Bitcoin Forum

Bitcoin betting is becoming hotter and hotter everyday.

Advice and Introduction

Firstly, this is important: do not bet more than you can afford to lose. Many idiots have lost their so called "life savings" of Bitcoins because they were... well, idiots. If you cannot afford to lose what you want to bet, don't bet it! I cannot stress this more. Betting is not a "way to make money" or a "get rich quick" scheme. It is for those lying on mountains of Bitcoins who want to see if they can get more. In fact, gambling is only such a hype because human beings are greedy.

I approve of it, though, but only if self-control is used. Please understand that whatever other people have told you, betting or gambling is not a sure way to make money. You may already know that it's not a sure way to make money, but make sure that you take that into comprehension when deciding if you want to get into it.

Terminology

"House edge":

A purely luck-reliant betting system runs with a house edge of 0%. This means that at 50% chance of winning, you might get 2x. At 100% of winning, you get 1x. However, a system without a house edge makes no money, so almost every company/individual/website has a house edge. Primedice.com (https://primedice.com/)'s house edge is 0.5%, a very good rate. Most gambling sites have a house edge of 1%, so Primedice (https://primedice.com/) is different and a bit better.

"Automated betting":

Normally you have to click a button or something to bet, right? Automated betting makes bets at around 2-5 bets per second, automatically. Once you start it, it keeps betting until you stop it. Good for lazy people like me. This can be both good and bad: if you use a good strategy, this usually gets the ball going good. If you don't, well... you lose money faster.

If you have terminology you don't understand, please make a post. You will not only be helping yourself, but also other people!

Strategies

Martingale:

I've gotten 20x profit on this strategy before, and the most I ever lost was 0.01 BTC.

How this strategy works is that you start out with a small bet and every time you lose, you increase the bet by 100% - you bet twice as much. If you win, you bet the base amount. So:

Base bet: 0.01 BTC
On lose: Increase bet by 100%
On win: Revert to base bet

Hypothetically with 0% house edge:

Bet 1: Win 0.01 BTC
Bet 2: Lose 0.01 BTC
Bet 3: Win 0.02 BTC
Bet 4: Lose 0.01 BTC

I recommend using this strategy with a 51% chance of winning.

On Primedice.com (https://primedice.com/), this strategy turned 0.000006 into 0.00002319 in 8 minutes flat.

Guide

This guide is for real betting newbs. If you already gamble with Bitcoin, this part isn't for you.

1) Sign up at Primedice.com (https://primedice.com/). To do this, simply visit Primedice.com (https://primedice.com/) and enter a username on the front page. Once you do so, simply set a password in the account tab.

2) Claim the faucet. This is the tab way at the bottom that features a Bitcoin icon. Click on the tab and enter the captcha to receive a small amount to play with, free.

3) Click on the rocket-icon tab. This will open Automated Betting. Click WIN CHANCE and type in 51. Also click BASE BET and set it to 0.0000001. Scroll down and check "Increase bet by..." at ON LOSE and set it to 100%.

4) Click "Roll Dice". Sit back and watch the magic happen.

Extra Information

Since you're reading this far, gonna tell you again, do not bet more than you can lose.

I've said my peace, go have fun!

OP can't into probability.

Well, if betting goes on for infinity, you will always, always lose on anything with a house edge. If you want stats, I can always pick up a calc and do some finger exercises.

Btw, I got a shirt that says your personal message. :D

I don't think PD has a house edge of 0.5%. It was 1% but is now at 0.91% after introducing the jackpot feature in PD3.