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Crypto Gambling: Expectations vs. Reality

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People find cryptocurrencies to be superb when they wish to make some additional money or expand their wealth with the passing of time. The chief thing is lots of hype surrounds cryptocurrency. Hence, read more if you need to make comparisons between the expectations and the reality of crypto gambling:

Expectation 

Crypto would make people rich overnight – Many gamblers believe that if they trade with cryptocurrencies, they would be able to earn lots of money and become rich overnight, but the majority of newcomers do not become rich in a short period. When people trade using cryptocurrency, they are required to devote a lot of time, hard work, dedication, and luck. 

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Reality

Crypto isn’t a Get-Rich-Fast scheme – The reality is when people invest in cryptocurrencies, they can make long-term money though it is never the get-rich-fast scheme. People ought to remain prepared to hold their investment long-term, besides being comfortable with every risk involved. Cryptocurrency is a volatile market where prices do fluctuate fast. So, it is imperative to do your research besides going through high-quality news sources. 

Expectation

Cryptos trade in bitcoin only – The majority of new people who love to invest in cryptocurrencies assume that they require concentrating on bitcoin only when they trade. Hence, whenever people talk about cryptocurrency, they think of bitcoin. Only some newbies are aware that the whole market of crypto is filled with various kinds of currencies. 

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Reality

Numerous people take an interest in investing only in bitcoin, and they are known as Bitcoin Maximalists. Nonetheless, it is vital to keep in mind that there are present other assets too that are equally profitable and, at times, more profitable. The majority of modern exchanges propose many cryptocurrencies. So, you need to research well and do the right things. Additionally, it is important to read the opinions of other people even when they are not positive.

Expectation

Cryptos are secure – Countless newcomers assume that they can store cryptocurrency on phones, desktops, hardware wallets, or virtual wallets because this way, they will remain secure as the money remains secured in their bank account, but it is not true. To keep cryptocurrencies secure, you need to keep them insured by a 3rd party.

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Reality

Criminals eye cryptocurrency – Most criminals and hackers target cryptocurrency as it is digital. It becomes an easier process for them as keys and wallets remain linked to the internet. As there isn’t any central authority, something bad can happen to the funds of users. Hackers exploit general security flaws frequently to their benefit. 

Expectation

It is tough to deal with cryptocurrencies – Earlier, it was challenging to purchase cryptocurrencies and trade with them, and it was tough to purchase them from the owner directly. Again, it was also difficult to discover a reliable and reputable exchange. Hence, an average period could not get into cryptocurrencies. But with time, things have become easier. Today, there are lots of exchanges that permit people to sell and buy cryptocurrencies.

Reality 

Cryptocurrencies are very user-friendly – Investing and trading with cryptocurrencies have become very easy and fast. All that a person needs is an exchange or account with brokers. In this condition, some exchanges and brokers don’t even ask for the customers’ KYC verification. Hence, people can get started fast. 

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James Musoba
James Musoba
Studying Africa's startup and technology scene. I always look forward to discovering new exciting inventions and vibrant entrepreneurs.

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