Online casino players who choose Bitcoin as their currency of choice have seen the value of their winnings soar, as the price of the original cryptocurrency continues to surge.
August has seen the value of a single Bitcoin push above $4,000 (£3,100) for the first time, continuing the trend of the last 12 months where its value has increased eight-fold – outpacing even the fastest growing stocks on the NYSE or Nasdaq.
The cause of this rise is much debated, with some attributing the rise to the increased uncertainty in the markets with Donald Trump, North Korea, and Brexit dominating the headlines. Others have put it down to investors finally seeing the value of the blockchain technology, that may have originally just underpinned the darkweb, but now is the basis of a variety of platforms from social networks to insurance marketplaces.
Whatever the reason, those that started to use the currency only a few short months ago will benefit from its staggering performance – and a significant number of those users were players at online casinos. Casual punters who may have left a Bitcoin balance in their online wallet for months or even years will have seen the value of that money surge. If someone had left just one Bitcoin in their account from August 2013, they would have seen a 40X return – a better return than guessing the right number in a game of roulette!
Whilst the rise of Bitcoin may well continue, those who have seen their wallets swell might do well to diversify at least some of that money before the bubble bursts.
If users are looking to cash out their Bitcoins for a more stable fiat currency before the crash, but still want to play casino games – there are more choices now than ever before. And if they take the time to
compare casino signup offers, then they might even be able to double their money again with the first bet deposit matching offers that many of these firms currently offer.
Bitcoin has already made many paper millionaires, but cryptocurrencies are inherently unstable and can lose their value just as quickly as they have gained it. Just like any investment, it is important to carefully watch the market and hedge against any possible negative outcomes – whether that means investing in other cryptocurrencies like Ethereum or traditional fiat currencies, or even gold.
Photograph by Zach Copley