All online casinos which accept BTC accept it only as a form of payment. They then use the current value of your BTC to calculate how much fiat money you have.
The reasons are easy to see: playing roulette with BTC is easier, faster, and quite possibly even more fun than other online options. Those reasons are possible thanks to the developments in blockchain technology. But it still leaves the question of HOW to play roulette with BTC.
First Things First: the Basics of BTC Betting
The first thing is to look through the list of the best roulette sites provided at the start of the article. It’s important to pick one where you can legally play.
Keep in mind to pick a site you can legally play because some sites will allow you to register and deposit funds — but when they find out that you are not legally allowed to play there then they’ll confiscate your winnings and freeze your account.
Don’t let that happen to you. After you find a good site to use, make sure you know the basics of depositing BTC. The most important lesson is to always double-check the address you are sending your funds to. Even if you use a QR code or copy/paste, take a few seconds to double-check that all the numbers are in order and the letters are either capitalized or not.
That may sound trivial or silly, but did you know that “Bitcoin users have misplaced about 20% of all existing tokens?” That quote comes from an article that examines a Wall Street Journal study showing a fifth of Bitcoin is gone – most of them due to human error. “And unlike fiat currency which can potentially be recovered, it’s highly unlikely that these tokens will be returned to circulation.” “The reason for this has to do with the structure of cryptocurrencies and the emphasis they place on privacy and security.”
Make sure you don’t become another statistic. Double-check your addresses. After you’ve done this, you can send your BTC on over to the roulette site.
Second Thing: Withdraw Properly
It goes without saying that if you should double-check your deposit address, it is even more important to double-check your withdrawal address. But there are a few other stipulations to watch for when playing roulette with BTC. Actually playing roulette is not done by betting straight BTC.
All online casinos which accept BTC accept it only as a form of payment. They then use the current value of your BTC to calculate how much fiat money you have. You’ll then use your fiat value to bet. The stipulations to watch out for come when you want to withdraw. Some BTC roulette sites have a few hidden terms in their terms-and-conditions. These terms will restrict how much you can withdraw per day, week, or month.
It’s important to read the terms of withdrawals before you play on such sites. You don’t want to be stuck with your winnings on a platform for weeks or months at a time. If you were using basic fiat then it would be fine. But BTC and crypto are very volatile. If you win big but then need to wait to withdraw, the value of your winnings may sink if the value of BTC also sinks.
Then again, if the value of BTC rises then your winnings may rise as well. It’s a double-edged sword. The key is to be aware of those possibilities and plan accordingly by picking the right site for your risk tolerance, not just in roulette betting amounts but also in BTC deposit amounts.
Third Thing: Have Fun
The benefit of playing roulette with BTC is that deposits and withdrawals, thanks to blockchain technology, are faster and cheaper. If you follow the rules above, playing roulette with BTC can be more enjoyable than traditional online roulette games. The benefits extend to the sites accepting the BTC and crypto. They, in turn, offer better welcome bonuses, match bets, and offer more free spins.
There’s no doubt that playing roulette with BTC is a permanent feature of the future of online roulette and gambling. Double-check your addresses and have fun!
R.R. Hauxley traveled around the world ... 1 year on 1 Bitcoin. 20 countries, 12 months, 1 Bitcoin. He wrote a book about it: Stolen Wallets and Where to Buy Them. Along the way he met and interviewed the sharpest, brightest minds in crypto today: Vitalik Buterin, Charlie Lee, and more. Today Rafael educates the crypto curious and delves further into the incredible world of blockchain.