Bitcoin is a decentralized cryptocurrency that was created in 2009. While technically complex, the main factor of this type of currency is that it eliminates the need to use intermediaries such as governments or banks for holding or spending.
This turns various cryptocurrencies into perfect deposit and withdrawal methods for online casinos. Additionally, some online casino games are tweaked to be played exclusively with crypto, most often with Bitcoin. As a result, slot machines with Bitcoin as the gambling currency have risen to prominence in the modern gaming world.
Why? Here are some of Bitcoin’s advantages that attract video slots fans:
- Anonymity. Because Bitcoin payments are not linked to a bank, your transactions can’t be identified. When you exchange Bitcoin, the transaction will be totally private. The buyer and the seller will not receive any personal information about each other.
- Flexibility. You can send Bitcoin to anybody in the world, no matter in which country they reside or if it is a holiday. You don’t have to worry about international boundaries or even payment limits.
- Low Fees. Paying with Bitcoin will have either minimal fees or no fee at all. The fees depend on the priority of the transaction. Expedited processing is associated with low fees, while a normal processing time does not have a fee. Even the expedited processing fee is still lower than most other financial intermediaries.
- Reduces Risk for Merchants. Because Bitcoin transactions are irreversible and totally secure, merchants don’t have to worry about losing profits due to false chargebacks.
- Autonomous. Bitcoin is decentralized, meaning that no third party will be able to seize them. Your country’s government could ban Bitcoin transactions in your country, but you would still own the Bitcoin in your e-wallet. Plus, they would still have value in regions where Bitcoin transactions are still legal.
The above-mentioned factors make Bitcoin one of the most sought-after currency in the online gambling world, increasingly pushing out fiat currencies, such as USD, CAD, GBP, EUR and others.
How Is Bitcoin Slot Gaming Different from Fiat Slot Gaming?
Because of the volatility of the cryptocurrency market, your bankroll can potentially change from day-to-day. Even though it typically fluctuates by small amounts, it is possible for BTC’s value to rise or fall by 50%! When it rises, this is a great thing since you are essentially getting free money to wager with.
However, it can just as easily fall, leaving you with a heavily restricted bankroll. Make sure to keep an eye on the market exchange rate so that you can use BTC to gamble on the most advantageous days. If you prefer to have a consistent bankroll, then perhaps you would prefer to stick to fiat.
While you can still find the largest jackpots for fiat slot games, especially if the games are on a progressive slots network, Bitcoin jackpots can soar to enormous heights depending on the current exchange rate. For instance, in September 2013, one lucky gambler won 11,000 bitcoins on a slot machine. The prize was worth $1.5 million at the time but would have been worth nearly $86 million years later.
Provably Fair Casinos
Provably fair casinos allow players to verify the fairness of the casinos’ slot games. Such casinos use BTC and give you the option to audit the outcomes of the game. Provably fair gambling uses three components: Random Number Generators (RNG), seed generators, and hashing.
RNG is an algorithm that generates random numbers independently of each other, at rates of billions of numbers per second.
Seed generators create the numbers that end up being fed into the RNG. In a provably fair gaming system, the player gets to add in a seed number.
Hashing is the process of shortening a long string of data. This encryption is considered unbreakable for practical purposes, so players can rest assured that the data has not been modified.
These three components work together to make sure that betting is fair. You don’t have to worry about the software ripping you off.
Bitcoin Slots Bonuses
Bitcoin casinos can offer you welcome bonuses that offer you BTC, typically ranging from 0.1 – 1 BTC. If they offer a 100% match and you deposit 0.1 BTC, then the casino would add 0.1 BTC to your total deposit. However, you may still need to fulfill certain wagering requirements, so be sure to read the casino’s bonus terms & conditions page.
Speedy Withdrawal Process
When you use a bank transfer or an e-wallet to withdraw your winnings from an online casino, this can sometimes take a while. That is because the company must approve your transaction before the money goes through. On the other hand, Bitcoin transactions are approved by BTC miners. Such transactions usually end up being approved in under 30 minutes.
Access to More Online Casinos
Because of the US’s Unlawful Internet Gambling Enforcement Act (UIGEA), American banks are not allowed to process transactions that are made at unregulated gambling websites. Players aren’t banned from using these casinos, but the act makes it difficult for them to receive their winnings. However, since Bitcoin is decentralized, players can use this option to get around the UIGEA’s restriction and collect their money.
How to Acquire Bitcoin (BTC) for Online Casino Usage
In order to play Bitcoin slots, you first need to acquire BTC. You can easily do so by visiting a site that lets you buy BTC with fiat currency, such as a cryptocurrency exchange. Some of these websites include Coinbase, Kraken, and Gemini. Make sure that your bank allows you to purchase Bitcoin first.
After purchasing BTC with fiat, the transaction should process in approximately 15-30 minutes. After you receive your BTC, go ahead and visit your online casino and navigate to its banking area. Click the Bitcoin option, which will generate an e-wallet address. Next, head back to your exchange platform (or to your Bitcoin wallet, if you have one) and send your BTC to the casino’s wallet. Make sure to double-check the address so that you don’t accidentally send your Bitcoins to the wrong place.
Now that your BTC is loaded to your casino’s account, you can go ahead and start playing Bitcoin slot games.
As you can see, playing Bitcoin slots definitely has its benefits. If you are interested in trying some BTC slot games, check out CasinoChan, one of Canada’s top online crypto casinos.
Want to find out more about slots in general? Check out our slot glossary to find out everything you need to know about fruit machines.