Bitcoin Gambling: A Comprehensive Guide

Don’t miss out on a better way of gambling!

The world of gambling is changing. Forget smoky backrooms and shady characters — the future of betting is digital, decentralized, and powered by Bitcoin. 

But before you dive headfirst into this exciting new frontier, you need a roadmap. Consider this your guide to navigating the landscape of Bitcoin gambling.

The best part? It’s the same for any cryptocurrency, so you can start with your favourite!

We have recently explained the inner-works of Crypto Casinos that are taking the world by the storm. Not only due to an ease of gaming, but also due to the safety, fairness, and other perks that you won’t find in the traditional casinos.

Crypto Casinos 101
What They Are, How They Work, and Why They Matter?

Why Bitcoin? Why Now?

Let’s be honest, traditional casinos are dinosaurs. Slow transactions, hefty fees, and a lack of transparency are just the tip of the iceberg. 

Bitcoin, or any cryptocurrency in this matter, on the other hand, offers a refreshing alternative. It’s fast, secure, and anonymous, putting you in control of your funds and your gaming experience. Web3 incarnated.

Think of it like this: you’re cutting out the middleman and taking ownership of your bets. No more waiting days for withdrawals or worrying about hidden charges. With Bitcoin, you’re playing on your terms.

Not only that, but crypto casinos offer you the safety of blockchain, which means that the bets are fair, and everything is trackable.

What is Bitcoin Gambling?

Think of Bitcoin gambling as your regular online casino, but with a twist. Instead of using traditional money (like dollars or euros), you use Bitcoin — a digital currency that’s secure, fast, and increasingly popular. You can play all sorts of games, from slots and poker to sports betting and lotteries. 

It’s like stepping into the future of gaming!

Also, no crypto? No problem! In FuturePlay we allow you to use the FIAT currencies to purchase crypto on their site.

Fiat money is a type of currency that is not backed by a precious metal, such as gold or silver, or backed by any other tangible asset or commodity. Like USD, EUR, GBP, and more

How Does it Work? A Step-by-Step Guide

1. Find a Trustworthy Platform: The first step is to find a reliable Bitcoin gambling site. Think of it like choosing a good online store. You want one with a solid reputation, clear rules, and excellent customer service. Do your research, read reviews, and make sure the platform is licensed and regulated. But don’t stop on the most popular ones! New, and better crypto casinos are showing up! You can find them on social media platforms and join their communities through platforms such as twitch, discord, Instagram, and more!
2. Get a Bitcoin Wallet: A Bitcoin wallet is like a digital piggy bank for your Bitcoin. There are different types of wallets, so choose one that’s easy for you to use and keeps your Bitcoin safe. Some popular options include hardware wallets (physical devices), software wallets (apps on your computer or phone), and online wallets (accessed through a website).
   We personally recommend MetaMask, Coinbase, or Solflare.
3. Acquire Some Bitcoin: If you don’t already own Bitcoin, you’ll need to get some. You can do this through a cryptocurrency exchange, which is like a digital currency marketplace (such as coinbase). You can buy Bitcoin using your regular currency (like dollars or euros) or even trade other cryptocurrencies for it. As mentioned before, some of the crypto casinos (like FuturePlay!) allow you to exchange with them, so they will deal with all of the trouble of an exchange for you.
4. Deposit Your Bitcoin: Once you have Bitcoin in your wallet, you can deposit it into your gambling account. It’s as simple as sending Bitcoin from your wallet to the unique address provided by the gambling platform. If you made the purchase through the gaming portal — that is already done for you.
5. Play and Have Fun! Now comes the exciting part — choosing your games and placing your bets! Explore the vast selection of games available, from classic slots and table games to live dealer games and sports betting.
6. Cash Out Your Winnings: If luck is on your side and you win, you can withdraw your Bitcoin back to your wallet. The process is usually quick and straightforward, allowing you to enjoy your winnings in no time. Unlike in traditional casinos.

The Advantages of Bitcoin Gambling

Bitcoin gambling offers several unique benefits that set it apart from traditional online gambling. Some of them are putting the traditional gambling to shame. Especially the safety and fairness features.

• Enhanced Privacy: Bitcoin transactions are pseudonymous, meaning they are not directly linked to your personal information. This allows you to gamble with a greater degree of privacy.
• Fast Transactions: Bitcoin transactions are typically processed much faster than traditional bank transfers or credit card payments. This means you can deposit and withdraw your funds quickly and efficiently.
• Lower Fees: Bitcoin transactions often come with lower fees than traditional payment methods. This can save you money in the long run, allowing you to keep more of your winnings.
• Global Accessibility: Bitcoin is a borderless currency, meaning you can gamble from anywhere in the world as long as you have an internet connection. This opens up a world of possibilities for players in regions with limited gambling options.
• Provably Fair Gaming: Many Bitcoin gambling platforms utilize “provably fair” technology, which allows you to verify the fairness of each game outcome. This transparency ensures that the games are not rigged and that you have a fair chance of winning.

Is It Legal to Gamble Online with Bitcoin?

Let’s face it, the world of online gambling can be a bit of a wild west. With Bitcoin adding another layer of complexity, it’s natural to wonder: is it even legal to gamble online with this digital currency?

The truth is, the rules of the game change depending on where you’re playing. Just like crossing an international border, the legal landscape shifts from country to country.

Why Does It Matter? The Importance of Playing by the Rules

For the platforms hosting these Bitcoin games, playing by the rules is crucial. It’s not just about staying out of trouble; it’s about building trust with players like you. When a site is transparent about its compliance with regulations, it creates a safer and fairer environment for everyone.

Think of it like this: when you know the rules of the game, you can play with confidence. You know what to expect, and you can focus on enjoying the experience without worrying about hidden surprises.

Pay Attention to RTP!

What’s RTP?

Percentage return to player (% RTP) is the expected percentage of wagers that a specific game will return to the player in the long run. The % RTP can be calculated via either a theoretical or simulated approach with the method used depending on the game type.

Percentage Return To Player (%RTP) can be thought of as part of the money paid to play the machine that is then given back to the player as prizes.

The %RTP is an average achieved over a significant number of game plays and not each time the gaming machine is played.

Average %RTP is generally measured over 10,000 or 100,000 games for compensated machines and more games than this for random machines, depending on their category.

Example?

If a gaming machine displays an 85% RTP, you should not expect to win an average of 85 pence for every $1 you stake during a playing session.

Bonuses of Crypto Casinos and Metaverse

But playing with cryptocurrencies is not the only thing that should get you interested in the topic. Crypto casinos exceed the traditional systems with bonuses, cashbacks, and other possibilities that normal casinos can only dream of. 

FuturePlay’s NFT collection — Artifacts, allows players to take part in special tournaments, get cashback by the NFT family, and more! 

Getting a 220% of an initial deposit sounds good? Great! you won’t get it in any normal casino, but in crypto ones.

Paying attention to your favourite gambling sites and their offers usually pays back. But if you want to get the most out of them — joining their communities may be the next best thing. Promos, giveaways, and community tournaments are a popular way of entertainment and boosting the winnings. 

Potential Risks and Considerations

While Bitcoin gambling offers many advantages, it’s important to be aware of the potential risks and considerations. 

• Volatility: The price of Bitcoin change a lot, meaning it can fluctuate significantly in value. This can affect the value of your gambling funds and potential winnings. It’s important to be mindful of this and manage your risk accordingly. Or withdraw at the “just right” times. This one can go both ways.
• Security: While Bitcoin itself is secure, it’s crucial to choose a reputable and trustworthy Bitcoin gambling platform that employs robust security measures to protect your funds and personal information. Blockchain obviously helps in that.
• Regulation: The regulatory landscape surrounding Bitcoin gambling is still evolving. And obviously different in almost every country. It’s essential to be aware of the laws and regulations in your jurisdiction before you start gambling. Usually, a good gambling platform will force those regulations on you based on the location you are playing from. It is still important to know how things should look like.
• Responsible Gambling: As with any form of gambling, it’s crucial to gamble responsibly. Set limits, take breaks, and never gamble more than you can afford to lose. If you feel like you’re developing a gambling problem, seek help immediately.

Tips for a Safe and Enjoyable Bitcoin Gambling Experience

• Do Your Research: Before you start gambling, take the time to research different Bitcoin gambling platforms and choose one that is reputable, licensed, and has a good track record. If you are new to the world of crypto and gambling — find some games that you will understand and feel comfortable with.
• Secure Your Bitcoin Wallet: Use a strong password and enable two-factor authentication to protect your Bitcoin wallet from unauthorised access. Remember to save your passwords and key phrases — once lost — it’s over.
• Manage Your Bankroll: Set a budget for your gambling activities and stick to it. Don’t chase losses, and never gamble with money you can’t afford to lose.
• Understand the Games: Familiarise yourself with the rules and strategies of the games you want to play. This will increase your chances of making informed decisions and potential wins! Some of the games have an autospin, or automatic setups to make your life easier. But those are not always the best ways to go.
• Take Advantage of Bonuses and Promotions: Many Bitcoin gambling platforms offer bonuses and promotions to attract new players and reward loyal customers. Take advantage of these offers to maximise your gambling experience and wins!

Gamble Responsibly: Remember that gambling should be fun, not a way to make money. Set limits, take breaks, and seek help if you feel like your gambling habits are becoming problematic.

Conclusion

Bitcoin gambling is an exciting and rapidly evolving space that offers a unique blend of traditional casino gaming and cutting-edge technology. With its focus on privacy, speed, fairness, and accessibility, it’s no wonder that more and more people are embracing this new form of online wagering.

By understanding the basics of Bitcoin gambling, being aware of the potential risks, and following the tips outlined in this guide, you can navigate this exciting world with confidence and enjoy a safe and rewarding experience. Remember, the key is to gamble responsibly, have fun, and always prioritise your well-being.

Disclaimer:

Gambling involves risk, and you may lose money. This article is intended for informational purposes only and should not be construed as financial or legal advice. Always gamble responsibly and within your means.

Join the revolution on FuturePlay!