Crypto casinos have slowly become more popular all over the world. The biggest reason behind this is that the popularity of cryptocurrencies has increased in the past couple of years. With increased popularity, there are doubts about how well cryptocurrencies suit for playing online casinos. Cryptocurrencies are just numbers on the internet, their values are not stable, and the rates can change massively within just a few minutes. How does all this affect playing at crypto casinos? Let’s find out!

How do the changing rates affect playing in casinos?

The fact is that the changing rates of cryptocurrencies do not directly affect playing at a crypto casino. Using the online casino and playing games happens in the entirely same way as within a regular casino. The only notable difference is depositing and withdrawing money on a crypto casino. When a consumer deposits cryptocurrencies to an online casino, the casino changes the money to be shown as traditional currencies, like USD or Euros. Then when consumer withdraws the money, they get it back as cryptocurrencies. In this situation, the consumer purchases the cryptos back to himself from the casino. If the rates have changed while the consumer has played at the casino, they get the money back with a different currency rate.

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In the case mentioned above, consumers might lose more money than they thought. They also might have played with a more significant amount of money than they thought. These things might cause lots of problems, and since problem gambling is already a massive problem, should crypto casinos even be legal? Or should these casinos face more restrictions than what they do right now? These questions have caused a lot of discussion throughout the internet.

We asked these things from Finnish casino experts behind Kasinosivustoni.com. In Finland, crypto casinos have increased in popularity faster than anywhere else. The experts commented that crypto casinos or the changing rates of cryptocurrencies had not caused more problems than traditional online casinos in Finland. According to the experts, most people who want to play on crypto casinos are already familiar with the changing rates of cryptocurrencies. That is the biggest reason crypto casinos haven’t caused more problems and are not more restricted than traditional online casinos.

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What things affect the rates?

According to different sources, three main things affect the rates of cryptocurrencies. These things are mining frequency, visibility on social media, and the amount of supply and demand. The last thing is the most logical one since if many people want to buy specific cryptocurrencies, the sellers can ask for higher prices. The same happens oppositely, since if no one wants to buy, why would anyone pay a high price?

The mining part is more complicated. Before a person starts to mine cryptocurrencies, they already need to have a significant amount of those currencies by themself. The more people want to mine the same cryptocurrency at the same time, the fewer there are those cryptocurrencies to buy. At this point, it also comes to supply and demand.

The last thing is the visibility of a specific cryptocurrency on social media. The more people talk about it, the more people want to buy it. A perfect example of this was at the end of 2021 when Bitcoin was the hottest topic in the world. Every newspaper was writing about Bitcoin, and every social media platform was full of discussion about it. During that time, Bitcoin’s change rate peaked. A couple of months later, Bitcoin wasn’t the most prominent thing anymore, and its price started to drop.

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Then can you predict the changes in the rates of cryptocurrencies? According to Currency.com, it is possible, but it’s not easy, and you can never be sure about it. For example, some prediction websites can give tips about what might happen in the crypto market. Just bear in mind that these are always just predictions. The easiest way to predict something to happen is to be at the right place at the right time. For example, if a person sees a relevant post that will affect the crypto market on social media in the first few minutes, they can try to react to that. But after all, it is still just a prediction.