Bitcoin Users See Bankroll Increases in Casino Accounts

Online at Drake Casino and other online betting establishments that accept Bitcoin for deposits , saw bitcoin funded bankrolls rise in value the month of December. Bitcoin values have been moderately volatile since the cryptocurrency’s conception but the month of December saw a large jump due to an excited media and an increase in investment of the online currency> Players who has bitcoin funded accounts at Drake Casino saw the value of these accounts increase without a single spin of the reels.

Bitcoin Values Rise Fall and Rise Again

While bitcoin value did see an increase overall in the final month of 2017, the cryptocurrency did see a fall in price at mid month. A single bitcoin had a value of $10,500 on the first day of the month; one week later, the value had risen to a then high of $17,400, an increase of over 65 percent . The exchange rate then fell to $14,000 per single bitcoin at mid-month as bitcoin saw corrections in the market. The low price for the month December came at mid-month and fell to $14,000 per bitcoin, a $3,400 decrease from the value of December 1st but still a $7,900 increase from the first day of the month.

Bitcoin and Bankrolls Rise Again

While bitcoin had a more volatile market fluctuation in the second half of the month, bitcoin reached the another overall high of $19,783.The overall increase from December 1st to the high of $19,873 was an increase. Any bitcoin funded accounts that were idle during that time nearly doubled. Drake Casino and other online establishments use the current market value, giving players the true value of the bitcoin when playing at the casino.

Some Investors Avoid Bitcoin Due to the Reputation of the Currency.

While many investors and market anylists see bitcoin as a solid investment, some are still wary due to the excessive hype and the use of bitcoin in the currency’s infancy. Some believe that the majority of bitcoin users are criminal and use the alternative currency for money laundering and other nefarious activities. Bitcoin has been used this way, but now that accounts can be traced to the owner, this type of use is quickly diminishing. However, bitcoin cas still be used to circumvent online gambling restrictions around the world, casinos can accept players from restricted countries if they deposit with bitcoin.

Analysts Divided on Bitcoin Future

Some currency market analysts are bullish on bitcoin and other cryptocurrencies believe that blockchain and technology is the future of finance. Others see it as a fad and that eventually it is just another internet bubble that will burst. Online bettors and casinos know that bitcoin has many advantages over more traditional banking methods. When bitcoin values rise, both casinos and players see increases in wagering and bankroll size and that is a win for both sides.