Bitcoin slots are currently hot and happening and we don’t foresee that changing anytime soon. If anything, Bitcoin gaming is only going to become more popular and here is what you need to know about it.
Bitcoin Slots and How They Work
Just like regular video slots, Bitcoin slots function in the same way. Unlike regular slots however, these crypto slots don’t use real money, they require cryptocurrencies in order to get the reels turning. What makes these kinds of video slots so popular is that Bitcoin is a decentralized currency, meaning it isn’t monitored by any governing bodies which also makes it more anonymous and affordable. Banks place surcharges on transactions made and even though Bitcoin also charges a fee, the percentage is minimal in comparison to government driven banks.
Like what you are hearing? To access Bitcoin games you will need to purchase the crypto. You can do this through an online exchange where you will visibly see what you will be paying for one Bitcoin. You can also buy portions of Bitcoin which is more affordable for slots players. To complete the transaction you will need to set up an account with your preferred online casino and then deposit the currency into your gambling wallet. The entire process is fast and efficient and shouldn’t take more than a few minutes. The casino will provide you with a step by step process as to depositing your newly acquired coins into a safe and secure casino account.
Step By Step Procedure to Play Slots with Bitcoins
- Registration in bitcoin wallet: – First of all you need a Bitcoin wallet like Coinbase and Blockchain.info etc… to play slots with bitcoin. It gives you a bitcoin address in which you keep your bitcoins.
- Load your wallet with bitcoins: –After creating a bitcoin wallet you need to load bitcoins into it. You can buy bitcoins via bitcoin exchanges such as Coinbase, Bitstamp, BTC-E, and Bitfinex
- Choose Bitcoin Casino: –Choose a casino that accepts bitcoins as deposit payment options and suits you. Here you need to enter personal details like Email, Name, Mobile Number, etc…
- Fill your bitcoin casino: – In this phase, you will need to deposit some bitcoins in your casino. For this go to your bitcoin casino and select the bitcoin method in the list of deposit methods there and then fill your wallet details there.
- Start Playing: – Now you can play your favorite slot games easily. Good luck!!
Pros of Playing Games by Bitcoin
Gone are the days when you were limited to a specified currency as the video slots games which interested you required a specific currency, one you wouldn’t be able to obtain. Presently Bitcoin has eliminated these kinds of restrictions and opened up an entire new platform, one filled with more games and opportunities to win. Another advantage of Bitcoin is that all transactions are almost immediate. Bitcoin acts as a sort of eWallet where all transactions happen instantly as the currency is an internet based one.
One considerably big pro is that the value of Bitcoin can increase, meaning that if you it in your possession, you could have more value overnight while you are asleep than possessing real money. The fluctuation could also pose a problem, but the more players are using the currency, the stronger it becomes.
The main reason players are attracted to gaming with Bitcoin is due to its anonymous nature. There is no way to track transactions made as no usernames, bank details or card details. This is much safer than sharing personal information with unknown sites. The anonymity ensures the safety of the user from any third party surveillance.
Cons of Playing Games by Bitcoin
The volatility of the currency could be affected by markets, dropping its value as it did in 2018. However, it is highly unlikely Bitcoin will ever dissolve entirely, so the issue is a short lived one. Crypto slots won’t directly be affected by the value of Bitcoin but the user will be which may affect the number of online users. Another concerning factor is the currency can be hacked as it is online based. Although additional security measures have been taken to ensure users aren’t affected, it will crash the market, indirectly affecting users.
Another con for some is that the cryptocurrency isn’t accepted worldwide as of yet. Not all online casinos or games allow players to access them with Bitcoin. This may limit your gaming options but the bright side is that more online casinos are adopting this form of payment as many users are leaning toward crypto rather than real money transactions.
Whether you are using real money or Bitcoin, each have their pros and cons, but with Bitcoin continuously evolving, it is safe to assume it won’t be long before Bitcoin dominates the gambling industry.