Owner, Editor, and lead writer for Cryptorials.

Cryptocurrency writer and trader since 2014.

AMA Anytime:

#Spon – This story is sponsored by Crypto-Games, a dice and slots gaming site for Bitcoin, Dogecoin, Litecoin, Friendship Coin and Gridcoin!

Dice games have always been amongst the most popular ways to use cryptocurrency, and it is easy to see why. They are able to offer a range of really significant advantages over fiat gaming platforms, whilst showcasing some of the best features that cryptocurrency itself has to offer.

Unlike more traditional gaming websites you often do not need to provide a lot of personal information to prove your identity, and on some sites like Crypto-Games (see link at top) you do not even need to register!! But despite this increased level of privacy for the individual player, the website itself is more open and accountable with everything happening on a public blockchain –  offering provably fair gaming with no chance for the house to cheat (whereas usually you only have their word that they are playing fair, behind the privacy of their own servers).

If you are a Bitcoin Dice fan then here are a couple of strategies to increase your chances of winning:

Risk Everything and Nearly Always Win, with the Martingale Strategy

The Martingale strategy is a way to increase your chances of winning, by putting more of your capital at risk. You can use this strategy to give yourself a really high chance of coming away a winner – perhaps even 99% or above – but only if you are willing risk a big loss.

You can use this strategy with any 50/50 game where there are two possible outcomes. In a dice game that means setting it so that you get a 2x payout – usually that means a 49.5% chance of winning, although that will differ depending on the site you use (Crypto-Games, for example, has a 0.8% house edge meaning you get a higher 49.6% chance of winning).

Now, if you bet 1 Satoshi, for example, you will either win or lose 1 Satoshi. If you win then fine, you can go again. If you lose then all you need to do is to double your stake – bet 2 Satoshi with the same 2x payout. If you win this second round you will have lost 1 Satoshi and won 2 Satoshi – meaning you win overall. If you lose a second time then you just double your stake again. Theoretically, if you were able to keep doubling your stake every time, you couldn’t lose – you would always get that 1 win eventually and that win would always cover all of your losses up to that point.

You can even use autobet features to automatically double your stake each time you lose – and then just sit back and watch it play out for as long as you want.

Of course nothing is ever that simple. In practical use, you can always hit a losing streak which carries on until you run out of money and can no longer afford to carry on. When that happens, you lose everything.

So using this strategy means that you can give yourself a very good chance of making say 5, 10 or even 20% profit on your bankroll, but if you lose, then you will lose the whole thing.

Risk Nothing and Nearly Always Lose: The Anti-Martingale Strategy

Some Bitcoin gambling sites like Crypto-Games have a couple of cool features which let you take what I think of as a kind of anti-Martingale strategy. The first of these is a faucet – a way to get a small amount of free coins if you have lost everything and are down to a zero balance. This is a nice way to test out a new site you haven’t used before, or to get that one last chance to win back everything you’ve lost. You can also choose the payout you want to win – picking a low payout with good odds or  high payout with poor odds.

Personally I like to use the faucet to place a bet with the lowest possible chance of winning but the best possible payout. Ok, so you nearly always lose – but if you win you can turn a few free coins into a decent payout instantly!

Visit Crypto-Games.Net to test them out now!

Also check out our comparison of the best bitcoin & altcoin dice sites