Crypto casinos are some of the most popular casinos around now, with more and more big names opting to accept crypto as a means of currency, as well as new casinos such as Stake using cryptocurrencies as their only currency. With this shift, more and more people are finding out some common misconceptions about crypto casinos.
In today’s article, we’re going to take a look at 5 myths about crypto casinos with some extras on the back to make sure you’re aware of all the misconceptions around crypto currencies. Let’s jump straight into it!
What are Crypto Casinos?
Crypto casinos are different to your regular big name casinos such as Ladbrokes, William Hill, or Bet365. Although these casinos are likely to start accepting cryptocurrency, cryptocurrency casinos are casinos and sports books that only accept cryptocurrency such as Bitcoin (BTC), Ethereum (ETH), and LTC (Litecoin).
In a more modern and ever changing world where cryptocurrency is on the rise and crypto casinos are becoming more and more popular, we suggest you take a look at just some of them and give them a go! You can find out more about crypto casinos, over on www.casinobaltics.com.
5 Myths about Crypto Casinos
Although there are hundreds of myths and misconceptions about crypto and crypto casinos,we’ve hand selected just a few myths that we think you should know about!
1. Crypto Casinos (and Gambling) is Illegal
Many people think that cryptocurrency in general is illegal to own, and in some countries this is true (be sure to google your country’s specific laws) which would make cryptocurrency casinos illegal too. Although this is partially true, there are hundreds of countries that accept cryptocurrencies and casino gambling that accept cryptocurrency.
We would strongly suggest reviewing your country’s laws around cryptocurrency and gambling, but for the most part you should be good to go! It’s a common misconception that crypto casinos are illegal, but this is not true.
2. Crypto Casinos are Dangerous
Some crypto casinos are actually dangerous. But this is not because of the reasons you think. Crypto casinos that are regulated and licensed by the crypto casino gambling commission are all fine, and safe. This means your funds are safe and protected by the casino, however lesser-known, and fake/malicious crypto casinos are ones you want to avoid. Make sure you check out our list for the best crypto casinos to make sure you play on a high-reputation and safe crypto casino.
3. Crypto Casinos are Expensive
Crypto casinos are expensive? No! Crypto casinos in fact may be cheaper than your regular casinos. Crypto in general can go up and down in value because of how cryptocurrency is, however casinos are not more or less expensive. In fact, most casinos only ask a really small fee for withdrawals, depending on your cryptocurrency – but can also be done in minutes.
When compared to other casinos, you could be looking at a minimum value and minimum withdrawal fees just to get your money out of the casino, which actually makes crypto casinos less expensive than the typical ones. Myth, busted!
4. Crypto Casinos Winnings are Non-Taxable
Some people believe that casino winnings through cryptocurrency are non-taxable and are untouchable from any fees or taxes. This is categorically not true. Most countries that allow gambling (other than charitable causes such as the National Lottery in the UK) take taxes from winnings. Therefore, if you win any amount from gambling and withdraw the funds to either your bank, or into your crypto wallet – this is technically all taxable.
It’s up to you to declare this, but in most states and countries – you are liable to pay taxes for your crypto casino winnings, even though it is a grey area.
5. Lack of Perks within Crypto Casinos
Many people believe that crypto casinos are sketchy and don’t offer anything more than somewhat secretive gambling. This is completely false. In fact, some crypto casinos such as Stake offer some of the best and most rewarding bonuses and perks when compared to any other casino. This includes features like rakeback, VIP levels, bonuses, free spins and both weekly, monthly and even daily bonuses based on your activity.
People’s beliefs on crypto casinos not having enough perks does apply to some casinos that don’t even offer accounts – but most regulated and licensed crypto casinos will offer you some amazing perks and benefits.
Honourable Myth Mentions
You can win/wager more with Crypto Casinos
This is not so much a myth and is actually true! Most crypto casinos have so much cash flow, that they allow for crazy bets to be placed. Where some casinos like Bet365 may limit a slot machine spin to £100, crypto casinos may allow for up to £1500 spins should you ever want to do that!
They also take off small table limits and win caps (and withdrawal caps) which means that you can win more, withdraw more, and enjoy yourself much more too.
Crypto Casinos/Wallets can be Hacked
Crypto casinos and the wallets that hold your crypto currency can be hacked, but are much much safer than using a typical FIAT currency in a casino. This means that although yes, you can be hacked, you are much safer using crypto casinos and wallets.
Crypto Casinos are Not Regulated
This is mostly false! Although crypto casinos don’t have to be licensed, if you play on any regulated casinos through the crypto casino gambling commission, then they are regulated and licensed just like a typical casino such as Bet365. But typically, if a crypto casino doesn’t showcase their licence or casino number on their site, then you should avoid it!
Conclusion
All in all, cryptocurrency casinos have some of the most myths in the gambling industry, and we’re always discovering new misconceptions with crypto casinos. We hope that this article has helped you identify some of the most well known myths and how you can avoid them when picking your favourite crypto casino.
