Bitcoin aficionados support the cryptocurrency and movement in a variety of manners. One of the most popular uses of bitcoin is the online casino market. In fact, bitcoin is seen by some as a way to revolutionize the casino industry because of the anonymity and payments speed.
Of course, some find the volatility in the price of bitcoin to be concerning. For risk takers using bitcoin to bet with online casinos, then the fluctuation in price could impact the amount of the wager. For example, in early January 2016, the price moved from $450 per bitcoin to under $400 in a few short days.
Fortunately, there are a few ways to leverage bitcoin fluctuations when playing at an online casino.
Increase Bank Roll
During downturns in bitcoin prices, then fiat currencies simply buy more bitcoins. For example, many bitcoin casinos require a minimum deposit of 1 mBTC. If bitcoin trades for $100, then 1 mBTC costs $0.10. If bitcoin prices decline to $50, then 1 mBTC also declines to $0.05. As bitcoin prices decline, then your bankroll increases. This means you have more opportunities to win!
Leverage Bets to Win Big
A common technique is to bet big to win big. Due to the decrease in the price of bitcoin, then gamblers can increase the amount of their bitcoin wager (which remains the same as their standard bet). Although the odds of winning remain the same, the more wagered means bigger winnings.
Along the same lines, online casino players can simply continue their current strategy. By keeping the amount of your wager the same, players will be able to play more hands, pull more slots or enter more lotteries.
Take More Risk
Players that are accustomed to a certain amount of risk can take a little more for the same amount of money. If a player typically has a set weekly bankroll, then they can play different games with the extra money. All games have various amounts of risk, so players tend to partake in games with a certain comfort level. If a player has little extra funds (or “house money”) they may try another game. As the price of bitcoin decreases, then “bitcoin house money” is created allowing players to take on some additional risk. As always with more risk comes more rewards.
All strategies should be used with caution, but it is important to note there are some advantages to declines in bitcoin prices. As the bitcoin movement continues to grow and stabilize, the price will fluctuate. Understanding what those movements mean is important so you can take the corresponding actions.