With increased understanding of this new concept in payment and transactions, the number of online casinos offering Bitcoin slots has grown in recent years and with predicted future demands, is set to climb higher.
Our guide proposes to enhance your knowledge of playing slots online using Bitcoin through outlining the pros and cons of cryptocurrency, how to deposit and withdraw, how we choose the best casino sites offering Bitcoin transactions and any other useful titbits along the way.
We will be going into greater depth on the advantages and disadvantages of Bitcoin later on in the guide, however, here are some front-runner positives:
Anonymous Transactions
Decentralized Digital Currency
Easy Deposits and Faster Withdrawals
It is said that ‘knowledge is power’, however, even though digital currency such as Bitcoin arrived on the scene in 2009, it is still considered a ‘new’ concept and given a wide berth by many online casinos and players due to the lack of understanding and possible risks involved.
Bitcoin is a decentralized digital currency without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries…transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. . .
Bitcoin, Wikipedia
Satoshi Nakamoto, a pseudonym used by an unknown person or group of people, invented the cryptocurrency Bitcoin in 2008 and as part of the open-source software project, the first Bitcoin transaction was implemented in 2009. As a reward for the process known as mining, bitcoins are created and can be exchanged for other currencies, products and services.
Unlike traditional currencies such as Euros, Dollars or British Pounds, Bitcoin (BTC) is not regulated by the government or central bank but by a network of computers which regulates its production and value. Many thousands of businesses are now utilizing Bitcoin as an acceptable method of payment for various products and services, including online casinos.
Bitcoin is managed via blockchain. . . a computer network that verifies transactions. The system is complex but allows for users to remain anonymous and transactions to be secure. . .
Bitcoin payments are transferred peer-to-peer or player to casino operator via special ‘wallet addresses’ which encourages free and almost instant transactions to take place. This is one reason for its popularity amongst players when compared with other deposit and/or withdrawal methods.
Casino operators are often charged a small transaction fee when players use traditional payment methods like debit/credit cards, e-wallets and bank transfers. Although they may not directly visit this upon the player, it may result in a casino needing to offer lower value promotions to claw back outgoing costs.
With Bitcoins providing free transactions, very often BTC players will benefit from increased rewards and higher value promotions.
When registering with a Bitcoin casino, players are not requested to share any personal or financial information with the online casino operator and therefore maintain their anonymity and the freedom to move funds around as they please. The most they may need to provide is a relevant email address in case it is necessary to reset the password for their online casino account.
Often when using Bitcoin as the primary payment method, players will have the opportunity to claim exclusive bonuses available to cryptocurrency depositors only, this can include free spins on various or specific slots. For players who wager on casino games in jurisdictions which are still not regulated, playing Bitcoin slots provides protection against their funds being seized by authorities due to cryptocurrency being decentralized and not beholden to any government or central bank regulations.
Here’s some popular bitcoin slots you can try out for free here at MrGamez:
There are a couple of options available to players wishing to play Bitcoin slots. They can either register at a Bitcoin casino which is exclusive for cryptocurrency players and for those who wish to play with complete anonymity, or at any other online casino that accepts Bitcoin deposits as well as multiple other traditional payment methods.
Hybrid casinos, like the latter, will often convert the cryptocurrency into traditional currency and players will need to provide id verification upon the withdrawal of funds through official documentation such as bank statements, utility bills and photograph id. Check out our top recommended casinos where you can play slots using Bitcoin:
Playing Bitcoin slots can be advantageous if players prefer to maintain anonymity, enjoy better payouts and have control over their privacy and funds. If players are hesitant about depositing in Bitcoin at a new casino there are many sites which offer free play slots and players only need to register an account to begin with.
To play Bitcoin slots for real money, players will firstly need a digital wallet containing Bitcoins. The easiest method is to purchase Bitcoin from an exchange, there are plenty of popular choices such as Gemini, Coinbase, Kraken, Binance.
Players then choose a Bitcoin wallet which can be stored on their cloud or alternatively, downloaded to their computer or usb device. The Bitcoin wallet is required for deposits and withdrawals at any Bitcoin casino.
Register at one of our recommended Bitcoin casinos
Visit the Cashier and select Bitcoin as your chosen method of payment
Copy the wallet address provided by the casino (made up of random letters and numbers), paste it into your digital wallet and confirm the Bitcoin transfer
Should you be fortunate to win, many Bitcoin casinos will allow for withdrawals back to your digital wallet. The greatest advantage of using Bitcoin digital wallets is that in many cases, withdrawals will occur instantly or more-or-less instantly.
However, some online casinos may not allow for withdrawals via the Bitcoin digital wallet and players will need to choose an alternative payment method such as a debit/credit card, e-wallet or bank transfer.
It’s advisable to check out the payment methods prior to depositing so as to avoid delays when it comes to withdrawals.
Let’s take a look at the possible pros and cons:
Bitcoin is not the only digital currency available and there are other cryptocurrencies gaining popularity amongst players which are being accepted throughout many online casinos, as follows:
Dogecoin was created in 2013 as a lighthearted alternative to traditional cryptocurrencies like Bitcoin. The Dogecoin name and Shiba Inu logo are based on a meme. . . Unlike Bitcoin, which is designed to be scarce, Dogecoin is intentionally abundant. . .10,000 new coins are mined every minute and there is no maximum supply. . .
CoinBase.com
A decentralized digital currency that is not beholden to any government or central bank. Bitcoins are transferred via a peer-to-peer network without the need for any intermediaries.
At most online casinos that accept Bitcoin deposits, the games offered are the same as for any traditional payment method such as slots and table games.
Yes. More often than not, casinos operate a ‘Provably Fair’ concept for Bitcoin slots which will verify results and prove no cheating or rigging has occurred on behalf of the player or operator.
You will need your Bitcoin digital wallet to hand. Visit the cashier, select Bitcoin as your chosen method, copy and paste the casino’s wallet address and confirm transfer.
Yes as long as it is a reputable site. Check out our recommendations, they are all licensed and regulated, offer great bonuses, software, games and helpful customer support.
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