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The Pro punter’s guide to gambling with Bitcoin

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The Pro punter’s guide to gambling with Bitcoin

The Pro punter’s guide to gambling with Bitcoin

Mon Feb 21 2022 04:05:00 GMT+0000 (Coordinated Universal Time)

With the world starting to recognise the brilliance of crypto and blockchain technology, there have been countless developments in the usage of digital tokens. One of the industries that crypto managed to innovate is online gambling.

Ever since online gambling with Bitcoin and other cryptocurrencies became possible, the relationship between crypto and gambling industries has been established. In fact, almost 50% of crypto transactions are related to gambling. However, is it actually profitable for gamblers to wager with their bitcoins?

Find out how and why crypto gambling is a profitable option for you as well as how to maximise profit gambling with Bitcoin through strategic gambling right here at Bitcasino!

The rise of crypto casinos

Crypto gambling has become a popular concept among punters since crypto provides users a safe way to gamble without giving out their personal information online. The assurance of security and anonymity in using crypto has made it one of the main currencies used in online casinos. In fact, there has been a rise in the number of crypto casinos, proving that Bitcoin gambling is only becoming more popular by the day.

How does crypto gambling work?

Gambling with crypto isn’t much different from gambling with your fiat currency. How it works is that you deposit any amount of crypto you want in your online casino account and use it to wager in the games you desire.

The only difference with crypto is that you don’t have to input any of your personal information before you can transfer the funds to your account. You simply need to provide your wallet address and your transaction will be processed in no time.

The secret behind the success of crypto gambling

Cryptocurrency is slowly replacing fiat in online casinos and there are multiple factors that caused this change in the industry. One of the main reasons is the faster processing rate since there is no third party involved in crypto transactions to slow down the processing of every deposit and withdrawal.

With crypto gambling, third party authorities like banks won’t have to process and record your transaction. This makes every deposit and withdrawal fast. What could’ve taken days in fiat transactions would only take minutes and even seconds with crypto.

In addition to this, since crypto transactions provide users with anonymity, it is less likely for your account to get hacked and your data tampered with by cybercriminals.

Benefits of gambling with Bitcoin

There are countless prospects that make Bitcoin beneficial for your gambling experience. For this reason, many punters prefer to use Bitcoin on online casinos. Take a look at all the reasons why Bitcoin is the best option for gambling below: 

Increased security

Bitcoin uses blockchain technology, which is an online ledger system wherein every data is interconnected, making it impossible to bypass and hack. 

Using blockchain technology, all the data of your transaction will be stored in the blockchain where any attempt to change the encoded data will be detected and rejected. 

This makes Bitcoin transactions completely safe from fraudulent activities online. Meaning, you can wager with your preferred coin and experience safe betting! 

Fast withdrawal

In fiat transactions, your request for deposits needs to be approved by your selected bank first before it can be processed. This can take days before it can be processed and that is not ideal if you want to play your favourite casino games in real-time.

With crypto gambling, every transaction is just between you and your currency provider. There are no third parties involved, which makes the transactions faster. From days, your transaction time is now shortened to a few minutes.

Anonymity 

All you need to process your transaction in a casino using your Bitcoin is to provide your wallet address and key. Your identity would remain anonymous throughout your transaction, which creates a safer environment for you to gamble.

Additionally, transacting with Bitcoin won’t leave a train of records with your bank, which is something you’d want if you are looking to keep your gambling activities private. 

Increased profit

Increased profit using Bitcoin gambling is possible if you know how to trade your coins. If you are familiar with cryptocurrencies, then you know that it is highly volatile. For this reason, if you win a certain amount of Bitcoin in your online gamble, you can trade it at a higher price when the time is right and earn more profits from the game. You can even gamble when the trade is low so that you wouldn’t have much money to lose!

No commission or transaction fee

Crypto transactions take place in a decentralised network where there is no single institution that benefits from your transaction fees. You only need to settle the low fees from your select exchange platform, which is significantly less than the amount charged by financial institutions! No need to burn a hole in your pocket after every deposit. 


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Money talk: Is Bitcoin gambling profitable?

Now that you know why people opt for Bitcoin gambling, it’s time to see if there is profit in using these digital currencies in the world of online casinos. The question on top of every crypto gambler’s head is whether playing with Bitcoin is truly profitable.

To answer the million-dollar question, yes. Bitcoin gambling is indeed profitable for the players. However, just like regular gambling, there are risks that you need to be open to. This includes the possibility of losing your bet. You can prevent this situation by being smart with betting and applying appropriate methods and habits when wagering.

A cryptocurrency can soar to unbelievable values in a matter of minutes. This volatility in its value is what makes it interesting for crypto gamblers because you don’t just play games with your wager, you also gamble on the price of your token. What this means is that you can purchase tokens at a low price, gamble it in your favourite game and win it to be exchanged for a higher value in the next tip of the tide in the volatile crypto market. 

Moreover, crypto gaming isn’t bound by the strict regulations of your typical online casinos. For one, deposit and withdrawal limits may vary per crypto. Plus, the fact that there are games that only accept crypto only widens your playing field and gives you more opportunities with your bet.

Lastly, Bitcoin functions in a decentralised system, which means that it isn’t bound to the common rules applied to fiat wins. Your wins won’t be taxed when you are using Bitcoin since it is a currency that exists outside of the jurisdiction of the government. Every penny you win is all yours! What’s even better is that withdrawals in Bitcoin are fast and cheap, which means you don’t have to spend much on the transaction process.

Play more, win more: Easy ways to increase gambling profit 

As we have previously mentioned, gambling with Bitcoin can only be profitable if you know what strategies to apply. Find out what strategies you can use for your next crypto game below: 

Martingale system 

The Martingale system is one of the oldest betting systems in the casino as well as one of the most recognized Bitcoin betting techniques in the gambling business. What this strategy says is that you double your gamble every time you lose a bet until you eventually win the game. This allows you to win whatever profit you lost during your losing streak.

This betting strategy relies on the belief that it is impossible for a player to keep losing in a game. It takes advantage of the possibility of eventually winning by increasing your wager after every loss.

Once you finally win, you will return to your initial bet and begin another wager. This kind of strategy ensures that you would have profit after every game even as you lose! You can apply this strategy in games like roulette and dice.

Paroli strategy

The Paroli betting strategy is a type of positive betting progression, which is quite the opposite of the Martingale system. It is a strategy that rests on the premise that wins and loses in games come in streaks and you should take advantage of winning streaks once it finds you.

What you do here is double your bet every time you win until you achieve three consecutive victories. The amount of your bet won’t vary until you win the game. As a result, you minimise your losses and increase your wins.

The Paroli betting method ensures that you wouldn’t risk more than a single unit from your bankroll since you’ll only use the units you’ve won against the house when you’re betting higher. And every time you successfully win three consecutive wins, you would have enough funds to cover the small losses you have accumulated in the game. 

The thing that makes this betting strategy stand out is that you don’t need to have a substantial bankroll unlike in the Martingale system. You can use this strategy on games like sic bo, pai gow poker, craps or any other casino games that feature even-odd bets.

D’Alembert strategy

D’Alembert betting strategy is one of the simplest gambling strategies out there, which makes it popular with crypto gamblers. 

This betting system uses negative progression almost similar to the Martingale system wherein you increase your bet every time you lose and decrease the wager back again after every win. What makes it different, however, is that your stake increases much more slowly using D’Alembert. This means that you don’t need to have an expendable bankroll to accommodate this strategy.

The D’Alembert strategy works by increasing your wager by one base unit after every loss. With that said, you need to first figure out what your base unit would be. We suggest making it either 5% or 2% of your bankroll.

Let’s say your base unit for your wager is $5. The moment you lose, you can add another $5 on this wager. If you lose again, you will simply add another $5, unlike Martingale where you have to double the amount of your bet.

Making way for more wins: Bitcoin gambling tips for increased profits

Now that you have your strategies played out, it’s time to take note of a few helpful tips that would increase the value of your crypto wins! 

Have the right gambling attitude 

This is where most gamblers fail when it comes to punting. Oftentimes, players are too focused on the prospect of a win that the amount lost is easily put aside. You need to know when to stop and step back from a gamble, especially when there is a high chance for it to fail. 

Set a budget for your gamble and don’t go past it to ensure that you would not spend beyond what you’re willing to gamble. 

Study the crypto market

Unlike fiat which has a stable value, crypto is volatile which means that you have a chance to increase the value of the coins you’ve won by waiting for the perfect opportunity to exchange or liquify them. Wait until the price of your coin is high before trading away!

Look for high RTP games

Online casinos have plenty of games that have high RTP percentages. You should look for these games since they can present you with a high possibility of winning back your wager if not more.

Words by: Ana Gabrielle Gundran


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The Pro punter’s guide to gambling with Bitcoin