The most anticipated event in Bitcoin is about to happen. Like the Olympics, the Bitcoin halving, also known as “the halvening,” only happens every four years. It has only happened twice before in Bitcoin’s history, and on both occasions, dramatic price increases followed soon after.
If there was ever a time to try to win some Bitcoin, this would be it. I’m going to talk you through how the Bitcoin halving works, what has happened in the past after halving, and how you can potentially win some free BTC and benefit from the likely price increase.
To put it in perspective, a Bitcoin jackpot won today could be worth 10x or more about 18 to 36 months from now. On that point, I’ll also show you where you can win Bitcoin prizes and how to hold them safely if you do.
Let’s start at the beginning. What is the Bitcoin halving, and why is it such a big deal?
Bitcoin Halving Explained
To understand the Bitcoin halving, you first need to understand how new Bitcoins are created.
All day, every day, Bitcoin miners run special computers that create millions of hashes in an attempt to solve the mathematical problem that unlocks the next “block” and releases the coins. This is called mining. You can learn more about how it works in the short video below.
When new Bitcoins are mined, the miners receive a reward for their work. This incentivizes lots of miners to lend their computing power to trying to mine new Bitcoins, and in doing so, they increase the “hash rate” and network security.
However, Bitcoin has ever-increasing scarcity programmed into it. Every four years or so, the number of new Bitcoins creates halves. Mining becomes less profitable as a result of the reduced rewards, and lots of miners drop out of the race, leaving only the most efficient miners to continue the work.
If you don’t fully grasp this, don’t worry, you don’t need to. All you need to know is that there is an ever-decreasing number of Bitcoins because of this halving and this halving usually occurs every four years.
Here’s a chart showing the results of previous halvings:
As you can see, this chart falls a little shy of today’s date. The current price of bitcoin is displayed below, this price is the highest it has ever been going into a halving event.
The Current Value of Bitcoin
You can also see from the chart above that some dramatic price increases have occurred in both the run-up to the halving (this has also happened this time) and more importantly, after it.
At the first halving in November 2012, one Bitcoin was worth $12.22. It reached $1,000 around a year later before correcting.
At the second halving in July 2016, one Bitcoin would have cost you $657.61. It reached its all-time high of $20,089 in December 2017.
Going into the third halving, the price of one Bitcoin will likely be somewhere between $9,000 and $10,000.
While I can’t predict the future with any degree of certainty, it’s reasonable to assume that if demand remains constant and the supply is cut in half, there should be a price increase. After all, supply and demand is an irrefutable law of economics, and the history of Bitcoin clearly shows a correlation between the halving and a big price increase.
Sadly, the days when you could scoop up a few dozen Bitcoins for $100 or even $1,000 are long gone. Many believe that in the not-too-distant future, one Bitcoin will cost you tens or even hundreds of thousands of dollars.
Luckily, for gamblers like us, there are ways and means of winning Bitcoins, and lots of them!
How to Win Bitcoins Online
There are plenty of world-class Bitcoin gambling sites online. In a little over a decade, Bitcoin has gone from an obscure plaything for computer geeks and cryptographers to one of the most popular payment methods for online gamblers.
In case you’ve never tried gambling with Bitcoin before, here are some of the advantages it offers.
Faster deposits and withdrawals. Whereas bank transfers can take five to seven business days, Bitcoin deposits and withdrawals typically take a few hours.
New and interesting BTC games. While you can play slot machines with Bitcoin, as well as blackjack, roulette, and other casino games, you can also play new and interesting games like Bitcoin Dice.
Enhanced privacy and security. Bitcoins isn’t totally anonymous, but it will certainly keep gambling transactions off your bank or card balance. Also, you won’t have to store your payment details on the gambling site.
Lots of Bitcoin casino games are provably fair. Since they run on a public blockchain, you can verify that transactions haven’t been tampered with and that game outcomes are random.
Like I said earlier, if there was ever the perfect time to try gambling with Bitcoin, it would be right before an event that has historically caused the price to skyrocket.
So, how can you win Bitcoins online? How can you get free Bitcoins right before the halving? I’ll show you three ways below.
Play Bitcoin Dice
Bitcoin Dice is a simple and fun game that allows you to bet on whether the roll of a dice will be higher or lower than a certain number.
For example, you could bet .1 BTC that the next number to be randomly generated by the “dice” will be lower than 5,000. You can usually see how much you can win, what the probability of winning is, and your wager on the game screen.
Here’s a screenshot of a typical Bitcoin Dice site so you get the idea:
The lower the probability of winning, the more you’ll stand to win. Also, lots of these Bitcoin Dice sites have something called Bitcoin faucets. They will give you a few Satoshis to gamble with. You can’t withdraw them right away, but they do increase your bankroll and allow you to try the games for free.
Play Bitcoin Slot Machines
The fastest way to accumulate a whole stack of Bitcoins is to win on a BTC slot machine. If you get lucky, you could wager just a fraction of a Bitcoin and walk away with dozens of them. Wouldn’t that be nice?
When you play slots for BTC, it works the same way as playing slots with a fiat currency like USD or EUR. The main difference is that you’ll deposit Bitcoins at the casino, and your balance will appear in BTC. Wins on the screen will also appear as mBTC (satoshis), or BTC if you’re lucky enough to win one or more whole Bitcoins.
Here’s a screenshot of what a Bitcoin slot machine looks like:
Even if you don’t win a huge Bitcoin jackpot, you could win the equivalent of a few grand, and if you score one-third or even half a BTC (at today’s prices). And if the halving plays out the way many people think it might, that could be worth a lot more in 12 to 18 months. For me, bets with huge upside and very little downside are always smart to make.
Play in Bitcoin Lotteries
I play the national lottery every week of my life. I know that in all probability, I’ll never hit the jackpot. But as the old saying goes, “If you’re not in, you can’t win.” I live by that motto, and it’s one of the reasons I’ll never understand people who don’t gamble at least here and there.
However, you don’t have to wait for your weekly national lottery with its ridiculous odds of winning. There are plenty of BTC lottery games online. They take part on an almost daily basis, but some of the best draws with the biggest jackpots take place once or twice a week.
Here’s a screenshot of a Bitcoin lottery draw:
As you can see, crypto lottos work basically the same way as regular ones. You need to match the winning numbers, and you’ll be paid based on how many you match. In this particular one, you’ll need at least four balls to win a cash prize, and the really big payouts are for five or more balls.
Yes, I know it’s unlikely, but as an old man I used to know once said, “What’s for you won’t go by you.” If a $100k worth of Bitcoin has your name on it, then all you have to do is buy a ticket and collect it. That’s how I see it anyway.
Bet on Sports With Bitcoin
At the time of writing, due to unfortunate events, there aren’t too many BTC sports betting options. It’s unlikely that you’ll win Bitcoin by betting on sports right now. But I wanted to include this option in case you grow to enjoy gambling with Bitcoin and want to explore this option in the future.
On GamblingSites.org, we’ve reviewed lots of top-tier crypto sportsbooks. You can bet on football, basketball, baseball, boxing, soccer, and almost every sport you can think of at them.
Could you wager a fraction of a bitcoin on an accumulator bet and walk away with the kind of stash that would make Satoshi Nakamoto smile knowingly? Probably not going into this halving, thanks to the widespread cancellation of sports events, but maybe in the not-too-distant future, this will become a viable way to win Bitcoins again.
Are You Ready for the Bitcoin Halving?
As someone who has held Bitcoin for more than half a decade, the halving excites me greatly. I saw first-hand what the last one did, and I’m eager to see if this one plays out the same way. I’m not saying that it will, but I am willing to bet that it does by holding my Bitcoins and gambling to try to win more before the halving occurs.
I truly believe that at this point, not having any Bitcoin is a riskier proposition than having some and losing some if it turns out to be a flop. If you haven’t been accumulating, or you don’t feel you have enough, gambling with BTC is the fastest way to dramatically increase your stash.
Good luck, and may Bitcoin reach new all-time highs once again!
Based out of London, I began freelance writing for the UK section of GamblingSites.org in October of 2019. Having worked in the gambling industry for over 10 years, I now have the pleasure of adding this site to my list of accomplishments as a casino writer. ...
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