Learning how to manage your Bitcoin gambling can prove to be very helpful and profitable. Millions of people in the history of humanity have lost their whole fortunes because of careless gambling but lucky for you things have changed, and now it is way easier to control your urges.
Today we are going to help each of you out so you can learn how to manage your gambling on a personal level by taking a look at some of the best techniques you can use as well as when to know it is time to stop.
Gambling can either make you or break you, and neither one of us wants the latter to be the one you experience.
Choosing a Secure Cryptocurrency Wallet
It isn’t necessarily bad to reinvent the wheel sometimes as going back to the basics you may learn something you didn’t quite catch the first time.
The alpha and the omega of Bitcoin gambling is to know the ins and outs of choosing a reliable cryptocurrency wallet.
There are three hardware options you could go with – Ledger Nano S, TREZOR, and KeepKey.
The first one, the Ledger Nano S, is probably the most highly distributed among the three as it comes at a reasonable price and offers a great selection of features.
It looks like a USB stick, but the feel of it is very premium due to the brushed stainless steel that encases part of the device.
It is quick and very safe to use as it features a small screen to display transaction before you can authorise them by pressing the implemented physical buttons.
All in all, it is one of the best choices you have, and it’s currently priced at about $80.
The second one, the TREZOR, is more on the $105 price point but it has some more unique features.
It accepts Bitcoin, Litecoin, Ethereum, Zcash, and Dash whereas the Nano S only support Bitcoin, Ethereum, and Litecoin.
As for appearance, TREZOR looks more like a smart car key with a small screen and two buttons implemented on its front.
This device is considered the gold standard of cryptocurrency hardware wallets and no one would disagree with that.
The device is straightforward to use, and if you care about your safety more than usual, then TREZOR would be the perfect choice for you.
Last but not least is the KeepKey. If you want a place where you can safely store your Bitcoin, Ethereum, Litecoin, Dogecoin, Dash, and Namecoin without it having any access to the Internet then going with this option is a safe bet.
You can store your KeepKey somewhere safe and get it out every time you want to make a transaction.
First, you put your pin in the chrome extension on your browser and then the authentication process pops up in the device’s display and prompts you to authorise it by holding the single button on it.
Currently, it costs $129 for the classic version and $149 for the “Gold” version. Furthermore, it features a unique recovery process so you can be safe if it gets stolen or lost.
All three wallets are excellent and provide backup and restore features. However, the KeepKey is, even more, elegant-looking as it is made out of anodised aluminium and polycarbonate.
Choosing a Reliable Cryptocurrency Exchange
To gamble using Bitcoin, you have to purchase some first. There are many exchanges available online, but we will say some things about three of the best ones.
First one is Coinbase which is also the biggest one and most popular choice in the world. You can trade Bitcoin, Ethereum, and Litecoin on their platform.
It is entirely safe to use as most of their funds are stored in cold storage so hacking their site and getting your money is pretty impossible.
You can use a credit/debit card or bank transfer, and choose the amount of Bitcoin you want to purchase.
For you to be able to buy cryptocurrency, the exchange will prompt you to create a free cryptocurrency wallet provided by them. If you already have one yourself then you can use that instead.
The second and most versatile choice is Bitfinex. On top of Bitcoin, you can also exchange most of the significant cryptocurrencies including Ethereum, Litecoin, Ripple, Dash, and Monero among many other altcoins.
In addition, you are offered an extensive suite of tools and statistics which you can regularly check to see how the prices and other aspects of your selected cryptocurrency have altered.
The last exchange we are going to mention is BitPanda, and the reason we would like to include them is that they are the most popular cryptocurrency exchange in Europe.
BitPanda trades Bitcoin, Ethereum, Dash, and Litecoin. Either you want to purchase or sell an amount of a cryptocurrency their platform provides a straightforward layout where you just select the cryptocurrency you wish to trade, the amount of your chosen currency, and the payment option.
After that, you are good to go. To use BitPanda’s services though, you have to be a registered user on their site.
Know When It’s Time to Withdraw
A few days ago the price of one bitcoin surpassed $8,000 whereas at the beginning of 2017 it was hardly below $1,000 – it octupled in just 11 months! This is where online gambling comes in.
Imagine having started playing with one bitcoin at the beginning of the current year. Forward 11 months and now let’s say that you have 1.5 bitcoin in your online casino funds.
At the beginning of the year, your funds would have been equal to $1,000 whereas now they would be closer to $12,000. Now think what would happen if you have withdrawn in March or August for example. You would gain much less profit than what you would have if you have withdrawn now.
Knowing when it’s best to withdraw your Bitcoin winnings is a vital process when learning how to manage your Bitcoin gambling.
Instead of withdrawing, you could keep playing to win even more and get your funds after some time has gone by, and the price has skyrocketed even more.
Just to get a grasp of how significant the role of cryptocurrencies is if all of them were considered as one single company they would be in the top 25 most valuable brands in the world.
Know When It’s Time to Stop
Unfortunately, not all people can withstand the urge of staying away from online casinos or gambling with a measure.
Many people have lost millions of dollars by doing that and playing irrationally. Don’t be one of them.
Know when it’s time to stop. Most major online reputable casinos have a page dedicated to responsible gambling and provide advice and links to external sources that can help you with any addiction of that kind.
Some of them are GamCare, NHS Choices, and SMART Recovery. To help you avoid an addiction outbreak, many online casinos will provide some unique options where you can set a limit on the amount of money you may bet in a single day or the amount you can deposit.
There is even the option to freeze or permanently delete your account.
How to Select a Good Online Bitcoin Casino
Learning how to manage your Bitcoin gambling can be very easy, mainly if you play on a gambling platform that helps you do that.
Being fully licensed and certified as having “provably fair” games can help you with that. Having good bonuses can also help with losing money as you get more free funds to gamble with.
Some online casinos like BitStarz, for example, will award you 20 free spins which you can use without even needing to make an initial deposit before.
Also, most online casinos will have affiliate programs so you can earn some free extra cash to play with by inviting your friends through a referral link to play on the site too.
Every time one of them clicks on it and registers on the site and deposits money you will get a percentage of that money as a cash bonus.
We also have some other guides on our site that you can use to learn how to play specific games like poker a bit better and earn some more money by doing so.
You learned how to choose a secure cryptocurrency wallet, a reliable exchange, an online casino, and even where you can get some help if needed.
We hope that you now have some insight on how to manage your Bitcoin gambling. Keep in mind that all the companies and websites mentioned in this article are reputable and trustworthy ones so you will have absolutely no problem no matter which one you end up using.
Now you should be ready to gamble online with Bitcoin. Check our guide to the top Bitcoin casinos!