As cryptocurrencies gain wider adoption around the globe, Bitcoin casinos are becoming more and more popular. Bitcoin casinos are very similar to fiat casinos in many ways – they have very similar games (think slots, blackjack, and roulette), and many of them have even begun offering live dealer casino games played via a video stream.
As many crypto enthusiasts will tell you, there are many advantages to choosing a Bitcoin casino over a fiat casino. But even if you don’t have a desire to use Bitcoin for anything else other than gambling online, there are some notable differences between Bitcoin casinos and fiat casinos that you need to be aware of before you start.
1. The value of your account will fluctuate massively depending on the day
One of the key features of cryptocurrency is its volatility. It’s great when the value rises, but it can be very scary when it goes down! The value of Bitcoin can vary wildly from one day to the next, so if you’re someone who likes consistency and you’re used to playing with fiat, you might want to take things slow.
2. You’ll be able to withdraw your winnings much faster
A huge perk of playing at a Bitcoin casino like RocketPot over a fiat casino is that you’ll be able to get your hands on your money much quicker, usually without any extra cost. This is because miners are approving your transactions, instead of corporations. While it can often take days to withdraw fiat, you will often be able to get your crypto winnings in as little as 30 minutes.
3. Many Bitcoin casinos offer large bonuses for new players
Unlike fiat transactions, Bitcoin transactions don’t require special software or third parties. To encourage players to use Bitcoin, many websites are willing to offer larger bonuses. This is especially common for new players. But even after you’ve been playing for a while, many casinos are willing to offer you loyalty bonuses to encourage you to stick around. Before you sign up to a website, make sure that you thoroughly read through its bonus policy to assess whether it is fair.
4. Most Bitcoin casinos will let you place very small bets
Just because Bitcoin is valued so highly, it doesn’t mean you have to bet huge amounts of money. At most casinos, you’ll be able to play for a relatively long time with as little as 1 satoshi (the equivalent of 0.00000001 Bitcoin).
5. You should have a basic understanding of how to buy and sell Bitcoin
Before you even sign up for a Bitcoin casino, you should know how to buy and sell Bitcoin. To do this, you’ll need to choose a reputable crypto exchange (for example, Coinbase, Kraken, Binance, Bitstamp, and Bittrex), and decide how you’re going to store your crypto to keep it safe. For instance, you might choose to keep it in an online exchange wallet, an online third-party wallet, or a hardware wallet. All of these have their own pros and cons, so make sure you’ve done your own research. If you think you might need to withdraw your Bitcoin soon, make sure it’s stored somewhere easily accessible. To keep your wallet secure, you should always opt for two-factor authentication (2FA), which will send a notification to your phone each time a payment is released from your account. The payment will only be successful if you input this code.
6. Make sure you’re not doing anything illegal
Bitcoin is a decentralized currency that is legal across most of the world. But there are some countries that have tightened their laws over the past few years. Similarly, many countries still have legal standards in place when it comes to online gambling. It’s probably worth taking a little bit of time to update yourself on your own country’s laws, just to make sure you’re completely in the clear.
7. Make sure you’re only using reputable sites
Choosing a reputable Bitcoin casino can actually be one of the hardest steps of all – especially if you’re planning on using it to hold lots of Bitcoin. Because Bitcoin is unregulated, it is often considered an easy target for scammers who know that the chances of them being caught and punished for their actions is incredibly slim. Before choosing a Bitcoin casino, take a look at how long it’s been operating, and read up on some real user reviews.
8. Make it a habit to stay updated on the latest Bitcoin news
If you’re not in the habit of staying up to date on what’s happening in the crypto community, now is the time to start. The fiat value of Bitcoin can fluctuate rapidly throughout the day depending on a myriad of factors, so you’ll want to make sure you’re prepared to make changes to your strategy if you notice things unfolding quickly within the community.
9. Many Bitcoin casinos offer unique games that can’t be found in standard casinos
Had enough of your usual bog-standard casino and looking for a change? Even if you’re not totally enthusiastic about cryptocurrencies, it might be worth trying out a Bitcoin casino just to try out some new games.
10. Some Bitcoin casinos allow you to play anonymously
Credit scores are complicated, and it’s not uncommon for credit reporting agencies to downgrade your score for gambling. If you don’t want to be grilled about your gambling habits during your mortgage application, it might be a good idea to use a Bitcoin casino instead. It’s important to note that not all Bitcoin casinos are totally anonymous – each casino will have its own Know Your Customer (KYC) verification process, which requires varying levels of personal information. Depending on the level of anonymity you require, it’s a good idea to do some research or even get in touch directly with the casinos to ask about this before you sign up.
Remember, you should always gamble responsibly, and only play with what you can afford to lose (of course, the same goes for investing in cryptocurrencies). Always keep the risks in mind, and make sure you know your limits!