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Part of the appeal of casinos comes from the way we never know what will happen next once we place our chips on the table or drop them into a slot machine. Highly volatile games like slots can produce huge wins or losing streaks, but what if the currency you use to gamble adds even more volatility? Since Bitcoin (BTC) is becoming more widely accepted, it’s a good moment to consider how using this cryptocurrency affects your overall casino experience.
Why Use Bitcoin in a Casino?
There are several reasons for using crypto as your casino deposit method. Speed and security are two of the main factors to take into account, with BTC offering arguably the safest and most convenient method for adding funds. Bitcoin tokens are transferred across a decentralized network that uses advanced cryptography and consensus mechanisms to make it arguably the most secure type of money ever created.
Some people gamble with BTC because it’s something that they already use in other areas of life, such as receiving their salaries and paying bills. Cryptocurrencies are rapidly achieving mainstream adoption, which means that more people feel comfortable using them for shopping, paying for services, and trying the latest themed slots. This study shows that the majority of Americans have now heard of Bitcoin, with an estimated 50 million people across the planet owning Bitcoin and over 50,000 transactions carried out every day.
Others may prefer it due to its pseudo-anonymous nature. There’s no need to link your main bank account to the casino or pass the money you gamble with through your everyday debit card. As well as adding greater privacy, this is also a great way of keeping your gambling funds separate from the rest of your money.
How Volatile Are Bitcoin and Other Cryptocurrencies?
Before going any further, it’s worth noting that Bitcoin isn’t the only cryptocurrency you can use to gamble. While this site lets you play Bitcoin slots like Coins of Ra Power and Raging Lion, as well as exclusive titles, including Mbit Lucky Streak and Mbit Crush, when we head down to the accepted payment methods, we see that BTC is just one of the digital currencies listed that you can use. Some of the others include Tether (USDT), Litecoin (LTC), Ethereum (ETH), and Dogecoin (DOGE).
This means that the volatility varies according to the token you use. If we start with Bitcoin, it is known for being far more volatile than traditional assets like gold or even stocks. Supply and demand cause its price to fluctuate, and it’s also driven by speculation, with trading open 24/7. Yet, when it climbed to record high prices of around $100,000 at the end of last year, increased institutional participation was cited as being one of the reasons for a perceived drop in volatility.
In fact, some other cryptocurrencies are now widely regarded as being more volatile. If we look at DOGE, this is a memecoin whose current value is largely driven by hype, community engagement, and changing market sentiment. Before choosing a token, you might like to think about whether you’re most comfortable with a high degree of volatility that could lead to your winnings changing in value, either up or down, by the time you withdraw them.
Can You Avoid Volatility with a Stablecoin or Certain Games?
There’s one more option to consider that we saw on that payment method list earlier. Tether (USDT) is a stablecoin whose value is linked to the US dollar, meaning that one Tether should always equal one dollar. Using these tokens can be a smart way of making sure that your initial deposit doesn’t gain or lose value while you play.
An alternative approach would see you using cryptocurrencies for your deposits but playing lower-volatility games like baccarat and blackjack. These games also have some of the lowest house edges in the casino world and betting on red or black in roulette should see you win close to 50% of your wagers. This lets you get the benefits of crypto deposits but without adding volatility on top of more volatility.
If you’re going to use one of the more volatile tokens, buying and selling at the right times could be beneficial to you, but managing this isn’t as easy as it might sound. Therefore, accepting this extra volatility as something that adds even more excitement to the casino experience could be the best move.
Conclusion: The Addition of Cryptocurrencies Has Added More Flexibility
Being able to use cryptocurrencies like Bitcoin has added more flexibility to our ways of playing in online casinos. The fact that this increases the volatility aspect could be considered a benefit by some players, while others may prefer to avoid adding any more volatility – but with different crypto options and different approaches on offer, you’re in control!
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