Cryptocurrencies have been in our lives for over a decade. During these years, they have gained an audience that believes deeply in them as a great alternative to traditional currencies. Despite their more extensive use in recent years, severe criticism over crypto volatility remains. The intense fluctuations of the main virtual currencies (Bitcoin, Ethereum, Cardano), the complete value wipeout of many others during the 2022-23 collapse and the opportunism hidden in the launch of shitcoins will provide a wide base of discussion on the actual danger behind using cryptocurrencies.
Who can blame people for being suspicious of this new type of money? The recent traumatic experiences of the all-time high in 2021 and the consequent collapse in 2022 provide a decent background for those who try to preach against its use. And who can blame them when several billion were lost during a game of chance, prompted primarily by farmers and traders of unknown identity? Most people will agree that no other currency in the Western world can be subject to such extreme fluctuations.
Impact of Volatility on Gambling: How price changes can affect deposits and winnings
One key feature that is different when you play bingo with crypto or even slots with virtual currencies is that the balance in your account will be displayed in two formats: the main FIAT currency of the page (usually USD) and the crypto you used.
If you check your FIAT balance, it's very likely that it will change every second, following the fluctuations of the cryptocurrency you used. Therefore, check the cryptocurrency status if you wish to know your balance. This is the actual amount you deposited in your account.
The same applies to observing your balance after, for example, you play pays
slots with Bitcoin. The winnings will be added to both wallets. However, only the crypto wallet will remain unchanged and reflect the actual winnings. Your FIAT wallet will fluctuate, following the market rate. This mechanism can prove tricky to those who are new to crypto casinos and
sports books. It will take some time to figure out the best way to understand your account status and its transactions. Deposits, withdrawals and balance available. But this is simply a casino page with a slightly different wallet engine.
Strategies for Gambling in a Volatile Market: Tips for timing and currency choice
The vast fluctuations in virtual currency prices in recent years are the best proof that there is no bulletproof strategy for gambling in a live crypto casino.
One quick tip is avoiding crypto currencies historically presenting higher volatility. Fortunately for players, there is a wealth of information and statistics online, with the prices changing over months, years, and even decades. Given that most casinos in this category will offer to deposit and withdraw using several currencies, you can at least choose one that suits your risk profile: low crypto volatility if your main goal is to
play casino with a sort of stable balance, high volatility if you feel like you want to gamble even with your deposit funds.
It's also common for players to spread the risk over different currencies. Suppose the crypto casino will allow you to have different wallets. Why not use this opportunity to hedge the risk of high volatility in some coins with lower or no volatility in others?
Betting using crypto isn't as simple as it sounds. Players who choose to do so need to be very well informed, follow price developments daily, understand the risks and opportunities, and, above all, act fast to catch the wave on its rise.
Managing Risks: Recommendations for safeguarding your investments
If you are serious about the crypto world, you should follow a set of rules when using crypto, either for investment purposes or fun. They are easy to comprehend but require discipline and a lot of work if you wish to make the most of your investment.
First, you need to understand the basics of crypto trading and blockchain. You will be surprised to find out that a decent proportion of those who trade crypto don't need to learn the basics of blockchain philosophy and structure. Therefore, you've got to start from the basics.
Then, you need to create a diversified portfolio. The 15-year data that we have access to proves that certain coins are more bulletproof than others, react well to bull runs and collapses, and provide a more long-term perspective on investments.
Once you have completed the first two steps of entering the crypto world on the right foot, you can adopt more complex strategies. Such as bankroll management, stop loss orders, trying different wallets to hedge their fee structure, supercharging your accounts, or using some of the advanced tools that most crypto wallets offer.
Luckily for all of us, there are several crypto exchange platforms and wallets, each one with different investment tools and incentives for new and advanced traders. You will still need to do your homework before you trade with real money on these, but this can be very rewarding homework.
Conclusion: Balancing the excitement of gambling with the unpredictable crypto market
Crypto casinos have existed for almost a decade. During this time, they have developed their systems to be more efficient and gained popularity worldwide.
Players might need to get used to a new way of making transactions; however, once they master that, they will get access to thousands of top-quality games with fairness and transparency.
These features make such pages the perfect environment for those who want to combine the excitement of games of chance with the profit prospects of trading cryptocurrencies. While you might need to get used to the multiple account balances, which is often the case with such operators, once you master it, you will enter a new world.
by CryptoCasino
