Top 8 tips for gambling on Mega Moolah with bitcoin
Now that Mega Moolah is licenced by the first bitcoin-only casino you may be asking yourself a few questions on how you might be able to use it to your benefit. If you are intrigued at least a little bit, read on.
Mega Moolah fully supports the concept of bitcoin gambling with the newly licensed Bitcoin Casino. If you are interested in starting to gamble with bitcoin it goes without saying that you should know a little bit about how bitcoin works before you attempt to use it for gambling games like Mega Moolah.
Cryptocurrencies bring a lot of advantages to the gambling table including some anonymity, quick transactions compared to bank transfers, security, and often much higher bonuses.
The point of this post is to help get you get started. We will focus most of the discussion on bitcoin, given that it was the first commercially available cryptocurrency and remains the industry standard today. The tips below should help you get a better handle on bitcoin gambling so that your experience turns out to be a good one.
So here we go, in descending order the top 8 tips:
8. Choose a preferred crypto
The number eight tip should be obvious: choose bitcoin. What is not so obvious is that there are something like 2000+ cryptocurrencies available but only a few are accepted by online casinos, and bitcoin is accepted everywhere.
Assuming you are going to choose use bitcoin (since you can only play Mega Moolah with bitcoin and not any other crypto), you still have many gambling options to look forward to after wards.
It is possible that in the future another crypto will become the gambler's favourite. Keeping yourself up to date with cryptocurrency news is a good idea.
7. Check out bitcoin-only casinos
These casinos only accept bitcoin and therefore have some definite advantages. At the top of the list is less regulation. Because bitcoin is not legally recognised in most jurisdictions, bitcoin-only casinos are not dealing in cash transactions.
Another consideration here is that bitcoin-only sites offer more security and some anonymity as you don't have to provide personal financial information such as credit card numbers.
6. Check out hybrid casinos
The other kind of casino is the hybrid casino. This is a site that accepts traditional payment solutions including credit cards and bank transfers alongside cryptocurrency. Hybrid sites have their own advantages worth looking at.
For example, it is not unusual for the hybrid site to accept bitcoin as a deposit method coupled with paper cheques and bank transfers for withdrawals. Having so many banking options gives players more choices.
Hybrid casinos will accept bitcoin deposits via third party, i.e. Skrill, Neteller and UPayCard. Read more about this is our article Playing Mega Moolah with Bitcoin via Skrill or uPayCard or Neteller.
5. Pay attention to transaction fees
It is standard operating procedure for casinos to charge either low or usually no transaction fees for bitcoin deposits (you will still pay the miner's fee however). Yet there are casinos that operate outside the norms. Some are more than willing to charge excessive transaction fees depending on the deposit method chosen. Don't pay excessively high fees for the privilege of using cryptocurrency. If possible play Mega Moolah at the bitcoin-only casino that accepts bitcoin directly for both deposit and withdrawals.
4. Look for bitcoin bonuses
Whether you decide to play on a hybrid or bitcoin-only site, do some digging around for bonuses. What is a bitcoin bonus? It is a bonus that rewards players for agreeing to deposit with bitcoin. For example, let's say a hybrid casino offers a welcome bonus to players using traditional deposit methods. They offer the same bonus for bitcoin depositors because the bitcoin is converted to fiat by a middle man and is therefore considered as standard currency.
A typical welcome bonus is 100% matching cash up to a certain threshold. For the sake of this discussion we'll say a 100 matched bonus up to 1,000 available in Pounds, Euros or Dollars. A new player using a traditional banking method to deposit 250 would receive a matching 250 from the casino. The player would then start playing with a bankroll of 500 in credits.
A bitcoin bonus for new players works the same way. But there is one important difference here: Bitcoin bonuses tend to be larger, much larger.
Bitcoin bonuses make each deposit worth more. Online casinos are willing to offer the bonuses because they attract new players to their sites. And at the end of the day, that's what it's all about.
You can play Mega Moolah at the Bitcoin Casino and claim a 100% matched bonus of up to 1 BTC. That's a whopping bonus considering one bitcoin equals to 5,353 Euros. If you did claim the full bitcoin bonus you would have a bankroll of well over 10,000 in credits.
3. Use unique addresses for each deposit
Bitcoin developers have implemented a number of protocols into their blockchain to guarantee security and anonymity. One is the concept of identifying senders and receivers by unique addresses generated by their respective digital wallets. Those addresses provide proof-of-work in the blockchain ledger, without which transactions cannot be verified.
Although it is possible to use the same address for every transaction, we recommend against it. Cryptocurrency security experts suggest using a new, unique address every time you move cryptocurrency around. This method increases security and anonymity by not leaving a consistent digital trail every time bitcoin is sent or received.
To that end, you are going to need a digital wallet capable of generating unique addresses on an ongoing basis. Such a capability should be part of your criteria for choosing a digital wallet. Blockchain.com is one such wallet worth checking out.
2. Shop around for exchanges
Obtaining bitcoin requires that you purchase it. In other words, it is just like exchanging your own currency for another when you are planning on taking a trip to a foreign country. You take your native currency to a bank or exchange and use it to buy the currency of the country you are visiting. Bitcoin works the same way.
Bitcoin is bought through exchanges that specialise in cryptocurrencies. But just like fiat currency exchanges, cryptocurrency exchanges all have their own ways of doing things. Your goal is to find an exchange that offers you the lowest possible exchange rate and service fees. There is no point in paying more for your crypto than you have to.
1. Don't lose control of your bitcoin
You will notice that we counted down this list of bitcoin gambling tips. We did so in order to emphasise the tip we believe deserves to be number one: do not lose control of your bitcoin. Employ the same responsible gambling strategies with bitcoin that you would employ with traditional banking options. A failure to gamble responsibly could ruin you financially.
There is an inherent risk to gambling with bitcoin. That risk lies in the fact that bitcoin is not physically tangible. There are no bills or coins you can hold in your hand. Rather, bitcoin coins exist only as digital tokens in an electronic ledger. This reality can make it difficult for some people to appreciate their bitcoin as something valuable.
This can be problematic for individuals who are already poor money managers. Gambling with a cryptocurrency represented only as digits could lead such a player to a mindset that bitcoin gambling is not gambling with real money. And if the money isn't real, it's more difficult to control one's gambling habits.
We recommend the standard practice of establishing an amount you are willing to lose before every gambling session. Once you reach that amount, stop playing. Turn off your computer or mobile device and go find something else to do.
Along those same lines, it is helpful to establish a limit on your casino deposits. Settle on an amount you can reasonably deposit after all your other financial obligations have been met. Whatever that amount is, do not exceed it. For example, let's say you can afford to deposit 500. Stick with that amount. Do not ever go over your limit because, once you do it the first time, it is easy to do it a second and third time.
Bitcoin gambling is the wave of the future in the online casino world. Whether you are already gambling with bitcoin or have plans to do so in the future, please gamble responsibly and wisely. The tips we have offered here should make you think about what your bitcoin gambling experience might be like.
Note that there is only one pure bitcoin casino that is licensed to carry the Mega Moolah slot. So you don't really have a choice in that respect. However, remember that if you have an account with Skrill, Neteller or UPayCard, you can actually deposit bitcoin to those accounts and they will convert it to your local currency, which you can then deposit to any of the other Mega Moolah casinos.
When there's a will there's a way.
Byline: This article was published by Mega Moolah expert Henry. Media and other enquiries.
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