Bitcoin coins provide an excellent level of fairness and allow players to verify the impartiality of slot machine betting. Many legal, and therefore honest, casinos will also give players the ability to verify whether bets were truly placed. By giving players the opportunity to audit the integrity of a bet using blockchain technology, these casinos increase the trust players have toward the casino. Therefore, players have increased confidence in playing games at casinos that use Bitcoin currency.
Making deposits in an online casino is less difficult than initially perceived by players with Bitcoin. All that needs to happen is for the player to go to an exchange website where they can buy bitcoins. Some of the most well-known and popular websites to purchase Bitcoins are Coinbase, Gemini, and Kraken. Once the player acquires the Bitcoin coins, they need to locate a bank that accepts transferring debit card funds only to facilitate exchange deposit processes.
Slot machines available on the internet have experienced high popularity because of the incredible potential rewards offered by slot machines. One of the reasons that Bitcoin casinos are becoming increasingly attractive to players is because they pay their winners large amounts. As recently as September 2013, a player of a Bitcoin slot machine won a jackpot totaling 11,100 Bitcoins.
This win exemplifies the idea that large payouts occur frequently enough in Bitcoin casinos for players to confidently gamble at these types of casinos.
Although many players have won large sums while playing at Bitcoin slot machines in recent years, the winning totals are significantly lower compared to the highest paying jackpots that have been awarded at online slot machines. For example, Mega Moolah produced its first ever multi-millionaire in October of 2015 when Jon Heywood, a British soldier, received an award of $17.9 million after winning his jackpot.
However, this was surpassed in 2018 when an anonymous player received $20.1 million, setting a new record. Progressive jackpots in online slots range anywhere from $1 million to $12 million in total and represent potentially life-changing wins for the recipients.
One of the contradictory aspects regarding the use of Bitcoin as a form of payment is that you can never anticipate the future price of Bitcoin. Because of this aspect, it can be challenging to predict how your bankroll will be affected daily as the value of Bitcoin can fluctuate wildly throughout each day.
As is typical with normal casinos providing welcome bonuses to attract new players to their online casinos, Bitcoin-based casinos also provide BTC bonuses. An additional consideration for players of Bitcoin-based casinos is that the value of the currency varies between individual casinos. Therefore, there is always a chance of gaining an advantage when playing with a particular casino.
However, it should be noted that because of the fluctuating prices of the currency, there is no guarantee. Typically, these bonuses range from .01-1 BTC.
Slot machine fans that are familiar with betting using U.S.D. or euros should not have too much trouble getting comfortable with making bets using Bitcoin slots. The issue lies in that there is not a direct correlation between common currencies and the denominations presented in Bitcoin slots.
Generally speaking, casinos have a variety of options to send money back to players after withdrawing their winnings. The various withdrawal methods include credit/debit cards, wire transfers, e-checks, and electronic wallets that may require authorization before sending money to players.
On the other hand, Bitcoin casinos offer fast withdrawals of winnings with quick approval by the miners handling the BTC transactions.
Players located in the United States may experience difficulty in participating in friendly casinos either due to federal and/or state laws regulating gaming. The Unlawful Internet Gaming Enforcement Act (UIGEA) prohibits unregulated transactions, thereby limiting access to offshore casinos. Federal authorities control financial institutions, and transactions involving fiat currencies are governed by the UIGEA law.
Bitcoin casinos provide an advantage by being transparent. Slot machines allow players to see if the bet has been made using Blockchain Technology, so you know your game isn’t rigged and the bet is authentic. It provides trust because players can audit for fairness, whereas most brick & mortar casinos need a third party to perform this process.
Making deposits at Bitcoin Casinos is much easier than making a deposit at a traditional casino. Players will first obtain Bitcoin via exchanges such as Coinbase, Gemini, or Kraken. After obtaining the Bitcoin, players can transfer it directly into the casino account, usually thru a simple bank transfer that now accepts cryptocurrency.
Yes, there were large payouts with Bitcoin slots in the past. In September 2013, one player had a payout of 11,000 Bitcoins. Therefore, we know that we can get paid large sums of money just like traditional fiat payments.
Although Bitcoin Slots can award big payouts, they have not come close to matching some of the highest payouts ever seen in the history of slots. (For Example; $20.1 Million payout in Mega Moolah in 2018)
Bankrolls created while playing with Bitcoin gambling are unstable. Due to how unpredictable cryptocurrency values can be (for example; value changes greatly throughout the course of each trading day), players may find their bankroll in their casino account may fluctuate too greatly.
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