When a new technology emerges and starts disrupting everything that industry knew before, there’s always an inevitable wave of myths that seemingly appears from nowhere. The same thing happened to bitcoin as a concept and if we go into detail of a certain industry, bitcoin gambling as well. If we look at the whole picture, bitcoin gambling is completely revolutionary compared to what came before it. All the issues that standard online casinos experienced throughout the years, are absolutely non-existent for bitcoin casinos. But it’s a rule of life that when something goes towards success, there’s always going to be detractors and myths that try to slow the progress down. Here are some of the popular myths about bitcoin gambling.
Myth about bitcoin being a “bubble”
This myth is not so much about bitcoin gambling, as it’s about the whole concept of cryptocurrencies. Since virtual currencies are an inseparable part of bitcoin casinos, naturally this concerns them too. Right from the get-go, bitcoin was infamously slandered by the detractors to be the “Bubble, waiting to get burst”. This myth was popularized by the opposition of bitcoin to scare enthusiasts and gamblers away from cryptocurrencies. Looking at the events happening right now, things couldn’t be further from the truth, because currently, bitcoin is the strongest asset in the world. Its price is always stable or rising, which is a perfect opportunity for bitcoin gambling enthusiasts.
Myth about security of bitcoin gambling
There’s a truly bizarre myth circulating the web about bitcoin gambling being insecure when it comes to personal and financial safety. The origin of that “Tale” is a true mystery because one of the main advantages of bitcoin gambling is increased security capabilities. Unlike the standard online casinos that deal with FIAT currencies and financial institutions, resulting in heightened risks of fraud and hacking, bitcoin casinos are operating directly with the players. Aside from that, blockchain technology is absolutely anonymous and private, making it almost impossible to tamper with in any way. The decentralized design of the blockchain eliminates any threat completely when it comes to the security of the players.
Are bitcoin casinos Trustworthy?
If we look at things from the standpoint of trust, there’s one bright example that will be enough to prove that bitcoin casinos are much more trustworthy than anything else in the industry of gambling. That singular example of revolutionary technology is the Provably Fair system. No other incarnation of gambling can boast such a tool of trust. With this exclusive technology, available only for cryptocurrencies, bitcoin casinos can undeniably prove that their games are absolutely fair. Based around SHA-2 hash algorithm technology, Provably Fair Games provide the ability to observe the in-depth process of the gameplay, providing undisputed proof of the fairness of the games.