Useful Guidelines To Gamble With Confidence in Bitcoin Casinos
The step to entering the gambling world is a big decision for beginners but gambling with Bitcoin can be a daunting aspect even for seasoned gamblers. It is normal. It is necessary to have a basic knowledge level about online bitcoin gambling. If you don’t have BTC then learn to buy from a reputable BTC exchange or broker.
Choose a suitable wallet
Clovr.com is a bitcoin review site, where you can compare the best bonuses offered on different site. Nevertheless, gambling with bitcoin means you will need a wallet. Make sure to use a wallet structure that suits your needs.
- Online exchange wallet – Super convenient option for frequent users but risky.
- Online 3rd party wallet – A convenient and safe option but the chances of the 3rd party site getting hacked is high.
- Hardware wallet – The safest option but less convenient in accessibility. You will need a computer for using hardware wallets.
Deposits & withdrawals
Gambling is the same as digital currency but it can vary a little with bitcoin’s nature. Online gambling with BTC revolves around bitcoins.
- Bitcoin-only gambling platform means the deposits & withdrawals are to be conducted in BTC using the wallet address.
- The gambling platform has added BTC as a type of payment & withdrawal option. It means money can be deposited using credit cards and winnings are withdrawn via bitcoin and vice versa.
After joining a gambling platform accepting bitcoin you will need to give the BTC wallet address. Visit your wallet and from it send the deposit amount, which will soon appear on your account. Withdrawing the winning amount also involves a similar process. Open the cashier section and enter your BTC wallet address. Enter the amount you desire to withdraw. In a couple of days, the withdrawal transaction will be processed.
Gaming types available
The online gambling sites offering BTC as a payment method opens door to an aspect called provably fair game. The provable fair game means the blockchain is used to prove that the site and users shared a fair game without skewing one another. There are no concerns about game rigging and so gamblers can play their favorite table game without concerns about getting ripped. Open source algorithms are used to publish each action site taken in the game. Users gain the clarity that the game outcome was fair.
Bitcoin value and bets
The demand for Bitcoin has made it highly volatile. It even collapses without any warning. Therefore check the BTC value before you start playing games. It gives you how much to bet and the amount you can expect to win.
Benefits of BTC gambling
- Privacy and anonymity
- Quick transactions
- Low transaction fees
- Promotions & bonuses
- Security & Safety
Drawbacks of BTC gambling
- Concerns about bitcoin exchange hacking [rare but not impossible]
- Bitcoin’s future is uncertain
Keep eyes open for games with –
- No rake [poker]
- Zero house edge [casinos]
- No betting margin [sports betting]
Always choose provably fair games because the BTC gambling option, it is bulletproof.