The advent of cryptocurrency has opened many exciting new doors across multiple sectors including finance, investments, technology, and of course online gambling. Despite what you may think, this burgeoning decentralised currency and the technology that supports it is far from daunting and holds the potential for engaging entertainment and lucrative payouts.
To help you make an informed decision about crypto gambling and enter the market safely we have put together a beginner’s guide to how bitcoin casinos work. Join us as we explore the process of choosing the best casinos, navigating the world of blockchain-based deposits and withdrawals, and how to make the smartest game choices for your tastes and budget.
Pick the Best Bitcoin Casino
The first step in making smart Bitcoin gambling choices is choosing a safe and ethical casino site to register with. With a plethora of gambling sites available to choose from, we recommend considering the following important factors when choosing a top crypto casino:
- Look for a License: Even decentralised blockchain casinos should bear a gambling license. This means that they have been vetted by a regulator and are deemed to be a legitimate business. Holding a license means they are accountable to the regulator for payouts and fair business practices.
- Responsible Gambling: The best casinos are those who are concerned about player welfare. Bitcoin casinos that promote responsible gambling and offer tools to protect you are the sites you want to shortlist.
- The Gambler’s Choice: At GamblersPick, we pride ourselves on our authentic player-centric review ethos. If we or our player base recommend a specific crypto casino, it is worth your time to check them out for yourself as they could be just the site you’re looking for.
Once you have settled on a site, you then need to evaluate the entertainment on offer. A great place to start is on the ‘bonus and promotions’ page. Be sure to read through the terms and conditions of the bonus policy to cover the bases when it comes to wagering requirements, deposit requirements, and any limitations on gaming.
Buying Your First Bitcoin
With the question of where to play answered, you can now move to buying your first Bitcoin. You don’t need to be a Bitcoin miner to get your hands on the virtual currency, rather you can simply buy it online at an accredited Bitcoin exchange.
The benefit of using a popular exchange is that their processes and systems have been optimised over time to make it as simple as possible for new users to use their service. This ensures quick and easy account creation and access to the exchange without any complications. Two of the most respected international exchanges include Coinbase and Kraken.
Once you register an online wallet you can select how much you want to spend and just like that you now own your very first Bitcoin. The funds will be transferred to your blockchain wallet within minutes and you will be ready to gamble.
Money In, Money Out!
This is the easy part of Bitcoin gambling. Making payments and receiving withdrawals via a crypto wallet is a cinch.
When making a deposit, you will need to verify the payment with your private key code. Once entered, the funds will be immediately transferred to the casino. Withdrawals also take place at lightning pace. Because KYC is not needed in the decentralised marketspace, your cash-out could literally take minutes.
For the sake of safety when dealing with Bitcoin wallets:
- Never share your private key with anyone, as this would enable them to make payments from your wallet.
- Never lose your private key, as there is no other way to access your wallet or your Bitcoins without it.
Blockchain transfers are probably one of the safest ways to make payments on the internet. Once the transaction is registered on the blockchain, you are guaranteed that the deed is done.
Good Games Make for Good Times
Finally, you have registered your account and have deposited funds to play with. Next is deciding which casino games to play.
Simply put different games yield different results. If you are looking for less risky options with a low house edge, then we recommend that you play card games like Blackjack or 3 Card Poker. Even roulette can be low-risk if you stake on odds/evens, black/red, or outside bets.
If you prefer high-energy games that can be played for higher stakes, then Online Slots could be for you. Take a loot at the RTP% and game variance as finding the right balance can lead to great rewards.
For the player who wants a guarantee that each game outcome is fair, many Bitcoin casinos will offer you ‘Provably Fair’ games. These are games built on the Blockchain, just like Bitcoin itself, which allows you the ability to check the server outcome for yourself.
The Road to Rewards
Gambling at Bitcoin online casinos can be an entertaining and rewarding experience. Take a look at our recommended casinos to enjoy the advantages of anonymity, security and speedy transactions for yourself.