Bitcoin Slots: What Are They and Why Should You Care?
- 17 Nov 2022
Unlike a bank transfer, bitcoin doesn’t take days to arrive.
Bitcoin is becoming increasingly mainstream, and so are online casinos. Consequently, an increasing number of these are starting to accept it as a valid means of payment. Since depositing your funds using cryptocurrencies is less of a hassle compared to traditional payment methods, many people opt for doing it in Bitcoin, not to mention its built-in anonymity.
Naturally, most tend to gravitate towards playing online slots since they are both fun and interactive. But why bitcoin slots and what makes the proposition so attractive? Let’s find out!
The digital transformation of slots
Although slot machines have been around for quite some time, they used to consist of mechanical parts exclusively in the early days. Over time, they’ve evolved into a digital format, meaning that you can essentially turn them into a video game that can be played online, for real money or just for fun. The outcome of each and every round is purely random, but depending on the title, there can be triggerable bonus events for players to enjoy, some of which contain skill-based gameplay elements.
Bitcoin is an evolution too
The idea behind the creation of bitcoin was to get rid of centralized institutions that have the power to control the flow of transactions. Once a bitcoin transaction is initiated, no one can step in to deny it, and unlike most banks allow for, a bitcoin transaction can reach the other end of the world in as little as minutes. When using legacy payment methods such as bank transfers or debit cards, transaction fees apply, not to mention that it could take days before your funds arrive. On the other hand, a bitcoin casino would not charge these, and with less transaction costs, gamblers can expect to see better bonuses.
Bitcoin makes matters private
Some people might have second thoughts about gambling online due to the local government trying to meddle in their affairs or declaring gambling illegal. You’ll be pleased to know that bitcoin makes it impossible for anyone to seize your funds. Moreover, with a bit of extra care, it’s anonymous enough that no one will know about your online activities. Compared to traditional casinos, bitcoin casinos will never ask for your personal details during the sign-up process.
The technical aspects of bitcoin transactions
We’ve mentioned that no government has the power to step in and prevent a bitcoin transaction between the player and the casino, whether you’re depositing or withdrawing your funds. At the same time, know that bitcoin transactions cannot be reversed either, which means you have to take extra care when choosing the casino you’ll be playing at. You should also take care to protect your wallet’s private key – it acts like a password that keeps your funds safe.
What to do if you don’t have bitcoin?
Just as any other cryptocurrency, bitcoin can be purchased through third-party vendors. However, this might not be an ideal solution for everyone, since these tend to be bound by trade regulations, meaning they are likely to have KYC protocols in place that require you to reveal your identity before being allowed to do business with them. Luckily, there are alternatives you can avail yourself to, so there’s a way around it. One of these is using a bitcoin ATM that converts cash into bitcoin and vice-versa. They typically have higher fees than other ways to purchase bitcoin, but given the fact they’re completely anonymous, some people may deem the tradeoff worthwhile.
Bitcoin slots give you all the fun without asking you to reveal your identity or wait around for days for your deposit to arrive. As bitcoin keeps gaining in popularity, gamblers are bound to enjoy an increased selection of casinos to choose from in the near future.