Topic: Bitcoin Betting Beginner’s Guide (Read 85 times)

This is a wrong misconception you are trying to make by saying gambling is not done in BTC but mBTC, because if you truly know what you are saying, you will know that "mBTC" is a mini/smaller fraction of Bitcoin, which means that for a smaller fraction of Bitcoin to be used for gambling, it implies a whole 1 Bitcoin can also be used for  that same gambling (i.e depending on the individual & available fund)

And likewise, 1/1000th is the same as 0.001BTC, which is currently worth $25 with the recent price of Bitcoin at $25,800/BTC, and thrice as much what most casino accept as a minimum deposit & 50 times what some accept as minimum bet.

For me if I'm using BTC, then mBTC or BTC itself, in the beginning you might not be familiarized with it as it's hard to comprehend, but sooner or later you will get used to it.

And I do agree, you can have your own wallet like Electrum and used it to deposit and send withdrawal as well. It doesn't need to be Coinbase or any 3rd party for that matter. As far as converting it to local fiat or even Dollar, not sure though if every one practices it, for me it's not important, as long as you are winning in BTC you will be good.

I don't understand what you are trying to say but what I consider to be the risk of betting with Bitcoin is the volatility, we have seen how quickly the price of Bitcoin can drop sometimes, what if you were gambling with Bitcoins and you won a high amount in a slot machine and right after a few minutes the market drops significantly and the amount you won got badly devalued. What would your reaction be to that? It will be the worst feeling for sure.

That is why, it is better to always use stable coins for gambling and then if you want to have Bitcoins, you can always buy from an exchange if you manage to win, using stablecoins will remove the risk of your amount getting devalued and you can also easily keep a track of your bankroll and bets.

If you bet with bitcoins, you are taking a risk to play with the number of satoshis you have, whether that be BTC, mBTC, µBTC, nBTC or sat. Don't look at the value of dollars, euros, jpn, or others, but look at the number of satoshis unless you bet using currency conversions that we often encounter in casinos. If you use the value of the crypto, you can see how big or small it will increase or decrease. And if the value of the crypto is less than the amount you first deposited, it means you lost and you should rest for a while.

To store bitcoins, I trust my personal wallet more than an exchange or deposit in a casino. However, I sometimes keep a small amount of money left after withdrawing it and use it as playing capital the next day. Storing bitcoins in a private wallet will be more secure from hacking or other. But each person will find comfort in keeping their bitcoin.

I can bet with any one that I see. I can bet using BTC, mBTC, µBTC, nBTC or sat. Depending on the one that I see. Although, mBTC is common.

You do not need the help of a company, like Coinbase to help you store your coins, there are many bitcoin noncustodial wallets that you can have.

It is like this is a Coinbase sponsor article. There are many other exchanges (centralized and decentralized) that people can use to buy bitcoin. After buying the coins, move your coins to a noncustodial wallet like Electrum.

You can be one of the players that is hesitant to use bitcoin whilst playing. Even while they comprehend what bitcoin is and the benefits of using it to place bets, they lack sufficient knowledge to really use it. Red Dog Casino https://reddogcasino.bet/ also accepts bitcoin payments, therefore when making deposits or withdrawals via the website, private payment information is never required to be shared with outside parties or financial organizations.

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.

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