It has long been possible to gamble online using fiat currencies. In recent years, however, crypto casinos have risen as well, making them a popular alternative to regular online casinos. But is it safe to gamble using Bitcoin instead of fiat money?
Bitcoin has had its ups and downs. This, of course, is normal. The cryptocurrency market is very volatile. It is simply a part of the game. Still, in 2021 Bitcoin dived, reaching its lowest point yet. Is it then a good idea to gamble with Bitcoin?
The benefits of crypto casinos
First, let’s take a look at the benefits of crypto casinos. There are many reasons why crypto gambling is an attractive prospect. The most important one is, that you can stay anonymous. You don’t have to share any personal information. Instead, you share an address that doesn’t link to you personally. It is a digital address. This makes gambling rather safe.
What’s more, if you live in a country or a state that hasn’t yet legalized gambling, crypto gambling might be an option for you. In most countries cryptocurrency is not considered to be a real currency, making crypto casinos legal. To top it off, transactions are much faster-using cryptocurrencies such as Bitcoin instead of fiat currencies. In fact, in some cases, the transaction is immediate, while fiat casinos take a while to complete the transaction, sometimes a few days.
If you want to stay anonymous and if you prefer a fast transaction, it is a good idea to use bitcoin on gambling sites. Of course, you’ll need to take into consideration that cryptocurrencies are volatile, including Bitcoin. So, if you want to play casino games using Bitcoin, you must keep an eye on the crypto market.
The volatility of Bitcoin – is it worth it?
It is no secret that Bitcoin has had a hard few years. In 2021 Bitcoin plunged 30 %, making the otherwise popular digital currency decrease in value to below 30.000 dollars. Due to the high inflation rate Bitcoin continued to suffer, falling below 19.000 dollars in September 2022. Of course, when Bitcoin decreased in value, so did other cryptocurrencies. The crypto market is volatile, which is something that every owner of cryptocurrencies should be aware of. However, is the reward worth the risk?
Bitcoin is predicted to rise again
Bitcoin may have struggled quite a bit in the last couple of years, but this could easily change in the future. Bitcoin is, after all, one of the oldest and most well-known cryptocurrencies on the market. Its value has decreased and increased before, and it is therefore almost certain that it will rise again. The only question is when.
According to the crypto analyst Dave, the Wave Bitcoin will soon increase in value. Dave the Wave successfully predicted the collapse of Bitcoin in 2021, so he may be right again. He claims that now is the time to buy Bitcoin, not sell it. This is good news for you if you want to gamble at Bitcoin casinos.
The risks and rewards of Bitcoin casinos
Whether or not you should gamble at Bitcoin casinos depends on your willingness to take risks. You might experience that your Bitcoin winnings drop in value. On the other hand, the worth of your winnings can double or perhaps even triple in a matter of a few days. If you keep an eye on the market, you’ll be better equipped to make the right decisions when gambling, knowing when to take risks and when to play it safe no matter which situation you find yourself in.