reality 1: There’s No Difference between Their Welcome Bonuses
If you’re going into crypto gambling because of their bonuses, you need to understand that it’s nothing special. The bonuses you see on your regular online casinos are still the same bonuses offered by crypto betting sites. They also come with the same restrictions and caveats; there’s no difference.
Expectation 2: Crypto Betting Sites Are an Elite Club Reserved for Society’s Elites
Ever since the introduction of Bitcoin, many punters feel like crypto gambling isn’t for them. They conclude that only affluent individuals at the helm of society can afford to bet on 3 BTC.
Reality 2: Crypto Betting Sites Are for Everyone
Unlike what many people think, you don’t get to bet with that much digital currency on these gambling sites. Most of their bets have been known to start small at micro Bitcoin (mBTC). This is an amount that most punters can afford.
Expectation 3: Crypto Gambling Is Faster than Normal Online Gambling
Similar to how blockchain technology makes blockchain transactions faster, people believe that crypto gambling is the same. They believe they wouldn’t have to wait days before their withdrawal requests are approved.
Reality 3: Crypto Gambling Does Indeed Offer Faster Transactions
This is one of the cases where speculations are correct, and crypto gambling sites are indeed faster than the alternative. Unlike regular online casinos that suffer the interference of regulatory bodies, crypto gambling sites run on a blockchain. This decentralized technology ensures that the job of validating transactions isn’t left in the hands of any authoritative body.
Expectation 4: Crypto Gambling Sites Are Impossible to Hack
As long as the term ‘crypto’ is attached to any venture, any halfway knowledgeable crypto trader believes it’s secure. As such, high-rollers that are scared of their financial information falling into the wrong hands bet on crypto gambling sites.
Reality 4: Blockchain Technology Makes Crypto Gambling Sites Nearly Impossible to Hack
Blockchain technology makes applications, software, and websites that run on it impossible to hack. That’s the thing, though; it’s only realistically impossible, but not completely so.
Blockchain technology runs on a decentralized system, meaning the website is regulated by thousands of individuals at once. For instance, regular online casinos are hacked because the hacker has to only target a company or a few servers.
Doing that for a crypto gambling site means the hacker has to hack thousands of asymmetric cryptography-protected computers at once. That is too much work for too little return, but if someone is willing to do it, they could succeed.
Expectation 5: Bitcoin Is Needed for Crypto Gambling
Bitcoin is the first cryptocurrency, and whenever anything cryptocurrency-related is mentioned, it’s the first thing that comes to mind. Unfortunately, many pikers believe that Bitcoin is needed for crypto gambling, and since it’s unaffordable, they ignore crypto gambling.
Reality 5: Different Cryptocurrencies Can Be Used for Crypto Gambling
Many individuals out there are unaware that Bitcoin is just one cryptocurrency, not the only cryptocurrency. As such, many crypto gambling sites accept bets in various cryptocurrencies.
Of course, not all digital currencies are accepted on crypto gambling sites, but most of them are. To be sure, it’s always better to visit the crypto gambling site to determine if your cryptocurrency is also accepted.
Expectation 6: Crypto Gambling Sites Would Allow One to Bet without Paying Any Bank Fees
This is a dilemma that stakers who play online casinos outside their country of residency can relate to. When they change their local currency to widely accepted ones, they will lose a big cut due to bank charges.
However, since crypto gambling sites work with cryptocurrency, their banks cannot interfere. This also means that there are no transaction fees of any kind.
Reality 6: Bank Fees May Be Absent, but Transaction Fees Are Unavoidable
Anyone conversant with the cryptocurrency scene would understand the menace posed by gas fees. Gas fees are paid to miners who validate an individual’s transaction on a blockchain. On blockchains like Ethereum, gas fees could make you give up on a transaction.
Nevertheless, many blockchains out there offer minute gas fees. This means there are cryptocurrencies that you can use without worrying about the gas fees they charge. Transactions with such cryptocurrencies make it look like you’re not being charged.
As you have seen, these are some of the expectations that people take into the crypto gambling scene. But, of course, the reality could be crueler or much better than their expectations. Nevertheless, this doesn’t change the fact that crypto gambling sites are still new, and these conditions will get better.