If you’re reading about Bitcoin gambling, you probably know a bit about Bitcoin.
Bitcoin is the leading cryptocurrency in the world. It is a decentralised currency that can store value and pay for goods and services. So, using logic, bitcoin gambling refers to playing games to win Bitcoin, or does it? We’ll find out today.
Let’s discuss the basics of Bitcoin gambling. This is the ultimate guide for beginners. Dive in.
What is Bitcoin Gambling?
In the simplest of terms, bitcoin gambling is the use of bitcoin to take part in online betting and games. It involves wagering Bitcoin as your stake in any gaming or betting activity online to try to win more. This can take shape in sports betting, lotteries, and casino games like poker.
Bitcoin gambling, like regular gambling with cash, involves a huge amount of luck and skill. However, some gambling enthusiasts might argue that one can influence their winnings with arbitrage betting. Arbitrage betting is placing a bet on all possible outcomes of a bet to ensure you win regardless of the outcome.
The difference between Bitcoin gambling and traditional online gambling lies in the following.
- Bitcoin gambling accepts and makes payments in Bitcoin, while traditional gambling uses cash (local currency).
- Bitcoin gambling sites are less regulated than traditional gambling sites.
- Bitcoin gambling is anonymous because crypto is anonymous. Still, regular online gambling isn’t because personal information is available on your credit card or bank details.
- In Bitcoin gambling, transactions are faster, which makes for faster stakes and payouts. In contrast, traditional gambling takes more time due to bank delays.
These are just a few things that separate Bitcoin gambling from traditional.
Benefits of Bitcoin Gambling
Some of the benefits of Bitcoin gambling, as opposed to regular online gambling, are
- Anonymity. Using crypto like Bitcoin provides anonymity. So, your identity is hidden in the casinos.
- Security. Bitcoin is more secure because of the encryption embedded in the very framework of cryptocurrencies.
- Faster transactions. Crypto transactions are faster than regular fiat transactions. However, Bitcoin may take a few more minutes than other crypto when the network is bustling.
- Wider game selection. According to Origin Stamp’sblog post, some games are only available for Bitcoin gambling. An example is SkyCity Casino, which offers certain crypto-players-only games.
Challenges of Bitcoin Gambling
Bitcoin gambling has its drawbacks as well. Some of them are as follows.
- Volatility. Bitcoin is a very volatile cryptocurrency. Using it means you might make losses even if you win a game or wager.
- Legality. In countries where cryptocurrency is heavily regulated, you may not be able to engage in Bitcoin gambling.
- Higher Risk. Since Bitcoin gambling is not as regulated as traditional gambling, this makes it easy for malicious actors to prey on people.
How to Get Started With Bitcoin Gambling
A budding gaming enthusiast interested in Bitcoin gambling will need a few things to get started. If this is you, here’s what you need in your starter pack.
- A Bitcoin wallet
- A trustworthy and reputable Bitcoin gambling site or casino
To begin, you must have A Bitcoin wallet and some Bitcoin. You can use this guide to open a Bitcoin wallet. After that, you will need to acquire some Bitcoin, and you can do that through an on-ramp platform. You can get some on a P2P platform like Paxful or an exchange like Binance, Coinbase or Kraken.
The next step is to pick a reputable Bitcoin casino or gambling site. Look out for the following when choosing.
- Reviews and ratings. Consider what other users have to say about each site you’re considering. If there are more complaints than not, try another.
- Licensing. You should be able to find unquestionable proof that a site is licensed. You can check the directory in your country. In Nigeria, for example, online betting sites like Bet9ja are registered and licensed under the National Lottery Regulatory Commission (NLRC).
- Fairness and fair games. Check to see that your intended casino or betting site has fair games. You can ask this in discussion forums on platforms like Reddit or Quora.
The next step is to plunge in once you’ve chosen a Bitcoin gambling site or casino and have a Bitcoin wallet with some Bitcoin.
How to Deposit Bitcoin to a Bitcoin Betting Site
After you’ve created a Bitcoin wallet and acquired some Bitcoin, you can easily fund your gambling account in straightforward steps.
- Open your Bitcoin gambling account on your chosen casino or site.
- Copy the address.
- Send the Bitcoin directly from your Bitcoin wallet using the copied address.
- Your gambling account will be funded after a few minutes, and you can proceed to play games.
How to Play Bitcoin Casino Games
Like regular online casinos, there are several games on Bitcoin casinos. Some are slots, table games, live dealer games, etc.
Popular games include roulette, poker, baccarat, blackjack stake, BC game, etc.
Keep these tips in mind when playing Bitcoin casino games.
- Play demo games before playing in real-time and wagering Bitcoin.
- Choose the right games. Start with low-risk games.
- Choose games with a higher RTP (Return to Player) percentage.
- Search for games with bonus features. This way, you can do things like free spins, bonus rounds, etc.
How to Bet Sports with Bitcoin
There are different types of sports betting in which you can use Bitcoin to wager. Among them are pre-match betting, live betting, and futures betting.
Pre-match betting is a type of sports betting you do before the event, most likely a football match. It can be done a month, a week or even a day before the match takes place.
Live betting, as the name suggests, is done mid-game. It is referred to as an in-game or in-play game. This type of betting is heavily dependent on speed. You have to stake quickly as the game progresses.
Keep these tips in mind when playing Bitcoin sports betting games.
- Choose sports with high liquidity.
- Play games with low margins and favourable odds.
- Engage arbitrage betting if possible.
- Bet small amounts of Bitcoin at first.
Examples of popular, reputable Bitcoin sports betting sites include Bitcoin.com, Sportsbet, Cloudbet, Stake and BetOnline. Examples of events are the World Cup, Super Bowl, Golf Masters Tournament, etc.
Bitcoin gambling is the use of Bitcoin for casino games and sports betting online. It has gained popularity among punters in recent years. Compared to traditional gambling, some of its benefits are anonymity, security, quicker deposits and payouts, and a wider selection of games. It also has some drawbacks, such as volatility and regulation issues. However, it is one way to earn money online and in Bitcoin.
As a newbie in the crypto gambling world, stay vigilant and do your due diligence before you use a site.