Bitcoin
Posted in Guides, Industry February 26, 2017

Understanding the Rules and Benefits of Bitcoin Gambling Online

Online casinos revolutionized the gambling industry by making it possible for millions of people to enjoy what only few were privy to. However, there is an inherent risk to online gambling that mostly has to do with financial transactions. Bitcoin casinos neatly solve this problem, offering the player a much higher level of security. However, to enjoy this form of gambling thoroughly, you should play at a truly reliable casino operator, like BitStarz Casino.

Recommended read: Wikipedia community on Bitcoin.

Pros and Cons of Bitcoin Gambling

If you have doubts about creating a Bitcoin wallet and gambling using this particular kind of currency, you should take a look at both advantages and disadvantages of this choice. Analyzing them would allow you to determine whether Bitcoin casinos are right for you.

Pros:

  • Bitcoin transactions can be perfectly anonymous, which is essential for many gamblers who want to keep this part of their lives private
  • Low fees. Due to the nature of Bitcoin transactions, you won’t have to pay large third-party fees, so this type of gambling is cheaper by default
  • No limits. There are no limitations to the amount of Bitcoins you can transfer. As Bitcoins aren’t currency-specific, using them also allows you to play at some casinos that have currency restrictions
  • Any type of Bitcoin transaction (deposit or withdrawal) is extremely fast, regardless of the location

Cons:

  • Bitcoin prices can vary greatly, so you have to keep an eye on the value of your currency all the time to make the most profit from your winnings
  • Risk of hacking. This risk is always present in online financial transactions. However, in this case, only your Bitcoin wallet would be compromised

Bitcoin Gambling: Understanding Provability

There is a very important concept introduced by Bitcoin gambling portals that is very important for verifying the reliability of the casino. It’s called ‘provability’ and in essence, it means that the player can personally check the workings of the game to prove that they are completely fair.

It’s essential to test the games this way in order to be sure that the casino you are about to start using can be trusted. BitStarz Casino, a reputed Bitcoin casino, offers a detailed breakdown of the provability testing that you can use to understand the concept and verify the games.

Obtaining solid proof that the games are fair is essential for avoiding Bitcoin scams that are growing more common along with the rising popularity of this gambling type. You also should study the reviews of the portal on independent sources in order to make sure that the website can be trusted. Remember that although Bitcoin gambling’s main advantage is security, it would only be safe if you use a reliable wallet and play on a trustworthy portal.

When choosing the wallet, be sure to check whether the Bitcoin casino you are interested in accepts the particular type of wallet you want to use. In some cases, online portals may not accept shared wallets. You also need to verify beforehand if the wallet provider allows using it for online gambling.

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How to Win When Gambling with Bitcoins

In essence, Bitcoin gambling is identical to regular gambling. Bitcoin casinos offer the same games, such as slots, Baccarat, Blackjack, poker, etc. They also have the very same rules, so similar playing and betting strategies apply.

The main differences between these two types of gambling is bonuses. Please note that the offers for Bitcoins may seem less generous than those for regular currency. However, when you take into account differences in transaction rates and times, you’ll see that Bitcoins still have an advantage.

When playing Bitcoin slots, you should stick to the games that offer progressive jackpots and the best odds. If your ultimate goal is to win, you should choose your game based on odds and payouts, not the graphics and bonus offers.

In case you prefer playing roulette (read our complete guide on how to win at roulette), baccarat (read our complete guide on how to win at baccarat), blackjack (read our complete guide on how to win at blackjack), or other traditional casino games, you should be wary of progressive betting strategies. These should be used only by experienced players who can manage their bankroll really well. Due to the volatility of Bitcoin values, betting strategies such as the Martingale system may turn out not to be very profitable even if you win. Therefore, it’s usually safer to stick to betting the same amount.

Why Choose Bitcoin Gambling at BitStarz Casino

As the popularity of Bitcoin gambling grows, so does the number of people who are trying to take advantage of inexperienced players. To avoid them one must be sure that the portal they choose is 100% trustworthy. BitStarz Casino definitely fits the bill as it has been around for long enough to prove its stability and reliability. The website offers every imaginable Bitcoin security measure as well as a collection of games from reputed providers. The main advantage of this particular portal is extremely fast payouts. Please bear in mind that long payouts are usually a sign of a probable Bitcoin scam. Stay away from those.

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Bitcoin, Bitcoin Casinos, Bitcoin Gambling, BitStarz Casino, Educational, Online Casinos

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