Investing in bitcoin can be a volatile, risky strategy. After all, recent news cement just how scary it can be to invest thousands of your hard-earned dollars into the bitcoin marketplace. What if I told you that there was a safer, more reliable way to turn your bitcoin into more cryptocurrency, and that is was not only less risky than traditional investing, but it was also was more fun? You may be skeptical, but it’s true! You should consider putting your bitcoins to work in a bitcoin casino! And more specifically, taking advantage of a simple game called bitcoin dice.
What is Bitcoin Dice?
Bitcoin dice is just a normal dice game where you gamble with bitcoin instead of traditional currency. The rules of the game are simple! All you need to do is decide whether the next number the system shows you is higher or lower than a certain amount. If you guess right, you win! The more unlikely you are to win (for example, saying that the next number will be higher than 90 when the highest possible number is 100), the better the payout is when you do win!
Depending on which site you go on, their version of bitcoin dice might have a few variations. For example, they may let you wager on the color to appear as well as the high or low number. However, regardless of the variations that you may find, the rules will stay the same.
Even though bitcoin dice is a simple game to learn, its simplicity is deceptive. If you don’t gamble wisely, you will quickly be fresh out of your precious bitcoins! If you decide to play, you need to be sure to follow some of the established, proven bitcoin dice strategies that can help you keep more of your winnings!
General Gambling Strategies
Before we start talking about specific strategies for Bitcoin Dice, it’s good to make sure that you have a handle on basic gambling strategies in general. Having a proper understanding of basic gambling will help make sure you don’t dig a giant hole of losses that are hard to crawl out of!
Determine Your Bankroll
Many of the bitcoin dice strategies we will be discussing are more or less effective depending on how large your bankroll is. If you’re unfamiliar, your bankroll refers to how much money you have to gamble with. If you have a really high cap, certain strategies (like the Martingale Strategy) will eventually pay off. If your bankroll is limited, you should consider a strategy that is aimed at a more limited bankroll amount.
Decide How Much You Are Willing to Lose
Creating a maximum preset loss you are willing to accept will not only influence the specific strategy you use, but it will also prevent you from mounting huge losses. The amount you are willing to lose may be different than your bankroll. For example, if you have 1btc as a bankroll, you may decide that once you lose 0.5btc, you’ll be done gambling.
Be Ok With Losing Money
As is true with all gambling, you are going to lose money. You may lose money immediately, or you may lose a lot down the road. Make sure that you are emotionally prepared to handle losses so that you don’t wager as an emotional reaction instead of a calculated strategy. The last thing you want to do is be in a losing streak, get upset, make a huge wager, and then lose that bet, too!
And remember, you are also going to win! How you manage those winnings will determine how successful of a gambler you are! If you come into a large windfall of winnings, be sure to bank some of it so when you’re done gambling, you have positive net earnings!
Beware the Gambler’s Fallacy
The Gambler’s Fallacy is a well-known logical fallacy that refers to how you predict the future based on what has happened in the past. For example, if you are playing bitcoin dice and the number has been below 49 for seven straight bets, you would think that it’s more likely that the next time the number will be above 50, right? This is incorrect. Regardless of how unlikely the past random events were, the odds of what happens in the future remains the same.
This fallacy causes gamblers to get stuck in a losing streak because surely the “next wager” will finally be a winning one. While it’s true that it is statistically unlikely that you will endure ten straight losses, you have to consider each wager as an individual, isolated event. This is especially true in true random games, like roulette or bitcoin dice!
Bitcoin Dice Strategies
As we mentioned, bitcoin dice is essentially a simple dice game. Not only is it simple, but it is very, very old. However, old games have the benefit of having multiple strategies built around them to maximize winnings, and this is especially true of gambling games! If you want to make sure you consistently come out on top with bitcoin dice gambling, you need to master some of the following strategies. If you do, your gambling earnings will be far more consistent than just investing in bitcoin.
The Martingale Strategy
If you have ever searched for dice gambling strategies for bitcoin or even traditional dice games, you have likely heard of the Martingale Strategy. It’s actually hundreds of years old and is simple and straightforward to use. This strategy allows you to cover your losses by gradually increasing the amount you bet after you lose. Here’s an easy example to see how it works:
- You bet $10 that the number will be below 50. You lose!
- Now, you bet $20 that the number will be below 50. You lose!
- Now, you bet $40 that the number will be below 50, and you win! You have recouped your losses and made a small profit!
The player continues this pattern until they finally win! Since you are gradually increasing the amount you bet, when you do finally win, you will recoup all of your previous losses. If you were only betting $10 with each bet, when you eventually win, you would still be significant in the hole. This strategy only works if you have enough capital to increase your bet gradually, so if you want to gamble more conservatively, use the Break-Even Martingale Strategy.
The Break-Even Martingale Strategy
The Break-Even Martingale Strategy works to make betting “safer” than the traditional Martingale Strategy. In the traditional strategy, if you happen to have several losses, you could quickly run out of money since you are doubling your bet every time. With the Break-Even Strategy, you’ll still increase your wager after a loss, just not after every loss. Here’s an example of how the Break-Even Martingale Strategy works:
- You bet $10 that a number will be below 50. You lose!
- You again bet $10 that a number will be below 50. You lose!
- You again bet $10 that a number will be below 50. You lose!
- You bet $20 that a number will be below 50. You win!
In this strategy, unlike the original, doesn’t always guarantee a profit when you eventually win. In the above example, you’re actually down $10. However, this strategy is ideal if your funds are limited. For example, if you only had a $50 bankroll, then you would have gone broke with the traditional Martingale Strategy (you would have run out of money in step three!). If your bankroll is limited, the Break-Even Strategy is a more conservative way to make sure you survive unlucky streaks.
The Inverse Martingale Strategy
This is a strategy to use when you’re winning instead of losing! In the Inverse Martingale Strategy, you gradually increase your bet as you continue to win while continuing to hold half of your winnings. So it looks something like this:
- Bet $10 that the number will be below 50. You win! Bank half your winnings ($5), and bet with the other half.
- Bet $15 that the number will be below 50. You win! Bank half your winnings ($7.50) and bet with the other half.
- Bet $22.50 that the number will be below 50. You lose!
Even though the final bet represents the greatest loss, you still have more money than what you started with. Now, instead of starting at $10, you’ll start at $12.50! This is another great strategy to employ when your bankroll is limited, much like the Break-Even Strategy. In fact, you can use both of those strategies together!
The D’Alembert Strategy is an off-shoot of the Martingale Strategy but encompasses what happens when you win and when you lose, as well as how much your wager increases. Generally speaking, this strategy has you quickly increase your betting stake after you have lost and decrease your betting stake after you have one. You have to decide a “base unit” that you are going to stick to while betting, as well. You won’t merely double it or save half your winnings like you would in the Martingale System. So, an example would look like this:
- Your base bet is $10. You bet $10, you lose!
- You increase your bet by one “unit,” which is $10 in this example. So, now you bet $20. You lose!
- You increase your bet by another unit. Now you bet $30. You win!
- You decrease your bet by one unit. Now you bet $20. You win!
- You decrease your bet by one unit. Now you bet $10. You win!
This is another great strategy for keeping losses from mounting too much too quickly while protecting your winnings!
The Paroli Strategy
The Paroli Strategy is the final strategy on our list, and it’s another technique that helps you capitalize on winning streaks and helps protect you against losses. The strategy is simple! First, decide your “unit” of betting (it doesn’t matter how large or small your wagers are, just as long as you have a standard amount that is consistent). Then, as long as you win, you continue to double your bet until you hit a streak of three wins or more. Once you hit a streak of three wins or more, you stop increasing your wager, but you don’t decrease the bet. After you finally lose a wager, you drop back down to your original base unit. Here’s an example of how it might look:
- You set your base unit as $5. You wager that the number will be less than 50. You win!
- You now wager $10. You win again!
- You now wager $20. You win!
- You’ve won three times in a row. From here on out, your wager remains at $20.
- You wager $20, but you lose. Now, you reset your wager back to your base amount, which was $5, and begin the cycle again.
Increasing your wager based on your winnings is a good way to manage a limited bankroll. More importantly, the Paroli Strategy keeps you from getting overly greedy and losing your entire winnings in a single bet because you kept increasing your wager each time you won.
Bitcoin Dice Strategy Takeaways
Even though bitcoin dice seems like a completely random game, you can still use strategies to keep you coming out on top time and time again! These strategies require self-control, patience, and the ability to walk away when you’ve hit unacceptable losses. Remember that, even with strategies, bitcoin dice is a game of chance! If you happen to run out of funds, most casinos offer ways to get free bitcoin so you can get back to doing what you like best; gambling!
If you’d prefer to gamble in a more calculated way, or just don’t enjoy playing dice, the internet is full of all different kinds of bitcoin casinos. As you browse for potential places to play, remember that not all sites are created equal, and some bitcoin casinos are more generous than others. Take your time researching website reviews and making sure that you make the best choice for your hard-earned cryptocurrency!