The gambling crypto industry is developing at a fairly rapid pace. Bitcoin casino advertising is pouring from everywhere: movies, video streamers, articles, various banners, and alerts. Today, there are a huge number of sites and applications on the network, which is good on the one hand because expands the user’s choice of options, but bad on the other, because it significantly complicates searches. Besides, it isn’t clear on which site which games are available and how to start playing them. In order to help you figure it out, we decided to collect a small summary of rules about playing at bitcoin casinos.
At the start, in order to play at the BTC casino, you’ll have to buy Bitcoins. Some Bitcoin casino sites offer the option of buying and storing cryptocurrencies. But this opportunity is not available on all sites and their exchange rate is also not good, so let’s take a look at what other options you have to purchase digital gold.
Where to buy bitcoins?
To buy Bitcoins you’ll need to contact either the exchange or the stock exchange. The same as with crypto gambling sites, there are hundreds of cryptocurrency exchanges today, but not all are profitable and reliable. If you’ll compare prices for the same currency pair on different exchanges, you will see that the numbers vary significantly. This “difference” is called cryptocurrency arbitrage – a simple and fast way to make money on crypto. If you want to play at BTC casinos, this doesn’t mean that you cannot earn on Bitcoin itself.
But don’t forget the free cheese only in the mousetrap. You shouldn’t chase only the coefficients, you also need to take into account the safety and reliability of the exchange. Check the addresses of the site through which you are going to purchase cryptocurrency. Fraudsters create clones of sites of popular exchanges and crypto wallets in order to obtain user data such as login and password. If you enter your personal information there, criminals can gain access to your real account.
The main rule in this case: don’t evaluate the performance in an abstract way, it’s better to do it in a complex. The main criteria that you should pay attention to when choosing an exchange are:
- Trading volume;
- Commission size;
- Reviews of experienced traders.
Where you can store Bitcoins?
After buying a cryptocurrency, you will need to decide where to store your crypto. In general, all options can be divided into two subspecies, these are centralized and decentralized services.
Centralized services include crypto exchanges (Binance, Kraken, Coinbase, Bitfinex, Gemini, Huobi, etc.) and most web exchangers (Localbitcoins, Payeer, AdvCash, etc.). Their feature is that the service performs transactions on behalf of the crypto owners using their private keys.
Cons of storage on centralized services:
- 1. Somebody else will own your private keys
- 2. In theory, abuse by platform employees is possible.
- 3. There is a chance of hacking exchange servers (with access to all private keys) or fraud in online exchangers.
- 4. The interface of such services is rather overloaded and not always intuitive.
- 5. Such services exclude anonymity and may at any time request the user’s personal data.
Experts don’t recommend to use centralized services to store your crypto, as the risk of losing the asset is too high.
Decentralized serv ices
Decentralized services are websites on which the user independently carries out all operations with cryptocurrency, and his private key remains private. Most often, crypto wallets, such as Trustee Wallet, are decentralized services. However, among them, there are some exchanges (WavesDex, Bancor, JustSwap, Uniswap) that store not bitcoin, but its tokenized copy.
- Storing bitcoin without transferring keys and rights to the service;
- Independent control over assets;
- Anonymity: users are not identified and verified.
Crypto wallet is a software that provides access to data on the number of coins, transactions performed, and also makes it possible to manage them.
If for some reason access to the wallet is lost, it can be restored using a seed phrase, which consists of a sequence of 12 or 24 words, and it’s generated when the wallet is created. One of the Bitcoin verification rules says: keep your seed phrase on “paper”, far away from your devices and digital wallet, in a safe place, possibly in several copies. Don’t store it as a screenshot on your smartphone with the app.
Decentralized storage services for BTC also include Bitcoin casino sites. They have built-in cryptocurrency storage software that you can use. But we also don’t recommend storing big amounts of bitcoins at online gambling sites, since your assets will be excessively vulnerable.
Rules for choosing a bitcoin casino
After you decide where to buy and where to store Bitcoins, you will need to decide where to play. Both, beginners and experienced players face the problem of finding top bitcoin casino sites. On which indicators are better to focus, if advertising is tempting, but not always true, and the reviews of other people are subjective?
So, the first rule of searching for a bitcoin casino, if you see a flashy advertisement of any gambling site, don’t rush to register right away. Type in the name of this brand into the search and read the reviews carefully. Reviews should be not from affiliate sites (where articles are written in order to get links), but on specialized forums. Such forums include: Ask gamblers, Casino Guru, Casino.org
The second rule is to estimate the “lifetime” of a bitcoin casino. For example, a new site is being created, the owners may want to work honestly. But unable to withstand the competition and having low traffic, they switch to standard schemes: not pay out winnings. Therefore, better when the casino work for a long time and have a reputation.
If you are not lazy and follow these two rules, you can save a small chance of winning, otherwise, there is a huge risk of running into scammers and being left penniless.
Rules of use of bonuses in bitcoin casinos
Bonuses are an integral part of the game at any online gambling site and most players think that there is no rules bonus at a bitcoin casino. But using of free rewards is a delicate to many pitfalls. Let’s take a look at a couple of them.
Do I need to take free spins and deposit bonuses?
Most of the bitcoin casinos have free spins and deposit bonuses that are credited as a gift for various actions. How to deal with them?
Free spins are the bonus that makes possible to play several rounds in certain slots. You can get it for registration or making a deposit. Looks like a freebie, but it isn’t. To withdrawal winnings from free spins, it is imperative to wager a big number of bet (20-45 and more).
Wager is the sum of the player’s bets, after which he can withdraw money. Let’s look at some examples, for a better understanding of what is wrong with free spins and what is the problem with the wager.
1. The player made a deposit of 0.001 BTC and activated 20 free spins with a bet of 0.0002 BTC. in one spin. He started playing and won 0.1 BTC. The player has 0.101 BTC on his account, he tries to withdraw them, but receives a message that it is necessary to wager the winnings from free spins equal to x20 (By the way, this is very loyal, usually this figure is x30 or x40).
0.1 BTC multiplied by 20 we get 2 bitcoins. So, the player has 0.101 BTC on his account, and in order to withdraw them, he needs to place bets in particular slots for a total of 2 bitcoins.
2. The player made a deposit of 0.001 BTC, refused free spins, and started playing for his own. 0.1 BTC, and on the account, respectively, 0.101 bitcoin. There is no need to win back the wager, he calmly withdraws them to his account.
The essence of the deposit bonus is the next: the player deposits money into the account, and the casino gives him additional bonus money depending on the conditions (100, 150, 200, 300 percent on the deposit, etc.) The highest wagers and restrictions apply here. Let’s look for a couple of examples.
The player deposited 0.001 BTC and activated the deposit bonus. He was credited with an additional 0.002 BTC and his balance became 0.003 BTC. He wins 1 bitcoin and wants to withdraw them, but he isn’t able to do that. According to the rules, the player must wager the x30 bonus + deposit wager. We multiply 1 BTC by 30 and get 30 BTC. So, the player has to make bets on 30 bitcoins, and only then he will be able to withdraw money.
As you can see from the examples, by activating free spins and deposit bonuses, players reduce the already low chances for a withdrawal a winning. Therefore, the main rule of using bonuses in bitcoin casinos is: do not take free spins and deposit bonuses, this is just a trick of bitcoin casinos to squeeze money.
To summarize, let’s go through all the rules of playing in bitcoin casinos which we talking about:
- Don’t evaluate the performance of in an abstract way;
- Keep your seed phrase on “paper”, don’t store it as a screenshot on your smartphone with the app;
- If you see a flashy advertisement of any gambling site, don’t rush to register right away;
- While choosing the bitcoin casino don’t forget to consider how long has it been working;
- Don’t take free spins and deposit bonuses.