Traditional casinos or the land-based casinos require you to use the fiduciary currency for gambling. The online casinos, on the other hand, have provisions to deposit FIAT money to play cash games. However, since the advent of cryptocurrency like Bitcoin that uses blockchain technology, online casinos enable Bitcoin gambling.
Introduction to Bitcoin gambling or betting
Over the years, Bitcoin has garnered not only recognition but also popularity as the most preferred type of digital currency for safe and secure online transactions. In fact, financial experts believe cryptos will take over FIAT currency in the next two decades.
Bitcoin and cryptocurrency exchanges enable users to buy, sell, and exchange bitcoins online. While this is one of the methods of acquiring Bitcoin or other types of cryptocurrencies, Bitcoin gambling and gaming are yet another means.
Bitcoin gambling and cryptocurrency betting are similar to regular gambling and betting. However, Bitcoin gambling is much better than the latter as players use Bitcoins or other cryptocurrencies like Ethereum, Litecoin, Dogecoin, Ripple, etc. instead of fiat currency.
Centralized gambling and betting with Bitcoins
One of the major advantages of using Bitcoins for gambling over regular currency is smart contracts and decentralized gambling. Bitcoins and certain types of cryptocurrencies are not issued by a central authority, and thus, do not fall under any government regulations. User anonymity is yet another benefit where the player does not have to share their details apart from the Bitcoins for gambling.
While discretion is the key that attracts many to Bitcoin gambling, there is also the advantage of not having to pay transaction fee unlike fiat currency payment methods, where you banks charge 2 to 5% as transaction or service charges.
How to gamble with Bitcoin?
Gambling with Bitcoins is quite easy and involves three main steps;
- Buy Bitcoins after getting a Bitcoin wallet
- Sign up with a Bitcoin casino
- Make an initial deposit to start gambling or to play online casino games.
If you do not have Bitcoins to start with, you can opt for gambling sites that have options to buy, sell, and gamble with Bitcoins.
How to play Bitcoin gambling & win
Gambling is often a risky investment with equal chances of winning or losing. However, when you choose the right gambling games, your chances of winning increase exponentially. The secret here is choosing the games with the lowest house edge for Bitcoin gambling.
Bitcoin Blackjack is believed to have the lowest house edge. If poker is not your cup of tea, then you can try Bitcoin slots or the lowest house edge Bitcoin dice games. In fact, some of the best Bitcoin casinos offer free Bitcoins as a deposit bonus or as a part of the welcome package.
To conclude, Bitcoin casino is the novel means to buy, sell, and gamble with Bitcoins. Transparency, security, and user anonymity are some of the reasons attributing to the growing popularity of Bitcoin gambling; also, Bitcoin gambling helps you earn free Bitcoins with welcome packs or deposit bonuses.