How Changing Crypto Markets Impacts Online Gambling
Last year, most of the world focused on the rebound of Bitcoin to new record highs. This year, much of the world is looking at altcoins like Dogecoin and Ethereum as they enjoy record highs. Changes in the crypto landscape will have impacts on those using crypto for deposits at real money online casinos. Today, let’s take a look at how the changing crypto landscape will impact online gambling.
Some Gambling Transactions Are More Expensive
If you have tried to transfer Bitcoin, Ethereum, or select cryptos in the last few months, you’ve probably noticed a rise in miner fees. Unfortunately, this is normal when there is a sharp rise in the price of any cryptocurrency. There’s more network traffic and prices tend to rise as opposed to fall. You’ll regularly hear complaints about these fees.
That’s one reason that some people use select altcoins like Litecoin or Dogecoin that have a lower transaction cost. Of course, some sites don’t offer these options – but that may change.
Crypto Casino Games May Be Added
Most online casinos that accept cryptocurrency will convert your crypto into fiat for use at the casino. However, to attract more players, some casinos are offering BTC casino games. These casinos will add a section of BTC slot games or table games like blackjack to try and entice players to come to the casino and play for crypto.
For now, the majority of these games are available only in BTC and LTC. That’s because most companies like Microgaming only focus on developing games for Bitcoin and Litecoin. While it is true that there are some gaming sites that offer games for other coins like Dogecoin, most are not legitimate casinos. As such, they are not regulated in the same way as other casinos are. You’re risking your crypto by playing at these alternative sites.
More Altcoin Options Will Be Added
If you’ve been following the news surrounding Dogecoin, then you’ve seen that many more places are now accepting Doge for payment. This is going to be a trend that will roll over to online casinos. For example, we could see Ignition Casino decide to add Ethereum and Doge to its crypto options.
Whenever there is a bull market or a mania surrounding coins, various companies take steps to take advantage of the market. Generally, these changes are permanent, which means that even if there is a Doge bubble (eventually), you will still be able to transfer in Doge.
Crypto Deposits Minimum Could Change – Or Not
One thing you need to pay attention to when depositing at Bitcoin online casinos is the amount of the minimum deposit. A casino with a minimum $10 deposit will cost about .00018 BTC at the time of this writing. However, some sites may not have updated their BTC minimum deposit since before the current bull run. The minimum deposit may be listed as .001, which is roughly $57 USD at the time of this writing.
Casinos that are being proactive will update the minimum deposit to closely reflect the current market. Others won’t take the time to update and may not even bother to change the minimum. If the minimum deposit looks to be outdated, contact customer support to see if policies have changed. Otherwise, you may want to try a crypto that hasn’t skyrocketed or use Tether for deposits.
Beware of Gambling Scams
We earlier alluded to the potential of being scammed at “Bitcoin gaming sites.” The reality is that whenever there’s a rise in the price of crypto, there’s a relative rise in the number of crypto scams. As such, you need to largely avoid any new Bitcoin gaming sites that open during any bull market or mania.
These sites will generally be unlicensed, anonymous, and offer promises that no other casino can realistically meet. Your safest play will be to stick with established online casinos.