Using Bitcoin or any other crypto-currency to play in online casinos has many advantages. Starting with extremely fast transactions, which will allow players to deposit and withdraw their winnings in just a few seconds. This means that you can immediately have your stake in your virtual wallet, whereas a traditional transfer can take several days.
Bitcoin is also an extremely secure payment method. Each of your transactions will be encrypted, which offers you optimal protection and reduces the risk of piracy.
Since it does not depend on traditional banks and therefore does not need intermediaries, crypto-currency can be used and exchanged without any fees. This is great news and represents a significant saving for all players. Furthermore, the entire amount will be delivered to you in Bitcoin by the online casino, and no taxes will be charged (in the absence of regulation).
And for those who do not wish to share their passion for gambling, know that transactions made in crypto-currencies are absolutely anonymous.
What is cryptocurrency volatility?
But before switching from a classic casino to a Bitcoin casino, you should also understand the disadvantages that this can present. After all, virtual currencies are still a new world, which requires a little practice to master.
The first thing you need to understand is that crypto-currencies are, by nature, volatile. Their decentralization implies very fluctuating exchange rates, which can change in the course of a day. It’s good news if its price soars since your earnings will automatically increase. But if it doesn’t, you can lose a lot of money.
However, there is a very simple solution to this. That is, to keep a close eye on the evolution of your crypto-currency and convert it into dollars as soon as its price starts to fall. Betting in Bitcoin, therefore, requires a lot of vigilance.
This vigilance also applies to the creation of your virtual wallet. It’s crucial to put in place several safeguards to avoid hacking (which would mean losing your winnings). Make sure you use a platform that has two logins and choose the most complex password possible.
In fact, this disadvantage also applies to online banks. So if the volatility of Bitcoin doesn’t scare you, on the contrary, move on to the next step: choosing your crypto casino!