Crypto casinos – Myths

Crypto casinos are a relatively new phenomenon, and as such, there are a lot of myths and misconceptions floating around about them. In this article, we’ll take a look at some of the most common crypto casino myths and see if they hold up to scrutiny.

Myth #1: Crypto casinos are illegal

This is one of the most common myths about crypto casinos. The truth is, however, that there is no law against crypto casinos specifically. Rather, crypto casinos are illegal because online gambling is illegal in most jurisdictions. This means that you should always check your local laws before gambling at a crypto casino. Read the terms and conditions of any crypto casino. In there, you can find out where the casino is licensed, players from which countries are not allowed to play and any other legal concerns. In a nutshell, crypto casinos hold just as much legitimacy as traditional online casinos.

Myth #2: Crypto casinos are scams

There is a perception that all crypto casinos are scams, but this isn’t necessarily true. While there are certainly some scammy crypto casinos out there, there are also many reputable ones.

Myth #3: Crypto gains are nontaxable

Well this might be partly true depending on where you are located in the world but in most cases, you’d better make sure you fulfill your tax obligations as cryptocurrencies are traceable and many countries tax cryptocurrencies like they are stocks (the % depends on whether your gains are short/long term).

Myth #4: Crypto Gambling Is 100% Anonymous

Crypto gambling is often considered to be anonymous. However, is this really the case?

One of the most common myths surrounding crypto gambling is that it is completely anonymous. This is not actually true – while crypto casinos do not require users to provide any personal information, they can still track user activity. Any transactions made on a crypto casino’s site will be stored on the blockchain, meaning that they can be traced back to the individual user.

Furthermore, most crypto casinos will require players to go through a KYC process anyway because they have a legal responsibility to combat fraud and money laundering.


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