Casinos that offer Bitcoin-playing slots games have flourished online in recent years and their popularity is only set to increase further in the near future.
There are many benefits associated with playing online slots with bitcoin, but many players find it hard to understand how this digital currency works.
Unlike traditional currencies like the dollar, euro and pound, Bitcoin isn’t managed by a central bank and it functions within a network of computers that regulate its production and value.
Bitcoins first appeared on the scene in 2009 and since then thousands of businesses have started to accept the currency for all manner of services, including online slots.
How Do They Work?
Bitcoins are transferred from one user to another through special addresses which allow for free and near-instantaneous transactions. In fact, this is one of the greatest benefits of cryptocurrencies compared to their fiat counterparts.
Whenever players deposit funds to play online slots using traditional methods like debit/credit cards, e-wallets or bank transfer, there is a small transfer fee involved which is usually paid for by the casino operator. This forces casinos to offer reduced odds and less attractive promotions, as they need to ensure they have an ROI on each player that signs up.
Bitcoin eliminates these costs and players can in turn benefit from better payouts.
Casinos That Accept Bitcoin
Online casinos that accept payments in Bitcoin exclusively are the most popular choice for those with an interest in cryptocurrencies and those who like to gamble anonymously. However there are also many casinos that allow players to make deposits in bitcoin and then convert the funds in fiat currency.
“Hybrid” casinos such as these will require players to verify their identity when withdrawing money. This usually involves sending the casino operators a copy of a bank statement or utility bill.
Advantages Of Using Bitcoin
A huge advantage of using Bitcoin to play online slots is that it isn’t tied to any particular government or bank, so your funds cannot be seized by authorities and they’re always available for your use. This is especially important for players who wager in jurisdictions where gambling is still unregulated.
Moreover, it provides more anonymity and freedom to move your funds as you please. BTC casinos do not require personal information for account confirmation when depositing or withdrawing, giving you more control on the data you share.
Is it Safe For Online Gaming?
Absolutely! You can use Bitcoin to make deposits at online casinos and bet on your favourite slots game just like you would any with any other currency and it’s just as safe.
Casinos utilise very secure encryption mechanisms and connections to transfer your money. Bitcoin can protect you even further by giving you additional anonymity as well as the peace of mind that your funds will always be available for you to use.
Unlike fiat currency which is controlled by external agencies like governments and central banks, Bitcoin uses a peer-to-peer network that makes it almost impossible to seize or to identify its source.
Find Out More
Before playing at Bitcoin casinos it’s best to understand how the currency works and learn about the best ways to use it online. There are many benefits for slots players who use Bitcoins as they get enjoy better payouts and have more control over their money and their privacy. Are you ready to take the plunge? Why not buy a few btc and see how you fare? We wish you the best of luck.