What is Bitcoin Dice & How Does it Work?
Bitcoin Dice games have become extremely popular recently. The inherent simplicity of the game, combined with provable fairness, allows players to experience one of the most authentic betting choices. Although each game has its own ruleset, the general expectation is for bettors to place a wager on the dice number being above or below a particular value.
So, if the dice can land between 0001 and 9999, users will lay a stake on whether the number will be below 5000 or above 5000.
Because Bitcoin Dice is created using blockchain technology, it can check in real-time if it’s behaving reasonably. As it’s a provably fair game, it provides bettors with one of the best titles to implement a betting strategy on.
Playing a Bitcoin Dice game provides a range of benefits. The provably fair nature of the game is the most apparent, but there are many other reasons why it’s an excellent choice. It allows complete transparency for players, high levels of security, huge jackpots, and fast withdrawals.
Tactics to Implement Before Gambling
Before betting, players must ensure they prepare correctly. We’ve collated what bettors have to do before first rolling the bones!
Search for a Reliable Bitcoin Dice Casino
Finding a reliable Bitcoin Dice betting site is critical for successful betting. Using an untrustworthy site provides risks to bettors, so players must be careful. Our toplists and reviews make finding the best sites on the market simple. We only recommend trustworthy casinos, so using our guides ensures it’s easy to find the most suitable crypto operators.
Test All the Bitcoin Dice Strategies
There are plenty of Bitcoin Dice strategies available. However, each system has its own benefits and drawbacks. So, some players will find specific strategies will suit their bankroll and mindset better than others. As a result, it’s vital to test the different systems before playing for real money. It allows users to discover the best method without burning through their bankroll.
Develop a Dependable Strategy for the Most Reliable Result
Using the previous tip, bettors can determine what’s best for their budget and playing style. From here, they can use the stats behind their results to discover the most reliable strategy. While it won’t guarantee success, it will increase the chances of making a profit.
Betting Units Explained
When using a bankroll management strategy, players will see lots of mentions of units. However, to beginner bettors, it may be a confusing term. So, to help our players fully understand what a unit means, we’ve covered them in detail before getting into the finer points of betting systems.
What is a Betting Unit?
A betting unit is how much bettors place on each stake. Of course, each player will have a different stake level depending on their budget. So, referring to betting units rather than a specific stake level is critical when covering Bitcoin Dice strategies. For example, for one user, each unit might be 0.0001 BTC. For another, it might be 0.001 BTC. So, although the premise behind
Calculating the Size of a Betting Unit
It will depend on the level of risk associated with each betting strategy. For example, most players tend to choose 1% as their unit size for a flat betting strategy. However, for a method such as the Martingale, which can increase stake sizes rapidly, 0.1 or 0.001 % may be more appropriate. So, bettors must look into the potential stake sizes of their chosen system to decide on the percentage of their bankroll to select.
Additionally, players should adjust their unit size as their bankroll size changes. So, after doubling the bankroll size, players should change their unit size. Conversely, if the size of their bankroll halves, then they should change their unit size again.
Best Bitcoin Dice Strategies
Betting on Bitcoin Dice provides players with several different potential strategies. Players should look into how each one works before starting betting. By doing this, they can work out which provides a system they feel comfortable with, most in line with their mindset and which will match their budget. We’ve provided an overview of the most common methods available to bettors:
The Martingale Strategy
This strategy is perhaps the most well-known betting strategy there is. It is put into place on even money wagers, such as Bitcoin Dice games. Essentially, bettors double their stake every time they lose, and when they place a winning bet, they return to their original stake. It allows players to cover all previous losses by doubling the stake, but the wager size can increase significantly if bettors go on a long betting losing streak.
The Break-Even Martingale
For bettors on a smaller budget, the break-even Martingale provides a simple solution to escalating stakes. Instead of increasing the bet size on each losing spin, users have a bet at the same stake in between. So, an example would work like this:
- First bet 1 unit – loses
- Second bet 1 unit – loses
- Third bet 2 units – loses
- Fourth bet 2 units – loses
- Fifth bet 4 units – wins
- Sixth bet 1 unit
So, it allows players to cover losses and break-even but increases the time it takes for stakes to become unmanageable.
The Inverse Martingale Strategy
Also known as the reverse Martingale strategy, this is precisely what the name suggests. The bet size doubles on wins and returns to a single unit on losses. Bettors must be careful with this strategy, as all winnings will be consumed on a losing spin if they don’t stop doubling at the right time.
The D’Alembert Strategy
Using the D’Alembert system is relatively simple. Bettors select the unit size for their bets first. Many bettors choose 1% or 2% as the unit size, but higher-risk players may go as high as 5%. Then, the first bet is 1 unit. If the bet wins, the unit remains at the same level for the next wager but increases by 1 unit if it loses. Every loss will increase the unit size by 1, but winning bets reduce it by 1 unit until it falls back to a single unit. The system works by covering losses with higher stakes on winning bets. It’s similar to the Martingale strategy but with a more negligible risk of vast stake sizes.
The Paroli Strategy
Some users see the Paroli system as a variant of the Martingale strategy. However, it works in a different way, which provides a lower level of risk. Players’ stakes increase on winning bets instead of losing ones. So, on every winning bet, the stake will double. But, after three wins in a row, the stake returns to a single unit. Additionally, the stake returns to a single unit on losing bets. As a result, it allows users to make the most of a winning streak without running up huge stakes like with the Martingale.
Fibonacci Betting System
This is a system for mathematics majors. The Fibonacci sequence is a sequence which increases by adding up the previous two numbers. So, it looks like this.
1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89…
The betting system works similarly, except the numbers are the number of units players wager. The sequence only increases on losing bets, so bettors who lose seven bets in a row would wager the following stakes:
- 1 unit
- 1 unit
- 2 units
- 3 units
- 5 units
- 8 units
- 13 units
However, it’s not as simple as returning to the start on a winning bet. Instead, players go back two steps when they win. As a result, it covers losses but doesn’t increase quite as quickly as the Martingale strategy.
Flat Betting Strategy
When users stick to a flat betting strategy, it’s just a case of keeping the same stake size no matter what happens. It requires the least amount of thought to carry out but doesn’t allow bettors to react to successes and failures.
Reverse Labouchere Betting System
The Labouchere system involves a set of numbers, which the player determines, where users add the first and last numbers for their bet. If the bet wins, they remove the numbers from the sequence; if it loses, they add the stake value to the end of the sequence. So, losing wagers will increase the stake and winning bets reduce the stake.
The reverse Labouchere system reverses these rules. So, the stake increases on wins and reduces on losses.
1-3-2-6 Betting System
The 1-3-2-6 system is extremely simple to follow. The numbers in the strategy relate to unit sizes. Players only go through the entire system when placing winning bets. On each losing bet, they will return to the first stage of the method. After completing all stages, bettors start again.
- Losing at the first step causes a 1 unit loss
- Losing at the second step causes a 2 unit loss
- Losing at the third step returns a 2 unit profit
- Losing at the final step causes players to break even
Of course, when it comes to Bitcoin Dice strategies, mathematical foundations underpin them all. It all comes from probability and statistics. But, to fully understand them, bettors must know how they relate to the game.
Each game has a probability attached to it. So, it’s essential to understand what it is.
Probability of a Single Roll
Each number has a 1/6 chance of landing on a single dice roll. It depends on the game if this bet is available, as most Bitcoin Dice games only offer even money bets.
Probability in Bitcoin Dice
It depends on the game for the exact value, but each bet has a slightly below 50/50 chance in Bitcoin Dice. Because the bet is on either above or below the middle number, all bets lose if it lands on the middle number. Some games will have between 01 and 99, others will have between 001 and 999, and it can even be as high as 0001 and 9999. So, there will be slight discrepancies in the probability.
The expected value of an event is a relatively complicated concept. However, bettors can gain an advantage if they understand what it is and how to use it.
Calculating Expected Value
Bettors must calculate the expected value by multiplying the chance of a number landing by the value of the number and then adding up the total. So, for the roll of a die, the calculation would be as follows:
(1/6 * 1) + (1/6 * 2) + (1/6 * 3) + (1/6 * 4) + (1/6 * 5) + (1/6 * 6) = 21/6
21/6 is the same as 3.5, so the expected value for a die roll is 3.5.
Using Expected Value in Bitcoin Dice
Many players may feel it’s too complicated to use this process for Bitcoin Dice, but it can be beneficial. First, calculating the expected value allows bettors to calculate the most likely roll. From there, players can choose the best option. From here, it can be combined with a betting strategy to increase the chances of success.
While managing a strategy is essential, managing the risk when betting is also critical. Our tips should ensure bettors can add risk management to their Bitcoin Dice strategies.
Managing the bankroll is a critical aspect of reducing risk. Unfortunately, many players set their unit size too high, which in turn causes them to burn through their budget rapidly. Therefore, players must select suitable unit sizes to successfully integrate a betting strategy.
Balancing Risk & Reward
Some players prefer a high-risk strategy. However, it can lead to more significant losses. Although it takes longer, a lower risk/reward method often provides better chances of long-term success. Bettors must weigh up the best method for their needs, but it’s vital to understand the balance between risk and reward.
Understanding the House Edge
All casino games have a house edge. As a result, bettors have to realize there are no guarantees of success. Although betting strategies can mitigate the risk, it’s impossible to remove it completely. Choosing a Bitcoin Dice game with a lower house edge provides a better chance of success, even if it provides smaller potential wins.
Monitoring Game Performance & Adjusting Strategy
Self-reflection is critical to improvement. It’s understood in elite sports, so it makes sense to apply it to betting. Players should regularly look over their own performance to see what tweaks they can make to increase success levels.
Users should always look to remove emotions from their betting choices. For example, becoming angry on a losing streak can lead to poor decisions. Additionally, getting too excited on a winning streak can cause similar issues. So, bettors have to remain on an even keel when placing wagers.
Crypto dice strategies are an excellent method of increasing potential success. However, players must understand there’s no guarantee of creating wins. All crypto casino games have risks, so it would be unwise to believe using a strategy will ensure a profit.
Despite this, a calculated method is vital. It allows bettors to mitigate some risks and increase their potential for wins. So, players must research which betting strategy fits their budget constraints and matches their mindset.
Using our guide allows bettors to quickly learn which strategy will fit their requirements best, and from there, they can apply it to a real-crypto environment. Adding the best systems will make Bitcoin betting more fun and increase the probability of walking away with a profit.
It depends on the strategy and the mindset each player applies. Budget constraints can also impact how effective a strategy is. For example, using a strategy which can increase stakes to high levels would be a mistake with a small budget.
The most popular strategies are available in our guide. However, the Martingale strategy is the most well-known and easiest to apply.
Yes, you can. There’s nothing to stop anyone from creating their own betting method, as new systems appear all of the time. Bettors should use mathematical models to develop techniques, as they can link it to probability and increase the chances of the system’s success.
In theory, the Martingale system guarantees success eventually. However, there are a number of factors which stop it in practice. The first is the size of the player’s budget. If the stake increases too high, they won’t be able to place a wager high enough to cover previous losses. Secondly, some games have stake limits, preventing players from covering previous losses. So, no strategies guarantee profits, but they can increase the chances of a profit.
It depends on the level of success. If a single strategy works well, then bettors should stick to it. However, shifting to another approach may be the best action if sustained failures occur. Players must research what’s best for their own situation to select the right outcome.