The crypto gambling trend rules the world and without a doubt it is the next level of gambling. Those who switched to crypto as payment method in gambling say it’s a complete game-changer. The number of players using crypto keeps increasing rapidly and there are many reasons that can explain this phenomenon. But because the concept is still relatively fresh, some people don’t understand it completely. It can be hard to find the right information online, especially if you are new to the crypto world. So, let’s go through the most common cryptocurrency gambling myths before you board the hype train.
Cryptocurrency Gambling Myths: Cryptocurrencies Are Easily Hacked
There are weaknesses that hackers can use, which means your cryptocurrency can be hacked. However, it doesn’t happen so often or so easy.
Just because the transactions in a blockchain network are public, that doesn’t mean anyone can access them and submit or change data. This is done automatically by scripts, programs, and automatic processes. These are also some things you can do to protect your values. Make sure you are using a proven wallet, protect your private key, don’t click on suspicious links and your crypto will be safe and sound.
No Taxes to Pay
This may be the most common myth about crypto casinos. Many people choose crypto gambling for this reason but unfortunately, it is not true. At least not everywhere. In other words, check your local tax laws.
Just like the winnings from land-based casino, lotteries, horse races, and game shows, crypto gambling wins are all subjected to tax. No matter how small, they may be considered income. And many countries, tax cryptocurrencies in the same way as stocks. To sum it up, you may abide by the terms and conditions listed on sites, and still be subjected to tax by your local authorities. Therefore, make sure to check the tax rules that apply in your country, in timely manner.
Crypto Casinos Are Less Interesting Than Non-Crypto Casinos
This is another rumour that you must have heard about crypto accepted casinos. But mostly, they are not different from traditional online casinos. We think that they are even more interesting. Since the most famous game providers in this industry work with crypto casinos, you can play the same slot machines, table games and live games. Apart from having the same fun, in some online casinos you can deposit in traditional fiat currencies ($ and €) as well as in cryptocurrencies. That’s another bonus from this type of casinos.
Anyone who is curious about crypto gambling should definitely give it a go. Enjoy the newest slot games, video poker games, table games and more. Make sure you choose any of supported currencies, based on your personal preference, and hit up the hottest games! Here at Yabby casino you can choose between Bitcoin, Litecoin, Ethereum, Dogecoin. In the end, see it for yourself here.
Since the technology has provided us with this futuristic way of playing, why not utilize it?