With the advent of the cryptocurrency market, the digital economy of the world has gone through drastic changes. Bitcoin, in particular, being the oldest and most important cryptocurrency, has opened up the way to several new digital ventures based on blockchain technology.
One of these ventures has been online gambling. Yes, bitcoin is now fully integrated by several gambling sites as not only a supported form of payment, but as a supported form of reward as well. Crypto investors who have some spare bitcoins in their wallets and are looking for ways to spend it, online gambling platforms can provide them a pastime to have fun with.
It may even appeal to non-crypto investors because of bitcoin’s versatility and constant rate change. Essentially, if you gamble with perfect timing and knowledge, you can actually find yourself to be the recipient of much higher rewards. That being said, you still need to look out for a reliable online gambling site if you want to gamble in bitcoin.
According to btcgosu.com, it is essential to check the authenticity of the bitcoin casino you decide on playing in, or otherwise, you may get scammed with all your bitcoins. To avoid that and many other mistakes from happening, we have made a meticulous list of several tips for gambling online with Bitcoin, and these tips are –
1. Understand how bitcoin works and track its value.
While this may seem like an obvious thing to do for experienced crypto investors, it is not so obvious for people who are highly interested in bitcoin payments but don’t have any experience in them. That is why it is essential that you understand how bitcoin works well before you gamble on any online gambling website.
The fundamental knowledge you need to have is how bitcoin transactions work, what are transaction fees, how to open and securely manage a crypto wallet on an exchange, and also how volatile the bitcoin market is. The last point is especially crucial when you use Bitcoin for online gambling. Knowing what value Bitcoin currently has is a must if you are looking to use it as a payment option.
That’s why, along with the fundamental knowledge about the bitcoin world, one should also know how to track bitcoin’s value. Just before you gamble in a game, check the value bitcoin has in any of the Bitcoin tracking websites. These websites give you an accurate representation of Bitcoin’s current price and some even offer accurate predictions.
2. Check what kind of payment and cash-out system the website has
Many people go on online gambling websites with their bitcoin thinking they all function the same way and are consequently met with a big surprise when they aren’t. You’d be surprised to know that different gambling websites have different payment options and if you wish to play at these sites then you need to adhere to their payment guidelines.
Many online bitcoin gambling platforms generally allow their users to only make deposits and withdrawals in bitcoin, and no other currency. That means if you have to place a wager, you would need to pay with bitcoins. If you win, you will get rewarded in bitcoins. While this is the most ideal option for crypto investors, it is not that ideal for people who want versatility in their payment and reward options.
For them, there are a few gambling platforms available that allow you to deposit in cash but get withdrawals in bitcoin and they can work the opposite way as well.
3. Don’t gamble in a bear market
One of the most crucial pieces of advice most bitcoin investing experts would give you is to not gamble with any cryptocurrency when you are in a bear market, i.e. in a market whose value is steadily going down. To understand why, let us put the situation in perspective.
Consider you play a casino game with 1 bitcoin (for the sake of imagination) when the bitcoin is priced at $10k and seems to be going down in a bear market. You play the casino game for 2-3 hours and win 150% more of what you invested, i.e. 1.5 bitcoin. However, to no one’s surprise, you find out that bitcoin’s value has slumped by almost 50% and the bitcoin that was worth $10,000 is now worth $5,000.
Since you didn’t trade in fiat currency, but in bitcoin itself, while you still may have won 1.5 bitcoins for yourself it doesn’t matter much because it effectively would be valued at $7,500, a quarter less than what you deposited! You can see how this barely qualifies as a reward for winning which is why gambling with bitcoin in a bear market is a bad idea unless you have the patience to wait for the prices to rise again (which can take months or years at times).
4. Use licensed and certified PFG sites
Bitcoin scams are running rampant every day and more than almost $4 billion worth of bitcoin has been stolen by thieves and hackers to date. Hackers employ various means to attract high potential targets who have bitcoin in their wallets to steal it from them. Unfortunately, one of the more popular means of doing so is through running scammy websites that include scammy online gambling websites as well.
These online gambling websites will ask you to fill in your wallet details and when you do so, your account details would be immediately compromised and land directly in the hands of the hackers running the website. You can end up losing all the bitcoins you have this way regardless of how many security safeguards you have installed.
Fortunately, there are a few websites that you can trust with all your bitcoin, and be assured that they won’t employ any unfair means to cheat you off your money. These websites are called PFG (Provably Fair Gaming) websites and their games have been tested on the blockchain and the results have been made public to ensure complete fairness in the games you play.
There are several useful tips through which you can gamble online with bitcoin and we hope this article provided you with insights on some of them. If this article was insightful for you, consider following our website for regular updates as it will help us out immensely.