If just a few years ago, the concept of Bitcoin online casino slots was still in its infancy, in today’s iGaming industry, cryptocurrency gambling is a mainstream trend. According to the latest data, wagers made in crypto account for nearly a quarter of all bets, with BTC being an absolute champion in popularity among players worldwide.
However, there is still some uncertainty among many punters, newbies and seasoned pros alike, as to whether spinning the reels for digital money is any better than for USD or another FIAT currency. Players who are not familiar with crypto betting have doubts, wondering if is it safe and secure and how they can be sure that the results are really random.
So, are Bitcoin-friendly casino slots any good?
To answer this question, let’s take a look at the pros and cons of using cryptocurrency at online casinos. It’s no secret, in the world we live in, nothing is perfect while “all-size-fits-all” solutions are incredibly rare, if not elusive. All players need to do to figure out whether BTC slots are the right choice for them is to know, understand, and weigh their main advantages and disadvantages.
Before turning directly to the pros and cons of Bitcoin casino slots, just a couple of words about Provably Fair technology, which is a very important element in the concept of crypto gambling.
A complex cryptographic-based algorithm at the core, it is used to prove the fairness of games, or more precisely, to ensure that the result of each individual spin is not only unaffected by the player’s stake but also cannot be predicted in any way. The first software provider to introduce the “provable fairness” feature was SoftSwiss, a Malta-headquartered company known today as BGaming.
The best thing about Provably Fair slots is that players themselves can check and verify all the outcomes in real-time, without the need to get any third-party involved. If you want to delve a bit deeper into the concept and understand how it works, make time to read the interview with the creator of this technology. Needless to say, it is one of the main benefits of Bitcoin slots and a good reason for the ever-growing popularity of crypto gaming.
Advantages of Bitcoin Online Slots
No doubt, players love the fact that Bitcoin slots are Provably Fair, however, it’s far from being the only perk of crypto gambling, so here are other benefits:
- Fast deposits and withdrawals
With Bitcoin, players avoid all the hassle associated with bank or card authorizations and eliminate waiting time. Using CoinsPaid (or another platform), deposits at online casinos are almost instant while withdrawals are usually processed within 24 hours. By the way, among the most popular payment methods for US players, the world’s oldest cryptocurrency is the only option that allows for both deposits and cashouts.
- Low transaction fees
Another advantage of playing BTC slots is the opportunity to deposit funds and withdraw winnings without paying high processing fees. The majority of wallets let users choose between the low commission and swift transactions, meaning that players can have a say in how much they want to pay for processing.
Bitcoin is decentralized, so nobody can freeze a crypto account or make the coins “disappear”. Also, since there is no specific regulator or authority, nobody controls such transactions. Another big plus, the latter does not require users to provide personal data, hence no sensitive information can be stolen and misused.
- High level of privacy protection
Even though not completely anonymous, playing online slots with Bitcoin or another cryptocurrency provides a very high level of privacy protection since wallets created for digital assets do not contain any personal information about their owners.
- More lucrative bonuses
Bonuses are what make spinning a lot more fun and, for a great many players, their “attractiveness” is often a decisive factor in choosing the best new online casino to open an account and entrust their hard-earned money. Plenty of gaming websites offer special deals for BTC depositors and, as a rule, they always give customers more bang for their bucks. So, one more reason to try Bitcoin-friendly slots.
- BTC winnings are often not taxed
In the vast majority of countries, Bitcoin continues to be mainly unregulated, which makes it an attractive option for withdrawing winnings. Still, players are advised to check out local tax laws and regulations
Disadvantages of Bitcoin Casino Slots
Bitcoin has its own weaknesses but from a casino player perspective, they are not serious unless you plan to keep large amounts of coins. Notwithstanding the fact that the first digital asset has been around since 2009, the network is constantly evolving to respond to the increased demand and much greater number of transactions.
It is known to all that Bitcoin is volatile and its price can fluctuate dramatically and unpredictably, mainly because it depends on feelings and projections and lacks the control of a central bank or other authority (which many gamblers see as an advantage). But a typical slot player does not sit on the “bags” full of coins, using CoinsPaid or similar platforms to buy the amount needed for making a deposit or convert winnings withdrawn in crypto to the FIAT currency.
Another flaw of BTC is that it’s not always available as a payment method, although more and more online casinos strive to offer their customers not only Bitcoin but also a wide range of altcoins. Given that adoption of cryptocurrencies is rapidly growing on a global scale, it is safe to say that this shortcoming is temporary and will be overcome very soon.
As you can see, online gambling with crypto has plenty of pros that clearly outweigh its cons. From a high level of privacy and almost instant transactions to more lucrative bonuses – no wonder, the number of players who believe that Bitcoin casino slots are their sure bet continues to grow at a rapid pace.