Bitcoin

5 Great Tips for Bitcoin Casino Players

A Quintet of Bitcoin Tips for Casino Players

Cryptocurrency is increasingly popular and widely accepted at online betting sites. If you’ve been thinking of, or just started, using Bitcoin at online casinos here are a quintet of handy tips.

Find a Top Bitcoin Casino

Although Bitcoin is becoming more and more widespread as an online casino payment method, it’s far from ubiquitous in the way that debit/credit cards and certain e-wallets are. Fortunately, there are still a lot of great sites to visit, and you can find the best 10 Bitcoin casinos online at a popular portal, Top10casinos.com. These best Bitcoin online casinos not only accept the cryptocurrency but welcome players with introductory bonuses that range from free spins to deposit matching so that your initial playing funds can be doubled, or even more. 

Hundreds or even thousands of online slots await players, or you can keep it old school and opt for card games like blackjack and poker, and other table games such as roulette and craps. The anonymity and security of Bitcoin mean that players enjoy using it, and this is leading to increasing numbers of sites using it, so the range of betting sites for cryptocurrency users is only going to get larger as time goes by.

Cold Wallet Storage

There’s no shortage of potential tips for newcomers to Bitcoin, but one of the most important is to take advantage of cold wallet storage. Bitcoin is a secure system, but nothing is totally impervious to threats (on this note, if you have a lot locked up in cryptocurrency it can be as well to update your will accordingly to avoid it effectively vanishing should the worst happen).

Cold storage involves the digital wallet being stored in a way that is not connected to the internet, thereby safeguarding it against any potential hacking attempts. It can be as basic as a paper wallet (a printed document containing the public and private keys). Desktop wallets are not as secure but remain superior to an online wallet on the security front.

Exchange Rate and Cryptocurrency Volatility

Every currency in the world is subject to exchange rate variations. The pound rose up before the 2016 EU referendum polling day, then fell substantially afterward. Likewise, the eurozone went through turbulent times with the sovereign debt crisis, and the US dollar has recently been weakening against both of those currencies.

While cryptocurrency is inherently different from traditional types of money the value can still vary, and it can be significantly more volatile than pounds, euros, or dollars. This is a sizeable double-edged sword because it’s possible to play using Bitcoin, end up losing 20%, but still coming out ahead when you withdraw because the value has risen so much.

But the reverse is also true. You can finish ahead only to find upon withdrawal that the declining value of Bitcoin has wiped out the profits you’ve made and you actually end up with less money.

Players making use of Bitcoin should keep a sharp eye on the value of the cryptocurrency to avoid falling into this trap (or to take advantage if there’s a sudden spike you think won’t last). In this way, betting with Bitcoin can be a little riskier than with traditional cash but it does come with an upside chance as well.

Bitcoin Inflation and Halving

Unlike volatility, which cuts both ways, Bitcoin is substantially more predictable than most currencies when it comes to inflation. For long term casino bettors who plan on playing for years and even decades (or who have sidelines in long term bets such as political markets and all-time sports records), this can actually be pretty important. It’s also a general advantage of Bitcoin versus dollars, pounds, and euros, as inflation can easily eat up a currency’s value over the long term.

Because Bitcoin isn’t issued the same as a national currency, it is halved every four years or so, reducing the amount of Bitcoin rewarded for unlocking a block by half. This puts a hard cap on total Bitcoins of 21 million, estimated to be reached around 2140. It also means regular runaway inflation (or deflation) is very unlikely to occur, with a more steady rate, giving confidence for longer-term bets or for keeping funds in online accounts for prolonged periods.

Use a VPN

Being security conscious is important, as any financial system can be compromised if one is lax with critical information (passwords being top of the list. It’s ironic that one of the safest ways to store data like that is to just have a little black book next to your computer). In addition to choosing the right wallet type, whether paper, online, or otherwise, users of Bitcoin may wish to make use of  Virtual Private Network (VPN) usage permits people to obfuscate their IP address and encrypt transaction data, making interception more difficult and therefore less likely to succeed.

Choose Your Betting Style

A general piece of advice for bettors is to know their playing style. If you’re a safety-first, cautious type of bettor then making use of no deposit bonuses, minimizing stakes, and opting for high RTP slots and low house edge table games (basic versions of blackjack and roulette) is the way to go.

If you prefer to go jackpot hunting then focus on progressive jackpot slots that come with six, seven, or even eight-figure payouts. And always remember to cut your cloth according to your means and never bet more than you can afford to lose.

Cryptocurrency is becoming more accessible for bettors, but it does work a little bit differently from traditional currencies. We hope you found these tips useful, and wish you all the best with your betting.

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Guest Author

Crypto Journalist and Editor of guest articles in CoinPedia. Also, Outreach & Partnerships Manager. Contact me: Partner@coinpedia.org

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