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Sunday 13 June 2021
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What to Expect in Online Bitcoin Casinos? How Similar Are Poker and Day Trading?

Bitcoin technology is unique including features like decentralized, low transaction fees, highly anonymous, speed, and end-to-end encryption. There is no surprise that different sectors started introducing BTC as a payment mode. Online casinos have also started accepting BTC for deposits as well as withdrawals.

What to Expect in Online Bitcoin Casinos?

On Bitone Core, you will find a crypto casinos list and reviews. Online bitcoin sites are just like regular online gambling platforms, but have some edge. Some unique features you will discover in BTC casinos are –

Quick and safe transactions

All the transactions and processes within blockchain tech are irreversible. Neither the casino owner nor the gambler can manipulate results or meddle with financial data. Besides, the transactions are end to end encrypted, so no concerns about 3rd party hacking or interference. Blockchain technology operates on a high-speed network, so users receive their BTC instantly.

Convenience

The records of every transaction are stored on the blockchain in an encrypted format that needs no personal details about its user. It means the user can keep his/her anonymity and privacy safe. This is a direct benefit to the user, especially in a gambling scenario. Due to the unregulated state of blockchain, it belongs to everyone around the globe. Until the technology is not under the regulatory radars, wagers can ignore tax payments in some countries. However, stay updated about blockchain and bitcoin as the popularity of both is dramatically increasing.

Whales and high rollers minutely monitor the bitcoin casinos because of their rapidly increasing rates. Even a bet in mBTC can trigger huge wins. However, there is also a possibility of huge losses, if you are unlucky.

Bonuses

Bonuses offered at a BTC casino are similar to regular online gambling platforms.

  • Deposit bonus
  • No-deposit bonus
  • Free spins & tickets
  • Progressive jackpots

Bonuses sound free but there are complex conditions attached. Entries valid for a limited period or you cannot withdraw until you have wagered 40 to 50 times more than the initial BTC bonus. Therefore, read the T&Cs before signing.

High rollers receive great VIP offers like loyalty programs. More bet is equivalent to better bonuses! VIP members even receive access to exclusive casino games.

Game options

Popular casino games like roulette, poker, blackjack, slots, baccarat, etc. are offered at the bitcoin casinos. The majority of games have themes featuring crypto stories, key characters, and digital style. Several bitcoin casinos even offer Sports Betting.

How does bitcoin casino work?

Bitcoin casinos will need users to have an e-wallet to store their coins. A wallet is just an address. The first step is to create an e-wallet or use a hardware device for storing digital currency. The next step is to buy bitcoins from a cryptocurrency exchange or people.

Now, you are prepared to register at a reliable BTC casino and make the deposit using your wallet address. Enter the BTC amount and casino owners’ wallet code in your wallet. The deposit is completed in a couple of minutes and you are ready to hit the slot machine.

How Similar Are Poker and Day Trading? 

Veteran day traders don’t like being compared to casino gamblers but there are multiple similarities in both disciplines. If you understand the trading complexities it is helpful to improve your chances of success at poker or blackjack game. Alternatively, understanding gambling science can help in effective trading.

Major similarities between gambling and trading

Generate crypto coins or cash

Gambling is for the thrill and entertainment but even to earn money, while trading if performed skillfully leads to the highest ROI. People can choose poker or/and trading to make a living. In the past cryptocurrencies was monopolized by tech-savvy traders, but today it is commonly used in a variety of sectors including the gambling house.

Playing odds

Casino players find ways to enhance their odds just like the stock market traders. For example, they check for games or with a low house edge. Players even invest in sharpening their knowledge and skills to help them play successfully.

Deciding under pressure

Decisions making under pressure are associated in both disciplines. When there is more cash at stake the pressure to make a decision is also more. Traders and gamblers have to keep cool and think logically.

Patience

Both endeavors need a lot of patience. Waiting on the sideline for the right situation is crucial in trading stock and playing poker. You don’t aim to play each hand but to win and limit the losses. Both activities offer great results over time, so small short-term losses are not an issue as long as your counteracting strategies are in place.

Self-control & discipline

Traders and gamblers need to have control over their emotions. Emotions are damaging to trading and poker. Traders and players must know when to exit or stop. Just like a trader does not accept each deal, a poker player does not play every hand. To ensure success, know the situation, facts, and even monitor other people’s actions.

Eliminate the emotional attachment with the investment and objectively consider the situation in alignment with your pre-defined criteria and strategies. Getting too emotional in poker can force you to go all-in even if the hand is weak, while a trader will choose a risky move to overcorrect a loss.

Bankroll and risk management strategy

Efficient resource management is essential to be successful in trading and gambling. Set criteria on when to exit whether you are losing or winning. In poker games and trading, there are strategies like playing certain hands or trading specific setups.

Know your challengers

It is also a true mantra in life but in poker and trading, you get an idea of what you are against. For example, in poker body language and visual cues are helpful but playing online deprives this yet you can create an image using your opponent’s betting habits. Advanced technology has empowered traders to recognize market flows and trends in selling and buying.

Research and evaluate

Traders never invest randomly but research in-depth about the potential company’s financial reports and their oncoming projects to identify whether this will affect the company’s share value. Calculated risks are made by traders. Poker player does not play randomly but makes a calculated evaluation based on opponent’s behavior and winning percentage.

Even if you play casino games using bitcoin, there is a need to understand the key similarities between trading and gambling.