• Tired of the same old junk already proven ineffective? Here you can discuss NEW approaches, with other people who think outside the box.

Blogs The Pros and Cons of Bitcoin Roulette

News

Administrator
Messages
4
Firstly, what is Bitcoin roulette? It's a bit of a misleading term, because there's no such thing as roulette in Bitcoin. Bitcoin is a cryptocurrency. And roulette is a game. The term Bitcoin roulette refers to casinos that allow you to fund your online casino account with Bitcoin.

Exactly What is Bitcoin?​

Yes, you know Bitcoin is digital money. But most people don't know exactly what it is, and what makes it special.

Normal money is mostly digital anyway. When you buy something, how often do you pay with cash? While cash still exists, I'm betting it won’t be for long. It is difficult for authorities to track and control physical cash. So there's a hard push for governments and banking institutions to move everyone to digital-only money.

The problem with normal money is it's "centralized". This means a few super-powerful people control it. Specifically, they control the supply and management of money, and monetary policy. For one thing, banks can make money from nothing. But when the money supply increases, it steals value away from existing money. Basically it makes the money you have less-valuable. That's what inflation is.

Bitcoin is different because nobody can just make more Bitcoin from nothing. So the supply is limited, and nobody can manipulate the money supply. There's still manipulation with its price, but that's another matter - a very important one if you're going to understand why Bitcoin isn't the ultimate solution to greedy bankers.

However, Bitcoin does provide you with more financial freedom. You don't need any ID to open a Bitcoin account (known as a "wallet"), and there are no restrictions on what you do with your Bitcoin. It's not completely anonymous though. Put it this way: it's as anonymous as sending an email: you can use a fake name, but it can still be traced back to you.

Why Are Bitcoin Casinos Better?​

The main reason you’d prefer a Bitcoin casino over others is privacy. There are many jurisdictions that don’t allow their citizens to gamble online. So to comply with laws, online casinos refuse to allow players in those jurisdictions. Who are the governments to deny you from doing what you want with your money? That’s a good question. It shouldn’t be their business. The main reason they’d forbid it is because they want to keep money in the country. They don’t want it going to other countries. They view it as a matter of national security, although not one involving a direct physical threat.

Ultimately Bitcoin allows you to get around government-imposed blocks. With Bitcoin, you can gamble freely without restrictions. You can also be paid directly into your Bitcoin wallet.

Researching Casinos​

You’d probably know there are many rogue online casinos. These are unlicensed casinos that don’t care for laws. If they don’t care for laws, how much do they care for paying you winnings?

One of the problem with Bitcoin casinos is they are often unlicensed. That means they’re not bound to follow the laws or restrictions of any jurisdiction.

In the world of gambling, regulations are a good thing. They offer you at least some protection from dishonest casinos. It isn’t complete protection though, because often a casino’s fine-print may be legal but unfair.

The first step to selecting a Bitcoin casino is researching listings on websites like visit site. But never rely on just one source of information. Review sites naturally are promoting casinos they are paid commissions from.

Once you’ve identified a suitable Bitcoin casino, check to ensure the casino is properly licensed. Not all Bitcoin casinos are licensed. And not having a license isn’t proof the casino will cheat you. With the ever-tightening laws to increase the gap between rich and poor, you can’t be too sure governments are working in your interests. At least a gaming license is generally an added layer of protection.

Next you should thoroughly check the review online. Beware though, a few thousand dollars can buy a lot of convincing fake positive reviews. So don’t rely on just one source. Check a variety of sources and if there are genuine negative reviews, you’ll find them.

But there are also fake negative reviews. They can be from competing companies, or even just normal players who are angry they’ve lost money – fair and square.

It’s a bit of a minefield in knowing that truth, but that’s the Internet for you.

Start with Small Deposits​

You wouldn’t send a new casino your entire Bitcoin balance. And only deposit what you’re prepared to lose.

But keep in mind if an online casino is going to cheat you, it probably wouldn’t be from stealing your funds directly. It would likely be from providing unfair games. Check the good site with bitcoin roulette.

In fact, there is online casino software that deliberately makes you lose, without any element of luck. This ensures the casino doesn’t lose money, including from lucky players. It’s rare though.

How to Know Games Are Fair?​

So how can you know if games are fair? It depends on the casino. If they offer live webcam roulette, then you can see spins in real-time. It’s best if you can chat to dealers live, so you can see the video is live. But what if they use magnets to make you lose? It’s possible, and there are some wheels with magnets to cheat players, but again it’s rare. If you suspect a live wheel has magnets, record some video and publish it online for experts to analyze.

Most online casinos use random number generators instead of real wheels. The upside is spins are much quicker. But the downside is it’s almost impossible for you to prove the game outcomes are fair. So it really pays to thoroughly research the reputation of any casino you send money to. This is especially the case for Bitcoin casinos, as they are often unregulated.
 
Top