Roulette is a classic casino game. It is a game that can be a lot of fun so long as you see it as a game of chance and not one that requires a strategy; you will ensure you play in the spirit of the game.
Bitcoin roulette may sound like its own specific type of game, in the same way lightning roulette is a modified version of the original game. However, bitcoin roulette simply means playing with bitcoin as your currency instead of a centralized currency like the Euro or the US Dollar.
If you want to get involved in crypto roulette, you can find a host of operators online. As this industry is new, finding cryptocurrency casinos over land-based ones can take more work.
However, this industry is set to expand pretty seriously over the next few years as people become more aware of cryptocurrency casinos’ benefits.
Today, we’ll look at some of the reasons gamblers are moving to bitcoin roulette and whether it is a trend that will be around for years to come.
Much like anything in life, we want to find ourselves in a position where we aren’t placed in a difficult position. The convenience that comes with bitcoin roulette stems from the ability to deposit cryptocurrency effortlessly.
Suppose you are using another payment method like a credit card, bank account or PayPal. In that case, you may have difficulty depositing your funds. Sometimes your bank might freeze the transaction or not allow it to go through.
You will not have the same issue with bitcoin because you can connect your wallet and deposit your cryptocurrency.
A cryptocurrency wallet is one of the most secure places to hold your asset. There is a narrative in mainstream media that cryptocurrency isn’t safe or is susceptible to hacks. However, your cryptocurrency wallet is probably more secure than your bank account.
As long as you don’t give your wallet key to a hacker, your wallet is basically impenetrable. When it comes to bitcoin roulette, this works both ways. The casino deals with cryptocurrency, so its funds are not at risk of being accessed by a fraudster. No bank account information is being used or stored anywhere.
In the past, there have been issues involving large companies having data breaches. Bank account information is highly sought when a hacker is looking for details. If you’re in a position with cryptocurrency casinos where you don’t have to worry about this eventuality, then it’s a win-win.
The Fees Are Cheaper
Suppose you are looking to deposit money on a casino website. In that case, you may receive a charge at either your bank’s end or the casino provider’s end. However, this is not an issue you have with cryptocurrency casinos.
Usually, fees are minimal because nobody needs to handle the currency in the middle of the transaction. Therefore there isn’t any need to charge transaction or handling fees.
It Works In The Same Way As Standard Roulette
There isn’t any difference between bitcoin roulette and standard roulette. The only thing that differs is the currency that is used. The game is the same table with numbers 0-36, as well as red, black, odds, evens and the dozen sections. Or an additional double zero number if you’re playing American roulette.
When you use bitcoin instead of US Dollars, you are not just gambling whilst playing roulette, and you are also gambling on whether or not the price of Bitcoin remains stable. Despite the positives we have pointed out, this is one potential negative we have to discuss.
Bitcoin has been known to drop in price quite spectacularly over the last 7 or 8 years. Of course, it has also moved upwards since 2013 and is one of the most lucrative investments of all time.
For instance, in one week in 2021, Bitcoin dropped by over 30%. So in real terms, if you had $100 worth of Bitcoin and wanted to use it to play bitcoin roulette, you left it a week or so. The real value would have dropped to less than $70.
So despite the positives that arise from cryptocurrency casinos, such as low fees, confidentiality and better security for both parties. This is far from ideal if you lose so drastically before you have even started playing.
This isn’t something that happens every week. Still, it does highlight the volatility in the asset. It could pose some issues for you if you are looking to gamble at a crypto casino and you are using bitcoin during a market downturn.
Overall, there are more pros than cons when it comes to crypto casinos and bitcoin roulette. These are just a few reasons why more and more gamblers are looking to switch to this method of payment.