The last ten years we have seen a flock of online casino players making the jump into crypto trading them for themselves. Why are casino players so attracted to what these cryptocurrencies have to offer and the potential of trading them for big profits?
Well, there are some obvious crossovers between gambling online and trading cryptocurrencies. Playing at an online casino requires strategy, planning and emotional and mental strength. How a player handles the up and downs that come with being a regular casino player also draws parallels when trading Bitcoin or any other cryptocurrency.
We also know that gamblers like to take a risk and they love the feeling of turning a small amount into one that is so much bigger. On top of that, cryptocurrencies actually benefit online casino players as they can use it to make their deposits and withdrawals at casinos like ours.
First and foremost, there is a reason why there has been an explosion of Bitcoin casinos and traditional casinos now accepting cryptocurrencies as a form of payment. That is because cryptocurrencies and the online casino industries going hand in hand with one another. Being decentralized, cryptocurrencies provides players with more anonymity, as they do not have to link their hobby to their bank accounts.
Then there is also the fact that transactions are faster, cheaper and more secure. It is little wonder that online casino players have seen the benefits of cryptocurrencies when using them. Just being exposed to cryptocurrencies for that purpose would increase the likeliness that they would then go on to trade them.
Another reason we have seen a growing number of crypto investors also gambling online using their BTC and other virtual currencies is the chance to win free crypto. mBit Casino always has a promotion in progress no matter what day of the week it is. In the terms and conditions, players can check to see whether the promotion includes cryptocurrencies.
Those promotions that allow players to get free spins using crypto slots or table games give players a fighting chance to convert that bonus crypto from their bonus balance over to their crypto balance available for withdrawal. As long as players are able to get through the wagering requirements attached to the bonus, they will be able to increase their cryptocurrency portfolio.
Here are some typical examples of mBit Casino promotions on the mBit Twitter account:
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🤔 Did you forget something? 🤑 Huge daily prize drops are about to pop 💥 at mBitcasino!— mBit Casino (@mBitCasino) February 10, 2020
💰 Get them while you can ->https://t.co/XuZSmDsRif#pragmaticpromo #dropnwins #Online #onlinemoney #casinos #Cash #cashprize #prize #casinobonus #casino#MondayMotivation #MondayVibes #wins pic.twitter.com/KaeLZk5mCh
Gamblers know that there is risk involved in every wager that they make at an online casino. They also know that they stand more chance of losing than winning. They take these calculated risks using strategies and bankroll management that allows them to take advantage of the good times and minimize the bad times.
The same could be said of the traders that trade on the highly volatile cryptocurrency markets. There is no sure thing and there is always risk attached. You can analyse as much data as you like and/or take the advice of many experienced traders and still be wrong. The idea is to make as few mistakes as possible and make more right decisions as part of a long term plan to profit – exactly how a regular casino player views things.
Those key similarities just have to be a big reason why so many online casino players turn to cryptocurrency trading alongside playing at online casinos.
Being a successful player at an online casino takes strong mental strength and endurance. Players that ‘tilt’ often make things worse for themselves by losing even more money. Chasing losses is a bad habit that successful players do not possess. Good players know how to keep emotions such as anger and frustration at bay. This is needed because no gambler will always win, bad days will happen frequently.
Again, the same thing can be said of cryptocurrency traders. If a trader losses money, it can be easy to then make a number of rash and not-thought-out trades to try and earn that money back. This is never a good idea and one that rarely comes good. As casino players have removed emotion from wagering, traders have trained themselves to remove emotion from their trading.
A bad day at the office is usually swept under the carpet quickly with casino and cryptocurrency traders ready to go again the next day.
Online casino players love nothing more than winning. When they turn a single spin or wager into a large sum of money, they feel on top of the world. It is that feeling that they are chasing whenever they hit the online casinos.
This could be another reason why they are attracted to cryptocurrency trading. A trade can often lead to a big profit-making victory. You only have to ask traders that regularly trade on Bitcoin with the massive swings in value that the crypto often has. You have to admire those that took the plunge early enough to see some massive profits when Bitcoin reached values of close to $20k back in 2017.
The feeling of winning and making profits is something that both online casino players and crypto traders enjoy.
If you yourself are an online casino player that is interested in moving into crypto trading, we would suggest that you start small. A successful player at the online casino knows how to manage their bankroll efficiently and this needs to be done when trading. Never stick all your eggs in one basket and make sure that you do not risk too much.
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