The introduction of blockchain and cryptocurrencies such as Bitcoin has made it easier than ever to make some gains in online crypto casinos.
Wiht that said, how can you make the most of your chances to make some wins with Bitcoin gambling? Learn how you can maximise your chances of winning from Bitcoin gambling in this article.
Be aware that the tips and guides that we share in this article are meant to help you get started.
Be sure to do your own research on both the casino games you play, and the crypto asset you wish to use for gambling. The tips we share are not meant to be interpreted as financial advice.
What is Bitcoin gambling?
If you’re new to the space — welcome! The concept of Bitcoin gambling is fairly straight to the point. Instead of using cash or credit cards, you use Bitcoin to place your bets.
This allows you to play on so many online casinos and houses, while bypassing currency conversion fees, privacy issues, and internet censorship.
Why should you gamble with Bitcoin?
You may love to use your credit card and give out your personal financial information. That’s fine, but here is why you should gamble with Bitcoin. There are immense benefits to Bitcoin gambling at a legitimate platform:
The games are provably fair
Many online gambling platforms won’t tell you how their random number generators work. How would you know that the roulette table isn’t rigged? On Bitcoin gambling platforms, they base the numbers off the Bitcoin block hashes, which is impossible to predict – even by the Bitcoin programmers themselves.
No one can steal your Bitcoin
Bitcoin is stored in a software called a Bitcoin wallet. Your passwords are not stored in a cloud, like in traditional online casinos. Each wallet has a seed phrase (more in following sections) that unlocks your wallet without the password. This is what you should never share with anyone.
No one will know you gambled
Privacy and data breaches is a common problem on today’s online platforms. However, if you transfer Bitcoin and make bets with it, your true identity is concealed. This is because the nature of Bitcoin is pseudonymous. People will only know that a Bitcoin wallet address (like an account number) belongs to you if you disclose it.
Cheaper gambling commissions
On traditional gambling houses, you would pay a much higher commission for the services they provide — the games, the staff, and the service. On online gambling platforms, the cost is much cheaper, but you still have to pay for things like currency exchange rates and withdrawal fees.
It gets cheaper with Bitcoin gambling platforms. You only pay a small amount for the platform services and a smaller amount in Bitcoin transfer fees between Bitcoin wallets.
Before proceeding, it’s worth to keep in mind that any gambling game involves elements of luck which is something that cannot be controlled.
While this arguably keeps the games fund and exciting, it’s important to always be aware of your risk levels and your limits. This is especially important considering the volatility of cryptocurrencies, hence the importance of doing your own research beforehand.
How to increase your chances with Bitcoin gambling
How much you win will depend on your odds, your risk management, and how you play. This section will give you the best practices when gambling with Bitcoin.
Pick games with a lower house edge
In general, games like blackjack, poker and roulette offer you a better chance to make a profit. This is because you are betting against other players, and not the house.
These games are also classic casino games that have been played for decades. You can easily find resources to learn betting techniques for these games.
Pick betting games if you love to research
Some games are based off of the real-world Bitcoin market. Others are more traditional, like sports betting. Regardless, these games require you to do some research before you place a bet. If you love the idea of making informed betting decisions based on research that you can do, these are the games for you.
Strategies don’t change on Bitcoin gambling platforms
The fact that you’re using Bitcoin instead of cash will not change how you play the game. If you’ve been using a strategy that really works for you, you can apply the same strategy on Bitcoin gambling platforms.
Get started — How to gamble with Bitcoin
These steps will show you how to get started with Bitcoin gambling:
1. Create a Bitcoin wallet for gambling
First, you need a Bitcoin wallet to store your Bitcoin. Download Trust Wallet on your mobile device. Create a new wallet if you don’t have one already.
The app will then show you a numbered list of twelve English words. These are your seed phrases that you MUST write down. We recommend writing it in a secure device or a piece of paper. DO NOT share these phrases with anyone.
Once you verify the seed phrase, tap on Bitcoin, and Receive. The app should now show you a QR code. This is your Bitcoin wallet address to which you send your Bitcoin.
2. Buy Bitcoin from an exchange
Through TrustWallet (as of November 2022), you can buy Bitcoin directly from Binance or Coinbase. If you have access to the two exchanges, go ahead and create an account on those exchanges, and buy some Bitcoin by following the steps.
If you’re buying on a different exchange, use the Copy or Share button to copy your Bitcoin wallet address to the exchange of your choice. NEVER type the wallet address manually to avoid making errors.
3. Login or create an account at Gambulls
Once you’ve got some Bitcoins (BTC), or any of the supported crypto on hand, proceed to login to your account at Gambulls. If this is your first time – welcome aboard! Register and create an account with us to proceed.
Once you’ve created an account, proceed with the verification process and get your crypto wallet ready, and you’ll be all set!
4. Deposit your Bitcoin to your account’s wallet
Once your account is active and verified, use the same method as before to transfer Bitcoin from your personal wallet to your account’s wallet.
This usually involves depositing your crypto funds to a wallet address. Be sure to double check and verify the address before your proceed.
5. Pick a game that supports Bitcoin gambling
Next, pick a game that supports Bitcoin (BTC). In most cases, the gambling site will make it clear which coins are supported for each of the games. And as prefaced above, if the platform supports multiple coins, chances are it will support Bitcoin (BTC) for many of the games.
6. Play and withdraw your winnings to your own wallet
Once you’ve decided you’ve made sufficient returns from your gambling activity, you can withdraw the Bitcoin funds from your account back to your personal wallet. Similar to the deposit process above, be sure to check the address before proceeding.
Gambling made easy with Bitcoin
Bitcoin may not change gambling completely, but it offers you additional benefits such as enhanced privacy, lower commission fees, and fund security. Remember to do your research well.
On a closing note, it’s important to keep in mind that as with any casino game there will always be an element of luck in the game. Despite the RTP claimed in the casino games, you still should be aware of your limits and set a target for when you want to fold and cash in your gains.
Be sure to do your research well. Gambulls is not responsible for any loss in funds caused by personal errors, such as but not limited to, transferring crypto assets to the wrong wallet address.
Additionally, cryptocurrencies including Bitcoin, are highly volatile assets with price and market movements that can fluctuate greatly depending on many factors. Be sure to assess your risk levels and do your own research on the crypto coins you decide to use before proceeding.
