Bitcoin Slots

Slots have always been an essential part of any online casino experience. Bitcoin slots are no different, bringing together the speed and luck of slots, with the capability of bitcoin and other crypto currencies. Since 2012 Bitcoin Slots have been changing the way gamblers interact with their casino, and bringing fun and enjoyment to restricted markets.

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What are Bitcoin Slots

Bitcoin slots are ordinary slots games, but the difference with the traditional slots is on the payment option. With bitcoin slots, players deposit money using bitcoin (digital currency) whereas with the conventional slots deposits are made using credits cards, debit cards, and electronic wallet. To understand how bitcoin slots differ from the traditional slots, it is essential to understand what bitcoin is.

What is bitcoin and how it works

Bitcoin is the first digital currency to be created. It was established in 2009 by Satoshi Nakamoto who as at the moment is an alias. Bitcoin, unlike the fiat currency, works on peer to peer marketplace. Bitcoin is mined by supercomputers using complex mathematical calculations. Due to these challenges in mining bitcoin, many users opt to buy bitcoin at an exchange. Bitcoin is limited just the way gold is limited, and its mining is limited to only 21 million to avoid inflation.

Similar to fiat money, it is possible to send bitcoin from your wallet. It is even possible to send a fraction of a bitcoin. If you have your wallet on your computer, you can send and receive bitcoin when offline. However, if your bitcoin wallet is online, you must be online to transact bitcoin.

Bitcoin popularity isn’t bogus, this because it has proved itself to be a valuable currency. It has gained the trust of its users and full acceptance by business such as Virgin Atlantic. During its onset in 2009, its price hardly reached $1 while as writing this guide its price is over $14,000. It is the cryptocurrency with the highest market capitalization, as at Oct 2017 its market capitalization was over $100 billion.

Bitcoin secure environment for transacting has seen it been adopted by many businesses. This guide focuses on how bitcoin is used in the gambling industry, on slots games to be specific.

Advantages of Bitcoin Slots

  • Privacy & Anonymity – Players are guaranteed of their privacy since many bitcoin casinos only require email and password during registration. The process is similar while depositing or withdrawing. Anonymity gives players trust that their personal and financial information is not at risk of leaking or third-party interference.
  • Accessibility – Bitcoin can be accessed both on desktop and online wallet. This means that you can play bitcoin slots in any part of the world as long as there is internet connectivity.
  • Reduced fees – Bitcoin has the advantage that no intermediary is involved since it works on a blockchain technology. This means there are no processing fees charged by an intermediary. This cost-benefit is a win-win for both the players and the casino.
  • Instant processing – Gamblers frequently face delays when they withdraw their money using certain methods such as bank transfers. It usually takes 2-3 days while some experience delays up to 5 days. With bitcoin, transaction processing is instant. This helps players withdraw their winnings conveniently.

Future of Bitcoin slots

Bitcoin has seen unprecedented growth in the recent past. Its price has shot, its acceptance is global, and its users are not limited to tech gurus. 21st-century businesses are always in pursuit to identify customer needs before offering any product or service. The gambling industry is also with the customer need for playing using bitcoin. This has seen some casinos introduce games that allow players to wager using bitcoin. At the current demand from players, regulators might be forced to reconsider regulation in regards to legalizing bitcoin as a currency for online gambling. This will move will likely to see more casinos adopt bitcoin. Players who face bank restriction from processing gambling proceeds will probably switch to bitcoin. Bitcoin is likely to be the talk on the gambling arena soon.

Bitcoin slots are the new admiration by many gamblers. With players reaping from the benefits mentioned earlier, it is likely that more casinos are going to adopt bitcoin slots. Existing bitcoin slots have high quality-graphics setting pace for upcoming casinos. This is likely to spur competition in regards to quality of games, therefore, making bitcoin slots attractive.

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