What is bitcoin considered as?

I've got something I need to ask. When you cash out to bitcoin what currency is this called. You can't call it us funds and you can't call it UK funds. It says online that Bitcoin is not considered US currency so if that's the case you cash out $1,800 which I did on the Australian website through Bitcoin should I get the whole amount or do I have to accept the conversion rate price that is Australian funds? This is probably something no one will be able to answer. But if you cash out with Bitcoin there should not be a conversion rate you should get the full amount. This is my opinion as it is not considered currency. Do I have any others that feel the same way

Hello cobra562,

I must say you give me quite a hard time to came up with a decent reply 😂, had to ask a few of my colleagues to make sure that the answer makes some sense.😁

First, it would be good to know what currency is used in your casino account, as well as whether you aim to keep this amount in your crypto-wallet as standard Bitcoin OR if it's meant to be converted to let's say AUD. In case of any conversion, I fear you have to accept the conversion rate.

If you play in a crypto casino directly with crypto funds, you should be able to withdraw the same amount in the same cryptocurrency, because such transfers are usually very quickly made. No complications. Any exchange you make in your crypto wallet is bound to have fees associated with your wallet, I'd say.

Analogically, if you have a standard casino account using non-crypto funds, but decide to convert the balance into crypto to be able to use a crypto wallet as a withdrawal option, then be prepared for conversion rate, on the casino side as well.

To me, the main point is which currency you use in the casino account.

Regarding the conversion rates, and fees, you should be able to find more in casino terms, I guess.

Let me know what you think about that.

Well I guess that's how it goes.I was just wondering because the internet says Bitcoin is not considered currency. That's why it's a tough question. They need to do away with Bitcoin. And I need to stop playing on Australian sites I'm wasting my money

Ah, now I understand.

It is about the fact that cryptocurrencies are not a currency but a speculative real asset instead.🤔

"Bitcoin is a 'virtual currency,' defined here as a digital representation of value that functions as a medium of exchange, a unit of account..."

I'd say, that the main point is that its value is quite sensitive to market drops, so in some cases, the exchange rate can be quite costly. 🤔