Important Truths About Bitcoin and Cryptocurrency
As banking regulations tighten up globally, it has become increasingly difficult to deposit at Australian online casinos. It is getting to the point where players must turn to Bitcoin and other cryptocurrencies to continue gambling online.
Many of you are inexperienced in crypto and may only be turning to it as a means to deposit at online casinos. Today you’ll learn some important truths about Bitcoin and cryptocurrency that will impact how you deposit at online casinos.
Bitcoin Guides All Crypto
Everything starts and ends with Bitcoin. While all other cryptocurrencies want to be the next Bitcoin or tout to be better than BTC, they are dependent on the Godfather of Crypto. Whenever Bitcoin soars, the rest of cryptocurrency tends to soar as well.
That’s logical because people are hoping to get onboard the next Bitcoin train. However, smart buyers need to be careful with buying on a spike. As soon as BTC drops, the other currencies tend to drop as well. Sometimes those drops can be drastic, so don’t buy the hype. Buy the dip, or even better, the crash.
Most New Coins Fail
If you plan to invest in a new cryptocurrency, realize that the odds of you losing all of your money is very high. The majority of new cryptocurrencies fail any significant value and people are stuck with virtually worthless crypto.
Those new to the crypto space should focus on buying established coins that have a reasonable value. Even Dogecoin is a better choice to buy over a totally new coin.
You Don’t Have to Buy Whole Coins
One advantage of investing in Bitcoin is that you can buy pieces of Bitcoin. Most people cannot afford to spend $10,000 for a single Bitcoin. However, many can afford $25 to $50 worth of crypto. For Bitcoin, you can buy mBTC or satoshis of the coin. These smaller units are a lot cheaper to buy and can go up in value the same as BTC.
The same concept applies to more expensive Altcoins like Litecoin, Ethereum, and Monero. You can buy chunks of a coin rather than investing in a full coin.
All Transactions Will Cost You Bitcoin
One of the most frustrating things about cryptocurrency is miner fees. These fees are transaction fees that are deducted from every transaction made on a blockchain. The amount of these fees is based on the coin and sometimes can get quite expensive. During the main Bitcoin Boom, some people were paying more in miner fees than they were in actual transactions.
Altcoins are a great way to reduce fees. Litecoin fees are remarkably lower than Bitcoin, making it more of a utility coin than Bitcoin. Choosing online casinos that accept Litecoin is a great way to save fees when making online casino deposits.
Cryptocurrency Investment Opportunities Are Scams
If you spend any time in cryptocurrency, you will run across various “investment opportunities” for your BTC or crypto. These are all scams. To date, there isn’t a single investment scheme that has proven legit over the long-term. Even Bitconnect eventually turned out to be a scam.
Note that Bitcoin mining is different than an investment scam. Mining involves physical equipment to solve algorithms to produce BTC. There are reputable mining companies out there that will allow you to rent or purchase mining equipment. However, these are not “get rich quick” schemes. Many mining opportunities take months to turn a profit, assuming that market conditions don’t change and make it unprofitable to mine BTC or other coins.
Save yourself some time and disappointment or frustration by ignoring all Bitcoin investment schemes. Spend your time learning more about crypto and how to make wise choices in buying cryptocurrency.
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