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Complete Guide to Crypto Gambling

Written by:
B.E.Delmer
Published on:
Jun/04/2022

If you’re unfamiliar with crypto gambling, you won’t be for long. Keep reading to find out everything you must know to start betting with crypto

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Crypto Gambling 

What are cryptocurrencies? 

We’ll answer this question first. You may have heard that cryptocurrencies like Ethereum and Bitcoin are decentralized currencies, meaning they aren’t backed up by a government. 

The U.S. dollar, as an example, is backed by the full faith and credit of the United States Government, which is why most of the world uses U.S. dollars.  

China backs up the yuan. Japan backs up the yen. The European Union backs up the euro, etc.  

Bitcoin is decentralized, which means no government interferes with its value. But BTC is more than that. 

Crypto analysts call Bitcoin “digital gold” because it’s the backbone of the entire cryptocurrency industry.  

What is crypto gambling? 

Crypto gambling means that you use a cryptocurrency to make a bet. So if you bet with BTC, as an example, instead of U.S. dollars, you are crypto gambling. 

Why would I want to bet with crypto instead of with dollars? 

Although the U.S. Supreme Court struck down the law that gave Nevada a monopoly to run sportsbooks, most credit card companies still won’t allow players to fund their wagering accounts.  

Crypto transactions are peer-to-peer, which means when you fund your account with BTC, ETH, or another cryptocurrency, the transaction happens between you and NitroBetting. 

You mustn’t worry about the credit card company blocking your transaction or anyone knowing why you made the transaction. Each transaction is a block on the chain. If it’s a Bitcoin transaction, a specific block is created on the Bitcoin blockchain.   

What is mBTC? 

As of May 31, 2022, a single Bitcoin is worth close to $32,000. In order to make wagering more feasible, NitroBetting uses mBTC. 

The value of an mBTC fluctuates along with the value of a single BTC. As of 2:50 pm PT on May 31, the value of an mBTC was worth .000997 BTC. At the same time, 1 mBTC was worth $31.73 U.S. dollars. 

I’m used to working with U.S. dollars. How do I calculate mBTC? 

Once you make a deposit, NitroBetting does the conversions for you. Our system tells you exactly how much you can bet, max limits and min limits.  

But if you want to calculate mBTC yourself, it’s easy. Check out this converter on Nomic. 

Go ahead and convert dollars to mBTC or mBTC to dollars. Remember, the price of an mBTC will change depending on the price of a BTC. 

How do I get started crypto gambling? 

You must first create an account where you can purchase Bitcoin. Then, you transfer your BTC to your NitroBetting account. 

Our system converts your BTC to mBTC. Make sure to use a converter if you wish to know how much your mBTC is worth in dollars.  

How do I wager with crypto? 

Wager like you normally would. If you want to know a dollar amount, use the converter to determine how much you are wagering in dollars.  

A good idea might be to create a betting unit in mBTC. So if your betting unit in dollars is $100, convert $100 to mBTC.  

At 3:11 pm PT on May 31, 2022, $100 U.S. dollars equaled 3.1558 mBTC. A final reminder that the value of an mBTC fluctuates in unison with the value of a Bitcoin.   

- B. Delmer, Gambling911.com

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