Beware of the volatility of crypto-currencies
But before switching from a traditional 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 some practice to master.
The first thing you need to understand is that crypto-currencies are inherently volatile. Their decentralisation means that exchange rates fluctuate widely, and can change in the course of a day. It’s good news if the price of the currency rises, as your earnings will automatically increase. But if it doesn’t, your earnings can be considerably reduced.
However, there is a very simple solution to this. It is to keep a close eye on the evolution of your crypto-currency and convert it into euros as soon as its price starts to fall. Betting in Bitcoin therefore requires a lot of vigilance.
This also applies to the creation of your virtual wallet. It is crucial to put in place several safeguards in order to avoid piracy (which would mean the loss of your earnings). 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, just move on to the next step: choosing your crypto casino!
Is bitcoin compatible with online casinos?
Given the virtual world of bitcoin, it fits perfectly with online casinos for one simple reason: they are in the same virtual world. So bitcoin and online casinos are on the same page. They are compatible and accessible to each other with ease. What’s more, bitcoin, through its secure electronic system, provides a guarantee of security for deposits and withdrawals at online casinos. It’s no surprise that there are dozens of online casinos that accept bitcoin, and more and more are adding it to their platforms every day.
Deposits and bitcoins
Depositing bitcoins at online casinos is instantaneous. This means that you don’t have to wait to use bitcoin on best online pokies australia real money offered by the chosen casino. However, there is a subtlety from one brand to another. This is the potential conversion into a national currency and not into BTC. Let’s take the case where you are playing with bitcoins, without conversion to euros. Here, the casino will be confronted with players who advocate the use of an ever-changing digital value. Thus, the result is a simple niche for a bitcoin value of V, and withdrawals in a week, month, or year, for a value of V+1. Therefore, even without gambling, bettors using bitcoin or any other cryptocurrency can be winners as well as losers. The most recurrent case on French bitcoin casinos is the deposit allowed in cryptocurrency but with a live conversion against the national currency you are still depending on daily.