Fluctuations of the Cryptocurrency Need To Be Taken Into Account

October 4th, 2017 5:45 pm EST

Illustration of a man making a Bitcoin transaction on his mobile phone.Bitcoin (or any other major cryptocurrency) can be a fantastic way to move money off and on from major online casino sites.

The benefits of using Bitcoin to fund an account are obvious - the fees are practically non-existent, and you can usually process a withdrawal or deposit within seconds. in some cases, online gambling firms can charge as much as 5% to process a withdrawal if you are requesting a check, and it can sometimes take weeks for the withdrawal to arrive.

Bitcoin solves these issues, though there are certainly some things to take into consideration if you wish to use the cryptocurrency to fund an account.

The biggest consideration? Bitcoin is extremely volatile. With the price of a single Bitcoin in the thousands of dollars, Bitcoin can quite literally fluctuate hundreds of dollars over the course of just a few hours. In fact, there have been days when Bitcoin has moved over $1,000 over the course of just a single day.

When you deposit using a credit card, you know that if you deposit, for instance, $100, you have $100 worth of currency in your account.

With Bitcoin, however, there can be some very big fluctuations. For instance, let's say that you decide to deposit 1 Bitcoin into your favorite online gaming firm to play some roulette with. This gives you $4,200 in your online gaming account.

Let's say that a week passes and you break even, so you decide to withdraw your $4,200 into Bitcoin.

Now, you are still going to receive $4,200 worth of Bitcoin when you withdraw, but let's say that you decide to take a week off before re-depositing it.

Over the course of that week, your $4,200 worth of Bitcoin could drop or increase by 10, 20 or even 30%. This is the volatile nature of Bitcoin and the rest of the cryptocurrencies, and it is something that you need to think about if you decide to use Bitcoin to fund your online gaming accounts.

Sure, Bitcoin has pretty much been going straight up over the past couple of years, but there will come a point when it will likely head lower. Keep this risk in mind if you are thinking about purchasing any Bitcoins to use to fund your online casino account.