Biggest Crypto Myths addressed and debunked

Let’s have a real conversation about cryptocurrency and online gaming. It seems that everyone is talking about it but no one seems to agree on much. Is it safe? Is it costly? Is it reliable? Is it worth it? So many questions, and mixed answers.

What started as an innovative decentralized monetary system is now its own authority – a parallel universe that seems to constantly evolving. That could be good news for savvy investors and news for online gamers.

Crypto gamers and investors have a lot in common when it comes to money, and especially when offered a chance to enrich themselves. We’d all love an easy path to great wealth, and just like online gaming, crypto is full of surprises. All that remains are the myths. And the only way to deny myths their value is to debunk them completely.

Myth #1: Crypto will make you rich

Yes, it has certainly happened, but just like anything, it involves risk. Crypto’s volatile venture comes with potential risks as high as the possible rewards. Crypto investing, which about 13% of Americans did last year, is like stock market investing, which 25% of Americans did in 2021. Getting lucky could make you a fortune in both cases.

Crypto news talks about big fluctuations but, like the stock market, it bounces back. The experts are predicting Bitcoin’s value will increase by more than 13% this year, while Solana grew by more than 20,000%. At first glance, the fluctuations might make you worry that crypto is unstable, but in reality, the overall value of Bitcoin has gone nowhere but up, particularly since 2020. That’s despite the lows/highs of day-to-day trading, or even month-to-month fluctuations.

Playing with crypto at Ignition Casino is easy, and trying your luck with slots or your strategy at the tables can pay off just like a stock investment, only at Ignition you’re going to have a great time.

Myth #2: Crypto is unsafe and unreliable

Not even close. Crypto safety is easily assured as long as you take the appropriate security measures. Every transaction is documented on its own blockchain and stored on a ledger that only you can access. The only information maintained is the sender’s and receiver’s crypto addresses. While some cryptocurrencies have reported problems, the Bitcoin blockchain has never been hacked or counterfeited.

Now, there are stories of crypto investors losing everything when they lost or forgot the passwords to their digital wallets. At that point, recovering the digital funds is almost totally impossible. One alarming story is about a programmer in San Francisco who now has only two more guesses to remember his password to a digital wallet containing about $220 million in Bitcoin. Needless to say (so why are we saying it?), keep your digital wallet password in a secure location outside your brain.

Myth #3: Crypto deposits and withdrawals are difficult to complete

Nope. Unless the blockchains become overwhelmed by transaction traffic, your deposit is usually completed in about two hours. Processing time for your withdrawals can take two to three hours.

Here’s the deal. You’re the only one involved in the process of depositing and withdrawing your cryptocurrency. No third parties. No interference. No questions. Any delay you experience would be caused only by excess Internet traffic.

Myth #4: Crypto is completely unregulated

False. Since its initiation in 2009, Bitcoin has been subject to a wide variety of laws and guidance. But because the authorities haven’t tried to regulate digital currencies, it’s considered unregulated. However, in America, saying crypto is unregulated is not accurate. There are guides being developed for using the currency to keep the criminals out of the process.

Again, this is how the crypto and online gaming worlds are linked. While the digital currency world’s regulations are still being developed as the crypto universe grows, the online gaming space applies its own set of strict regulations designed to keep players and their money protected at all times.

Myth #5: Crypto transactional fees are high

Not true. Compared to credit cards’ much higher interest rates and cryptocurrency purchasing fees, crypto fees are nominal. In fact some exchanges, like the alt coin Nano, have no fees, while Solana’s transaction fee is $0.00025. Currently, Bitcoin’s transaction fee is 0.000044 BTC or $0.957. And the exchanges may charge only a small transaction fee that’s typically less than 1% when you purchase or send cryptocurrency.

At Ignition, we don’t charge fees for cryptocurrency deposits. In fact, we reward you for it. With the Ignition Casino Weekly Boost, you get a 100% up to $1,000 match bonus when you deposit using any accepted cryptocurrency.

Myth #6: Crypto blockchains can be easily hacked

Untrue. Current technology makes it almost impossible to hack a blockchain. Any weaknesses occur outside of the blockchain and that can lead to opportunities for criminals. It’s up to you to keep your cryptocurrency wallet safe and private so hackers cannot gain access to steal crypto. Bitcoin has never been hacked so you can be assured that your crypto betting is safe and private at Ignition.

Myth #7: Crypto winnings at Ignition Casino fluctuate with crypto’s value fluctuations

No. Of course, cryptocurrency value can go up or down any time, but these fluctuations are usually minimal. If you are concerned, our crypto tip is to exchange your digital winnings into US dollars as quickly as possible. We have been a proud crypto casino for many years. When you deposit cryptocurrency such as Bitcoin and Litecoin, it’s transferred into US dollars the moment it reaches Ignition.

Alternatively, if the fluctuating nature of certain cryptocurrencies is not something you’re comfortable with, you could always use stable coins like Tether (USDT, an accepted currency at Ignition Casino), which have no fluctuating rates, and are linked to the familiar USD.

We also recommend withdrawing your funds to a Bitpay Visa card. These cards work like any Visa card and can be used to spend your crypto funds in US dollars.

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