It has been more than a decade since the enigmatic Satoshi Nakamoto first created Bitcoin. And since then, the virtual currency has slowly but steadily found its way into everyday life.
The online gambling scene is one such space where Bitcoin and other cryptocurrencies have been readily accepted. While most online casinos accept other mainstream currencies such as Ethereum and Litecoin, Bitcoin is still the currency of choice for most.
And with good reason — given that Bitcoin is the most recognized (and valuable) cryptocurrency in the world.
Naturally, punters from all walks of life have asked the magic question: is Bitcoin gambling profitable?
The answer is yes — you can make plenty of money betting with Bitcoin on popular sportsbooks and casinos like Bovada. After all, when you’re gambling online, Bitcoin is the same as any other fiat currency. So, let’s take a look at:
How you can make money betting with Bitcoins?
- Have a strategy and keep to it
Having the right strategy is one of the most important aspects of betting. These strategies range from minimizing your risk through the Paroli strategy or maximizing your gains by betting with the D’Alembert strategy.
Of course, strategies are not 100% effective, and it all comes down to the luck of the draw.
For example, the same system that lets you win big at dice or roulette does not work at the poker table.
So what I recommend is that you read up on how games offered at online casinos work and then match your strategies to these games. This allows you to mix and match your strategy on the fly to suit the current situation.
- Hold onto your Bitcoins
While Bitcoins are highly volatile, you can make all of that uncertainty work by simply holding onto your Bitcoins. Given how market conditions for cryptocurrencies are constantly shifting, it will only be a matter of time before your Bitcoins appreciate.
This is a legitimate strategy practiced by some long-term crypto investors who believe that Bitcoins will eventually be adopted as a mainstream currency. And when that time comes, their assets will appreciate exponentially.
Of course, this strategy can also work against you should the market suddenly bottom out, so you must regularly monitor market conditions. After all, you don’t want to be left holding Bitcoins should the dip suddenly become a crash.
- Identify the best games of chance
Besides accepting Bitcoin bets, online casinos also offer a large selection of games for you to try your luck with. You can find just about anything at an online casino, from poker to slots and roulette.
Use this to your advantage by choosing the game that works for you. For example, some players looking for something fast-paced opt for games like baccarat or blackjack. In contrast, a more skilled-orientated punter would prefer poker to maximize their chances of winning.
While Bitcoin gambling can be immensely profitable, you should keep in mind that:
Bitcoin and cryptocurrencies are risky decentralized assets. One of Bitcoin’s meteoric rises is its decentralized and unregulated nature. This means that a central governing body does not issue Bitcoin, and trading never stops.
Because of this, Bitcoin and other cryptocurrencies are incredibly volatile, and their prices can suddenly change without any warning. This works both ways if you’re betting with Bitcoin, as your winnings may suddenly appreciate (or depreciate) in value overnight.
Gambling is not the same as investing. Despite what some mainstream investors claim, investing in Bitcoin is not the same as gambling with Bitcoin. Both methods have different strategies of their own. We’re not going to say which is better as they each have their pros and cons. As a rule of thumb, you should always do your research and thoroughly understand the risks involved with investing and gambling.
You need a crypto wallet to bet with Bitcoins. Most importantly, if you’re going to bet with Bitcoins, you need a crypto wallet. These are specialized apps and devices that safely store your cryptocurrency keys. There are 2 types of crypto wallets you can use, namely, hot and cold wallets.
Hot wallets store your cryptocurrencies online and provide you with ready access to your assets at any time. While convenient, hot wallets aren’t the most secure way to store Bitcoins or any other cryptocurrency.
Hence, this is why you should instead invest in a cold wallet if you’re looking to store large quantities of crypto. Cold wallets safely and securely store your cryptos offline on physical storage devices like a hard drive or USB stick. Although you should keep in mind that cold wallets are still hackable if they are connected to an infected computer.
Gambling with Bitcoins and other cryptocurrencies is both exciting and profitable. However, you should always remember to stick to your limits and minimize your risk where possible to ensure maximum profitability.
