If you’ve realized the benefits of using bitcoin over traditional currencies, whether it’s the lower transaction fees or enhanced safety thanks to improved anonymity, then you know that the age bitcoin gambling is finally here!
Bitcoin casinos have been popping up all over, and meanwhile many well established gambling sites are starting to accept them in order to keep up with the demand for cryptocurrency gambling. Albeit popular, it is far from a mainstream practice in the online gambling world. The main reason for this is that many large brands are also avoiding bitcoin over fears of money laundring accusations; a legal issue for many operators regardless of whether they accept them or not.
While some casinos steer clear of cryptocurrency, just as many great gambling sites are now bitcoin friendly. If you’re still not sure where to look, you can check out the following list of vetted bitcoin casinos here on CasinoSmash. While they may welcome bitcoin users with open arms, what they have yet to achieve is incorporating bitcoins into your favorite games.
Why Currency Confusion Leaves Players Bankrupt
If you are accustomed to using bticoins, you’re in for a bit of a surprise when you deposit and start playing at most online casinos. The reason for which being that your bitcoins will be exchanged to Euros or USD based on the current market value, and instead of betting with bitcoin you will bet with various itnernational currencies.
Naturally, this can become extremely confusing!
Because you would need to constantly measure and convert your betting amounts back and forth, the idea that you deposit in one currency and play in another makes it quite complicated for players to make quick betting decisions. While certain betting systems like the Martingale System are easy enough to apply (since it just involves doubling a set amount), other strategies are tougher to apply.
Let’s take online poker as an example, where you would need to call different hands and match player bets. Bankroll management is tough enough without the factor of multiplying rates, which is why players who are used to bitcoin tend to overestimate bets and balances when suddenly given different financial metrics.
Overcoming the Bitcoin Balance Dilemma
In order to avoid becoming victim to confusion and losing your hard earned cash over miscalculations and blunders, there are a few tricks that can help you keep track of your bitcoin bankroll regardless of what currency your favorite games are restricted to.
The first tip, naturally, is to choose a currency on the game that matches what you use in your home country. Ideally, you should choose the currency that you usually exchange into bitcoins in the first place. While this may not be possible depending on what currency you use, try to keep it in mind as an important way to simplify the entire process for yourself.
Another trick is to always have a bitcoin exchange calculator open on another browser tab. When playing live casino games this is especially tricky, since you may not have enough time to pop over and double check if that bet was reasonable. This what leads to our third and most valuable suggestion.
Before you even start playing, make a list of some standard betting amounts such as $0.10, $1, $25 and convert them to bitcoin the day you are playing. Make sure you create a new and updated cheat sheet for each session you play for to avoid miscalculating and to take into account any changes in bitcoin value.
Beware of Volatile Exchange Rates
Bitcoin trading is extrememly popular because of it’s volatility as a currency; this means that within a single day the value can skyrocket or plummet in the span of a few hours. While bitcoin has many great features, in terms of it’s inconsistent value it is not the best currency to use for saving money.
This means that you should withdraw winnings in bitcoin as soon as possible!
Let’s say you win a large jackpot and you want to withdraw your funds back to your bitcoin wallet. Because the casino will exchange the money from the game currency back to bitcoin, you stand to lose a significant amount of cash should the value drop within the time of processing.
The longer the withdrawal time is, the higher the risk of your wins dropping in value. Therefore we strongly advise you to choose a bitcoin casino with brief payment processing times and to keep an eye out for market behavior before you decide to cash out your wins!