Bitcoin is no stranger to traditional stories and misconceptions circling around it. It is time to debunk these Bitcoin myths and unveil the truth.
Humans are brilliant story-tellers and story-inventors. Every single brain in this world search for explanations in regard to anything that can be seen, heard, or felt—both tangible and intangible. Our natural drive to learn everything around us cannot be all fed with hard evidence and solid facts. Occasionally, myths will suffice. The downside of this is it is difficult to overturn once myths embed within popular belief.
Myths are bound to show up at any point in time, and Bitcoin is no stranger to traditional stories that concern phenomenon holding no truth to them. Bitcoin myths and the digital currency’s complexity can cause a substantial amount of confusion for newcomers. As an innovation to currency, naturally, it will lure skepticism. There are plenty of these misconceptions that directly affect the Bitcoin gambling community.
What Bitcoin has, fiat can offer
Yes. On the surface, Bitcoin may appear to offer the same services as traditional currency. But why are online gamblers slowly moving toward the decentralized currency?
Traditional currency can never compete with the swift and secure transfers of Bitcoin. Firstly, no long-established currency has introduced a decentralized system, and Bitcoin is here to refine that. Second, privacy protection, free transfers, no chargebacks, and reduced fraud are few of the advantages making cryptocurrency trump traditional currency.
Common misapprehensions such as its legal status can dissuade people from using the digital currency. If anything, only a couple of countries ban the application of Bitcoin. Iceland, Bolivia, Ecuador are some of the names that restrict its usage. Otherwise, only the existing regulations apply to the operation of the cryptocurrency, making it accessible to most.
Again, it is best to clarify the laws that surround cryptocurrency within a particular country just to make sure that no rules are breached.
Lack of chargeback, a disadvantage
It has been a common practice for online merchants to look for chargeback options. In the case of a seller not being able to send an item per se, the payment system can extract the paid funds from the seller and give the money back to the buyer. This results in the opportunity to limit fraud.
Fraud will always exist, and allowing chargebacks presents that the money can be taken away at any time. Bitcoin, however, is designed to provide users with full ownership of their currency.
Bitcoin games offered by websites such as Betcoin Casino, Anonymous Casino, and BetChain Casino make for an exciting pastime and greatly allow players to leave with a profit. Buying into these myths will not give any advantage, proving the point that the Bitcoin gambling community will still benefit without these myths that linger on this niche market.
These days, people do not take time to research. Therefore, it is always best to clear these misbeliefs through investigation and research before arriving at a conclusion. Correctly informed actions result in the elimination of such misconceptions toward the cryptocurrency. This improves the digital currency’s image which then encourages more bettors to further support the idea of having Bitcoin in online gambling.