Crypto
A Beginner’s Guide to Crypto Gambling

A Beginner’s Guide to Crypto Gambling

Share this post:

If you want to jumpstart your crypto gambling experience, stop searching right now. You’ve just landed on the ultimate guide to crypto gambling for beginners! Through these crypto gambling tips post, we will cover all the ins and outs of using cryptocurrency in esports betting and casino games.

In particular, we’ll answer basic questions like “What is crypto gambling,” and also offer a few useful pro tips. So, what are you waiting for? Continue reading to level up your crypto betting knowledge.

What is Crypto Gambling?

Crypto gambling is the practice of placing bets with cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), or Litecoin (LTC) instead of government-issued fiat currencies like the U.S. dollar, euro, or the British pound. Gambling with crypto is like online gambling with a twist.

For starters, crypto gambling typically happens on the web at crypto casinos or sports betting platforms. There’s also the concept of “provably fair games,” where players verify the fairness of games using a cryptographic hash function so neither the players nor the online casino can cheat.

Crypto Gambling Tips: What Cryptocurrencies Can I Use to Gamble?

The types of cryptocurrencies you can use in crypto betting largely depend on the casino or betting platform itself. For example, some gambling sites and apps limit you to only Bitcoin deposits and withdrawals, while others provide more diversity regarding the crypto offered in payouts.

Thunderpick is arguably the best crypto casino and esports betting platform, offering fee-free payment methods and a wide range of cryptocurrency options. In particular, we accept Bitcoin, Ethereum, Litecoin, Ripple, Tether, and even DOGECoin! Now, let’s dive into a few tips to get you going.

Bitcoin

Being the most well-known crypto coin, Bitcoin gambling has surged in popularity in recent years thanks to fast transactions, anonymous play, and decentralized transactions.

Ethereum

Betting with Ether is another form of crypto coin that’s been gaining popularity. When we talk about Ethereum we’re talking about the blockchain that holds the Ether transactions.

1. Do Your Research

If you don’t know what you’re doing when it comes to crypto gambling, you should probably take a step back and do your research. It is crucial that you learn about the different types of digital currency and blockchain technology before jumping into Bitcoin slots and cryptocurrency gambling.

At the same time, verify the integrity of the crypto betting sites to ensure you’re transacting on reputable platforms like Thunderpick. Also, it’s worth mentioning that the crypto world is constantly evolving, so don’t feel overwhelmed if you find yourself struggling to keep up.

While keeping up-to-date with the latest news and market conditions will work in your best interest, don’t allow the extreme volatility of cryptocurrencies to scare you. The more you learn about crypto, the better you’ll understand these trends and the more confident you’ll be about transacting with them.

2. Exercise Responsible Gambling

Remember, gambling involves risk, whether it’s at traditional casinos or crypto gambling sites. Never wager more than you’re willing to lose. Instead, maintain a fixed budget and stick to it. After all, winners know when to quit.

Some other nifty ways to protect your crypto wallet from yourself are by enforcing a time limit on gambling sessions, taking regular breaks, or opting into self-exclusion programs. Lastly, if you think you have a problem, seek the necessary help.

3. Have a Clear Strategy

Going into crypto games without a clear plan is asking for trouble. Don’t gamble randomly, and familiarize yourself with the rules of each crypto game, whether it’s roulette, blackjack, baccarat, or slots. Each game plays differently, so don’t assume the contrary.

In addition, depending on the cryptocurrency staked, understand the transaction fees and volatility associated with them. These factors will drastically influence your profitability. In some cases, you may prefer to use stablecoins like Tether (USDT) or USD Coin (USDC) instead of using Bitcoin.

4. Know your Country’s Laws

You would be wise to check if wagering in a Bitcoin casino is legal in your jurisdiction. After all, you wouldn’t want to break any laws. In most cases, you must be at least 18 years old to gamble.

Although cryptocurrencies have global accessibility, certain providers may require due diligence checks for legal compliance. This includes performing KYC (or “know your customer”) to ensure that gamblers and their money aren’t dirty.

Laws regarding crypto are constantly changing, so keep up with the latest developments around government policies and regulatory practices. Likewise, remember that your crypto gambling winnings are likely not exempt from tax.

In this regard, ensure you declare any profits or losses to the relevant authority in your jurisdiction and keep records of your transactions. If you’re unfamiliar with the legality of taxation, it would be best to consult a tax professional.

5. Beware of Scams

Last but certainly not least, be very cautious of platforms offering deals too good to be true. The crypto world is rife with scams, with many criminals eager to steal your hard-earned money. Scams may involve supposed casino sites offering unrealistic odds to hit the jackpot.

A useful “rule of thumb” to remember: If it sounds unreal, it probably is. You’ll also do well to secure your crypto wallet and online gambling account. Enable two-factor authentication for an additional layer of protection and choose a secure password to access them.

Getting Started with Crypto Gambling

Many top crypto gambling sites like Thunderpick offer special promotions, including free spins, cashback, referral programs, and app-exclusive welcome bonuses from time to time. So, take advantage of these to make the most of your crypto gambling experience.

Cryptocurrency gambling has surged in popularity, given the increased privacy, faster (and cheaper) transactions, and enhanced digital currency security. These advantages are arguably what attract so many players to sites like Thunderpick every day.

However, while the thrilling experience of live casinos and esports betting is enough to entice many, gambling comes with risk. This includes both winning and losing money from time to time. Always remember to practice responsible gambling. And that’s it! No, seriously — it’s that simple.

With these crypto gambling tips, you’ll be well on your way to mastering all the success Thunderpick’s slot machines, table games, and esports betting can offer.

Got some more questions? Please contact our friendly customer support team, who are available to help you 24/7!

Written byTHP

Share this post:

Related Posts

THP
What is cryptocurrency and why is it great for betting? You might have heard of cryptocurrency and how these virtual coins are being used in betting. This unique currency has a reputation for being a secure and convenient form of...
THP
What is cryptocurrency? Simply put, cryptocurrency is a virtual form of money that enables owners to purchase goods and services. This new form of fiat money might at first not seem much different from using traditional monies (USD, Euros, Yen,...
THP
What is volatility? You’ve probably heard explosives or someone with a hot temper referred to as volatile, but it has a much more regular use in finance. Volatility refers to how likely a given asset is to rise or fall...
THP
What is a network fee? A user receives a network fee, sometimes called a transactional fee(tx), when they send cryptocurrency. Blockchain Network fees are also charged when trading on crypto exchanges. Any transaction from one address to another will incur...
THP
Though betting with Cryptocurrencies is actually easier than with traditional methods, it can seem a bit daunting at first. Fear not, for we have got your back: let’s start with a detailed step-by-step guide on how to deposit crypto at...
THP
Cryptocurrencies became twice as popular at the end of 2020 due to the economic situation in the world. Bitcoin has conquered previously unattainable peaks of $50,000 in a short time and even approached the $60,000 mark. The crypto boom has...

Subscribe Daily Post

By clicking “Subscribe” you agree to Thunderpick Privacy Policy and consent to Thunderpick using your contact data for newsletter purposes

Community

Thunderpick is an esports betting platform that makes placing wagers a gamelike experience. We aspire to be the most relevant, up and coming esports betting platform that delivers various games, betting options and maintains a healthy, safe community.

Copyright © 2024 Esports Betting Blog | Thunderpick

Scroll to Top