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How to invest with cryptocurrencies

How to invest with cryptocurrencies

How to invest with cryptocurrencies

Wed Jul 03 2019 01:00:00 GMT+0000 (Coordinated Universal Time)

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. This made the currency high profile enough that more adventurous investors jumped on the bandwagon and started trading on online cryptocurrency exchanges.

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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.

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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 today, and see what all the fuss is about!

Effective strategies to grow your crypto investments

The progress of cryptocurrency has paved the way for people to achieve easy and cost-effective means of sending money, payments, and even purchasing items. The advent of cryptocurrency in the industry has ushered in various businesses and establishments where people can use them in their transactions.

Cryptocurrency runs through blockchain technology. It means that every transaction going in and out of that chain is through a series of networks that verifies and records it. This can happen in a matter of minutes or seconds, depending on how fast you confirm the transactions. This means that fast, transparent, and inexpensive fees are ensured. 

The technology behind cryptocurrency has the potential to change our lives for the better.  From purchasing to sending cross-border transactions, cryptocurrency continues to break barriers to give people cost-effective and efficient payment methods. 

Things to keep in mind before investing in cryptocurrencies

Even with fiat, people are following tips that can ensure the growth of their investments. The same thing applies for digital assets. You can’t immerse yourself in the world of crypto investments without guidelines that will safeguard the future of your assets. Here are a few tips you can follow before investing in cryptocurrencies:

  • Always check the transactions you make 

It’s easy to send your crypto funds by mistake if you’re not careful. That’s why it’s important that you double check every transaction you make using your coins, especially when you’re purchasing something online.  

  • Check the markets 

Cryptocurrency is also susceptible to  changes in value. Always remember that the price of cryptocurrencies cannot be determined by rules, theory, or any government intervention.

The supply of these coins are solely determined by supply and demand, so don’t be surprised if you see the value of your coins at an extreme high or low. The best strategy for this is to buy coins when the prices are low then sell them once the prices are high. 

  • Secure your wallet and private key 

Keeping your crypto wallets safe should be your top priority when you’re investing. Always make sure that your funds are secured by activating 2FA and backing up your wallet. Be mindful of the sites you visit because you can easily fall prey to online threats like phishers and hackers. 

How to secure your crypto investments

Cryptocurrency is inherently impossible to breach because the blockchain technology that it runs on is difficult to hack. Blockchain is protected by strong cryptography that would require an immense amount of energy. The only time a wallet or private key can be accessed by hackers is by sheer carelessness. 

Here are a few tips to keep your crypto investments:

Always secure your device 

Keeping your devices safe should be your priority especially when you use web wallets and software wallets. Make sure that the devices you’re using contain updated antivirus and firewalls. Another thing you should remember is to avoid downloading sketchy files and apps that could give your devices malware. 

Create a unique password 

One way to protect your crypto investments is to create a unique private key that will be difficult to crack. The best way to do this is to combine lowercase and uppercase letters. It will also be helpful if you add numbers, characters, and symbols. 

Limit usage of public wifi 

Using public wifi is risky because it's unprotected. It can direct the browser you’re using to a page that can replicate your exchange or wallet. Once this happens, it can access the information on your wallet along with your password.

The best way to counter hacks like this is to secure your browser by using VPN or don’t connect your device using a public hotspot. 

Invest in a hard wallet 

The safest place to store your crypto funds is by using a hard wallet. Since this wallet is not connected to the internet, it will be difficult for hackers to get hold of your assets. If you’re using crypto for payments, just allot a budget that you can keep in your wallet. That way, all your credit funds are secured and well-budgeted. 

Be wary of phishers 

Phishers are very common in hacking crypto addresses. One of the most common scams these phishers are doing is creating a fake web wallet and using it to mail links to crypto users. The emails they send are usually convincing and lures investors to log in with their information. To spot these phishers, always verify if the link displayed on your browser matches the one in your exchange wallet. 

Don’t store your funds in one wallet 

One of the best strategies to protect your funds is keeping them in separate wallets. Divide your funds and assign them in different wallets so you can avoid spending them all. Always keep two wallets where you can store your funds for investment and for daily expenses. 

Cryptocurrency has the power to change the world and launch a revolution that can change the traditional banking system as we know it. With its ability to make everything swift and seamless for people, the medieval financial system we are used to might be replaced and improved for the better.

To fully benefit from these promises of digital assets, you have to do your part by being responsible and gathering enough information before delving into the world of virtual currencies.

5 crypto investment tips that will change your life

Cryptocurrencies have been around longer than you think, but in 2017, Bitcoin and the whole cryptocurrency train exploded into fame and reached mainstream media. Bitcoin reached skyrocketing prices that made people instant millionaires, their jaws hanging in amazement.

Before, people heard the term ‘cryptocurrency’ buzzing in closed circles but didn’t give much thought to it. Who would think an online coin could ever hold any value? 

If you were once part of the population who were floored with surprise about the rise of Bitcoin, you’re probably curious how a digital coin transformed the lives of tech-savvy crypto enthusiasts all over the world. Before diving headfirst into the bizarre and captivating world of cryptocurrencies, peruse this comprehensive list. Investing is not a laughing matter and should be taken with complete seriousness. It’s money we’re talking about after all! 

Buckle up because you’re in for a rich and informative ride. Learn about the basics before dipping your hand into the digital pot of gold! 

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Five tips for the crypto investment newbie

Just like in every investment in life, you have to consider the risks that come with it. You’ll have to commit fully to it and this requires a lot of time and patience.

While this applies to all kinds of investments, there are more aspects you should consider when it comes to investing in cryptocurrencies. Since its market is still relatively new compared to other markets in the world, there is a lot of room for volatility. Its prices can spike up in a matter of days and drop in just a second. 

Similar to other markets, it’s hard to predict how the movement of prices will go. As a precaution to this uncertainty, it’s safe to say that when buying cryptocurrencies, you should only invest money that you are willing to lose. 

It could be the extra bucks you saved for a rainy day or the bonus you received for your excellent performance in the office. No matter what, don’t invest money that you’ve set aside for emergencies. In the simplest words, losing the money you have invested in digital assets should not result in your life collapsing into shambles.

1. Research

One of the most important things to do is to research cryptocurrencies. You don’t have to delve into the intricacies of the industry for this. What’s important is that you understand the underlying technology that makes the system work. 

  • Whitepaper 

To get a better understanding of the coin you’re planning to invest in, you can check its published whitepaper. They’re all available online for free, so check them out. If it's too incoherent or doesn’t present a strong case, you might want to rethink investing in that specific coin. 

The whitepaper explains what the project is all about including its vision and solution to real-world problems. Sure, there’s going to be a lot of technical jargon in it. But if the vision isn’t crystal clear then it defeats the purpose of letting the public know about the project and what it stands for.

  • Market Capitalization

A lot of people consider a coin’s price as the deciding factor when investing. While this may sound true, there’s also a lot of things you should check aside from the price. One of these is market capitalization which is the product of the coin’s price multiplied by the total number of coins in circulation. 

This gives you an idea of how many people are using it and if more coins are added to the circulation after transactions are verified. More coins in circulation means more verified transactions. If people and businesses are confident enough in using this coin in their everyday transactions, then it’s a good sign.

  • Utility

Aside from the market capitalization, it’s also of utmost importance to know about the coin’s utility. Right now, there are more than a thousand altcoins in the market. Each coin is different in one way or another as long as they follow the fundamentals of a decentralized coin that is not governed by any central authority and is kept in a public ledger. 

Each coin serves a different purpose and you have to understand the utility it’s offering to the system. What makes it different from others? Do you vouch for its vision? Do you see it being resilient and surviving turbulent times? 

Examples of coins with specific utilities are Ethereum (ETH) and Ripple (XRP). Ethereum introduced the idea of Smart Contracts where not only currencies are verified in the decentralized blockchain but also other assets such as services and products. Ripple, on the other hand, focuses on elevating the Jurassic banking system into a modernized position to keep up with the times. 

2. Diversify your investments

After you’ve done your homework and you’re just one educational vlog away from being an expert, it’s time to narrow the scope of your research. When people hear ‘cryptocurrency’, the first thing that comes to mind is Bitcoin and rightfully so, since it’s the best digital coin in terms of price, market cap, and overall performance. It’s also the most popular. 

When it comes to investing in cryptocurrencies, the general public tends to invest solely in bitcoin. While that’s good and all, there’s another opportunity for growth in other coins. Investing in more than one coin increases your chances of having more return. Additionally, it’s a savvy move to invest while the prices of altcoins are still low.

  • Altcoins: Learn all about ‘em

There are plenty of other coins with huge potential that are waiting for their deciding bull run just like how bitcoin had its own in 2017. Research is key! There are plenty of options waiting for you in the crypto market. Who knows? Your next coin could skyrocket.

  • Starting Small

Once you’ve decided which coins to put your money into, you can now proceed to buy them. You can do this in exchange sites where your fiat money is exchanged into your desired coin. 

Now the next question is, how much should you spend on your investment? Test the waters first and start small with a few coins here and there. Once you’ve got the hang of it or you’re satisfied with how things are progressing, you can slot in more bucks and increase your investment.

Again, you should consider the volatility of the crypto market. It’s better to be cautious with your money so start small and wait patiently for its price to increase.

3. Be Secure

Once all that is settled, it’s time to make sure that your investments are secured and padlocked in safe wallets. You might be thinking, isn’t the blockchain already tamper-proof? Why do you have to take extra precautions with your coins? The answer lies in exchange sites. 

While blockchains provide reliable security that makes sure all transactions cannot be altered, exchange sites are not as safe. There have been cases before where exchange sites such as Bithump, Bitfinex, and Bitstamp were compromised and details about its customers were leaked. As ironic as it might sound, an exchange site is a vulnerable place to leave your valuables at. 

However, crypto exchanges are still the safest place to buy crypto. Trusted sites such as Coinbase and Binance are recognized as indomitable exchange sites. The next best thing to do to counter cyber hacks is to invest in wallets where you can safely store your coins. So after exchanging fiat money into your desired coins, you can immediately transfer them into your own wallet. 

  • Hot Wallets vs Cold Wallets

Even with wallets, there is a safe and even safer option because you can never be too cautious especially when it comes to money. Enter the hot wallet vs cold wallet debate. In a nutshell, they both serve as storage for your coins. The difference lies in whether they are connected to the Internet or not.

Hot wallets are the ones that are accessible through the Internet. This is the more common option because it offers easy access to your coins where you can instantly transfer them after making an exchange. If you plan on using your coins for everyday transactions, this option is recommended. 

This does come with a risk though. Hot wallets are linked to the internet and as with all things that are connected to the Internet (except the blockchain), it can still be prone to hacks. Note that hot wallets are third-party apps that are independent of the blockchain which means you should choose them wisely.

For a more cautious person, a cold wallet is the only way to go. It comes as a hardware device like a flash drive. This means it’s not on the internet and is immune to cyber-attacks. A cold wallet provides the highest level of security for your coins and it makes sure that only you have access to your private keys. 

The only downside is it’s not as accessible compared to hot wallets. Overall, however, it still provides high security that would make you sleep peacefully at night without worrying over your digital investments.

4. Track your progress

After all that hard work is done and your eggs are safe in their hot or cold baskets, all that’s left to do is to see how the market changes. Since the crypto market is highly volatile where prices can change in a matter of seconds, it is of utmost importance that you keep track of how your coins are doing in terms of price.

Luckily, there are mobile apps that aid you in checking your investments wherever you are and whenever you want. Some of these are Blockfolio and Delta.

The most popular option is Blockfolio. It has a useful option where you can be alerted when a coin reaches a certain price. This way, you won’t even have to check every minute. Blockfolio offers a wide array of features such as a news feed to keep you up to date.

Delta is a faster option. Compared to Blockfolio, it updates the prices faster and more accurately as well. However, it doesn’t offer the diverse features that the latter has. 

5. Know when to sell

When it comes to reaping the fruits of your investment, there is never a perfect time. It depends mostly on your situation and the price of the coin. The common answer to the question of when you should sell your coins is when the price is high. 

If you’re looking for instant returns, then go ahead and sell your coins. If you’re looking forward to seeing where the market may go, hold onto your coins first and see what happens.

The temptation to make short-term gains with digital coins is always there especially during a bull run because you never know how long it’s going to last. People find it easier to exit once their investment reaches the price they want and that’s okay, too. . 

Growing with the market

There are a lot of things to consider before getting your feet wet and diving into the world of crypto investments. The most important thing to consider is whether you’re 100% ready to battle the tides of the market. Hopefully, this list helped you in your preparations. Now, you’re prepared to ride the waves of the investment world.

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How to invest with cryptocurrencies