Earn Bitcoins with SatoshiDice

There are now countless online casinos on the net where you can play with Bitcoins. Satoshidice is one of the oldest and most widespread Bitcoin casino. Unlike other casinos, however, it is not only possible to play against the bank, but also to bet on the bank.

What is SatoshiDice?

SatoshiDice is an online casino website that currently offers two betting games. SatoshiDice was founded in 2012 and was sold in 2013 for 126,315 BTC – converted at the exchange rate at that time this was 12,4 million USD.

The main game is a kind of dice game: you bet on a number between 1 and 65535, and after the dice are thrown, the number thrown must be lower than your own chosen number.

If the number thrown is lower than the number selected, you win. If the number on the dice is higher, the bet is lost. The lower the number you bet on, the higher the possible win. For a detailed BTC dice explanation, check out the page luckyCOINER.

SatoshiDice dice game: How do you bet?

You bet an amount (provided that a certain amount of Bitcoin has been transferred to SatoshiDice). The minimum bet is 100 Satoshi.

You adjust the slider with the chance to win. The higher the chance is chosen, the higher the number you bet on. “Roll Dice – The dice roll a number between 0 and 65535. If the number on the dice is lower than the number selected, you win. Green W denotes a winning roll. The number indicates how many times the roll was won in a row. Red L indicates a lost roll.

In this example I always bet on the number 52,590. 18 throws were smaller than the number. However, the top roll (red L) indicates a lost roll. Here, the number rolled was 59.473 and thus above my 52.590. The bet of 100 Satoshi (= 0.00000100 BTC) was therefore lost. With the won rolls I had earned 22 Satoshi per roll.

Making money: Go to the bank and earn money

With SatoshiDice you can earn money by betting – but lose at least as much. In fact, on average more is lost than won, because the chance of winning is slightly lower than the chance of losing. So in the long run, the casino always wins. For both games on SatoshiDice there is a House Edge. This house edge is known from many betting games, especially roulette: If the player bets on the color red or black, he usually has a 50% chance to win or lose. However, there is still the House Edge, the color green. If the ball bounces to the green “0”, the bet goes to the bank. The House Edge in European casinos is in this case 2.70%.

A similar principle has SatoshiDice. Here there is also a House Edge of 1.90%.

But how can money be earned with SatoshiDice?

So that an online casino can be operated, it needs certain capital in the backing. Because if many players have a lucky streak, the casino must be able to distribute the money won. Bitcoin Casinos often get the necessary capital from the users of the casino. This means that every user can give money to the casino and thus become part of the casino. And every user can automatically win with the casino. Because for the invested capital the user gets a part of the House Edge. At SatoshiDice half of the HouseEdge is distributed to the investors. In the case of the dice game this is 0.95%.

As a test we invested 0.12 BTC. After a short registration and the usual security settings (2-factor authentication) we deposited the Bitcoins. Via the menu item “Bet on the House” the Bitcoins could be deposited into the house pool. At the time of our deposit there were already more than 1922 BTC in the House Bankroll. After our investment of just under 0.12 BTC we had a profit of 0.00022969 BTC after just one day. Converted this results in a profit of 0.19% per day.

What are the risks?

Of course, relying on the bank is not without risks. One of the biggest risks could be that the bank closes and disappears with the capital invested by the users. The SatoshiDice operators even list this as a risk themselves and even take themselves a little for a ride.

  • In addition, some players may have a winning streak with high payouts.
  • Then the bank has to pay out the players with its capital, which can then reduce the capital invested by the players themselves significantly.
  • If in this time then large investors are added, then naturally the House Edge won afterwards is divided among all investors. Thus it can then take much longer to recover the lost Bitcoins.

 

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