Bitcoin Betting Beginner’s Guide

[nitrobetting]

Some players, you might be one, are hesitant to play with bitcoin. Even if they understand what bitcoin is and why they should consider making wagers via BTC, they don’t understand enough about it to take the plunge.

Because of misunderstandings regarding bitcoin betting, we decided to come up with this handy guide that, hopefully, puts your bitcoin betting fears to rest.

A Closer Look on How to Gamble with BitcoinUnderstanding the difference between BTC and mBTC

You don’t bet in BTC. The price of a single bitcoin on May 11, 2023 was around $26,900. Instead, you bet in mBTC.

An mBTC is 1/1000th of a BTC. So a single mBTC on May 11, 2023, was $26.90. It’s important to understand this before moving to the guide.

Create a crypto send and receive account on Coinbase or some other facilitator

You must create an account with a company like Coinbase for you to store your crypto. Consider creating a Coinbase or CashApp account because those two are most friendly to bitcoin novices.

Once you create your Coinbase, or other account, you will see that you can trade a multitude of cryptos. You can go as far down the rabbit hole as you’d like. For our purposes we’re going to stick with BTC.

Add BTC to your send/receive crypto account

Companies like Coinbase allow you to purchase bitcoin with a debit card. Purchase as much bitcoin as you’d like.

One thing to remember is that most organizations like Coinbase will require you to verify your identity. Even then, they may place a hold on your BTC purchase. So it’s best to create your send/receive crypto account well before you plan on gambling.

Keep reading→ https://n2g.io/184fafb

[1715010801]

1715010801

[Yatsan]

The market price won't increase in an instant, it's that simple. If you are betting using Bitcoin, then your $500 worth of btc and you happened to lose that amount, it won't be woth $800 in a single day. Also, if you are having hesitation or doubts of using it as a mode of payment then choose the alternative, and if you still do, then just focus on investing. It simply means that gambling is not for you and it won't do you any good if you will push yourself just because of the idea of earning profit 'coz there are many ways to do so. Gambling has its own risk other than in this industry alone so be sure to manage it well.

[Casdinyard]

The market price won't increase in an instant, it's that simple. If you are betting using Bitcoin, then your $500 worth of btc and you happened to lose that amount, it won't be woth $800 in a single day. Also, if you are having hesitation or doubts of using it as a mode of payment then choose the alternative, and if you still do, then just focus on investing. It simply means that gambling is not for you and it won't do you any good if you will push yourself just because of the idea of earning profit 'coz there are many ways to do so. Gambling has its own risk other than in this industry alone so be sure to manage it well.

While I'm not against the idea of using bitcoin for wagers on bets and all that, I stand by your argument. Most people here see gambling as their way into the profit earning sector of the industry not knowing that they are actually looking for investing instead. But whatever, I see this post as nothing but a way for these people to advertise their site, read the article and it's just nothing but useless information about how bitcoins are mined and transacted upon which every year 2 bitcoin user already knows.

What people fail to consider is for one, your argument which is the fact that just because bitcoin is volatile, doesn't necessarily mean that it's going to jump between hundreds of dollars in mere days, especially if you didn't invest that much anyway. Another would be the notion that people are afraid of using bitcoin because they don't want to lose profits, which is simply untrue. While a good percentage of people who holds bitcoin think that way, the majority just sees better alternatives and cryptocurrencies to use for gambling instead of bitcoin.

[ryzaadit]

Most of casino are using "crypto" only for the transaction.

Even if you are betting or wagering with "BITCOIN" most the time the bet we are made are based "USD". They converted automatically to the bitcoin, and for the set up amount & everything is using "USD".

You don't need to worry at all, even a non-crypto user are easily to betting because casino have a system who converted the deposit user made with crypto to "USD" for the balance.

[wheelz1200]

This really isn't an all encompassing guide to using crypto in gambling.  Trying to tell someone how to buy then how to use crypto in a couple paragraphs isn't going to do it.  If you don't know how to get butcoin that should be handled on its own entirely "how to" page.  Then once you have it and know how to send and receive a guide on crypto gambling might need an extensive "how to" behind that as well.  In short if you don't know how to even source bitcoin you aren't close yet to gambling with crypto.  Take your time.

[Wexnident]

~

This ain't even about betting itself, it's just a basic idea on how Bitcoin can be split up into smaller parts for better metrics in terms of price. This is kind of outdated though with how casinos usually convert whatever crypto you have to its USD/Local Fiat currency, so this knowledge isn't really a necessity for the most part, unless ofc you're stuck with a casino like that.

And to add, I don't think this is even a fear really? I mean most (if not all) casinos don't require you to bet a minimum of "1" BTC, they'd go out of business real quick if so. Not to mention that I don't think most people even put that much in their gambling accounts.

[Jating]

I'm not really sure why you keep on mentioning Coinbase, but I will still stick on a wallet like Electrum.

Maybe if you wanted to exchange your bitcoin to fiat, yeah Coinbase could be helpful, but for those who loves self custody then look for other wallet. But I will admit that in the beginning I was confused with mBit as unit  to bet.

But in any case, and for sure majority of us here might have encounter that confusion early on.

[ralle14]

One thing to remember is that most organizations like Coinbase will require you to verify your identity. Even then, they may place a hold on your BTC purchase. So it’s best to create your send/receive crypto account well before you plan on gambling.

This is one of the bad parts when buying BTC on Coinbase and other exchanges, they could lock your BTC for a week due to security reasons, so it's best to look for a different option that won't let you wait for days like p2p and instant exchanges.

One more thing to include there is using a non-custodial wallet to avoid the risk of losing your exchange account because some exchanges will lock your account if they catch you receiving and sending coins directly from the casino.

[cryptomaniac_xxx]

If they are going to require KYC then it's better to look for ways to deposit on any crypto based gambling platform not exposing your identify to exchanges like Coinbase in my opinion.

Well you can simply buy or exchange here in this community if you wanted to be anonymous and put in your own wallet with private keys.

And that's where you deposit it to crypto based gambling and do the same when you want to withdraw without a need of 3rd party.

[Darker45]

I don't think those who really understand Bitcoin and are gamblers are hesitant to bet with Bitcoin simply because "they don’t understand enough about it to take the plunge."

It is very basic knowledge to know how to buy and transact with Bitcoin. So if you understand Bitcoin, you know that. And if you know these things, you can easily wager with Bitcoin.

Bitcoin betting is actually much easier to understand than Bitcoin itself. Perhaps some choose not to gamble with Bitcoin for other reasons such as high transaction fee or that they prefer to keep their Bitcoin.

[tusandii]

One thing to remember is that most organizations like Coinbase will require you to verify your identity. Even then, they may place a hold on your BTC purchase. So it’s best to create your send/receive crypto account well before you plan on gambling.

This is one of the bad parts when buying BTC on Coinbase and other exchanges, they could lock your BTC for a week due to security reasons, so it's best to look for a different option that won't let you wait for days like p2p and instant exchanges.

One more thing to include there is using a non-custodial wallet to avoid the risk of losing your exchange account because some exchanges will lock your account if they catch you receiving and sending coins directly from the casino.

When I want to deposit some money in crypto to a gambling site, I have never even used Coinbase because some people have given suggestions to avoid it so I can get a faster and instant transaction process.
This is not the first time I've seen some people complain a little when using services from Coinbase.
I myself always choose to use P2P as you said because it can be processed in no more than 2 minutes, besides that I also don't have to worry about delays in tokens being purchased.

[Sim_card]

Coinbase isn't a good option to use for exchange, you can use p2p for easy and less stress. Why must one convert to MBC first before transferring to your gamble wallet,casinos have made it easy and you can use USD to convert to any crptocurrency that the casino you are gambling in is using. Refunding your gambling wallet is as easy as anything and you don't need all that you stated in your thread. Remember that bitcoin is volatile and nobody knows when the price will dump or pump. If I want to gamble and the casino only uses bitcoin then am cool with it.

[Dave1]

I totally agree with the mBTC and BTC confusion in the beginning.

But I will echo the sentiments of the posters here as the OP has given Coinbase as an example. We all know that it is centralized exchange, so it could ask for KYC if you decided to buy on their platform or at least your info going to be exposed to them.

There could be other ways, like P2P that might be good for gamblers, in my opinion.

[sunsilk]

You don’t bet in BTC. [..] Instead, you bet in mBTC.

I don't see the difference whether you use the term mBTC or BTC, it's just both. mBTC is a unit of Bitcoin in a smaller amounts thus, it's still Bitcoin.

That's why wherever you're used to these terms and you're using either of the two, it doesn't really matter at all. As long as you know what you're betting and what you're playing and the amount you're betting is affordable to lose.

It is all that matters to most of the gamblers. This seems to be a big issue for some but in reality, no biggie.

[Cantsay]

~~~

What if the main reason that made the user start using Bitcoin in the first place was to secure his identity? Using Coinbase would be a bad option for him or her.
And besides you made mention of storing bitcoin with coinbase, no matter the reason why bitcoin was purchased you should make sure you store them with a good wallet and I won't consider coinbase to be a good fit,  wallet like electrum should be to use.

Now let's talk about BTC and mBTC, during bets we will be using the USD equivalent so what's the need of differentiating them? If I use 1mBTC or 0.001BTC they will sit be worth the same amount which is the most important thing for me. Although I get that most people can't differentiate between both of them and this has done justice to it.

[maydna]

I totally agree with the mBTC and BTC confusion in the beginning.

But I will echo the sentiments of the posters here as the OP has given Coinbase as an example. We all know that it is centralized exchange, so it could ask for KYC if you decided to buy on their platform or at least your info going to be exposed to them.

There could be other ways, like P2P that might be good for gamblers, in my opinion.

Perhaps he just needs to buy coins that will not be used for gambling on Coinbase and then send them to another wallet that provides exchange within the wallet, like Trust Wallet or some other multi-coin wallet. He can exchange the coins he buys from Coinbase once they arrive in the wallet for other coins he will use for gambling. After that, he can send it to his gambling account. Indeed, this method is a little confusing for beginners, but it can avoid suspicion from centralized exchanges if they find us sending coins that we buy from their exchange and send them to the casino.

[Gyfts]

I totally agree with the mBTC and BTC confusion in the beginning.

But I will echo the sentiments of the posters here as the OP has given Coinbase as an example. We all know that it is centralized exchange, so it could ask for KYC if you decided to buy on their platform or at least your info going to be exposed to them.

There could be other ways, like P2P that might be good for gamblers, in my opinion.

Perhaps he just needs to buy coins that will not be used for gambling on Coinbase and then send them to another wallet that provides exchange within the wallet, like Trust Wallet or some other multi-coin wallet. He can exchange the coins he buys from Coinbase once they arrive in the wallet for other coins he will use for gambling. After that, he can send it to his gambling account. Indeed, this method is a little confusing for beginners, but it can avoid suspicion from centralized exchanges if they find us sending coins that we buy from their exchange and send them to the casino.

Cashapp does the same thing. They will ban accounts that send directly to crypto casinos. I haven't used any of these platforms in ages, but they won't just KYC you. They'll lock your account and give you a short time frame to withdraw any funds.

If you're gambling using an exchange, always send to an intermediate wallet and then deposit. It may take a while, but eventually your accounts on these exchanges will get shutdown if not.

Plus, sending out of exchanges might incur some delays in the transaction being created. The deposit address might expire creating unnecessary complications.

[Oilacris]

~~~

What if the main reason that made the user start using Bitcoin in the first place was to secure his identity? Using Coinbase would be a bad option for him or her.
And besides you made mention of storing bitcoin with coinbase, no matter the reason why bitcoin was purchased you should make sure you store them with a good wallet and I won't consider coinbase to be a good fit,  wallet like electrum should be to use.

Now let's talk about BTC and mBTC, during bets we will be using the USD equivalent so what's the need of differentiating them? If I use 1mBTC or 0.001BTC they will sit be worth the same amount which is the most important thing for me. Although I get that most people can't differentiate between both of them and this has done justice to it.

There's really a significant difference when it comes to security basing up on non-custodial and custodial wallets on which it is true that storing your coins on Coinbase is not totally safe.
Buying up on any platforms something like this kind of set up would eventually be needing for you to have that KYC first which its the most common concept that we do have today.
I agree on some points above that p2p would be the best thing on which you cant really be able to make yourself that known or you would really be able to erase up your track
specially if you would really be doing gambling thing.

Usually most people would be preferring on seeing those decimal rather than on mBTC kind of term which it would really be having that kind of confusion
since i do believe that not all is really get used to this term.

[Igebotz]

.........
You don’t bet in BTC. The price of a single bitcoin on May 11, 2023 was around $26,900. Instead, you bet in mBTC.

An mBTC is 1/1000th of a BTC. So a single mBTC on May 11, 2023, was $26.90. It’s important to understand this before moving to the guide

I wouldn't recommend using a centralised exchange to store BTC, and secondly, most crypto casinos only accept mBTC, so any BTC deposits are automatically converted to mBTC, so you don't have to worry. Only a few old crypto casinos, such as stake (.)come, still use BTC rather than mBTC, so you must enter the fraction you want in USD before placing bets.

[maydna]

~snip~

Cashapp does the same thing. They will ban accounts that send directly to crypto casinos. I haven't used any of these platforms in ages, but they won't just KYC you. They'll lock your account and give you a short time frame to withdraw any funds.

If you're gambling using an exchange, always send to an intermediate wallet and then deposit. It may take a while, but eventually your accounts on these exchanges will get shutdown if not.

Plus, sending out of exchanges might incur some delays in the transaction being created. The deposit address might expire creating unnecessary complications.

It is better for us to anticipate using an intermediary wallet, not from an exchange, to avoid problems arising from our exchange account. In addition, we will also be safe in using the funds in the wallet because they are not stored on the exchange. Whenever we want to gamble, we always use an intermediary wallet which we can freely use for many casinos. And our exchange account will also be safe and will not be suspected of being used for gambling or other things because the exchange team is very alert to transactions that they think are suspicious or can violate the exchange rules.