1 bitcoin at the moment is roughly equal to $4000 so many gamblers might be wondering if they need to make a huge investment simply in order to enter a table at a bitcoin casino. Let’s immediately dispel that myth although the exchange rate seems daunting and constantly fluctuating.
The minimum deposit varies according to the website and some sites have no minimum at all but for those that do it is typically ฿0.0001, around $0.40c. Your bitcoin balance can then be bet in fractions as small as ฿0.00001, which is about $0.04c, for table games such as roulette and blackjack and even less for slot machines with potential for big payouts!
Let’s imagine that you want to play a game of blackjack for 2 hours. Due to the amount of people at the table, the average hands per hour is 60. So that makes 120 hands altogether. You are unlikely to bet on every hand, but you always have to bet the minimum amount, which is ฿0.0001. This means you would need at least ฿0.012 ($48) just to play (not taking into account any wins or doubling of bets).
If you are dealt consistently poor hands preventing any chances of winning, you can reclaim half your bet. In this case the minimum play amount for the 2 hours (forfeiting your hand each time) would require ฿0.006, roughly $24, but would of course be no fun at all.
Remember you will have no transaction or withdrawal fees like you would with government currency. You can also get a bitcoin casino bonus.
Ultimately when gambling with bitcoin, how much money you need depends on
- The game
- Your technique and strategy
- How long you want to play
- The maximum/minimum bets for that table
- Whether you’re lucky or not
- What you’re comfortable risking
Milli-Bitcoins, a Smaller Denomination
The gameplay of bitcoin online gambling is very similar to government currency online gambling, you just have to get used to the amounts having 0s before them. For this reason many sites will display your balance in milli-bitcoins, abbreviated to mBTC, and worth 60 cents each at todays rate.
A milli-bitcoin is 1/1000 of a bitcoin or ฿0.001 which would be displayed as mBTC 1.
฿1 would be displayed as mBTC 1000.
If all of that sounds confusing you will get to understand it faster and have a lot more fun by giving it a go!
Good luck at the tables !!!