At the moment 1 bitcoin is roughly equal to $8000, so you might be wondering if you need to make a huge investment simply to enter a table at a bitcoin casino. That’s not the case although the exchange rate seems daunting.
The minimum deposit varies but it is typically 1 m฿, around $8. Your bitcoin balance can then be bet in fractions as small as 0.001 m฿, which is about $0.008c.
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.
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.
Let’s say the min-bet is 0.01 m฿. This means you would need at least 1.2 m฿ ($9.60c) 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 6 m฿, roughly $4.80c, but would be no fun at all.
So you can easily play black for 2 hours for well under $10 worth of bitcoin. Remember you can make that even less or, make a profit with our exclusive bitcoin casino bonuses.
The gameplay of bitcoin online gambling is very similar to government currency online gambling, you just have to get used to the amounts having zeros before them. For this reason many casinos will display your balance in milli-bitcoins, abbreviated to m฿, and worth $8 each at today’s rate.
A milli-bitcoin is 1/1000 of a bitcoin or ฿0.001, which would be displayed as 1 m฿. A whole bitcoin would be displayed as 1000 m฿.
See why m฿ is the best denomination for gambling here. If all that sounds confusing, you will get to understand and have a lot more fun by giving it a go!
I have worked with several companies in the past including Economy Watch, and Milkroad. Writing for BitEdge is highly satisfying as I get an opportunity to share my knowledge with a broad community of gamblers.