Back in 2009, Bitcoin was launched as the world’s very first cryptocurrency. Since then, loads of other cryptocurrencies have been developed, though Bitcoin (BTC) still remains the biggest and most popular by far. Cryptocurrencies are a type of currency that operate in a very specialized way and have many benefits. They’re entirely digital and are decentralized in the sense that they’re not connected to any sort of bank or government organization. They operate on networks that are completely open, public and transparent at all times. Cryptography is used to keep all users’ details and money safe at all times.
In recent years, many online gamblers have favored using cryptocurrencies over fiat currencies (traditional currencies such as the euro and the dollar). This is because of the many benefits they have, and the fact that the drawbacks are few. A growing number of online casinos let you play slots and other casino games using cryptocurrencies. Keep on reading to find out more about gambling online with this type of currency and what its positives and negatives are.
Benefits of Gambling with Cryptocurrencies
- It is anonymous. Because cryptocurrencies allow you to carry out transactions anonymously, they’re a great option for online gambling. This is especially true for people in countries where online gambling laws aren’t exactly clear. Thanks to cryptocurrencies, you’re able to gamble online without having any transactions go through your bank. All your money is entirely yours, and you’re free to do with it whatever you wish. There’s no authority that can take your Bitcoins away from you for any reason, since the cryptocurrency doesn’t have a regulating authority.
- It is fast. Also, with cryptocurrencies transactions (both deposits and withdrawals) are very fast indeed. When using them at online casinos, deposits are instant, and withdrawals should reach you on the same day; in fact, you should only have to wait a few hours at most before your money makes it to you. There may be some fees involved for things like currency exchange and speeding up transactions; however, these are minimal and often lower than what other payment methods would charge. In fact, a lot of casinos won’t impose any charges at all for using cryptocurrencies.
- It is fair. A phrase commonly associated with cryptocurrency gambling is ‘provably fair’. Basically, whenever you play slots or other casino games with cryptocurrencies, you’re able to verify the results of the game and ensure that no cheating of any kind has occurred. Casino operators are able to do this as well. Once a game’s outcome has been determined, you can use tools to double-check the outcome happened in a completely fair and unbiased way.
- It is popular. Cryptocurrencies are gaining popularity. This is especially true for Bitcoin, which remains the most widely used one today. Even though the value of cryptocurrencies can change quite drastically (more on this below), there’s every chance that if you hold on to your winnings, they may become considerably more valuable in the near future.
Drawbacks of Gambling with Cryptocurrencies
A key disadvantage of cryptocurrencies is the fact that they aren’t regulated. Instead, they’re issued and controlled by the developers. Because there’s no regulation, the value of cryptocurrencies can be highly volatile. It’s not uncommon for exchange rates to experience sudden, rather dramatic increases and decreases in value. There’s also the fact that it’s not as widely accepted at online casinos as other means, such as debit/credit cards, prepaid cards and e-wallets.
Though the number of casinos accepting cryptocurrencies is steadily increasing, the majority of establishments still accept only fiat currencies. That being said, there are even a few casinos that only accept cryptocurrencies and no other types of currency at all. There’s clearly demand for cryptocurrencies at online casinos, though it’s still going to take some years before these currencies can be used at as many casinos as traditional currencies.
Because cryptocurrencies aren’t regulated, if there’s any sort of serious problem that arises, you’re not guaranteed to get any help. Laws to do with online gambling vary from country to country. Depending where you are, and where the online casino you’re playing at is licensed, you may not be protected by the law should something untoward happen with your cryptocurrency.
Playing Slots with Bitcoin
Bitcoin casino slots vary greatly in how they’re played, how they’re themed, and how you can win. For example, slots can have different number of reels, rows and paylines – some might not even have any paylines at all. Slots differ in how they’re themed, and how big their payouts are; some don’t have particularly big payouts while others, especially progressive jackpots, can pay out very large sums of money. If you wish to play BTC slots, first of all, you’ll have to find a casino that accepts Bitcoin. Since this is the most popular cryptocurrency, you should find that pretty much every casino that lets you use cryptocurrency lets you use Bitcoin.
Bear in mind that not all online slots are currently programmed to be able to handle cryptocurrency. For the ones that are, you’ll be able to use your crypto to place bets just like you would with a fiat currency. If you want to play slots that aren’t compatible, you’ll have to convert your cryptocurrency into a fiat currency, for which there’ll more than likely be a small charge. If you’re lucky enough to win, you’ll have to convert your winnings back into whichever cryptocurrency you’re using as well.
To find the best Bitcoin casino for you, come up with a list of options and compare what they have to offer. Take into consideration things such as the welcome bonus, ongoing promotions, game collection, customer support and casino security. See which casino appeals to you the most based on your chosen criteria and start playing Bitcoin slots at that casino.
Before signing up to an online casino, make sure it’s fully licensed, and that it’s got a good reputation. Any decent casino should have plenty of games to play, as well as a reliable customer support system for whenever things go wrong (hopefully they won’t) and plenty of regular bonuses for you to claim. Many of the best online casinos around have started accepting cryptocurrency and at these casinos, you’ll be able to play lots of the newest and most popular games.
The Future of Cryptocurrency Gambling
The good thing about cryptocurrency gambling is that it’s still quite young. There’s more than enough room for it to grow over the next few years. Right now, the number of casinos that accept cryptocurrencies is on the smaller side, though hopefully more and more casinos will begin letting players use these currencies in the near future. It would be great if more slots and casino games were compatible with these currencies too.
If you haven’t used cryptocurrencies before and want to get started, you should do some research on them first. This is recommended because these currencies work in a way that’s different from the fiat currencies we are used to. Once you’ve got the hang of these currencies, you should find they’re a convenient option for online gambling. There are some slight drawbacks; however, the number of benefits is greater.