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Last Updated: August 7, 2019

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Getting into Bitcoin and Crypto Made Easy Through Online Casinos

Introduction

Bitcoin is slowly becoming a legitimate currency used for online trading. Long gone are the days when cryptocurrency was a taboo – something only the technologically inclined were dwelling on.

Today, just about everyone can buy, sell and trade in cryptocurrencies including Bitcoin. Up until recently, the only way to obtain this virtual token was to mine it or buy it. That is no longer the case!

Online casinos have started offering Bitcoin as one of the withdrawal and deposit options. In other words, if you ever wanted to dip your toes in crypto, now you have a very easy and painless way to do so!

Why Bitcoin?

To many people out there, Bitcoin is still an unknown – a risky investment that is too hot to handle. While no one will ever question its volatility, there are numerous benefits to depositing or withdrawing your winnings in Bitcoin instead of regular FIAT currency. Let’s take a closer look at all the benefits and drawbacks, shall we?

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Pros

  • Anonymity – One of the main reasons for the proliferation of cryptocurrencies is anonymity. In a world where we lack very few things in the Western world, one’s anonymity has become a hot commodity. No one likes the fact that all of your transactions are tracked! So much so that government and non-government parties can track your movement, establish habit patterns and more, based on your receipts. Bitcoin takes care of that with numerous layers of encryption that are near impossible to crack.
  • Speed of Transaction – Paying and receiving payment in a blink of an eye. That’s an attractive concept, isn’t it? With Bitcoin and other cryptocurrencies, you can send and receive payments almost instantaneously. This is possible since there are no middlemen involved. Everything that happens is between you and the party you’re trading with.
  • Security – This one ties into the anonymity side of the subject. The highly encrypted information is the key to cryptocurrency transactions. Everything you do with Bitcoin is encrypted. Chances of someone hacking your wallet, peeking into your transactions or tracking your activity are very close to zero.

 

 

Cons

  • Volatility – The only real drawback to Bitcoin is its volatility. While there is an immense potential for growth, there is also a potential for the opposite. Such wild fluctuations are what gives cryptocurrencies a bad name, but also what has made many people very wealthy in a short period of time. After all, just like in stock markets, you only lose money if you sell.

Casino Withdrawals – The Easy Way to Get into Bitcoin?

The fact that more and more online casinos are starting to offer Bitcoin as a method of withdrawal gives this currency a lot of legitimacy. Some even offer Bitcoin cash as a viable option. With that in mind, this new option is making it very easy to get into crypto.

The fact that you can turn your winnings into Bitcoin brings a number of advantages. For starters, it allows you to get into the world of crypto in a very easy and painless way. If you’ve already managed to turn a profit in a casino, you have eliminated a decent amount of risk already.

Should you decide to withdraw your winnings in Bitcoin, there are several paths you can take:

  • Saving – One of the simplest things to do now that you have yourself some Bitcoin is to simply hold on to it. If you look at the graphs that depict the growth of this currency from the moment it was created up to this day, you will have periods of sustained growth with volatile spikes followed by dips. However, the thing to note here is that those dips, as severe as they are, rarely ever go below the value from before the spike. In other words, even if you miss the spike, you will most likely still be profiting at the end of the day!
  • Bitcoin Gambling – Bitcoin casinos are becoming more and more popular as people realize the value of guaranteed anonymity. Being able to gamble with Bitcoin means that you can enjoy your favorite form of entertainment without having to leave an information trail behind you. There is very little verification required, making it very attractive to many.
  • Day Trading – Last but not least, there’s day trading. Aside from Bitcoin, there are hundreds if not thousands of alternative coins out there governed by a whole day trading ecosystem. It is similar to Forex trading but much more malleable. If you have the patience and a knack for it, this could be a great way to turn a profit.

 

 

Creating a Wallet

Withdrawing Bitcoin from your online casino of choice requires you to take one small but important step – create a wallet. A wallet is like a bank account where you store your cryptocurrencies. It is a piece of software that is perfectly safe. As a matter of fact, the chances of anyone hacking your wallet are close to zero. Some of the best wallets out there include Electrum for desktop applications, while Mycelium and Blockstream Green represent great mobile wallets.

At the end of the day, finding the right wallet is a matter of personal taste but these three will get you started!

The Legitimacy of Bitcoin and Cryptocurrencies

The legitimacy of bitcoin is often being questioned by those who are looking to get into crypto. While that was a reasonable concern when this form of currency was first invented, these days there’s very little room for speculation. Bitcoin has been adopted by a number of Fortune 500 companies while many others are looking into other cryptocurrencies or even making their own.

Furthermore, the World Bank is paying much closer attention to crypto in general, even thinking about launching a quasi-crypto currency of their own.

It is becoming apparent that crypto is here to stay. People appreciate the fact that it brings anonymity in a world where everyone and everything is being tracked. From that standpoint, there is nothing even remotely similar to bitcoin or crypto in general.

Summary

Being able to withdraw your winnings from an online casino in the form of Bitcoin is one of the easiest ways to get into crypto. The whole process is easy, especially today when the entire infrastructure has been laid out, proven and tested. If you’ve been thinking about getting into crypto and you just scored a decent win, this angle of attack might be your best and painless option.

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