Since the largest decentralized coin in the world, BTC, was created in 2011, it has been employed in several booming sectors It was recently introduced to the world of sports betting and considering its success, there’s little chance it will be discontinued very soon.
According to statistics, bitcoin gambling contributes 35% of the revenue from online casinos; this percentage is expected to rise.
One of the most practical ways to make extra money off crypto is through bitcoin gambling. Despite various decentralized coins being utilized for online gambling, BTC is the most popular. The reasons for this are not far fetched-we’ll discuss a few in this article.
Bitcoin gambling may be highly dangerous, and a novice still learning the ropes is more likely to lose money.
You can make some extra money by gambling with bitcoin in a crypto casino- Bet999 is your surest bet. But to prevent losing your stakes and the desired reward, you must arm yourself with a few strategies.
Stick with us and we’ll go over everything you should know before gambling with bitcoin.
Learn About Cryptocurrency
Like traditional betting, learning everything there is to know about cryptocurrencies and how they are used in online casino games can boost your chances of winning.
A beginner may find the earning procedure overwhelming. You might feel like giving up midway through due to the enormous amount of knowledge required to take in.
Maintain your commitment, and you’ll see results.
Both beginning and experienced learners can find a wealth of knowledge on Youtube. Even better, you can make money as you learn.
You may earn up to $50 on some sites, including Coinbase Earn for watching tutorial videos about particular currencies. Your earnings can either be traded for fiat or sold.
Why You Should Gamble with Bitcoin
Before the popularity of bitcoin gambling, only fiat money was accepted as tokens in online casinos. They are still in use, but more people are switching to digital tokens, with Bitcoin appearing to be the most popular.
Crypto casinos are making a concerted effort to integrate bitcoin payment processing methods as most players prefer to stake with BTC than with other tokens.
Here are some of the reasons gambling sites allow users to fund their accounts with BTC:
Security
If stored properly, BTC is possibly the safest payment method available today. keep your wallet tightly secured with a password and your coins. Also, keep your coins out of online wallets.
Doing this will ensure that there is no chance of a wallet breach. Your wallet key or password is the only thing that can grant someone access to your wallet.
With BTC, websites would not be required to maintain your login credentials, such as your credit card information.
Numerous websites being breached by hackers and fraudsters accessing user accounts have been documented. This is one of the edges gambling with bitcoin has over traditional gambling.
Online casinos ask you for the most basic information before providing an address to which you can send payment.
There is no chance of a chargeback once tokens have been transmitted to the correct address, meaning that payment cannot be returned to the depositor’s wallet.
Due to this, the bitcoin casino is at lower risk of suffering losses.
Privacy
BTC payment hides the identity of the players. Some people do not want to be identified with casino games due to the societal stigma of gamblers.
Since personal information is not attached to bitcoin wallets, online casinos cannot identify who the players are.
Also, gambling of any form is prohibited in some parts of the world. Players from these countries can access these sites using a VPN, and a bitcoin payment method completes their pseudonymity.
Fast Withdrawals
Bitcoin payments are quick and simple. Rarely do network problems result in a delay in cashouts or deposits. BTC transactions can be transferred in a couple of minutes, unlike conventional token transfers, which might take up to 24 hours to be confirmed.
If block size causes an issue, it would only last a few hours, not longer. In trustworthy casinos, players that enter the correct wallet address can promptly cash out their winnings.
Since players are dispersed across the globe, BTC is the best payment method because traditional international payment might take up to 5 working days.
Low Fees
BTC fees are based on the amount of BTC you receive or transfer. Transaction fees are lower compared to bank transfers or credit card transactions.
They are cost-effective for both the player and the online casinos-the players keep a larger percentage of their earnings; the casino spends less on credit card fees.
There are no hidden charges, middle-men fees, exchange fees, or handling fees that are present in other forms of payment.
Also, there are rarely taxes imposed on winnings or earnings from bitcoin gambling.
Decentralization
The decentralization of the blockchain technology on which BTC is strongly grounded prohibits your account from getting frozen. No authorities can clear out your tokens or control your transactions. Financial sovereignty is the core benefit of the decentralization of BTC.
Decentralization also tightens the security of your bitcoin wallet, as no one else has access to your wallet without your keys or passwords. You must keep them safe so they do not end up in the hands of hackers.
How to Gamble with Bitcoin(Step-by-Step guide)
Bitcoin gambling has been made easy for everyone who intends to either gamble for fun or as a main earning system.
Beginners may have a hard time navigating the process, especially if they skipped the training process.
But no worries. We’re here to help you by giving you a thorough tutorial on how to create an exchange account to handle every Bitcoin transaction you make, including deposits and withdrawals. We’ll also show you how to securely store your BTC so that no one else has access.
Here’s your step-by-step guide to exploring the wealth of earnings and opportunities that gambling with bitcoin provides.
Step 1: Open a Bitcoin Wallet
You can’t go forward without a bitcoin wallet of your own. This is where you store your wallet, so no one else has access to it. You have two wallet options: a hot wallet or a cold wallet.
The hot wallet is ideal for online storage, while cold storage allows offline operations. If you’re about to venture into online gambling, a hot wallet is the best pick.
You would need to download the software package of the wallet you have chosen. Go to the app store or Google play store, then search and download it. Follow the given steps to create an account so you can start gambling as soon as possible.
The steps are instructor-led, so you won’t encounter any hitch. After creation, copy down the 24-word phrase that displays- that’s your recovery phrase.
If you ever need to access your wallet through another device, this phrase would serve as a password.
Keep it tightly safe. Bitcoin is usually one of the default tokens you’d find in your wallet, alongside smart chain, Ethereum, and a few others.
Recommended Bitcoin Exchange
A bitcoin exchange is similar to a brokerage platform. They provide holders an avenue to buy, sell or swap bitcoin or other tokens with other users.
Assets, fees, security, and payment methods are some of the selection criteria that should govern your search for a suitable bitcoin exchange.
Here, we’ve made a list of 3 recommended bitcoin exchange platforms at this time:
Coinbase
Coinbase works to ensure a secure financial system where users can efficiently buy, sell or transfer tokens.
The interface is beginner-friendly; dozens of currencies are supported; they allow users to connect accounts to their local bank accounts; it has commendable low fees.
Kraken
If security is your major concern, then Kraken is your best option yet. Kraken comes with sophisticated features that you won’t find anywhere else.
You can trade over 150 tokens on Kraken, and BTC is, of course, one of these tokens. Furthermore, we recommend Kraken for its relatively low BTC charges.
Binance
Binance is the leading crypto exchange in the world; it attained this position due to the exceptional features it possesses. Binance allows P2P trading, high volume trading as well as impressive fees.
On Binance, you can buy, sell or swap 499 other tokens aside from Bitcoin. Whether you’re a beginner trader or a pro, Binance is your go-to bitcoin exchange platform.
Recommended Bitcoin Wallet
Bitcoin wallets are the storage house for all our coins. Here are three recommended wallets to choose from
Trust wallet
Trust wallet is among the most popular crypto wallets. The interface is scannable; you can trade or swap a wide range of coins.
It supports NFT trading and also allows users to earn interest on specific coins. Plus, it is incredibly beginner-friendly.
Coinbase wallet
As mentioned earlier, Coinbase is beginner friendly and allows the conversion of tokens without any hitches. You can use a Coinbase wallet with or without the Coinbase exchange
Electrum
Electrum is considered the perfect desktop bitcoin wallet. It is easily customizable and comes with incredible security features. Python was used to create the Electrum wallet because it allows for quicker, simpler code.
While Electrum imports and exports private keys, the network can offline verify the signals and sign transactions. Electrum only supports the buying, selling, storage, or swapping of Bitcoin.
Step 2: Depositing an Amount of Money into Your Bitcoin Wallet
Wallet funding comes next after wallet creation. Choose a reputable crypto exchange platform-opt for beginner-friendly sites if you’re a beginner.
After signing up, you can easily buy BTC following the display options.
Most sites allow you to link your card details so you can buy directly from your local banks. Platforms, such as coin base, will provide you the option of recurring purchases.
BTC exchanges aren’t the only avenues you can purchase Bitcoins from. You can take cash to a BTC ATM and have the BTC equivalent of the cash transferred into your wallet. Alternatively, you can acquire them from trustworthy individuals via P2P trading.
There are usually minimum purchases, depending on the vendor you’re using. Generally, the lowest amount of BTC you can purchase is 0.00000001 BTC.
Step 3: Depositing Your Bitcoins into a Sportsbook or Casino
First, you have to find a reputable casino with provably fair games. Not every casino accepts BTC as payment, so available payment methods, authenticity, available games, and quality of service are some of the factors you must consider when selecting a Bitcoin casino.
Once your wallet has been funded, you can now deposit as many tokens as you please into the casino’s provided wallet. Since bitcoin transactions are as swift as light, the tokens would reflect on your account dashboard as soon as possible.
Step 4: Start Gambling with Bitcoin
Start betting on the results of sporting events or playing your favorite casino games by visiting the sportsbook or casino website. You’re free to stake the welcome and deposit bonuses you were given upon signing up.
You must play by the rules and devise your profitable techniques to increase your chances of success because your bitcoins cannot in any way affect the game’s outcome.
Even though winning at gambling can occasionally come down to pure luck, it is possible to increase your chances of success by taking calculated risks.
Step 5: Withdrawing Your Winnings in Bitcoin
After your stakes have paid off, you can cash out your earnings back into your bitcoin wallet. All you have to do is place a withdrawal. Withdrawal processes usually do not exceed 60 minutes, but block sizes can extend it to a few hours.
Once the earnings hit your BTC wallet, you can either make another trade or store the tokens. If you want to use them for other affairs, first convert them to fiat tokens and send them to your local bank account.
Pro Tips to Make the Most Out of Gambling with Bitcoin gambling
Here are a few tips the pros use to increase their chances of winning when gambling with bitcoin:
Always Play Games with Higher Odds
When gambling with bitcoin, you should focus on games that increase your odds. Finding an advantage that will enable you to win is the key to casino gambling and all other forms of gaming. Having an advantage, no matter how big or small might make a huge difference.
Some games are not based on luck alone-numbers matter. With these games, you have more guarantee of a decent win than luck-based games. Black Jack, Roulette, craps, Poker, and Penny slots are some of the games with win guarantees you could try out.
Use Trusted Bitcoin Casinos Only
You run the danger of losing your tokens to scammers if you don’t check the legitimacy of a gaming site before funding your account.
Fortunately, it is possible to discern between legitimate and fake websites. The website’s user interface has a few oddities, so you should carefully review it before transferring tokens.
Check to verify whether the terms and conditions seem genuine; if they seem ambiguous or absurd, leave immediately.
You cannot bank on every review you see on the website because consumer reviews can be fake. You should try somewhere else if the website’s technology or customer service is subpar.
Using a Good Strategy
A win-guaranteed strategy increases your chances of a win and decreases your loss rate. The size of the stake or, more generally, how stakes are managed and the frequency of wagering are other crucial factors in gambling strategies.
Cash Less than 2% of your budget, taking crap odds, betting on the banker’s hand, and placing cash bets in French roulette are the most rational betting methods. These assist you in generating steady wins and lowering the risk.
Before you begin using a specific betting strategy, it’s crucial to set very strict rules for yourself about bankroll management and to adhere to them constantly. This is unquestionably the most important consideration when deciding to place regular bets.
Always Keep Bitcoin Volatility in Mind
Bitcoin may be the giant of decentralized tokens, but it is not immune to rash dips. These dips can be sudden and unpredictable. When making withdrawals, aim for periods when the dips are not so unfavorable so you can make a profit when the price spirals back up.
Bet on Non-fungible Tokens(NFTs)
NFTs are the new rave in the market. Seeing as NFTs are increasing in popularity by the season, gambling on them is a guaranteed way to make some profit. NFT can be used to make provably fair games.
NFT betting is a promising idea that is supported by several of the best platforms in the industry. Shortly, opportunities for NFT gambling may become massively available since several developers and organizations are looking to capitalize on the Nfts’ continuing worth.
You can own and bet on NFTs in addition to participating in free-to-play NFT games. Modern cryptocurrency gambling sites allow NFT gambling and pay-out winnings in NFTs as well.
Don’t Gamble with More than You Can Afford to Lose
Gambling, if not put in check, can become an addiction. There’s a long list of people who have gone bankrupt due to gambling addictions. No matter how promising the odds might seem, you should never stake more than your earnings allow. Setting a budget is an effective method of ensuring that you stay within your financial limits.
A bankroll management strategy can also help achieve this. Always compare your earnings to your losses. If the loss scale is larger, maybe you should consider another hobby or earning venture.
FAQs
What is Bitcoin?
Bitcoin is the leading digital token in the world. The token was introduced in 2009 by an anonymous group of developers now known as Nakamoto Satoshi. It is an acceptable currency that can be used for purchases directly.
There is no requirement for third parties to be involved in financial transactions because the decentralized token can also be used as a form of payment that is not under the control of any one person, organization, or entity.
How does Bitcoin work?
It functions independently of the financial system and governmental institutions. Peer-to-peer transfers are used on a network of computers that keeps track of all cryptocurrency transactions.
The information held in the blocks of the blockchain is encrypted by Bitcoin using the SHA-256 hashing algorithm. Simply put, a 256-bit hexadecimal integer is used to encrypt transaction data that is stored in a block.
All transactional information and details related to blocks before that block are contained in that number.
Can You Gamble with Bitcoin?
Bitcoin can be used for gambling because it is a global form of payment. All you need is a bitcoin casino that takes digital currency, a reliable internet connection, and a crypto wallet.
If playing casino games is prohibited in your province, you would also require a VPN. Traditional fiat gambling is being gradually replaced by online sports betting.
gambling with bitcoin can be beneficial, but if you’re not careful, it’s easy to lose all of your tokens. Bitcoin doesn’t offer any unique earning advantages. To make money from gambling in general, you would need methods, risk-taking abilities, analytical thinking, and even luck.
Is Gambling Online with Bitcoin Legal?
Online gambling is legal in certain countries and illegal in others. However, with a VPN, all territorial restrictions become null and void.
Crypto is a decentralized token, so a ban is highly unlikely. Though bitcoin gambling is legal, a few bitcoin casinos are labeled illegal due to their unlicensed nature.
Do I still need to complete identity verification at poker sites? Bitcoin is anonymous, right?
Although Bitcoin transactions are private, you still need to go through the verification process when joining poker sites. Simple details like your name, date of birth, place of residence, and social security number are all that poker sites will ask for. You must send bitcoin to the designated wallet address to fund your account.
Will I be gambling with bitcoin on the tables?
Bitcoin is only a token used to fund your account, so you will not be playing with them at the table. Bitcoins are tangible but not visible. It is a digital currency.
Conclusion
Sports betting can be entertaining and addictive but with the advent of bitcoin gambling, the thrills become unrivaled. In addition to the seamless transfer protocol of gambling with bitcoin, its pros in sports gambling outweigh the cons.
And, if you’re already an intermediary, we’ll teach you extra tricks to increase your chances of making huge earnings.
