Bitcoin Betting Beginner’s Guide

[Webetcoins]

I didn't really understand the purpose of this post at all, I don't think that a person even if they are a newbie wouldn't know such basic things that they need a wallet that they will use for sending and receiving Bitcoins from their wallet to the casino platform, it is one of the most basic things a person learns to do when they start using cryptocurrencies, so they would probably know sending or receiving Bitcoins when they get into gambling too.

Also, a lot of people don't use Bitcoin for gambling these days because it is generally too volatile, though it is a bit stable these days but that isn't the case all the time, so people generally use stablecoins for gambling as it is also easier to keep track of your bankroll when you are using stablecoins.

[BitcoinPanther]

Most of the casino now adays convert the BTC funds to USDT or whatever the currency the player chooses during his gameplay.  Instead of betting in mBTC, it is quite easier to tract by betting in USD or EURO (as equivalent value of the BTC).   This is much easier for gambler to know how much they are winning or losing every time they wager.

.........
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.

I think it depends on the option the player is choosing whether their account is displayed in BTC or mBTC  other casino even displayed the fund in form of USD or EUR equivalent.

[justdimin]

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.

It's not about the wallet and exchange you use but it's about their terms. Some of them allow any types of transactions but in order to be sure, we must only read their TOS. Some exchange users send their funds directly to the gambling site in order to save fees but if they don't know that it's against on the exchange terms, they will suffer more than the small fees that they are trying to avoid.

In many gambling sites, they already have a built-in exchange. This feature is helpful and it's better to use it than a dedicated exchange site if your intention is to gamble right after you exchange your coin. There will still be fees on here but at least we can save time and effort.

[Jawhead999]

I didn't really understand the purpose of this post at all, I don't think that a person even if they are a newbie wouldn't know such basic things that they need a wallet that they will use for sending and receiving Bitcoins from their wallet to the casino platform, it is one of the most basic things a person learns to do when they start using cryptocurrencies, so they would probably know sending or receiving Bitcoins when they get into gambling too.

Also, a lot of people don't use Bitcoin for gambling these days because it is generally too volatile, though it is a bit stable these days but that isn't the case all the time, so people generally use stablecoins for gambling as it is also easier to keep track of your bankroll when you are using stablecoins.

The fact there are many people still don't know what is actually Bitcoin and how to use it, they only heard Bitcoin is a cryptocurrency, that's all. It's not really wrong to have such guide, but it's should be not in this forum because people who're looking to buy and sell Bitcoin usually open a new thread in Beginners & Help section.

And yeah, it depends on each gambler to use which currency to gamble, AFAIK they accept multi cryptocurrency, not sure why they only mention Bitcoin.

[piebeyb]

I didn't really understand the purpose of this post at all, I don't think that a person even if they are a newbie wouldn't know such basic things that they need a wallet that they will use for sending and receiving Bitcoins from their wallet to the casino platform, it is one of the most basic things a person learns to do when they start using cryptocurrencies, so they would probably know sending or receiving Bitcoins when they get into gambling too.

Also, a lot of people don't use Bitcoin for gambling these days because it is generally too volatile, though it is a bit stable these days but that isn't the case all the time, so people generally use stablecoins for gambling as it is also easier to keep track of your bankroll when you are using stablecoins.

Maybe the OP wants to provide correct guidance on playing gambling with bitcoin or other crypto, but basically it must also be reminded that gambling has a big risk and can make someone become an addict so there must be guidance and warning too if you want to direct beginners in this forum playing gambling with bitcoin may look a bit complicated compared to using other cryptocurrencies.

After all, it's rare for people to gamble using bitcoin because having to buy on an exchange will also require a slightly expensive transaction fee and there are certain limits for withdrawing it, therefore people prefer to use stablecoin over bitcoin because transaction fees may be cheaper as well as withdrawal limits from smaller exchange if it has to be moved to a gambling site. the important thing is to always remind beginners to understand the risks of gambling and gamble wisely

[Yamifoud]

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.

It's not about the wallet and exchange you use but it's about their terms. Some of them allow any types of transactions but in order to be sure, we must only read their TOS. Some exchange users send their funds directly to the gambling site in order to save fees but if they don't know that it's against on the exchange terms, they will suffer more than the small fees that they are trying to avoid.

Indeed, I've become a victim of thinking that sending from my third-party wallet directly to the gambling site won't violate the rules but unfortunately, my wallet got freeze and close my account. It cost more than the fees and this is very important that we must be aware of allowable transactions because not all wallet source permits from doing this.

In many gambling sites, they already have a built-in exchange. This feature is helpful and it's better to use it than a dedicated exchange site if your intention is to gamble right after you exchange your coin. There will still be fees on here but at least we can save time and effort.

I'd never use BTC but altcoins and it takes time to do the process from exchange to exchange before it arrives at the gambling site. This is a good feature as we can convert our BTC to altcoins so we can save transaction costs and it helps gamblers.

[AmoreJaz]

I didn't really understand the purpose of this post at all, I don't think that a person even if they are a newbie wouldn't know such basic things that they need a wallet that they will use for sending and receiving Bitcoins from their wallet to the casino platform, it is one of the most basic things a person learns to do when they start using cryptocurrencies, so they would probably know sending or receiving Bitcoins when they get into gambling too.

Also, a lot of people don't use Bitcoin for gambling these days because it is generally too volatile, though it is a bit stable these days but that isn't the case all the time, so people generally use stablecoins for gambling as it is also easier to keep track of your bankroll when you are using stablecoins.

Maybe the OP wants to provide correct guidance on playing gambling with bitcoin or other crypto, but basically it must also be reminded that gambling has a big risk and can make someone become an addict so there must be guidance and warning too if you want to direct beginners in this forum playing gambling with bitcoin may look a bit complicated compared to using other cryptocurrencies.

After all, it's rare for people to gamble using bitcoin because having to buy on an exchange will also require a slightly expensive transaction fee and there are certain limits for withdrawing it, therefore people prefer to use stablecoin over bitcoin because transaction fees may be cheaper as well as withdrawal limits from smaller exchange if it has to be moved to a gambling site. the important thing is to always remind beginners to understand the risks of gambling and gamble wisely

gambling addiction has been discussed many times already in this forum. you can check those other threads on how to avoid gambling addiction. and some people are using btc in their gambling activities for privacy reasons because there are still casinos here which are not asking kyc if you play using btc. hence, some are still sticking to btc. the preference of what to use, stablecoin, btc or fiat still depends on the gambler himself. most of the time, they choose what is convenient for them.

[danherbias07]

I bet on satoshis.  
Luckily, other gambling sites do accept 1 or 2 satoshis as a minimum bet, depending on the market value of Bitcoin of course. But as of now, because of its high value, they do let gamblers bet at those ranges but this is only for casino original games. Slots providers in third-party gambling sites don't accept that low amount. They usually have a minimum of $0.01 which is like 33-34 satoshis as of the price today. Be it Pragmatic, Play N Go, or Hacksaw they all have that kind of minimum bet.
Sports gambling on the other hand has a minimum of 17 satoshis. I think this is a good amount to avoid gamblers wasting too much money in gambling. Just play the game and add more excitement with a little bet and be happy if you win some.

[Slow death]

I'm going to take advantage of this theme that the op created to talk about my bad experience every time I bet with bitcoin and litecoin, for example I put 10$ in my bankroll and when I hit some games I get 13$, but the next day when I go in at the casino to analyze the next events that I'm going to bet on them I see that my baca was at 10.40$ because the price of bitcoin and litecoin dropped a lot and everything gets worse because then I lose my focus and I lose my bet, leaving me with 9$ in bitcoin or litecoin, so this is a headache because I spend days winning and losing to earn 3$ in profit but when bitcoin and litecoin fall

all my profit becomes useless, so it means that I spent a long time betting for nothing, so the best option is to place bets using usdt, even if the p says that when the price of bitcoin and litecoin go up a lot, it would also give me a great benefit, the problem is that the price does not always go up, it takes time for it to go up, so I prefer to spend betting on usdt to prevent myself from bitcoin and litecoin volatility, at least it helps me to better control my bankroll, so OP, you should also say of these disadvantages that I spoke