The introduction of cryptocurrency and its resulting explosion in popularity has changed the landscape of popular culture irrevocably. Bitcoin, Ethereum and Litecoin are among some of the most popular examples of cryptocurrency and their effect on society has been dramatic indeed.
Before its sudden rise to fame, Bitcoin was often used as a medium of exchange by shady members of society on the dark web or deep web. This was because Bitcoin was virtually untraceable as a currency and could be easily transported into and out of countries due to its virtual nature.
Hence, during its formative years, cryptocurrency tended to have a rather shady feel to it, as most “normal” folks figured that Bitcoin belonged in the realm of drug dealers, hired guns and even pedophiles.
However, this is no longer the case and as far back as 2011, Bitcoin began taking a life all of its own. Now, 7 years later, one single Bitcoin is worth quite a lot when converted to USD. Not bad for a currency that does not have a physical form.
Invented by the elusive Satoshi Nakamoto, Bitcoin has grown to become a part of daily life and entire industries have evolved around trading, exchanging and even mining this virtual currency.
Whether you’re looking to invest in cryptocurrency, or you use it as a medium of exchange, Bitcoin can be a lucrative venture in the hands of a savvy investor.
Given that Bitcoin mining is nearly impossible because of the insane capital investment required i.e. cost of GPUs and electricity costs involved and virtually all of the Bitcoin exchanges around are not recognized by any governing body.
This puts you at a serious risk should you fall victim to fraud or should the currency exchange collapse. Instead of scratching out a living trading Bitcoins, you can instead consider using crypto or Bitcoin casinos as a method to earn Bitcoins by winning games.
This has several advantages over Bitcoin mining and trading. Firstly, crypto casinos use Bitcoin as a medium of exchange, which allows you to win Bitcoins whenever you gamble.
Instead of mining, which is extremely time-consuming and capital intensive, you only need to purchase Bitcoins in order to “buy in.” This option is considerably cheaper when compared to setting up a dedicated Bitcoin mining rig.
Next, gambling allows you to build up your existing Bitcoins through playing games and winning through superior strategy.
If your strategy and skill are sufficient, gambling is a very lucrative venture as compared to taking a chance on fluctuating Bitcoin exchange rates on any other dedicated crypto exchange site.
In this article, we will discuss how you can make money from crypto betting games using Bitcoin and gambling.
Make Sure You Know How to Gamble
Before you dive in head first and sign up at an online casino, you need to first understand how gambling actually works. Most amateurs oftentimes make the mistake of treating gambling as a means of winning easy money without having to work for it.
Some even make the mistake of relying solely upon luck and enter the arena without a proper strategy.
Before you burn your deposit on a round of computer blackjack, take the time to visit a real casino and play a few games to get yourself acclimatized. The more you gamble, the faster you realize that it comes down to a combination of luck and skill.
Along with this, master several games along the way to widen your repertoire and to keep your options open. After all, there’s nothing worse than throwing your money at the house for no good reason.
Forget Games of Chance
In order to maximize your chances at winning and winning big, always avoid games of chance (i.e. Roulette or Blackjack) at all costs.
For the beginner, such games are extremely tempting, as they require little-to-no skill to start playing immediately. On top of that, vast amounts of money can be won or lost at a moment’s notice.
Instead, focus on games like Baccarat or Poker, which require a combination of luck and skill in order to be successful. This increases your chances of success and allows you to maintain a limited form of control over whether you can actually win or lose.
By contrast, Blackjack or Roulette leaves you at the mercy of Lady Luck, which means that you don’t have any actual control over the outcome.
While learning how to be good at Poker or Baccarat takes time, you’ll find yourself winning much more consistently when you can maintain an element of control over what happens next.
Know When to Walk Away
Recognizing when you should walk away is an important trait for a gambler. Oftentimes, gamblers get too caught up in the moment and usually find themselves gearing up to go big or go home.
While the good old “double or nothing” mentality has won many fortunes, it has also resulted in more than one punter finding himself or herself fresh out of cash, with nothing left for the rest of the month.
Always remember that your ultimate goal is to enrich yourself from your winnings and not to hand over your winnings to the house.
If your find yourself on a winning streak and the desire to put more on the line becomes a bit too strong, just walk away and come back another day.
More often than not, gamblers find themselves getting just too involved in the game and this often ends up with things going south. It is better to have some winnings than to be left empty-handed and looking foolish.
Bitcoin casinos are a great way to earn Bitcoins quickly and with minimal fuss. However, never forget that gambling can become an all too real addiction if left unchecked. Remember to keep a cool head at all times and you’ll be just fine.