The idea of investing with cryptocurrencies is both tempting and daunting for many new investors. Most of us are aware that the original digital currency, Bitcoin, has made some of its long-term investors a significant profit over the years. Specifically, the value of Bitcoin rose suddenly and drastically in 2017, unexpectedly making Bitcoin millionaires of some of the early speculative investors. This made the currency high profile enough that many more adventurous investors jumped on the Bitcoin bandwagon and started trading Bitcoin on the many online cryptocurrency exchanges now available.
Bitcoin is an innovative digital currency that allows peer-to-peer payments to take place across the internet. Many people think of Bitcoin as being almost synonymous with cryptocurrency, even though there are now hundreds of different digital coins on the market. Bitcoin is still by far the most well-known, widely traded and high value, however – so unsurprisingly, it continues to be the most popular investment within the cryptocurrency market, with plenty of options for those wanting to buy, sell and spend Bitcoin.
However, not everyone realises that you can also use Bitcoin as your currency of choice when playing online casino games. This is something that is of huge interest to those Bitcoin investors who also happen to have a keen interest in online gambling, as it gives them an extra way to use their Bitcoin funds, with the opportunity, of course, to increase them through their online winnings. Here at Bitcasino, we make it easy, and fun, to combine online gambling and cryptocurrency. You can actually use online gaming as a form of investment, playing with Bitcoin and potentially increasing your digital bankroll over time.
How do I invest my Bitcoin at an online casino?
Not all online casinos will allow you to fund your account with Bitcoin, but those that do make it an easy process. Most gamers find that gambling with Bitcoin makes life easier, and potentially more lucrative. Bitcoin payments are generally processed faster than wire transfers, card payments and other forms of deposit, and Bitcoin is a very secure form of payment. What’s more, you could find that your winnings are significantly larger than you expected!
Once you have chosen a reputable online casino that accepts Bitcoin, you will find that the process of funding your account is very similar to funding it by wire transfer, online payment, or any other way. The differences, in fact, will mainly be benefits, such as:
· Cheaper deposits and withdrawals
· Faster payment processing times
· Better security
· Higher levels of privacy
Let’s take a closer look at these benefits, and why they might persuade you to switch to using Bitcoin for your online casino gaming.
Why use Bitcoin for online gambling?
Firstly, your fees will generally be lower when gambling with Bitcoin. Making a payment to an online casino using Bitcoin will usually incur a nominal processing fee, but it is generally much lower than the charges levied by credit card companies and some online payment systems.
Secondly, using Bitcoin results in an “instant payment”, so this can be the fastest way to make an online payment. Think of Bitcoin as the equivalent of paying cash in a land-based casino, or any other brick-and-mortar business. Paying with Bitcoin is also a very safe and secure option, as chargebacks are almost impossible, and the security breaches possible with credit and debit cards, such as cards being cloned, are eliminated.
Lastly, paying with Bitcoin offers the buyer more privacy, in the same way that paying cash in a store or other business situation does. It reduces the “paper trail” left by other forms of payment. The system is, of course, legal and transparent, in that it shows where payments come from and who they are paid to, but there is no personal data attached to the transaction, offering higher levels of security and privacy to Bitcoin buyers, and similar advantages to those sometimes enjoyed in the offline world when you are a “cash buyer”.
It is, then, not hard to see why Bitcoin gambling at online casinos has become an attractive proposition for many regular online gamblers, especially for those already trading cryptocurrencies as a hobby or investment strategy. But how exactly does this model of online gambling work? How do you play online casino games using Bitcoin as your main currency?
How does online gambling with Bitcoin work?
When it comes to online gambling, using Bitcoin is not that different from using a fiat currency (the common name for a normal, government-issued currency). You will need to find a casino that is happy for you to make deposits and withdrawals in Bitcoin. There are several available, including Bitcasino, where it is possible to quickly open a Bitcoin-funded account, and use Bitcoin for Microgaming, sports betting and regular betting.
You can quickly and conveniently fund your account by making a payment with Bitcoin, exactly as you would make any regular online payment, from the account or online wallet where your Bitcoin is stored. When you log into your Bitcasino account, you will see your user icon in the top right of your screen. Simply click on that, and then click “Settings”. Next, click the arrow next to the tab that says “Show balance in”. A drop-down menu will appear and you can choose to have your account balance displayed as μɃ or mɃ. These are gaming units that you can choose to use, and each represents a fraction of a Bitcoin, with a conversion of Ƀ0.001 being the equivalent of mɃ1, or μɃ1000.
This may sound complicated, but it is a convenient way to break high-value single coins into smaller values appropriate for online gaming purposes. You will soon get used to the gaming units, and it is probably best to continue playing with the same units long term. Once they are familiar to you, you will no doubt start to understand the value of the units, without having to think about the actual conversion rates.
Is online gaming a good way to invest Bitcoin?
A further benefit of using Bitcoin to fund your online gambling account is that Bitcoin is constantly fluctuating in value, so sometimes your online winnings will be even more than you expected. The flip side of this, of course, is that your winnings could also be lower than anticipated. Wise investors will fit their overall strategies around this. At its simplest, it will generally be beneficial to withdraw and sell your Bitcoin when prices have risen, and continue playing when prices have dropped.
Investing strategies can, of course, get a lot more complicated than that, and it is advisable for anyone trading Bitcoin to thoroughly educate themselves as to all the possible trading techniques and strategies available to them. Online gamblers using Bitcoin are generally trading Bitcoin on the stock market, using it to buy other cryptocurrencies and fiat currencies, and often using it to buy and sell other products and services. Online gambling is just a small part of how they manage their Bitcoin accounts, and work on growing their balance.
While Bitcoin is a great way to fund your online casino account, and an interesting way to invest your Bitcoin, we would encourage you to look at any and all other ways of investing too. There are many Bitcoin exchanges around where you can buy, sell, trade and store Bitcoin and other digital currencies. The world of cryptocurrency trading is an exciting one, and online gambling with Bitcoin is just one of many options if you decide to invest in the digital currency markets.
Where can I go to try gambling with Bitcoin?
As we have mentioned, not all casinos will allow you to use Bitcoin for online gambling. Of those that do, not all are as high quality, secure and user-friendly as you might like. If, however, you feel that you are ready to try out this whole Bitcoin gambling thing right now, then you are definitely in the right place. You can get started playing safely and securely straight away with one of the leading Bitcoin gambling sites in the world, Bitcasino.
Here at Bitcasino, we offer a wide variety of casino games, with an excellent choice of video slots, as well as plenty of table games, with everything from Roulette to Blackjack on offer. We even offer a wide choice of exciting live dealer games. We also provide top-level security, helpful and responsive customer service, quick and easy account set-up, and very generous welcome bonuses.
It’s easy to try out Bitcasino and check out everything we have to offer. All you have to do is log on and take a look around one of the best Bitcoin gambling sites to be found online. It is quick and easy to get started. Opening an account takes no more than a few minutes, and there are no tedious forms to fill in. Register now, and take a look around the excellent Bitcasino.io today, and see what all the fuss is about!
Words: Sean McNulty
Images: Shutterstock & Bitcasino