Digital assets like NFTs and cryptocurrencies are now a big part of everyday life, and the gambling world is no different. Cryptocurrencies, especially pioneers like Bitcoin, have made significant advances in the world of casino games, with roulette and slot machines now being run on cryptocurrencies. In contrast to traditional roulette, Bitcoin roulette offers an anonymous, immersive, and provably fair way to enjoy the roulette table. If you are new to the world of Bitcoin roulette, this blog post will provide a glimpse into Bitcoin, how it works, why it is popular, and what challenges affect its greater adoption.
What Is Bitcoin Roulette?
Crypto roulette is a replica of the classic table game seen in casinos. Much like regular roulette, Bitcoin roulette has thirty seven to thirty eight pockets, depending on the type of roulette. Typically, European roulette has thirty seven pockets, while American roulette has thirty eight. The player places a bet on the exact pocket in which the ball will land. If the ball lands in the pocket where the player has placed a bet, he wins.
In Bitcoin roulette, the blockchain is integrated with the game. Hence, transactions are faster, as any wallet refill or payout does not need to go through a financial intermediary like a bank before reaching the actual recipient, whether it be the casino or the player. Consequently, every transaction on a blockchain based system is anonymous since each transaction is linked to a cryptographic key rather than the actual recipient of the cryptocurrency.
How Bitcoin Roulette Works?
A Bitcoin roulette works like a traditional roulette wheel. So, when you play roulette with Bitcoin, you can place any of the following bets:
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Bet on a single number.
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Bet on a color (red or black).
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Bet on whether the ball will land in an odd or even pocket.
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Bet on multiple numbers in case there are two or more balls.
However, all the above bets can also be placed on a traditional roulette table. What makes Bitcoin roulette different is as follows:
Funding the Game Using BTC
You can start betting directly by depositing Bitcoins into your casino wallet. The bets can be placed in Satoshis, which is the smallest unit in which a Bitcoin can be divided. One hundred million Satoshis make one Bitcoin. So, even if you have one BTC to spare, you can place a considerable number of bets on the roulette table.
Playing a Provably Fair Game
Crypto gambling ensures that the game is provably fair. A provably fair roulette is one where the outcome is generated using a cryptographic hash function. With blockchain based systems, a hash is generated before every spin on the roulette table, and after the result is declared, the player can verify whether the system was manipulated. The transparency offered by blockchain based games is a major attraction for those skeptical of bias against players in casino games.
Getting Started with Bitcoin Roulette: A Step by Step
If you are playing Bitcoin roulette for the first time, here is how to play Bitcoin roulette:
Getting a Bitcoin Wallet
The first step is getting a Bitcoin wallet. There are two types to choose from: software wallets like Metamask and hardware wallets like Trezor. Hardware wallets are safer, given that they store your private keys offline.
Buying the Crypto
The next step is to buy crypto, in this case, Bitcoin. You can reinvest any Bitcoin that you have won earlier, or you can buy fresh currency in exchange for fiat currency from a crypto exchange like Binance.
Choosing the Right Bitcoin Casino
The next stage is to choose a reputable casino. Casinos like Bitcasino comply with all licensing norms and have good reviews from past users. Moreover, consider the ease of payout withdrawal and the customer support service before selecting a crypto casino.
Making a Deposit to Start Playing
The final stage is to make a deposit into the casino's wallet so that you can place your bet and start playing.
The Rising Popularity of Bitcoin Roulette
The growing popularity of Bitcoin roulette can be attributed to the several unique advantages these games offer over traditional fiat gaming. Transactions in these games are quick, and an anonymous crypto casino protects your identity since each transaction is encrypted. Moreover, Bitcoin can be considered a global currency, and playing in Bitcoin casinos provides global access.
Risks Associated with Bitcoin Roulettes
Crypto casinos offer several advantages, but they are not without risks. Some of those risks are discussed here:
Volatility of Bitcoin
The price of Bitcoin can fluctuate several folds within a matter of hours. In 2021, BTC's price reached a high of nearly $64,900, driven by excitement over Coinbase's IPO; however, the price crashed to around $30,000 in just 35 days.
Legal Ambiguity
Gambling laws are ambiguous, and so are the regulations surrounding crypto casinos. The rules vary widely; some countries, like Malta, which is often referred to as the hub of online gambling, allow full fledged Bitcoin roulette. Countries like Switzerland, on the other hand, have regulated gambling markets, but cryptocurrencies are recognized and taxed. Therefore, it is essential to read the country specific crypto gambling laws before you start playing.
Tips for First Time Players of Bitcoin Roulette
Here are some tips for first time players:
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Place smaller bets: Use smaller bets to learn more about how the game works.
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Use secure crypto wallets: Always use reputable wallets and enable two factor authentication.
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Withdraw winnings at regular intervals: Leaving winnings in a digital wallet for too long makes you vulnerable to fraud.
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Do not be emotional while betting. Always manage your bankroll well. You may read strategies from experienced players or listen to their podcasts to avoid impulsive decisions.
Conclusion
Crypto roulette is a fun way to enjoy a traditional and popular casino in a secure and anonymous manner. However, if you want to play roulette with Bitcoin, you must know the crypto specific rules in the country where you intend to play. Moreover, before you play at an online Bitcoin casino, check if the casino is registered and if it has a solid track record regarding the ease of payments or payout withdrawals. It is important that you remain unemotional while you bet and use secure wallets to deposit your funds. So, always be cautious and enjoy the ride as the roulette wheel spins into the world of crypto.