This article aims to provide the basics to gambling with Bitcoins on the internet as well as tips to make your experience more fun and safe. It’s important to understand that with online services there is always some risk involved. That is way you should always try to use reputable online gaming sites with good support and track record. Only deposit a portion of your total balance that you are willing to lose and gamble responsibly.
Is Online Gambling Safe?
Online gambling with Bitcoins is quickly becoming the preferred method for professional and recreational gamblers for good reason. Many online casinos utilize a “provably-fair” system which can be verified by the user to ensure fair play. Also, the seed numbers which provide the calculations for bets can be changed for assurance but not necessary. There’s another neat feature that offers even more security called two-factor authentication that will prevent un-authorized access without the second key.
When getting started gambling with Bitcoins, you will be provided a Deposit Address by the casino to transfer your coins. After a few confirmations and some times instantly, your funds will be available to gamble with. Depending on the Bitcoin Casino or Game, your deposit will be converted to Chips, Points or other form of Player Money.
When you are ready to withdraw you winnings, go to your Account page and provide your withdrawal Address to receive your Bitcoins. Most of the time withdraws are processed instantly, but some times once a day and later. But regardless, you will receive your earnings much faster than a standard online casino that accepts cash plus no chargebacks or bounced checks.
What Games can I play?
Luckily for online gamblers, there is no shortage of games and casinos that are starting to accept Bitcoins. You can find all of your favorite casino games from Poker to Slot Machines, Black Jack, Craps, Roulette and more at Betcoin. Be sure to check out their Promotions page for the latest deals and bonus offers. They also have a Sportsbook and racebook for live action betting.
Another website called Cointiply lets you play against opponents for Bitcoins in Monopoly, Rock/Paper/Scissors, Trivia, Backgammon and even Battleship. Best of all, you can always find a game to play with more and more people switching to BTC every day.
If you like to play Texas Hold ‘Em Poker, there is a popular Bitcoin Poker site that accepts Bitcoins called Blockchain Poker. They have freerolls every day, rakeback and other bonuses for loyal players. There’s a weekly 20 Bitcoin guaranteed tournament on Sunday called the Big BTC for high stakes action.
Tips for Smart Bitcoin Gambling
No matter how many Bitcoins you have when Gambling, you must be disciplined to practice proper bankroll management. This means sizing your bets so you can withstand the natural swings that come with gambling. Sometimes you are going to win and some times you are going to lose especially if you are going for long-shot bets.
Pick a game that you like to play and look at the odds. If the jackpot is 1000x your bet and you only have 10 bets then you will only have a 1 in a 100 chance of winning the jackpot before you run out of money. You want to choose a game that has a good enough prize that you actually have a chance to win based on your bankroll. The idea is making small bets to earn big payouts and never gambling more than 10% of your bankroll.
This will keep you in the game longer and prevent you from running out of Bitcoins too early. Remember, Gambling is a risk but if you are lucky you can win a lot of Bitcoins. Just play smart and pick a game that is fun to play and sooner or later you can hit a jackpot too.