Not so long ago, a revolution happened. One that forever changed the iGaming world. Introduction, and after the implementation of cryptocurrencies in online gambling and betting, brought both operators and players a bunch of new benefits.
Considering how Bitcoin and other cryptocurrencies work, the accessibility of this new banking method in online casinos came as a favorable innovation. Lightning fast, highly secure, and private, is almost a dream come true for the majority of operators and gamblers. It took a while to fully accept this unfamiliar, absolutely new method of money transactions, but sooner than anyone thought- Bitcoin found its way to many hearts of gamers. Unfortunately, not everything is so dreamy about crypto.
True, the list of reasons why gamblers should go crypto is pretty long, but there is a downside to everything. The other side of the Bitcoin is the problem with fluctuations. Like every other currency, crypto as well- changed. However, crypto swings may be massive, and they usually are. The shifts in the crypto value, Bitcoin especially, are rapid, unpredictable, very turbulent.
The rise and fall of Bitcoin can be a piece of great news for some, while others will not be as happy. The bottom line here is that Bitcoin is a RISKY BUSINESS. Be that as it may, it’s still one of the most popular banking methods in the whole iGaming industry, including the platforms that welcome residents from the US – visit this website gamesandcasino.com for more info.
What’s so special about it that makes you want to risk it?
First of all, it’s one of the fastest ways of transferring money. Usually, it doesn’t take more than a few moments for money, transferred via Coinbase, to appear on the players’ profiles. A huge advantage, especially when we consider how gamblers hate wasting precious time waiting for funds. Second, it’s secure and private. Transferring money via Coinbase doesn’t include a third party- players don’t need to share their bank and personal details. Furthermore, no fees are charged for sending and receiving funds. Ultimately, players appreciate crypto for one more, pretty significant reason – crypto-friendly online platforms often have very generous promotions and exclusive crypto bonuses, which are not available to gamblers who use traditional systems of transferring funds such as Credit and Debit cards.
Are these reasons good enough to simply ignore all the concerns about Bitcoin fluctuations?
Before we begin to explain how Bitcoin’s instability affects online casino operators and players, let’s take a minute or two to clarify what the term “fluctuation” actually means.
“An irregular rising and falling in number or amount”
Every currency fluctuates, including the most used ones like Euro and Dollar. But, there is a substantial difference between fiat currencies and crypto. Traditional currencies are controlled by the central government- the government which states the value of the entire supply of a certain currency, and that value is, usually, stable, especially in countries where the economy blossoms. On the other side, crypto, a virtual investment, has nothing to do with any government.
It’s autonomous, which indicates that it’s not affected by inflation or other economic changes. So what then determines the value of crypto then? Actually, everyone who is using it. Supply and demand are the two most important factors that define the value of Bitcoin. Though, competition also plays a significant role. Other cryptocurrencies may shake Bitcoin’s price.
If you are green about this subject, all of this may sound like a massive, boring complication. To help you understand better what crypto all about, we will compare it to famous Wall Street stock markets. Like stocks, crypto is also highly volatile, and unpredictable. But, worse- much harder to track. Back in the golden days of Wall Street, many investors spent lots of time trying to understand which stocks may grow in value, and which will drop. More often than not, investors succeeded in predicting the future of the stock markets. Bitcoin future? Hardly.
Is Bitcoin really so unpredictable? The truth is somewhere in the middle. If we look at the whole picture, BTC may, in fact, be defined as reliable. However, it does change on a daily basis. The changes in value don’t necessarily have to be massive, but they still change the overall picture of this virtual currency. As a rather expressive illustration, we will tell you that BTC began trading at $.09 in July 2010. On November 8, 2023, BTC reached its unsurpassed price of $67,566.83! Crypto experts can’t tell with certainty what the future of Bitcoin is, but they don’t expect BTC, or any other cryptocurrency, to stabilize for good.
The iGaming industry x Bitcoin
Year by year, more and more online casinos implement Bitcoin among their banking options. Players appreciate this fact, but only until the BTC value starts to drop. And…when BTC crashes- panic appears!
Although gambling is a big risk in itself, playing casino games using cryptocurrencies is a whole new level of risk. Let’s paint a picture. Imagine the following- you are a crypto gambler, spinning slots, and you hit that lucky win you have been waiting for months, even years! Sounds wonderful, right? Now try to envision –Bitcoin crashes badly, and, for example, 100,000 USD in BTC you won, suddenly becomes 70,000 USD…
Players who opt for crypto gambling need to be aware of all the dangers this modern way of playing brings.
They need to be ready for damage control! When BTC drops, some players transfer to another, more stable currency like Tether, and stick to it, until the BTC becomes stable again. Others, afraid of another collapse, withdraw everything they have in their casino wallets. This kind of behavior of gamblers affects the whole iGaming industry. Online casinos need time to fully recover from crypto crashes; the number of daily deposits after the Bitcoin value drop is considerably reduced, plus the withdrawal fees aren’t charged…
As we said in the beginning – every coin has two sides, Bitcoin included. Slower withdrawals or the constant risk of currency crash? More complicated KYC procedures or the risk of losing money due to fluctuations? It’s entirely up to you!
If you want to know more about cryptocurrencies, online casinos, games. The more you know about the iGaming world, you will be in a better position to make smarter decisions about your gambling actions.