Topic: Bitcoin Betting Beginner’s Guide - page 2. (Read 230 times)

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.

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.

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.

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 This is kind of outdated though with how casinos usually convert whatever crypto you have to its USD/Local Fiat currency, so this knowledge isn't really a necessity for the most part,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.

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.

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.

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.

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.

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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