How to Get into Crypto Gambling: What You Need to Know

Gambling with cryptocurrencies is a simple and fun way to increase your cryptocurrency wealth, have fun, and have a solid alternative asset for the future. As we all know, money is very important in Judaism, and it’s as important to protect one’s own as it is to not harm someone else’s. In that light, having an asset that has given more returns than stocks and real estate historically (Bitcoin) is certainly desirable.

In this guide, we’re going to introduce the fundamental aspects of crypto gambling and tell you how to approach it correctly and safely. By the end of this article, you will be well-equipped with the necessary knowledge and expertise required to make your own wallet, deposit money, play games, and earn crypto.

We’ll also touch upon how the value of cryptocurrencies tends to increase over time, slowly increasing your wealth as a hedge against rising inflation.

Fundamentals of Crypto Gambling

Any legitimate crypto casino online worth its salt offers a myriad of cryptocurrency payment options, such as Bitcoin, Litecoin, Bitcoin Cash, and others, depositing and processing your funds in a matter of minutes. What we’re mainly interested in, however, is the availability of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and Tether (USDT). All of these are fairly large projects with a balanced ecosystem.

These are the cryptocurrencies we recommend to beginners—Mainly BTC and ETH. 

Essentially, crypto gambling is all about buying cryptocurrencies, holding them in your wallet, and depositing this money in an online casino that accepts the particular cryptocurrency.

Then, you play the games and depending on your skill and luck, try to win larger amounts.

You can then withdraw the surplus amounts to your own personal wallet and either liquidate it, trade it in real-time, or just hold it as a long-term investment. We’ll talk about all that shortly.

Note that there are fees associated with cryptocurrency transactions but they are almost always lower than traditional payment methods. For example, it’s not rare for international service fees to be 3% and currency conversion fees to be 5-10%, which makes cryptocurrencies superior as they’re not bound by these charges.

Additionally, most withdrawal transactions also levy a 2-10% fee. Some take a higher cut (such as checks) whereas others take slightly lower (like credit cards)—But these fees are always higher than cryptocurrency withdrawal fees, which are based on the network’s congestion and you can always postpone withdrawing during peak times to get a lower transaction fee.

If you look at the average transaction charge of BTC, you’ll find that it tends to be around $0.5 to $1.5 on most days. Similarly, you can also find ETH transaction prices (known as gas fees and calculated in a subunit called “gwei”). 

How to Start?

With all that out of the way, here’s a quick guide to getting started with crypto gambling today:

1. Choose a Cryptocurrency: Choose a preferred cryptocurrency. Traditionally, investors like to diversify their portfolios but for gambling purposes, let’s stick to either BTC or ETH.

2. Buy Cryptocurrency: We recommend first-timers buy from centralized exchanges (as compared to the better but more technical decentralized ones). Go to such a service, like Binance, and buy some BTC/ETH for your use.

3. Deposit It: We assume you’ve already found the right crypto casino. If not, we highly recommend Bodog, the platform we linked above. Make an account and choose to deposit your preferred amount by making a transaction from your Binance wallet to your wallet on the online casino. Be aware of any welcome bonuses!

4. Use It: Use your crypto for the games. Table games, live dealers, slots, poker, or sports betting—There’s a treasure trove of options when it comes to playing on crypto casinos.

5. Withdraw Surplus: Keep withdrawing the surplus amount to your own wallet (not Binance!). Make your own wallet using Electrum for BTC or MetaMask for ETH.

And that’s it! Now you’re ready to see your wealth soar. Enjoy lower minimum limits, higher maximum limits, faster transactions, added confidentiality, remarkable wealth appreciation, and more with crypto gambling. 

Wealth Appreciation with Cryptocurrency

There are many reasons to choose crypto casinos for online gambling such as transaction speed, anonymity, and better minimum and maximum limits—But today we’re going to talk about a less-known one.

Your wealth is appreciated remarkably when you hold a major cryptocurrency for the long term. NASDAQ itself noted that BTC has “vastly outperformed” gold and the S&P 500 over the past decade.

Ethereum has outperformed BTC, though analysts are split as to why this happened, as it’s not 100% normal, suffice it to say.

The bottom line is that either of these cryptocurrencies can be a huge asset for long-term investment. Value appreciation can boost your wealth by a lot and help you have more fun online or spend elsewhere.

In Conclusion

As per a Bitcoinist interview with the “Bitcoin rabbi” Michael Caras, “If you use Bitcoin without any form of theft or harm to others then Bitcoin is kosher.” With the importance we place on money, it’s only natural to gravitate toward something that could look like a better form of money—But you should be careful because there’s higher risk and volatility in the crypto realm.

Don’t go half-prepared as there’s no bank, institution, or support staff to find missing funds or solve your issues!