Factors When Gambling with Bitcoin
Online gambling has gained an impressive following over the years. With research suggesting that over half of Britain’s population take part in some form of gambling, it’s no surprise that companies are looking for ways to stand out amongst the crowd.
Bitcoin, the world’s largest cryptocurrency, has had a big impact on the gambling industry recently with an emergence on Bitcoin online gambling sites. Having increased in value by $500 in just one month, Bitcoin appears to be on the rise again, with many interested consumers getting in early in hope of another spike.
So, with this growing interest and the world of online gambling not showing any signs of slowing down, more and more people are switching to Bitcoin gambling sites to earn some money. But, as with all forms of gambling, there are some risks. Read on for the most important factors to consider before gambling with Bitcoin…
Choosing a gambling site
The most important thing to consider before handing over your hard-earned cash to a gambling site is whether the site is safe, legit and licenced. Checking Bitcoin casino reviews before signing up is a great way to avoid a hidden scam and losing money. However, look for legitimate reviews from a reputable website, rather than personal reviews as these can be misleading. Those who lose a bet, for instance, are more likely to leave a negative review even if their experience was great on the actual site.
Understanding the currency
Before you can even begin to think about gambling with Bitcoin, you must first have a basic understanding of how the currency works. Using Bitcoin as a form of payment is much different to traditional bank transfers. For instance, the site may have different withdrawal policies, preventing you from leaving with a certain amount of money. Others may automatically convert your Bitcoin into dollars before depositing it into your account. It’s important to properly assess the site and understand what you’re gambling before you start.
Chances of winning
Just like traditional, on-land gambling premises, online gambling games must be ‘provably fair’. Put simply, that means that there is a chance of winning and losing, with the chance of winning not being overly slim. However, not all Bitcoin casinos have to follow these rules. If they don’t need to prove that their games are fair, you could be literally throwing your money away. Check the site’s procedures and read reviews, looking for an extraordinary amount of losses, before joining a game.
Any offers or bonuses
Most online casinos offer limited time offers or bonuses, whether it’s a free play for newbies or every 20th game free. These promotional schemes are used to attract players. As the market grows increasingly competitive, these promotions start to become more frequent as they vie for customers with competitors.
Some Bitcoin offers can turn out to be lucrative. If, for instance, you win a bonus for one free Bitcoin, which at the time may be worth £3000, in a year or two, the value of your coin could have tripled. Be on the lookout for great offers and bonuses, bearing in mind that the value of a Bitcoin is not fixed and is fluctuating by huge amounts rapidly.
Playing to win
Whether you’re a gambling newbie or a Bitcoin fanatic, Bitcoin casinos can be a highly lucrative option for those with the right skills. Test the water first, playing with small amounts until you feel confident to start making more money. Take your time, play it safe and good luck!