Bitcoin is a type of cryptocurrency which has drastically surged in popularity over the last 10 years. Invented in 2009, if you invested back then you could have bought one coin for just 8p. Now, the price of a single Bitcoin is at over £30,000. That is one heck of an increase in a relatively short space of time!
Bitcoin can be used to gamble on selected casino sites. As with any currency exchange, the rates often fluctuate frequently. Due to this fluctuation, there is an added risk with gambling with Bitcoin, but as in most cases, when there is added risk there is added reward too.
Create a Bitcoin Wallet
The first thing you need to do if you are wanting to use Bitcoin in a casino is to create a Bitcoin wallet. This is a digital space where records of your Bitcoin transactions will be kept. This is essentially a third party wallet where money gets transferred similarly to PayPal and other similar services. It gives the person purchasing a chance to have their money held by a third party entity before it gets moved onto the company providing the gambling service. The main advantage of this is that if the casino site is unlicensed then there would be a chance that the player could lose money if that casino gets closed. A third party payment site protects that money to help the users know that the payments will be secure.
Depositing into your Bitcoin wallet is straight forward. When depositing money, it is important that you check the Bitcoin conversion rate. As mentioned previously Bitcoin can fluctuate rapidly in a short period of time, therefore it is important to know when you are purchasing the currency and whether it's the ideal time to use the conversion rate to your advantage. It does not matter if the rate goes up or down in the short term, as generally, Bitcoin is on the rise. Therefore it’s worth advising patience with your Bitcoin portfolio.
Use Bitcoin Wallet to Deposit & Withdraw
Once you have deposited it into your Bitcoin wallet, you will then need to use those funds in the online casino. This is a simple process and one that is just as common as depositing funds into a casino through any other methods like you regularly would. The only thing you really need to be warier of is that some casinos do not accept Bitcoin, once you find one though, you’ll be able to enjoy the selection of games and promotions that they have on offer. In addition to this, you can also get some exclusive bonuses from Bitcoin gambling which can be a huge advantage of using this as your method of funds. There are many casinos out there that allow Bitcoin gambling such as Casiplay Casino.
If your casino session goes well, which we hope it does, you will be wanting to withdraw your money. This is part of the added risk with Bitcoin gambling, the exchange rate may have changed between your deposit and withdrawal. So this could either increase or decrease the percentage of your winnings. If it increases your winnings total then happy days. If it lowers it, then it can be frustrating, however, it is part of the risk of using this method.
Value of Bitcoin
Bitcoin has its own value as it is a type of currency after all. Being a cryptocurrency, it is not available to be handled in paper-like cash would be. All transactions are online so people must accept that people’s transactions with Bitcoin are a big factor in deciding just how much it is worth. It can be profitable to use Bitcoin for activities such as gambling.
Gambling with Bitcoin can be quicker, more secure and be rewarded with exclusive promotions. These additional benefits can outweigh the drawbacks which mainly consist of the extra risks, the fewer casinos which offer Bitcoin gambling and the expensive price of purchasing shares in Bitcoin. So, if you think this all sounds more rewarding than risky then you should consider giving it a go!