With the fast evolution of cryptocurrencies, it was only a matter of time until people started using them for entertainment purposes, including online Gambling.
The practice of gambling with FIAT currency using just a web browser is commonplace today but cryptocurrencies have only recently entered the game to replace them.
So how do you navigate this totally new landscape?
Here is the answer…
The Role of Cryptocurrencies in Gambling
Cryptocurrencies such as Bitcoin, Ethereum, and Litecoin are well-known for their volatility. You never know whether they’ll tank or shoot up the stars the next day.
Many people have found their fortune by mining these cryptocurrencies in the early days of their existence but those who arrived late are now left with the scraps.
Today, mining Bitcoin and other valuable cryptocurrencies has become an improbable task to pursue for most people due to the rising energy costs the practice requires.
Some of the coins are also considered stable by now (Ripple is a good example), meaning that there’s not much opportunity to keep mining for more.
And that’s where gambling comes in…
With increasing competition and organizations trying to get their hands on blockchain tech, online gambling has become a surprisingly viable way to get a head start on crypto.
And the best part?
It’s a lot of fun!
Online Gambling with Crypto: What You Should Know
Certain cryptocurrencies are a risky investment in their own right due to their extreme volatility so you should know that gambling with crypto is an even riskier move.
A lot of people find the element of risk to be the fun part of crypto: trying to predict the price, looking at the stock prices, and then finally trading on the market.
It’s a process that’s made the news multiple times but you should be aware of a few things before you launch yourself into using crypto for online gambling as well:
- Only gamble with disposable income: you do not want to use your main source of income for high-risk activities such as trading or gambling.
- Look into the legitimacy of the casino first: since crypto is so new in the game, many casinos aren’t compliant with regulatory requirements.
- Choose your crypto wisely: not all digital coins carry the same degree of risk when gambling so choose the cryptocurrency you use thoughtfully.
- Make it about the fun, not the riches: gambling can result in big wins and potentially life-changing results but you should know the odds are stacked against you.
Disclaimers aside, using crypto as a means to gamble can be amazing compared to FIAT currency, and we’ll see why in the pros and cons below.
The Pros of Gambling with Cryptocurrency
If you know anything about cryptocurrencies, it’s that they are meant to decentralize money through a network of peer-to-peer transactions via blockchain technology.
We won’t go through the basics here but you should know that the pros of gambling online with crypto are highly connected to the principles which made the digital coins so popular:
- A decentralized network means complete anonymity, creating a safe gambling environment that can’t be controlled by financial institutions;
- Blockchain-based transactions are forever stored and can be looked up anytime, unlike traditional casinos which hide most of their financial statements;
- There’s no middle-man between you and the potential to win big, thus making crypto casinos provably fair thanks to their transparent algorithms;
- Being almost impossible to connect a transaction to a specific person, crypto is an extremely secure means of gambling, unlike FIAT currencies.
These being just a few of the benefits, gambling with crypto offers a compelling argument as to whether FIAT currency is bound to become less and less relevant in the Casino world.
Are There Any Cons to Crypto Gambling?
As with most things, there are cons to gambling with crypto too, and we’ll discuss them briefly to help you inform your betting strategy and hopefully make some big wins:
- High volatility means your wins could result in losses anyway depending on which coins you are using and how much you are wagering;
- Gathering an initial amount of crypto may require some extra effort (and fees!) if you don’t already have a pool of coins at your disposal;
- There are only a handful of trusted casinos that offer crypto-only betting (known as crypto casinos) so the choice can be limited to just a few;
- The wealth of features available to crypto gamblers could result in confusion for players who are used to traditional casinos or who are just starting out.
The latter becomes more of a benefit once you get used to the mechanisms behind some of these features and lower your risk of losing significant amounts of money.
Crypto Gambling: How To Get Started
So how do you get started gambling online with cryptocurrencies and what are the steps necessary to enjoy your first few games at a trusted crypto casino?
Here’s the breakdown:
1. Open a Non-Custodial Wallet
The first thing you want to do (if you haven’t already) is to open a non-custodial cryptocurrency wallet. What does “non-custodial” mean?
We have a full guide on the topic.
Long story short, your best bet is to use the Blockchain.com Wallet as it’s the most reliable and secure option in the market for non-custodial wallets.
Go ahead and open one now!
2. Buy, Trade, Mine, or Win Some Crypto
Now that you have your wallet, you want to fill it up with some crypto. Depending on the wallet you choose, you may store different types of cryptocurrencies.
The Blockchain.com Wallet only allows for the most trusted crypto to be stored, meaning that your choice is limited to “only” a handful of digital coins.
To start generating the first few bits of your crypto wealth, we recommend taking a look at one of the many games available that allow you to win real crypto by simply playing.
While you won’t amass a fortune playing these games, they can help you get the foot in the door and fully realize what it means to own some crypto.
Of course, you can also go the traditional way and try mining your Bitcoins but you’ll soon notice that the practice might require more resources than you can throw at it.
Once you’re acquainted with handling cryptocurrency, you can also buy and trade in stock exchanges such as the Blockchain.com Exchange or Binance’s Exchange.
3. Choose a Trusted, User-Friendly Casino
Handling crypto is one part of the puzzle but when it comes to gambling with it, you can’t settle on the first random casino that pops up in your Google Search…
You have to do some digging.
The best crypto casinos offer the following:
- A provably fair experience, meaning that the algorithms behind each wager are made available and transparent to all users of the online service;
- A friendly user interface which isn’t just a bunch of buttons mashed together onto a playing field (remember, the fun factor comes before the riches!);
- A variety of features that allow you to play either strategically or on a whim, helping you find your playing style without compromising on the fun factor, and;
- A pool of casino games adapted to the use of cryptocurrencies, meaning that the experience is catered to the coins’ insane divisibility (up to 8 decimal places!).
On top of these four elements, you also want to make sure that the casino is on top of regulations in your country and that you don’t end up on a scammy website.
Using a non-custodial wallet is a good way to cover all traces of your spending on gambling but it’s not the only rule to staying safe online—you have to do some research beforehand.
4. Study The Rules of a Casino Game
Now comes the fun part.
You’ve found the perfect casino and want to start playing some games but how do you go about winning when you don’t even know how they work?
If you’ve had experience in a traditional casino environment, you’ll recognize most of the concepts used in crypto casinos as well…
But not all things are the same!
One of the most popular games in crypto gambling is Dice. Similar to Craps in its most basic form, Dice is a game known for its simplicity: you wager on the outcome of a roll based on a chosen threshold (from 0 to 100) and gain/lose multiplier on the odds of winning.
For each game, you’ll have a specific set of rules and features. For example, Dice offers you auto betting features that allow you to wager multiple times based on specific settings and thresholds which set boundaries (otherwise it goes on forever!).
Sounds awesome, right?
5. Pick Which Coin You’ll Use
Once you’ve found the game you’d like to start with, it’s time to choose which coin you’d like to use. We recommend starting with one coin not to get confused about their value.
Here are a few things to consider:
- Start with lower-value crypto: we don’t recommend starting your crypto gambling experience with Bitcoin or Ethereum as they carry the highest risk.
- Experiment with one game and one coin for a few days: casinos are exciting so you may want to try everything but we recommend sticking to the basics for a while.
- Make use of all features available: what’s the point of wagering low-value coins if you can’t figure out which game features will help you win big in the future?
- Look out for daily promotions: crypto casinos will share daily giveaways and promotions on their social channels as well as their site.
- Participate in the community: most online casinos will have chatting available so make the most of it by engaging with more experienced crypto gamblers.
Two great coins to start with are Ripple (XRP) and Dogecoin (DOGE). DOGE is a bit harder to get your hands on than XRP but both are much easier to handle compared to Bitcoin.
6. Transfer Crypto To The Casino
Ready to wager on the outcome of your roll?
Then you can transfer your crypto directly from your wallet to the casino (it’s as simple as copying and pasting the address provided).
Most crypto transfers are extremely fast so you can expect to start playing your game of Dice just a few minutes after you’ve initiated the process.
7. Start Gambling
You’ve chosen a trusted casino, you know the rules of the game, you’ve considered the different coins you could use, and you’ve committed to sending some crypto through.
Now you’re ready to start gambling.
Even with lower-value cryptocurrency, you don’t want to wager too high initially. Get used to the betting mechanisms first and raise your wagers incrementally until you find a sweet spot.
As you get acquainted with the game you’re playing, you should try and spot patterns that could help you create a winning strategy for the long-term.
Can’t think of any strategy?
Here are some below…
Gambling Strategies To Win More Crypto
The strategy you use to win more crypto will vary based on the game you’re playing. There are two games which we recommend trying as a beginner:
Dice is simple to start (perfect for a beginner!) but hard to master. The moment you’ll think you cracked the code is when you start losing your bets. So never lower your guard…
Hilo, instead, is a game which relies on the odds of choosing whether the next card in a deck is higher or lower than the card currently displayed on the table.
While both games tend to get quite complex as you figure out all the details, Hilo has more going for it in terms of sheer possibilities and features.
Here are some strategies for both:
With their names originating from the respective creators, there are three famous betting strategies that apply well to crypto Dice:
- The Martingale: a time-tested strategy dating all the way back to the 18th century, the Martingale assumes you’ll lose bets and that you’ll make up for them by doubling down on every loss. If that sounds crazy to you, go ahead and try it!
- The D’Alemebert: the D’Alembert is a bit more sophisticated than the Martingale in that it has two different parts to it… 1) Increasing your bet size after a loss, and; 2) reducing bet size after a win. It may sound convoluted but it works like a charm.
- The Paroli: the most sophisticated out of the three, the Paroli strategy follows a three-bet set rule, limiting the number of outcomes possible to just eight. By doing this, you are narrowing down the risk and enhancing your opportunities to win big.
Which strategy you choose depends on your playing style. You can learn more about the details for each of these strategies in our full guide to winning at Bitcoin Dice.
Hilo is mistakenly known as a strategy-less game but there are quite a few interesting takes on how to strategize your way to bigger winnings in this card game:
- Aiming for lower payouts: betting small isn’t a bad thing if you know what you’re doing… That is the philosophy behind this strategy, where you try and gather as many cards as possible while keeping your winning odds as high as you can.
- Aiming for higher payouts: higher risk is also correlated with bigger rewards so you might want to mix and match all your betting options until you gather the fifth card in a row. That’s when you know you should collect your payouts!
- First card hunt (12x multiplier): have the stomach to go all in? Then go ahead and chase an Ace or a King without ever thinking about any other card… You might lose a lot, or you might win a 12x multiplier! It’s a huge win with the right wager.
The last strategy is a bit of a stretch if you’re not the risky type but you might give it a try. To learn more about Hilo and see the strategies in action, check out our full guide.
Online Crypto Gambling: The Verdict
Whether you just want to have some fun or you’re planning to become a competitive gambler, cryptocurrencies have already demonstrated their versatility in the casino world.
The verdict on using them for online gambling?
It’s worth it, but only if you know what you’re doing.
Luck is a part of the game but you can’t just rely on it as most games will require consistent exercise before you see any significant profit. Joining in for the hype is also a risky move.
We recommend that you take your time to fully understand the rules of one crypto casino game and the risks involved before you throw yourself into the wagering cycle…
So, what game will you start with?
The post A Beginner’s Guide To Online Gambling With Cryptocurrency appeared first on Wolf.bet Blog.