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Perhaps the most controversial topic in modern gambling is the use of cryptocurrency. In the past, large banking institutions have been reluctant to offer this new form of electronic payment. However, that is beginning to change. JPMorgan have now set up their own crypto coin and the rest of the industry is starting to take advantage of cryptocurrency.
Cryptocurrency Deposits
Online casinos have already been using cryptocurrency as a way for players to deposit and withdraw funds for years now. Its use is still at an early stage but there have already been instances of players winning big with crypto funds. Bitcoin, in particular, has been making the news lately thanks to several high profile gambling stories from casino sites.
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The price of one Bitcoin will change over time. Therefore savvy new gamblers will need to check the markets in order to maximise the value of their winnings. For instance, in September 2016, one gambler managed to accumulate an incredibly impressive $1.3M through Bitcoin wins. The player, known as Nakowa won 11,000 bitcoins through the site Just-Dice.com.
Bitcoin Bonus
A more recent win occurred for a player at Cloudbet Casino on September 2018. The anonymous winner managed to cash out 53 Bitcoins on Live Roulette. This converts to roughly $340,000. This player’s technique was reportedly to take advantage of the high betting limit on Cloudbet in order to attain a winning streak.
This same site saw yet another huge win soon afterwards. A player managed to bank $550,000 (or 87 Bitcoins.) While playing Lightning Roulette they won 49 of these coins from just one wheel spin. This was then almost doubled during an hour-long session.
There are several similarities between these three examples. Each player chose a fairly simple online game in order to minimise factors that could affect their win. They also had to risk large amounts to attain such high winning streaks.
However, some gamblers may be put off by the volatile nature of Bitcoin. Its value is constantly in a state of flux. Some cryptocurrency experts believe that over time this particular coin will gradually rise further in value. Despite these predictions, the uncertain nature of Bitcoin and other forms of new digital currency could prevent the spread of their use in the gambling industry.