Whether or not you monitor cryptocurrency markets, you’ll have undoubtedly seen Bitcoin hitting the headlines as of late. Just over a month ago, Bitcoin hit an all-time record high of just over $63,000. Today, it’s hovering closer to the $33,000 mark.
On paper, it reads like a catastrophic loss for those who saw almost 50% wiped off the value of their crypto bankroll in a matter of weeks. But when you consider the fact that Bitcoin’s value was little more than $1 back in the day, you realize just how much money savvy investors have been making over the years.
More broadly, interest in cryptocurrency is growing at its fastest ever pace. Investors and everyday consumers alike are either getting involved in the crypto landscape, or at least considering doing so. The online casino sector in particular is beginning to embrace the potential benefits of crypto, which is becoming the preferred payment method for millions of punters.
But to what extent is a cryptocurrency casino superior to a regular online casino? More specifically, are there any major benefits to Bitcoin payments (and other crypto transactions) compared to conventional fiat currencies?
The Growing Popularity of Bitcoin Casinos
To a degree, the growing popularity of bitcoin casinos is easy to understand. If online casino gaming is your thing, you clearly have a taste for gambling. Given that cryptocurrency investments are a form of gambling in their own right, the two things go hand in hand.
All players have their own financial limitations and risk appetites. But when presented with the opportunity to turn a major profit in a short period of time, it can be hard to resist.
Gambling with cryptocurrency technically provides punters with the unique opportunity to turn the prizes they win into something much bigger. You play with crypto, you collect your winnings in crypto, and you watch the markets closely.
If the value of your preferred crypto coin skyrockets – which is often the case – your winnings are increased exponentially. Though, of course, there’s no guarantee they won’t plummet just as fast.
Still, the fact that Bitcoin casinos provide such a simple entry point to the world of cryptocurrency explains the popularity of Bitcoin gambling. Even if there is an extra degree of risk involved – even a fairly elevated one – it’s not enough to remove the shine from the potential benefits.
The Advantages of Bitcoin Payouts
As for the specific advantages of fiat vs Bitcoin casinos, there are a few undeniable benefits that come with crypto gaming:
- Transaction Speed – Finding an instant payout casino is a walk in the park when gambling with cryptocurrency. Almost all transactions using crypto coins are processed and completed near-instantaneously. Or if not, then at least significantly faster than fiat currency transactions.
- Privacy and Anonymity – Many players cite the heightened security and discretion of cryptocurrency payments as a major point of appeal. Crypto transactions are a little like exchanging digital cash, where you do not need to provide any of your private information to make payments or process withdrawals.
- An Affordable Investment – One of the most appealing aspects of crypto coin investments is that they are open to absolutely anyone. Even with just $100 or so at your disposal, you can open an account, buy cryptocurrency and find out what all the fuss is about for yourself.
- Huge Potential Gains – Understandably, most gamblers who prefer to play with crypto are motivated by the potential to generate enormous profits. There are no guarantees, but making the right moves at the right times could see even the smallest bankroll turned into something much bigger.
- Exclusive Crypto Casinos – Increasingly, the online casino landscape is seeing the emergence of countless casinos that exclusively accept crypto payments. Hence, the only way to play at these casinos and take advantage of what’s on offer is to give crypto coins a try for yourself.
The World’s Most Volatile Commodity?
Of course, the major caveat that comes with owning or gambling with crypto coins of any kind is the potential for significant losses. Cryptocurrencies like Bitcoin are the living embodiment of a catch-22 situation.
If you know exactly when to buy them, how long to hold onto them for and what to do with them next, you could be staring down the barrel of a small personal fortune. By contrast, dive into the whole thing without careful forethought, and you could see your entire investment disappear, practically overnight.
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