In today’s world, technology has found its true wings and people are pacing their lives with the help of rapid industrialization and technology. There are several aspects where a person can witness changes in their daily lifestyle in the past few decades. With the help of supercomputers, people have now found a more secure and faster way of processing transactions. One of the most amazing elements produced by technology in the monetary system is cryptocurrency.
Nowadays, people have started investing in digital currencies like Bitcoin, Dogecoin, Ethereum, etc. These are also used in different segments and sectors. One of the most booming industries of crypto usage is online casino gaming. People use digital currencies to play different casino games at their own will without worrying much about unforeseen circumstances. An active gambler can easily surf through platforms like SatoshiHero to enjoy various gambling activities using cryptocurrencies.
However, there are many myths revolving around digital currencies like Dogecoin which has led people to not trust the online casino environment. The following points highlight the actual reality of these myths and how an online casino player can ensure their safety.
Top 6 Myths About Dogecoin Casino & Its Reality
Sometimes people get half-hearted knowledge about different aspects of a concept. Therefore, it is crucial to lay emphasis on complete information about Dogecoin casino.
1. Taxability Of Digital Currencies
Mist gamblers do not pay attention to the details of cryptocurrencies. They think that these coins are not traceable by the authorities and therefore are non-taxable. However, this notion does not hold universally. There are many cryptocurrencies where the public can see its process and route.
In developed countries like the US, government and official authorities impose a tax on these digital coins varying in value. The tax value depends on the income level of the person and the purpose. For example, if it’s for long-term use, the government may charge 0 to 20%; while if it is for short-term gain, they can charge between 10 to 37%.
People should also beware of the IRS in such situations where they think their cryptocurrencies are non-taxable. If they trace the movement or flow of the currencies regularly, they can get to the person responsible and ask for a hefty tax amount accordingly.
2. Digital Coins Are Too Risky In Online Casino Games
Many people have this idea in their mind that cryptocurrencies like Dogecoin and Ethereum are big scams. Moreover, using the same in online casinos and betting is a huge risk. But, there is a massive misconception revolving around the same.
Most authentic online websites and casino services prioritize customers’ or users’ safety. They try their level best to store their funds in the most protected way. They use different rules and algorithms to safeguard this issue. One of the key strategies used by top online casino providers is Random Number Generators (RNGs) which ensure that the gaming process is conducted in the most standardized way.
3. Major Disadvantage Of Huge Fees Charging
Many online casino users refrain from using cryptocurrencies in casino gaming because of the increased transaction fees and processing time. But people need to understand that with numerous benefits, there come a few demerits. These digital coins have extravagant advantages such as transaction completion in a few seconds, no physical touch required, etc.
Additionally, there is a quicker payout in this case as there is no central authority for governing the flow of cryptocurrencies. Therefore, the value for money is extremely high against the fees casinos charge.
4. Cryptocurrencies Being Hacked
There are several factors that are responsible for the confusion and increasing rumors/myths about Dogecoin casino safety. One of these factors is the media. People often trust the news they hear which emphasizes cryptocurrencies being hacked easily. But this does not imply that this hacking happens easily and instantly.
Even after a rigorous hacking process, a hacker would not be able to take out money from a crypto holder’s account. They will only be allowed to check the coins or deposits in the account. Usually, crypto hacking was in the news a long time back, nowadays, it is very complex and sophisticated to trick into someone’s account.
5. Legality & Illegality Of Cryptocurrencies
There are various opinions regarding the legality of these digital currencies. Amidst the confusion, there are many countries that have come up with their own clarifications. After 2021, there have been many countries that banned online casinos and digital coins as well.
But this illegality does not hold universally true. In other words, these currencies are as legitimate and trustworthy as traditional casino locations. The only difference is the platform,i.e., online. However, people should be well aware of the rules and regulations of online casino games and the country in which they are playing.
6. Manipulation Of Outcome Of Games
There are many gamblers who argue that crypto gambling is rigged to an extent. In simple words, there are chances of manipulating the outcomes of a game. Due to the angle of unfair gameplay, many people have opted out of online casino gaming.
This myth might be true, but if a person is registered with a reputable online casino gaming site, there are negligible chances of rigging. These websites have specially designed algorithms that prove to be fair for every participant.
There are many such myths that can be traced to today’s gambling society. Some even argue that such gaming is highly addictive and can prove to be harmful in some or the other way. However online casino gaming using cryptocurrencies has proven to be beneficial as it is secure and faster. People can enjoy games like Roulette anytime anywhere. However, it is crucial to read the terms and conditions of these providers before kickstarting crypto casino gaming.