If you have been following cryptocurrency markets, then you know that Bitcoin is in the middle of a sustained crash. This is quite common for the coin as Bitcoin and other cryptocurrencies go through periods of decline after enjoying record gains.
This had led to some readers asking us whether now is a good time to start playing real money pokies with Bitcoin. Now is a great time to play at Bitcoin casinos. There are few things to know before you start playing.
Bitcoin vs. Bitcoin-Friendly
One of the top things you need to know about your online casino is whether the site is truly a Bitcoin casino or whether the casino is Bitcoin-friendly. There is a huge difference. An authentic Bitcoin casino is one that will allow deposits in Bitcoin and other cryptocurrencies and also permit you to gamble with crypto.
Often, most online casinos are Bitcoin-friendly. This means that you can deposit with crypto, but the casino will instantly convert your money to the primary fiat currency of the site. This usually means AUD, but may mean USD or EUR.
There are a few hybrid casinos that allow deposits in crypto and offer a selection of BTC Games. However, to play other games, you have to convert your funds to fiat.
You Don’t Have to Buy Full Bitcoins to Play
If you’re new to crypto, you are leery of the prospect of Bitcoin being $35,000 or higher. Fortunately, you do not have to buy full Bitcoins to gamble online. All cryptocurrency allows you to buy smaller units. For example, you can buy .0005 BTC for around $20. This will meet the minimum deposit requirement at most online casinos.
The ability to buy smaller units makes crypto investing attractive to most people. Buying smaller amounts allows gamblers to get into crypto gambling easier as well.
Bitcoin is Not Your Only Option
When people hear the term Bitcoin casino, they feel they have to buy the most expensive crypto in the world to play. That’s not the case. There are many online casinos that allow you to play using various Altcoins. The most commonly accepted altcoins are Ethereum, Bitcoin Cash, Litecoin, and Tether.
To find which currencies your casino will accept, just head to the Cashier page or the Payments page. Altcoins are a lot cheaper to purchase than Bitcoin and may offer extra benefits, such as faster transfer speeds or lower miner fees.
Cash Out Using Any Crypto
If you make a deposit using a credit card or Neosurf, odds are you will have to cash out using the same option or using a bank draft. You don’t have those restrictions with cryptocurrency. If you deposit $100 worth of Litecoin and win $500, you can opt to cash out using Bitcoin
There’s No Such Thing as a Fee Free Transaction With Crypto
Before you make your first purchase or transfer of crypto to an online casino, understand that there’s no such thing as a fee-free transaction with crypto. Online casinos may not charge a fee to accept crypto, but transaction fees at the blockchain will still occur. These fees are generally known as miner fees.
Miner fees are based on the type of currency you’re sending. Fees are calculated based on the amount you’re sending, and even how quickly you want the currency to arrive. These fees are deducted from your deposit. As such, make sure you send enough to account for the miner fees. Your wallet or exchange will tell you how much will be taken out in miner fees before you make your transaction. Add this to your deposit to ensure that it goes through smoothly.