Look around you, cryptocurrencies are everywhere. The same can be said for online casinos too. Both have made an online revolution in the last few years. We hear a lot about both digital currencies and online gambling. And it is for all the good reasons. Why? Well, as it turns out, cryptocurrencies and online casinos are a match made in heaven. Their cooperation has been beneficial for both the providers and the end users. But, before you start gambling online with digital currencies you ought to know a few things.
Cryptocurrencies are Volatile
So, yeah, crypto isn’t your regular currency. Digital currencies are quite volatile. Their value is never in one spot for too long. Instead, they fluctuate, go up and down, grow and drop. For casino goers this is a vital piece of information. Why? Well, from the moment you deposit your crypto in a casino, play and win in the process, the value of your crypto can change. This may affect the value you’re going to withdraw. So, when wagering crypto at an online casino you need to follow the crypto market too. If you don’t, you might pull out at the wrong moment, and miss out on a double win. Or, if you withdraw the sum before the value of your chosen crypto drops you might avoid a bullet. In any case, if you plan wagering digital currencies please visit Bitcasino’s crypto blog first.
You Can’t Trust All Crypto Casinos
The world wide web is filled with online crypto casinos. New names have been popping our left and right in recent times. You can’t trust them all. What makes people choose a casino that runs on digital currencies is that they’re a safer and faster option. In addition to these positive traits there’s also a catch – crypto transactions are permanent. So, if you make a crypto transaction to a fraudulent online casino, well, you can say goodbye to your money. It’s even worse if you leave your personal data to an entity that’s going to sell it to a third party. You can never be too careful when gambling online. That’s why it is vital that you pick a reputable casino such as you can find here Bitcasino.io.
Different Coins/Different Rules
If you’re new to digital currencies this is an important lesson. The best examples are Bitcoin and Ethereum. These crypto’s do not work on the same principles. Their transaction fees and processing times differ. If you’re not aware of them, you can get disappointed in crypto and digital currency casinos. Furthermore, many casinos operate with plenty more digital currencies in addition to BTC and ETH such as Solana, USDT, or Dogecoin. Each comes with unique traits of their own and you ought to learn how each coin works before picking your poison.
Misleading Bonuses
As we said, in recent times the Internet has given birth to many new online crypto casinos. Many of them aim to attract new players by providing massive bonuses and promotions that are hard to find believable. While we’re not claiming that any casino is going to scam you for your crypto, these bonuses and promotions do come with terms & conditions. Usually, they are conditioned with coin restrictions, wagering requirements, and withdrawal limits. All of this combined plays a massive role in the amount of your final winnings upon joining your selected casino, rounds of wagers, and eventual wins. What we advise before rushing to collect a welcome bonus or join a promotion is to read the fine print.
The Not So Unlimited Anonymity
Many folks who are new to the world of digital currencies and blockchain technology naively believe that they’re guaranteed full anonymity. This is not the case. While crypto does come with this perk, any casino establishment where you want to open an account will ask for your personal information. What we’re trying to say is that there’s no such thing as complete anonymity on the Internet. In the case of online casinos, the chance is that any reputable establishment is going to ask for your personal details.
Blockchain Transactions Aren’t Supersonic
Digital currencies are often praised for their speed of transactions. This is true, but only when compared to other means of online transactions. Yes, they’re faster than regular banking, paying with a credit card, PayPal, Payoneer, or wiring the money. Crypto transactions via blockchain can be instant. Also, a lot of its speed depends on your network. We also need to mention that the speed of transaction is also reliant on the digital currency you’re using. For example, Bitcoin is slower for transactions than say XRP or Litecoin. So, if you trust that your transactions are going to be instant but you don’t know anything about blockchain and the crypto you’re suing, you might be in for an unpleasant surprise.
