When a new technology comes along that changes what the industry previously knew, there is always an inevitable wave of myths popping up out of nowhere. It happened with bitcoin as a concept, and also with bitcoin when used for gambling.
However, there are a few myths surrounding bitcoin betting. There is a completely unfounded myth circulating on the web about bitcoin betting being insecure when it comes to financial security and personal data. The origin of this myth is a complete mystery, as one of the main advantages of bitcoin gambling is its increased security. Unlike traditional online casinos, which deal with FIAT currency and financial institutions, which leads to a higher risk of fraud and theft through hacking, bitcoin casinos work directly with players. As an aside, blockchain technology is completely anonymous and private, making it virtually impossible to be corrupted. Thus, the decentralized design of the blockchain eliminates any threat to players’ security.
Another of the existing myths, has to do with some people considering bitcoin a “bubble”. This myth is not so much to do with betting with bitcoins itself, but with the whole concept of cryptocurrencies, and since virtual currencies are inseparable from new bitcoin casinos it is also an issue that affects them. Bitcoin has often been described as “a bubble waiting to burst”, a myth that is popular among bitcoin naysayers and which ultimately alienates some cryptocurrency betting enthusiasts. Currently, bitcoin is one of the strongest assets in the world, its price has been more or less stable and/or growing, which is a perfect opportunity for betting enthusiasts.
For some reason, many people believe that it is easy to steal money from a crypto casino. In practice, accounts in crypto casinos are typically better protected than in their regular counterparts, but everything, of course, depends on the site itself.
LTC Casino, for example, requires extra confirmation via e-mail when you withdraw money to an unknown address. Moreover, LTC Casino employs additional checks when you copy a deposit address. That’s how we protect you from viruses that replace the wallet address after copying it. So if you see the warning, be sure to check your computer for viruses and under no circumstances transfer the cryptocurrency to the address from your clipboard.