Bitcoin Gambling – Facts, Considerations, Tips and Suggestions

If you have heard of bitcoin gambling or gambling with any other cryptocurrency and are wondering what it is, you should research about it because it’s getting more and more popular and you have a lot of chances to make a fortune with it. Here we can help you in understanding the basics of bitcoin gambling and some strategies to win, so that you can create a strong base to get increasing success.

What is Bitcoin Gambling?

Bitcoin is by far the most popular cryptocurrency in the world and accounts for the present innovation of the online betting industry.

When in the 1990s, online betting was first thought upon, it was looked at with a big suspicion and took quite a long time to get established. No one could expect to what extent it would go to become recognized and accepted. Online casinos used to sponsor football teams of English Premier League by the mid-2000s.

However, Bitcoin has formed its own silent revolution from its use in betting in 2012. Bitcoin and crypto gambling have created an enthralling niche for online bettors guaranteeing to become increasingly popular with concepts like microbetting, transparent house edges and provably fair systems to eponymous games like plinko and Bitcoin dice.

Bitcoin gambling

What’s So Special about Crypto Gambling?

On the face of it, a Bitcoin casino would look quite similar to a regular online casino because of a lot of similar features. At the core of it, all casinos provide you an opportunity to win money at games of chance. Bitcoin casinos too offer you the same, i.e. an opportunity to wager your cryptocurrency coins and win more.

However, the main difference with Bitcoin casinos if compared to their regular counterparts is in the very straightforwardness of Bitcoin: a trustless, decentralized, digital currency. By making use of Bitcoins (or other digital currency) rather than traditional fiat through banks, credit cards or payment processors, Bitcoin casinos work on considerably lower overheads. There are no royalties to be paid to companies to use their technologies and no fees to be paid to banks to process payments.

Probably because of this single fact of cost savings, Bitcoin casinos can offer a much higher value to bettors. The innovative blockchain technology of Bitcoin secured by cryptography also introduces a much-desired fairness factor into the game.

online gambling

Transparent and Low House Edge

Every casino has a house edge. In simple words, it’s a built-in advantage for the casino. It ensures the casino makes an overall profit from bettors’ wagers over a long term.

Online as well as land-based casinos don’t tell bettors what their house edge is which is reported to be as high as 5%. It means that the casino makes an average 5% profit on each bet bettors make, no matter they win it or lose. With high overheads, waiters, dealers, cashiers and croupiers to pay, it’s this margin that keeps casinos into profit.

Bitcoin casinos skipped this trend, providing lower than normal, verifiable house edges. You’ll hardly find any Bitcoin casino that has house edges more than 3.5%. For example, the industry standard for Bitcoin dice house edges is quite low i.e. 1%.

online gambling

Provably Fair Gambling

What a typical online casino allows you to get the most out of it is a RNG (Random Number Generation) certification. This means that it has been audited and proven by a third-party inspector that RNG software is being used by the casino to decide random results of its games. But it offers you no way to verify this by yourself, nor does this exactly show how random results are produced.

On this background, the revolutionary innovation of Bitcoin to gambling is a provably fair system which makes use of the same cryptographic algorithms behind Bitcoin proving that the games are fair. The bets can even be verified by yourself. Thus Bitcoin betting is the fairest betting available.

Bitcoin gambling

Quick Micro Gambling

You might have noticed that in any typical online casino, there are only a few tables that will allow you bet small 10-cent wagers or even offer penny slots. However, most minimum wagers start at about $0.20. Also, traditional casinos won’t let you bet quickly; you usually have to wait for each hand or roll or spin to end before you place your next bet.

On the other hand, Bitcoin casinos, usually let you place wagers as small as 1 satoshi (0.00000001) BTC. Even at the highest price of Bitcoin (currently $4,500) that’s a bet of $0.000045! Though it doesn’t quite seem to make sense to wager such tiny amounts, it does let bettors to try out Martingale strategies with constantly losing streaks. For example, an initial $0.01 Martingale bet would need you to have a $20.47 bankroll to last a 10-bet losing streak, whereas on 1 satoshi, you need to have 0.00002047 BTC (less than $0.10) for the same losing streak.

In addition, most Bitcoin games even have an autobet feature, enabling players to have up to hundreds of bets per minute, making it even quicker and easier to try out Martingale strategies.

Bitcoin gambling

Customizable, Variable Payouts

Another attractive feature of Bitcoin casinos is the ability for huge payouts. What’s the greatest payout at most casinos? A x36 straight roulette bet? Games like Bitcoin dice allow gamblers to adjust either their winning chances or payout rate. It’s not uncommon to have payouts as high as x9,000 or even as low as x1.002, or, on the other hand, an opportunity to win near about 99% or as less as 0.01%. Imagine which is another place where you can convert 1 cent into around $100 than a Bitcoin casino?

Bitcoin gambling

Where Should I Start?

First off, you should have a secure place where you can store your bitcoins. These are known as wallets. Several types of wallets are present from which you can select based on how much you value your security and privacy. Some suggestions for you are:

Electrum or Exodus: These are good for security as well as ease of use. They give you total control of your seeds and/or private keys, while offering you clean interfaces to handle your coins. Especially Electrum provides you more advanced features like changing addresses and setting your own fee, whereas Exodus simplifies the matter to “specify your spend address” and manages everything else for you.

Xapo or Coinbase: These are site-based online/app wallets and are for those who want to use a username and password. However, there is no guarantee of privacy here, though they claim that they do have it.

Ledger or Trezor: These are good if you plan to have significant coins. They are hardware wallets and are supposed to be the most secure. They are also known as “cold” wallets since they are normally stored offline to protect from unauthorized access.

Bitcoin wallet

If you want to keep it simple and hassle-free and want pure gambling, you can choose to just register an account at a Bitcoin casino. Next you can create a Bitcoin address in their deposit section and that’s it. You can start gambling! Any bitcoin sent to this address by you will stay in your casino account till you withdraw it. However, this is not very advisable, because no matter how trustworthy the casino is for you, you cannot recover your funds by any means if the casino loses your coins or runs away.

Obtaining Bitcoins

You can obtain bitcoins without buying them only through the process of mining. But assuming that you are not a miner, but want some bitcoins to bet, here’s what you can do.

An increasing number of services are emerging that have bitcoins to sell to you for flat currency payments. Such a service is named as a Bitcoin exchange. Based on your location and nationality, you are easily able to purchase some bitcoins using your debit or credit card or a bank wire transfer from exchanges, like Coin-mama or Coinbase. Some exchanges like Paxful also allow you to purchase with gift cards, whereas Europeans are allowed to use SEPA to purchase from Bitonic.

buying Bitcoins

Finding a Legit Bitcoin Casino

It’s indeed a scary jungle full of scammers when it’s regarding choosing an honest Bitcoin casino, Ethereum casino or any crypto gambling casino. However, it’s fairly easy to check if a casino is legit or not. Just Google its name along with the word “scam” and all types of suspicions, accusations and complaints will be presented before you. This doesn’t however mean that there are no safe places to bet your coins.

You can read some of these complaints, go through independent reviews and use some common sense. Some of the accusations are just baseless, while others come from unsatisfied customers who lost their betting. However, some complaints are really legitimate. You can check how old a casino is, how many positive reviews it has, how large its active community is and whether it’s licensed and regulated.

Checking these points and also inquiring with your friends (if they have used that casino), you can start gambling with the casino you are considering and enjoy playing!

Bitcoin gambling