Bitcoin Slots: Everything a Player Wants to Know
Bitcoin is now the most popular form of virtual currencies, so it is no wonder that it is now commonly used in online casinos. The developers’ ability to come up with slot machines with hundreds of various themes is the reason why Bitcoin slots are so popular. There are movie and TV show tie-ins recreating action scenes and much more of what attracts players. Developers come up with outstanding graphics, atmosphere-creating soundtracks, and sound effects to make their slot machines extremely exciting. And the ability to play these games for BTC from the comfort of one’s home is just an extra bonus.
Unlike traditional currencies, BTC is not managed by a central bank and functions within a computer network that regulates its production and value. This currency emerged in 2009, and since that time, thousands of businesses have started to accept BTC for their services.
Bitcoins are transferred between users through special wallet addresses allowing for free and almost instant transactions. This is one of the best advantages of cryptocurrencies compared to their fiat counterparts.
Additionally, when users deposit funds at online casinos using traditional methods, a transfer fee is often paid by the casino operator. This forces gambling platforms to offer reduced odds and less attractive promos since they must ensure an ROI on each user who signs up. BTC helps eliminate these costs, and gamblers can benefit from higher wins with Bitcoin casino slots.
Depositing and withdrawing money from an online casino can be challenging if a gambler lives in restricted areas. BTC helps avoid such a problem since transactions are 100% anonymous.
One more key feature of using Bitcoins for online gambling is that larger deposits and withdrawals are available. Every casino has deposit and withdrawal limits. These are typically higher with BTC.
Moreover, playing with this cryptocurrency helps eliminate the need for unnecessary currency conversion fees. A client deposits in Bitcoins, plays with them, then withdraws Bitcoins.
Finally, some Bitcoin slot games are provably fair. They are 100% safe and random. You can read about these further.
Every gambler that has been playing slots for some time has probably come across the concept of “provably fair gaming.” This is a concept that is unique to Bitcoin slots and other games that use cryptocurrency. The technology lies in the fact that both users and casinos can verify results and know that cheating did not occur on either side of the game.
It is important to keep in mind that not all BTC slots are provably fair. Those with this technology almost always feature it prominently since this concept is very popular among gamblers who are not 100% certain they can trust the game’s results.
While the exact mechanism varies between casinos, here is how the concept works in general:
- A computer model with a randomizing algorithm is used for either the entire Bitcoin slot machine or each of its reels.
- A specific hashing algorithm generates a random number that acts as a fingerprint for the game and is unique to every bet. The user can then make inputs into the slot that can affect the final result of the spin, such as the ability to select the number of spins to add to each reel.
- After completing the player inputs, a gambler plays out the spins. After the spin, the results are visible along with some character strings – the fingerprint, the player input, and the spin result itself.
- If the user wants to check whether the result is fair, he/she can use the tools included in the slot to do so. A gambler can compare what would have occurred given the initial fingerprint, then see how the player input affected the spin.
The use of this cryptographic hash function helps verify each result on Bitcoin slot machine games, meaning that these games are “provably fair.” Such an algorithm cannot be used in a land-based casino or a traditional online casino, making it the main benefit of using BTC slots.
Here are some pros and cons of using BTC in casinos online.
- Low or no fees at all. Since Bitcoin is not regulated by banks, gamblers do not have to pay transaction fees. The transactions are free;
- Ability to keep anonymity. With no card details or usernames, the players do not have to share their personal data with the top casinos;
- The BTC value can increase.
- Bitcoin is not widely accepted online. It is only accepted at selected Bitcoin casino slots;
- The BTC value can decrease. Analysts still do not know what will happen with its value long-term.
Do some platforms offer free spins if you use BTC?
Yes. Many websites provide free spins on Bitcoin slots for BTC. These can be either a part of a welcome package, reload bonus, or related to a new slot machine.
Are BTC slots safe?
Yes, they are safe. Gambling platforms provide secure encryption mechanisms and connections for money transfers. BTC adds extra protection since the transactions are 100% anonymous, meaning the gambler does not have to enter any private data. Actually, Bitcoin uses a peer-to-peer network that makes it almost impossible to identify its source.
How does Bitcoin compare to traditional banking options?
Since there is no central bank for BTC, the user can eliminate most charges and fees related to other banking methods. It is also completely anonymous, making it one of the most beneficial payment methods.
Are there any fees involved when playing a Bitcoin slot?
BTC fees are low since users avoid traditional bank and e-wallet charges. The fees depend only on the specific casino but usually are lower than a gambler will pay with any other method.
How are winnings paid at Bitcoin play slots?
Winnings are paid in BTC and can be transferred back to the gambler’s wallet within minutes of the casino approving the withdrawal.
Are there live dealer BTC slots?
There are live dealer slots on the market, but they are not very popular currently. Because of the way video slot games are played, live dealer BTC slots are not a big part of the market. However, if a gambler finds a BTC casino that offers live dealer video slots, there is a probability he/she is able to play it using Bitcoin.