Online Casinos: How to Deal With Bitcoin Volatility?

14 January 2021 4 minutes to read
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There is no doubt that Bitcoin is the future of online casino payments. We don’t want to get ahead of ourselves but Bitcoin’s current value speaks for itself. No wonder our instant withdrawal casinos online in the USA accept Bitcoin transactions.

There are many pros and cons that come with Bitcoin. We talked about those in a different article. The biggest issue with Bitcoin is its inherent volatility. Yes, we acknowledge the fact that the value of all currencies change over time – BTC is no different. The swings are bigger than with fiat money and it will continue to be so for a while.

So how can you deal with Bitcoin volatility if you are a casino game fan? In this article, we answer all your questions with the regard to the world’s foremost cryptocurrency.


Managing Your Online Casino Bankroll

Before we start, it’s important to note that there are two types of USA online casinos that work with Bitcoin. Some online casinos accept Bitcoin deposits but change them into fiat currencies. Henchworth, you’ll play in dollars. You can then request a withdrawal in Bitcoin. Moreover, the casino will change your fiat currency into Bitcoin at the current BTC rate.

Other casinos that accept Bitcoin deposits allow you to deposit and withdraw in Bitcoin. This means that there are no changes. You’ll have your balance in Bitcoin throughout and you’ll be able to cash out your wins in Bitcoin as well.

Casino players online must deal with Bitcoin’s volatiltity too. The world’s premier cryptocurrency can fall by more the 20% in a single day which makes it extremely volatile. It can be a severe headache to Bitcoin casino gamblers not used to it.

You’ll be able to swap Bitcoin for dollars and vice versa through an BTC exchange or wallet. That allows you to react to various developments quickly. If you don’t like the cryptocurrency’s severe swings. You can jump ship by dropping Bitcoin altogether and play blackjack online for real money with American dollars only.


Investing Into Other Cryptocurrencies

If you want you want the best from USA online casinos and casino gaming. It’s a good idea to spread your cryptocurrency portfolio around a bit. We don’t have enough space here to talk about all the other interesting cryptocurrencies. There are many that are worth looking into and perhaps worth a chunky investment.

Ethereum is the main alternative to Bitcoin, but cryptocurrencies like Stellar and XRP also have interesting properties. It’s safe to say they won’t overtake Bitcoin in popularity. However, they can grow alongside as their own niches. While most of them mirror Bitcoin’s price. Popualr sentiment holds that their value will increase by a substantial margin within the next few years. If they do, they’ll be ideal for risk hedging and managing Bitcoin volatility.


Making Long Term Plans

Managing Bitcoin volatility should be part of your long term plans. If you are financially secure enough to not care about Bitcoin developments, good for you. If you’re not, make sure that you have a stop loss and a stop win.

Determine a level you’re comfortable with and if Bitcoin drops know when to sell. Although Bitcoin’s value will grow by a substantial margin. There’s a chance for a long pullback that can last for months or even years. That can be due to state intervention of some kind in the United States.

Having a level of Bitcoin price that will make you cash out for a profit is a good idea. Many experts believe that Bitcoin’s value will skyrocket again. If you plan ahead and set a goal; you won’t panic if it does. Instead, you’ll have a plan that will lead to a tidy profit that will keep you in a good state.

Also, make sure that you always know how much you have in Bitcoin. Since Bitcoin wallets can be fickle it’s way easier to lose Bitcoin than it is to lose fiat money. If you want the best possible security, it’s best to go with cold storage combined with a safe place. Having your Bitcoin in a local wallet is the second best option. Bear in mind that exchanges and online casinos can be risky. If you play at a BTC casino makes sure it’s a site with a good track record. Luckily only works with the very best Bitcoin online casinos.


Embracing Bitcoin Volatility

The final topic that we want to talk about in this article is embracing Bitcoin volatility. Instead of trying to deal with it and mitigating the possible negative effects; you can see it as an opportunity for a profit.

If you look at the history of Bitcoin. You can track bitcoin’s impressive growth since it burst onto the scene since 2008. There are many money-making stories but the trend is positive for now. Therefore, Bitcoin is an excellent store of value. We like the fact that online casino players can exchange Bitcoin for a fiat currency fast. In other words, it’s easy. More importantly, Bitcoin payments to and from US casinos online make cross-border transaction a breeze.

There will be downswings that will make you feel gutted, sure. It might even take several months for a rebound if previous trends are anything to go by. If you ride it out, though, chances are that the final result will be a net positive.


Final Word

High volatility is one of Bitcoin’s main attributes. The crypto’s value can increase or drop by more than 20% in a single day. Whether you love or hate BTC it’s here to stay. One way or another casino players are starting to embrace it. Besides, with BTC comes an ocean of pros but it does have a few cons too. The markets will eventually stabilize. One thing’s for certain though, Bitcoin will never be as stable as the mainstream currencies.

Alternatively, you can see it as Bitcoin’s biggest strength and just embrace it. If you are a casino online player, the second option is the more logical one. If you’re willing to bet on cards or dice, why not bet on the world’s strongest cryptocurrency?

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