Bitcoin has been headline news this year. When Elon Musk’s Tesla company bought no less than $1.5bn worth of the cryptocurrency in January, the price soared by 17 per cent to a new high of $44,220. As it gathered momentum, Bitcoin recently broke through $60,000, a huge rise from the $5,000 it was valued at just a year ago.
The potential for profiting from rises in Bitcoin value makes it attractive for many players at online casinos. By playing using Bitcoin, you could come out on top, with the value of your deposit increasing even if you only break even at the gaming tables. Nonetheless, Bitcoin casino deposits should be approached with caution.
Your casino deposit options
Most major online casinos, such as Unibet.se, already offer a wide range of deposit options, including bank transfer, Visa, MasterCard and virtual wallets like PayPal and Skrill. This means there is no need to risk the volatility of the Bitcoin markets. Most players will be fine with bank deposits, with their funds moving directly in and out of their current account quickly and easily.
If you are concerned about handing over your bank details to a third party, often based overseas, then you can make your deposit using a debit or credit card.
This will cover you against fraudulent use, so you can give your card details with confidence. To be extra cautious, you can deposit via PayPal or Skrill. This not only protects your personal details, but it also means that your casino activity will not show up on your bank statements, offering an extra level of privacy.
Taking a risk with Bitcoin
The biggest draw of making a casino deposit with Bitcoin is also the biggest drawback, and that is the volatility of the market. The cryptocurrency may be on a high right now, but it can fall away just as fast. For example, in 2017, Bitcoin was worth just $1,000 in January, then rose to $20,000 by December, only to fall back to just $5,000 by the following October. The current buzz around Bitcoin feels like a similar bubble, which could burst at any moment. If you play casino games with Bitcoin, and the market takes a sudden downturn, you could end up losing even if you win.
The risk taker in you might be prepared to ride the Bitcoin rollercoaster, but even if rates rise, you may still lose out. Betting with Bitcoin does not always give you all the benefits you hope for. While many online casinos accept Bitcoin deposits, most of these will convert this to dollars or euros before you play. If the conversion rate is poor, or lags behind a sudden rise in Bitcoin values, you could miss out.
The few casinos that allow you to actually place your bets in Bitcoin tend to be outside the normal regulatory framework, and this may bring risks of its own. The fact that there are no banks involved and no paper trail may be what draws some people to Bitcoin casinos, but this could come back to haunt you if you have a dispute. It is important to do your research and make sure you can trust your chosen casino before you give them your Bitcoin deposit.
Better safe than sorry
For most players, the risks of Bitcoin casino deposits still outweighs the potential rewards, but this could soon change as the cryptocurrency becomes more widely accepted. Following Elon Musk’s massive investment, many high-profile companies have followed his lead, including BlackRock investments and Mastercard. Musk himself tweeted recently that Bitcoin was on the verge of wider acceptance, and when this happens, the risks will significantly reduce. For now, however, your best bet is still to make your deposit via more traditional methods.
Disclaimer: Play responsibly. Players must be over 18. For help visit https://www.gamcare.org.uk/.