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Author Topic: Betting on Roulette with Bitcoins. How and Why.  (Read 3546 times)

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Jake007

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Betting on Roulette with Bitcoins. How and Why.
« on: August 01, 2014, 07:21:54 PM »
Betting on Roulette with Bitcoins. How and Why.

What I am going to outline here may change your roulette gaming forever.
First, what is bitcoin? You have surely heard about it on the news by now.

Bitcoin uses peer-to-peer technology to operate without a government, bank or 3rd party; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part.

To learn more about bitcoins please go here:
https://bitcoin.org/en/

There are a few ways to acquire bitcoins. To open free accounts go to these sites based on your location:
USA = Coinbase.com
UK = Bitstamp.net
EU = BTC-e.com
ASIA = BTCchina.com
WORLD = Xapo.com

There are other sites, but those are generally the most respectable and accepted sites. Generally, you will need to connect your bank account or use wire transfer in order to purchase some bitcoins. Some websites like BTC-e allow for credit card purchases. You can also meet someone in person to acquire bitcoins at LocalBitcoins.com. All of the websites listed above have online web based bitcoin "wallets" where your bitcoins are stored once purchased.

You can also put bitcoins on a smartphone with an application such as "Blockchain Wallet" (iphone & android). Many people recommend storing bitcoins completely offline with software based wallets such as MultiBit.org which is a great free program. It is also recommended to read through instructions on how to back up your "wallet" in case your phone or computer crashes. Remember, with bitcoins there is no bank or government to protect you. You are your own boss. You and only you are in charge of your money.

Once you have acquired some bitcoins you can spend them online. In the United States many large companies now accept bitcoin. Dell Computer, Newegg, TigerDirect, and Gyft to name a few.

But lets get to playing roulette with bitcoins. Here are some websites you may like...

No Registration required & play money is available to test...
BitcoinVideoCasino.com
SatoshiBet.com
Bitzino.com

Registration *IS* required & live casino dealers...

CloudBet.com
Cloudbet offers a full casino (both computer and live), as well as slot machines and sports betting. [size=78%]If you like betting on sports you can do so here (no registration required)...[/size]

NitrogenSports.eu
I will use BitcoinVideoCasino (BVC) as the example, but wagering across the above sites are all basically the same. On BVC you will see a note at the bottom of the page:

YOU ARE USING TEST CREDITS - DEPOSIT BTC TO WIN BTC
Add credits by sending Bitcoins to 1DanZ8zjSvyez9kuZ1BKh63u9bjc4HdqtS

DO NOT SEND BITCOINS TO THAT ADDRESS !!

Now you need to send some of your newly acquired bitcoins to the address they list on YOUR page. The bitcoin address they list may change if your computer crashes or you clear your cookies in your web browser. It is recommended to create an account, but its not mandatory.

To send bitcoins to any address you need to copy and paste the address into your phone app, online wallet or offline wallet, and also select the amount of bitcoins you wish to send. Prices fluctuate, but as of 7/31/2014, 1.0 bitcoin is worth $585 USD. Bitcoins work in decimals, so 0.1 bitcoin is equal to $58.50 USD.

BitcoinVideoCasino.com / 1.0 bitcoin = 10,000 credits
SatoshiBet.com / 1.0 bitcoin = 1,000 credits [size=78%](you can adjust the value on this site)[/size]
Bitzino.com / 1.0 bitcoin = 1,000 credits (you can adjust the value on this site)

Within seconds (sometimes minutes when there is heavy BTC trading) your bitcoins will arrive. Thats it! You are ready to play!
* please be aware that bitcoin addresses are CaSe sensitive.

To send your bitcoins from the casino back to your wallet is simple as well. You need to click "RECEIVE" or "REQUEST" in your app or program and it will show your bitcoin receiving address. That is the address you need to send your winnings to. On the BVC website you would click "CASH OUT" and input the amount you want to send to yourself along with your receiving address. DONE.

After playing some online casinos in the past you may have wondered if they are really fair or not? Those companies sometimes reside in strange locations without much rule of law. The three bitcoin casinos listed above use a new system called "Provably Fair" betting, which is a method to prove the shuffles and spins of the wheel are fair. This allows you to independently and immediately verify the authenticity of a shuffle. There is a Forbes article about it here....
http://www.forbes.com/sites/jonmatonis/2012/08/31/bitzino-and-the-dawn-of-provably-fair-casino-gaming/

Basically, the online gaming site deploys a cryptographic hash function (SHA256 algorithm) to create a fingerprint of an already shuffled deck. Since the SHA256 hashing algorithm is one-way and there’s no way a player can use that hash to figure out what the shuffle of the deck actually is, the casino can let players look at the hash before the game starts.

Then, the deck is reshuffled using the Fisher-Yates shuffle algorithm with the random numbers generated from the Mersenne twister algorithm that was seeded with a hash of the combined server seed and client seed. The second round of shuffling only serves to ensure that neither the server nor client could possibly know the final deck before the game starts.

Finally, the initial shuffle and the server seed are provided to the player for verification.

I hope this has given you some knowledge about bitcoin and playing roulette with bitcoin easily. Gambling with bitcoins is actually very easy. Your real task is obtaining some bitcoins and its really not that difficult to do.

If you have any questions, or need help learning to send/receive bitcoins please contact me on the forums: Jake007
For the latest bitcoin news try...
http://www.coindesk.com

For local/regional bitcoin news try Reddit and select your area...
http://www.reddit.com/r/Bitcoin/wiki/local_communities
« Last Edit: November 08, 2014, 04:58:29 PM by kav »


 

Jake007

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Re: Betting on Roulette with Bitcoins. How and Why.
« Reply #1 on: August 01, 2014, 07:33:26 PM »
I am here to help anyone learn about bitcoins and get started with roulette betting.

I am also willing to send $5 USD worth of bitcoins to anyone wishing to learn how to send/receive bitcoins from their wallet. Thats a bitcoin value of approx 0.008348 BTC

To chat with me my SKYPE name is "jake007roulette". I will try to be online the next 5 hours as well as off and on over the weekend. During the work week I will try to be on Skype from 8-am-5pm pacific time.

For playing roulette with bitcoins I personally prefer Satoshibet for its clean look and ease of use, as well as Bitcoin Video Casino for its speed and ease of use. I do like Cloudbet, but their minimum wagers are too high for me :) Satoshibet also gives you the ability to make penny bets (.001 bet) and then jump in with a whole number bet.
 

kav

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Re: Betting on Roulette with Bitcoins. How and Why.
« Reply #2 on: August 01, 2014, 07:47:53 PM »
Jake,
Your sharing of knowledge and experience is greatly appreciated. May lady luck stay on your side.
 

Jake007

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Re: Betting on Roulette with Bitcoins. How and Why.
« Reply #3 on: August 01, 2014, 08:00:10 PM »
One of th great values of using bitcoins on these websites listed above (at least for me)... there is no required registration, there are no bonus on deposits that get locked, its easy to send and receive money and more. Bitcoin Video Casino also offers a bonus of 2 or more bitcoins (starting at $1200 USD) if you hit "0" three times in a row playing roulette. Is it rare? Yes, but someone must win. In fact, my brother won the jackpot a few months ago. You need to opt in to play the roulette jackpot. My brother recently had his third child and the boy was born early, so my brother is swimming in debt. He won the equivalent of $3,000 USD (in bitcoins) and the day before he received a doctor bill of $2500. The jackpot win was surely a "gift" from the heavens.

One thing that makes bitcoin very unique is the ability to view ALL bitcoin transactions on a public ledger. A historical accounting of every single transaction. You can see the public ledger in action here on what is called the Blockchain....

https://blockchain.info/

(they also offer a free bitcoin wallet)

While yes you can see the transactions, it is very difficult to trace bitcoin transactions (although governments will try). And thus makes bitcoin a beautiful marriage for the gambler and his winnings.
« Last Edit: August 01, 2014, 08:02:27 PM by Jake007 »
 

ADulay

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Re: Betting on Roulette with Bitcoins. How and Why.
« Reply #4 on: October 31, 2014, 02:40:26 AM »
OK, it's three months later and have there been any updates on the status of BitCoin and gambling?

AD
 

dobbelsteen

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Re: Betting on Roulette with Bitcoins. How and Why.
« Reply #5 on: October 31, 2014, 09:34:36 AM »
For internetcasinos ,it can be very interested. At this moment bitcoins are out sight of taxsservices. In the Nethelands it is impossible to make banktransactions. The Lucky pokerplayers go all to othe rcountries to avoid the tax.