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Cryptocurrency is still somewhat of a mystery for a lot of people, whether they’re the average man or woman in the street or a frequent investor in other commodities. It shouldn’t be a surprise that that is the case – we’re talking about a concept that has only been in the world for real since 2009. Set against the length of time we’ve been doing everything with fiat currencies, that’s the blink of an eye. It’s been even less time if you just look at the period since crypto started getting talked about seriously in mainstream business media.
So it’s wholly natural that people would shrink back at the idea of betting using crypto, especially people in the United States, where online betting is a nascent concept in and of itself. If you’re out of the loop when it comes to blockchain assets, and haven’t had the chance to bet before, then crypto casinos represent a dual learning experience. This does make it all the more important to know some of the realities about betting with Bitcoin and other digital currencies. Below, we’ve set out some of the key points to understand.
Crypto bettors can avoid volatility
If there is one thing that the general public does know about cryptocurrencies, it’s that they can have some quite pronounced market volatility. The price of Bitcoin can fall quite precipitously, and you may be concerned about using it to bet because while it might be riding high when you deposit, it could then dip before you even have time to bet.
There’s good news in that a huge number of casinos that accept crypto payments convert it into USD before you bet it. So if you deposit just before the market goes into a dip, you won’t be penalized. When the casino pays out, you can still request that your winnings are paid in crypto if you prefer.
Limits are far more forgiving
In the casino and igaming world, there are always limits. Betting providers need to protect their assets, so they won’t just accept huge deposits, pay out huge bonuses and so on. In the crypto casino world, those limits certainly still exist – but they’re invariably much higher. That includes bonus amounts. If you’re betting in dollars, you’ll tend to find that the maximum bonus paid in one sitting will, without all but the rarest exception, be in the hundreds. Casinos that handle crypto will set the bonus much higher at 1BTC or more. Even in a dip, that’s in the tens of thousands.
Exceptionally fast transactions
People who bet with conventional casinos have to be used to the fact that when it comes to making a withdrawal, they’ll have more than 24 hours to wait. Sometimes, it will be as much as a week between clicking the link and seeing that money turn up in their account. If you’re using crypto, the same transaction can be completed in seconds, effectively happening instantaneously. This is especially good news if you want to take advantage of a market movement to get hold of your Bitcoin while it’s at a high value.
