December 2020 has been an excellent month for those holding onto some Bitcoins, but there is another group of Bitcoin users who seem to be winning big, without actually being involved in trading of the crypto – the casino players.
While many online gamblers remain resistant to the lure of Bitcoin, more and more casino players are choosing Bitcoin as their preferred banking method – both for depositing and cashing out their winnings. Of course, a big part of the reason is the huge Bitcoin bonuses they can claim, since the casinos love to dole those out. But setting aside the bonus you can get just for using the cryptocurrency as your account funding method, one cannot deny the ease and speed of transactions with the online casinos, when using Bitcoin.
And with what appears to be an ever-increasing price of Bitcoin, some of those casino players are already emerging as winners. In the last month alone the price of Bitcoin has increased over 50%, and one doesn’t need college-level calculus to realize that if you were to keep your gambling budget in the cryptocurrency, you have already won quite a bit, just by letting it sit in your wallet.
Of course, the biggest winners here are the subset of players who opted to cash out their winnings earlier in the month of December, but for whatever reason haven’t converted the crypto into a fiat currency. For example, if a player cashed out $1,000 in winnings using Bitcoin at the start of the month, they would already looking at Bitcoins worth over $1,500! This type of profit, for just not rushing to convert to USD (or any other currency), is once a year type of deal now with Bitcoin. And since there are plenty of excellent Bitcoin online casinos available to the casual casino player, we can only guess that there are a lot of people sitting on some sizable gains this month.
Naturally, not everyone is a winner in this situation. New players may be the most negatively affected, especially if this is their first foray into the Bitcoin casino banking. While funding their account with the popular crypto will not really make any difference, since the casino will use the most up-to-date conversion price, should Bitcoin experience a dip after the holidays, holding on to freshly cashed out winnings in hopes that Bitcoin would go even higher may prove to be a bad decision. Of course, if some of the cryptocurrency experts prove correct, there is plenty more room for the price of Bitcoin to grow.
The moral of the story here for the online casino player is that whatever gains come from using Bitcoin as your preferred casino banking method, they should always be secondary to your actual winnings. With the price of Bitcoin always historically fluctuating, trying to squeeze out every last cent of profit may not be the best strategy for your gambling budget and bankroll. Always take such gains with joy, but don’t try to chase these spikes in Bitcoin price, as the tables have turned more than once in the past.