It’s said that Bitcoin is among the most polarizing inventions in recent years. But despite the ongoing debate on its feasibility as a type of currency, many businesses and industries are already accepting it. This includes the gambling industry, wherein you find casinos dedicated to bitcoin deposits and withdrawals. (1)
Bitcoin casinos have been around since 2012, and have so far infiltrated the gambling world. As of now, most online casinos accept several cryptocurrencies as a form of payment. If you play in such casinos, you’d want to know how to maximize your winnings. To help you out, below are five practical tips you can consider from the get-go:
Sign up with a trustworthy Bitcoin casino
Not every Bitcoin casino out there is worth your time and effort. Some are a pure scam, and you wouldn’t want to waste your hard-earned money on them. Thus, it’s in your best interest to learn how to differentiate scammers from genuine firms.
Here are some key traits of fraudsters:
- Disguised provisions in their terms and conditions
- Poor ratings and reviews by a significant number of gamblers
- Lack of a license from any of the mainstream gambling regulators
- A hostile customer service team
- Use of outdated technology on their website
- Shady owner
- Payouts delayed for very long (2)
Trustworthy bitcoin casinos are the exact opposite of the above. Essentially:
- Their terms and conditions are clear and transparent
- They have a commendable positive online reputation
- They’re licensed by renowned gambling authorities
- They’re friendly to gamers
- Their online sites are high-quality with adequate security measures
- They process payouts quickly, sometimes instantly
As an example, you can’t go wrong signing up with Stake.com as a bitcoin casino as they are a reputable sponsor for the UFC and EPL or other similarly reputable operators.
Play games with higher odds of winning
As much as all gamblers desire to win big, the house must always emerge profitable in the long run. For this reason, it’s advisable to concentrate on those games proven to have better odds. These include Blackjack, Poker, Craps, Penny Slots, and Roulette. (3)
You could also consider sports betting on Stake’s bitcoin sportsbook. It’s a form of gambling where the outcomes are chosen by the bettor when compared with casino games. Principally, sports betting gives you more control over your bets. You can analyze the strengths and weaknesses of the two teams playing and predict the outcome with a high level of certainty. This is unlike casino games, which are purely based on luck.
In addition to this, ensure that the bitcoin casino you sign up with has published its games’ source codes for any interested person to test them. This way, you’re confident that their games aren’t rigged in favor of the house.
Transact at the right times
Bitcoin is usually characterized by unrestrained volatility. One moment it’s soaring high into the skies, the other moment it’s plunging discouragingly. So, you must know how to work around this volatility. (4)
One trick is to restrain from withdrawing your winnings until the value of bitcoin is high enough. This means you walk home with more cash than you would have had you withdrawn when its value was lower. In this same sense, claim your bonuses when the market values are high. Another stratagem is to wager when bitcoin’s value is low. Doing so preserves your account balance while maximizing your profits.
Follow time-tested winning strategies
Although all casino games are structured on chance, some strategies might increase your chances of winning. For instance, when playing bitcoin blackjack, you’d want to pay close attention to rules such as:
- Never buying insurance
- Avoiding progressive strategies
- Keeping off from tables with continuous shuffling
- Limiting your bet size to a small percentage of your account
- Mastering the basic rules
- Knowing when to surrender
- Doubling your bet when your initial two cards bear a value of 11
- Splitting pairs of aces and 8’s
Other bitcoin casino games have their unique strategies, too. Make sure to learn and stick to them. If you’re fairly new to casino gambling, it’s advisable to play all games on demo mode until you prove that your strategy can bring you profits in the long term. Then, you can move on to gamble with real money. Also, make sure you always keep an eye on your cryptocurrencies, which is important when developing a betting habit.
Bitcoin casinos have the potential to generate generous winnings constantly. To ensure you reap maximum profits, start by choosing a dependable online casino site that accepts bitcoin payments.
Once you sign up with them, only play those games with the best odds, making sure to apply the correct strategies. And when it comes to withdrawing your winnings, wait until bitcoin is significantly up. Putting these tips into practice will help you make the most of bitcoin casinos.
- “The History of Bitcoin: A Complete Timeline of the Start of Web3”, Source: https://historycooperative.org/the-history-of-bitcoin/
- “Bitcoin casinos seem like scams ready to take your money, don’t they?”, Source: https://bmmagazine.co.uk/business/bitcoin-casinos-are-they-all-scams/
- “The Casino Games to Play If You Don’t Want to Lose All Your Money”, Source: https://www.rd.com/list/best-casino-games-to-play/
- “Bitcoin’s wild price moves stem from its design — you’ll need strong nerves to trade it”, Source: https://www.cnbc.com/2021/05/19/why-is-bitcoin-so-volatile.html