What is Blockchain
Playing dice with Bitcoin is somewhat different than traditional dice games. This is because bettings are based on the blockchain, which is the technology behind the bitcoin. To make it simple, blockchains are like ledgers, but they can only accept inputs from a lot of different parties. This means this ledger (blockchain) can only be changed with the consensus among a group. This makes gaming with bitcoin secure as there is no need for a central authority to approve transactions.
So, a blockchain is set up for all of the bettings (dice playing) to create a database or ledger that maintains a continuously growing list of data records for the players in order to establish trust with the players and ensure a fair game.
The probability of dice rolls in a classic game of dice applies to all types of dice games involving two or more dice—this includes bitcoin dice games.
One common bitcoin gambling strategy is called the Martingale method.
This strategy is also the betting progression that seems to result in the loss of entire bankrolls. This is an extremely risky strategy, so never engage in this method unless you have learned enough to know the risks or are willing to lose it all.
The concept is simple: the player chooses a bet that will return their bet doubled if they win. If the player wins, they go back to their original wager for safety. If they lose, they double their bet so that when they eventually win, they will have made their original wager in profit.
Again, this is a risky method that for inexperienced players, may sound fool-proof. However, the Martingale method has been known to commonly bankrupt gamblers. The reason why? Well, if you are flipping a fair coin and it lands on heads 10 times in a row, which that is unlikely, the chance for you to flip a head next time is still 50%. Odds do not really change with each bet if all is fair. The world tends to work in 50/50 terms, so that is why gambling was invented.
However, if this method goes wrong, you can find yourself in a deep hole. The amount you must bet in order to win back your original wager increases exponentially, as you lose.
In the hands of those who know how to use this strategy and avoid going too far with it, the Martingale method can be an enjoyable strategy in Bitcoin. Just know the risks and always think logically.
Paroli is another common betting progression. This system increases the wager after a win rather than decreasing the wager (such as the Martingale strategy). The Paroli method can be used by bitcoin dice players on websites such as Prime Dice.
This method involves doubling your wager after a win, and resetting it back to the original wager after a loss. After 3 consecutive wins, you go back to the original wager. The Paroli method can work well for dice players who prefer lower risk strategies and smaller but consistent wins.
However, this method is not fool-proof. It can easily fall prey to sudden losses after the player doubles their bets or are on a losing streak.
Bitcoin Dice: Gambling Strategies
Additional methods used by bitcoin dice players seem to be a bit more unique. For example, one method commonly used by BTC dice players involves continuously betting your bankroll on 90% odds of winning until it is doubled; then stopping.
However, this method does not have any fallbacks if the gambler loses their bet. This is a true gamble.
Another method involves betting one hundredth of your bankroll 50 times on 1%, so that if you win, you can walk away with a profit. However, if you lose all 50 times, you can bet the other 50% of your bankroll on a bet which will return your original bankroll if you win.
This is a safer method and uses a divide-and-conquer technique that takes the gambling-brain without logic out of the picture and makes sure that there is a failsafe in place after a loss.
Other bitcoin dice players will use similar strategies, where they bet the same amount at the same odds over and over again until they end up with a profit. Some dice websites have a built-in feature even, in order to automate bets, with this strategy.
The way this works is, the player can use an automated bot to place their desired bets. They do this by pre-choosing their desired bets and odds via the bot, and let it do the work for them.
Should You Be Using These Common Betting Progressions? Are They Effective?
Betting progressions are no doubt, very attractive, and they promote themselves as being the “easy money” bets to new gamblers. It is very important to remember that all gambling methods have their faults, otherwise gambling would not exist as it does today.
Dice is a game of odds. Odds have a singular way of making us crazy. The odds of rolling particular numbers are demonstrated statistically and probability as well as with gut logic. There are so many theories to determine odds when a pair of dice are rolled, but it is mathematically impossible to have a strategy that is fool-proof and will allow you to beat the house.
These theories range from guessing, common sense, statistics, and highly unconventional methods. Sometimes it is best to start on focusing with common sense.
Get to know bitcoin dice games
Find out what the House Edge is of the bitcoin dice gambling website. Find out the maximum profit you can gain on a single bet. Also find out what the percentage of chance you can select is. Most bitcoin dice gambling sites will contain this information. You can also find this information by searching online.
Learn about probability
A number of online casinos that accept bitcoin and cryptocoins. These games, by their nature, tend to depend more on luck than skill. However, playing the odds and calculating probabilities are definitely skills you should consider learning a bit about—they can help you win these games with much better odds than luck alone.
If you cannot do this in your head (or let’s face it, don’t want to), you can use probability dice calculators and find that they are a very useful tool. You can find these calculators with a quick search online.
Play for the Long-Term
If you are on a losing streak, do not try to defeat the odds—follow them. Following the odds will reward you in the long run, regardless of your short term losses. The odds will always even themselves out, however, that development may be longer than you expect—that is the nature of randomness and probability. That is gambling.
If you are interested in only an occasional bitcoin dice game, though, playing against the odds can be a fun and exciting risk to take. For serious players, this can lead you down a dark road or in the hole. So, always make sure you know where you’re at!