Online Bitcoin Casinos Tips For Beginners
Online bitcoin casinos have become extremely popular all across the globe in the past few years and have grown into a multibillion-dollar industry. Benefits like playing from the comfort of your home, many more games, and slots, and the higher payout ratios that Bitcoin and Litecoin gambling sites offer make online gambling a worthwhile means of entertainment while also allowing you to get the most bang for your buck..
If you are thinking of starting bitcoin gambling online, it might seem like a daunting task at first. Whether you’re a current user of Bitcoin and Litecoin who wants to play at an online Litecoin casino or someone who has never dealt with cryptocurrency before, these tips will help you win big money on Litecoin gambling sites.
UNDERSTANDING BITCOIN AND LITECOIN
Even if you are going to use cryptocurrencies like Bitcoin and Litecoin only for online gambling, it is important to understand what they are and how they work. Unlike traditional fiat currencies, Bitcoin comes with its own learning curve. It’s decentralized and unregulated which means that it isn’t governed by any country or issued by a central bank. Since it’s a digital currency, it is not something tangible or visible either. It relies completely on cryptography and algorithms.
Cryptocurrencies like Bitcoin and Litecoin are based on the blockchain technology which keeps information regarding every transaction transparent and secure. Tampering with a block (transaction) collapses the entire chain as a security measure. This revolutionary technology is being used in many other fields like health and insurance to protect the integrity of their information.
BUYING AND SELLING BITCOIN
If you don’t already own Bitcoin or Litecoin, you need to learn how to buy cryptocurrencies for online gambling. The most popular method of buying and selling Bitcoins is through Bitcoin exchanges. These online sites allow you to engage in peer-to-peer (P2P) transactions, which is pretty easy and can get you started in no time.
You can start by depositing your fiat money to the exchange and buy Bitcoin of an equivalent amount based on current market rates. If the exchange has an attached wallet, your Bitcoin purchases will show up there.
Having a basic grasp of how to use an exchange is foundation-level knowledge before you get involved in Bitcoin gambling online.
UNDERSTAND THE RISKS
Online gambling and owing Bitcoins come with some risks of their own. Major concerns surrounding online gambling include the safety of your personal information and financial details. Using Bitcoin as the primary mechanism minimizes this risk as it offers unmatchable anonymity and privacy.
Bitcoin is a very volatile currency; its value can change multiple times in a single day, and the changes can be huge as well. People are often concerned that its value will plummet below what they bought it for and they will lose their investment into Bitcoin.
The irreversible and uninsured nature of Bitcoin transactions are also a concern for some. If you make a transaction by accident or lose access to your Bitcoin account, you may lose your money.
Hence it is important to know about Bitcoin transactions to make safe transactions online.
USE A VPN
It is extremely important in today’s world to be security conscious. Any financial system can be compromised if someone is not very careful with critical information like passwords. A Virtual Private Network (VPN) allows you to hide your IP address and encrypt transaction data making it extremely difficult to intercept.
BONUS TERMS & CONDITIONS
The bonuses that online bitcoin casinos offer may come with a playthrough requirement. This means that you have to place a certain amount of wager or play a certain number of times before you can withdraw any money. A low playthrough or wagering requirement makes it more likely for you to withdraw before you run out of funds.
It is also important to make sure that there is no maximum amount that can be won from the bonus. Some games and slots do not have the option to play using bonus money, so be sure to read about it and enquire, if need be.
NEVER CHASE YOUR LOSSES
A computer algorithm known as Random Number Generator (RNG) determines the outcome of every game on online bitcoin casinos. This ensures that no outcome is affected by future or past results and every spin is totally new and independent.
The odds of hitting Red at the Roulette table are exactly the same in every spin and it doesn’t matter whether the last 2 or 7 spins were Black or not.
USE REPUTED BITCOIN GAMBLING SITES
To have a fun and safe Bitcoin gambling experience, it is important that you choose your preferred gambling site carefully. There is a real concern about the number of scam sites or untrustworthy gambling sites that are operational today. As a result of its unregulated and anonymous character, Bitcoin is often targeted by scammers as their chances of getting caught is lesser.
TRY PROVEN FAIR GAMING
Reputable sites use cryptographic algorithms like MD5 that protect data integrity. This hash function ensures that the games are based on pure chance and the results are completely random. What this means in practice is that the results of the games are generated before you start playing. Hence it doesn’t get affected by what the bet is and who the player is.
If you know how the algorithm works, you can be absolutely sure of the actions of the game. It’s a great option for anyone who is starting their journey of Bitcoin gambling. For every game, you can see the next result which has been encrypted via the MD5 hash algorithm which is verifiable at the player’s end.
SIGN UP FOR PROMOTIONS
Online casinos send free promotional offers through email from time to time, with free spins, bonuses, and so on. Some casinos even organize tournaments with big prizes and cash rewards.
CHOOSE YOUR BETTING STYLE
If you are a cautious type of bettor, then minimizing stakes, using no-deposit bonuses, and opting for low house edge table games like blackjack and roulette should be the way to go.
If you are more of a jackpot hunter, focussing on progressive jackpot slots that come with six or seven-figure payouts would be ideal. But it’s important to not bet more than you can afford to lose.
It is very important that you stick to playing with an amount that would not negatively impact your financials. It is also important to read up on the sites that you are planning to play on. Doing some vetting can save you the trouble and loss of money that comes with being scammed.
We hope that you found these tips useful and have a fun and rewarding gambling experience! If you wish to try your hand at one of the best online bitcoin casinos, you can play here.