By now many people have heard of how bitcoin is revolutionizing the gambling industry. Prior to the introduction of bitcoin and other cryptocurrency, bettors had to rely on credit card deposits, bank transfers, money grams, and other methods that required the submitting of personal financial information in order to fund an account. With bitcoin however, users can deposit money into their account anonymously. The cryptocurrency is deregulated so there is no local government intervention when it comes to restricting users from some countries where using financial institutions for gambling purposes is illegal. Some sites still choose to block users from certain countries for their own protection, but it’s hardly an industry norm.
Bitcoin and other online cryptocurrencies have boosted the popularity of online casinos and sportsbook but a new game has also risen to prominence thanks to this anonymous funding source – and that is bitcoin dice.
Top Bitcoin Dice Sites
Many bitcoin and crypto dice sites operate on relative anonymity. Little is known about their country of origin or licensing information but that isn’t really a deterrent to many players. A few sites have risen in the ranks to become the top bitcoin and crypto dice sites online – some of which include:
There are an unknown number of other crypto currency sites out there specializing in single game action such as dice. Some important features to look for when gaming at these sites are years in business, ease-of-use interface, house edge, if the game is provably fair and most importantly; whether we have verified them.
What provably fair means in bitcoin dice is that you are wagering on a predetermined event. Basically, the number of the roll is already set, you just have to predict whether it is ‘over’ or ‘under’. The alternative would be that once you select ‘over’ or ‘under’ the script changes so that you’ll lose. Provably fair allows you to check the software script both before and after your roll has been made.
What is Bitcoin Dice?
Bitcoin dice has actually been around since 2012 when it was first known as SatoshiDice. Since then hundreds of other bitcoin dice sites have emerged based all around the globe. Bitcoin dice players prefer the game because they see it as a true form of gambling – users control every aspect of their wager. There is a house edge of course, typically 1% or lower. The game in it’s simplest explanation allows wagers to either bet that the roll will be “higher” or “lower” than a specific set number.
How Does Bitcoin Dice Work?
Bitcoin dice sounds simple – and it is – but there are more details as to how the game works. To start off, the game is not ‘dice’ in the traditional game featuring a cube and 6 numbered sides. In traditional dice the probability of rolling a number with one die is 16.67% (1/6). With two die that ranges from 2.78% (a two) to 16.67% (a seven).
With crypto dice games the possible outcomes range from 0.000 to 99.999. The goal of the player is to first set a number in that 0.000 to 99.999 range and then guess whether the outcome of the roll will be higher or lower than that tally.
General Rules of Bitcoin Dice
The general rules of bitcoin dice include playing your odds. If the game starts with the player setting a number between the 0.000 and 99.999 range, where that number lies on the scale determines your odds. For example, say the bettor sets the number near 50.000, there’s nearly a 50% chance that the roll will be over 50.000 and a close to 50% chance that the roll will be under 50.000. Therefore whatever you wager is what you’re going to win back.
Where players really rake up the bitcoin is by adjusting that 0.000 to 99.999 slider. Setting the number to 20.000 for example gives you almost an 80% chance that the roll will be over. Since this is a more probable occurrence, the payoff on your original bet will be minimal.
Take that same 20.000 number however and betting that the roll is going to go under recoups a tremendous ROI. Obviously the ‘under’ occurrence will not happen as much as the ‘over’ according to probabilities, when it does go under you’ll receive multiple times the amount of your original bet.
Therein lies the excitement in a seemingly simple game. Players can not only set their bet amounts, but also their expected payout percentages.
Faucets and Free Currency at Bitcoin Dice games
If bitcoin dice still sounds confusing there are items called faucets that will help you understand the game play. Basically faucets are ways to get free currency to bet with. Most reputable sites will allow you to redeem these bitcoins from their faucets at regular intervals – sometimes as little as two minutes. They are fractions upon fractions upon fractions of real currency, but provide a way to experience the game before making a full deposit.
Bitcoin Dice Summary
Bitcoin dice has been described as the truest form of gambling. It may seem simple to those who like the flashy animations of bitcoin slot machines but dice provides a great way to build your bankroll and experience the excitement of wagering on your own terms.