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Bitcoin Slots

Bitcoin SlotsCasinos that offer Bitcoin-playing slots games have flourished online in recent years and their popularity is only set to increase further in the near future.

There are many benefits associated with playing online slots with bitcoin, but many players find it hard to understand how this digital currency works.

Unlike traditional currencies like the dollar, euro and pound, Bitcoin isn't managed by a central bank and it functions within a network of computers that regulate its production and value.

Bitcoins first appeared on the scene in 2009 and since then thousands of businesses have started to accept the currency for all manner of services, including online slots.

How Do They Work?

Bitcoins are transferred from one user to another through special addresses which allow for free and near-instantaneous transactions. In fact, this is one of the greatest benefits of cryptocurrencies compared to their fiat counterparts.

Whenever players deposit funds to play online slots using traditional methods like debit/credit cards, e-wallets or bank transfer, there is a small transfer fee involved which is usually paid for by the casino operator. This forces casinos to offer reduced odds and less attractive promotions, as they need to ensure they have an ROI on each player that signs up.

Bitcoin eliminates these costs and players can in turn benefit from better payouts.

Casinos That Accept Bitcoin

Online casinos that accept payments in Bitcoin exclusively are the most popular choice for those with an interest in cryptocurrencies and those who like to gamble anonymously. However there are also many casinos that allow players to make deposits in bitcoin and then convert the funds in fiat currency.

"Hybrid" casinos such as these will require players to verify their identity when withdrawing money. This usually involves sending the casino operators a copy of a bank statement or utility bill.

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Advantages Of Using Bitcoin

A huge advantage of using Bitcoin to play online slots is that it isn't tied to any particular government or bank, so your funds cannot be seized by authorities and they're always available for your use. This is especially important for players who wager in jurisdictions where gambling is still unregulated.

Moreover, it provides more anonymity and freedom to move your funds as you please. BTC casinos do not require personal information for account confirmation when depositing or withdrawing, giving you more control on the data you share.

What Does ‘Provably Fair’ Mean?

If you’ve been playing Bitcoin slots for any length of time, you’ve probably come across the concept of provably fair gaming. This is a gambling concept that is unique to Bitcoin slot machines and other games that use the cryptocurrency, and is intended to ensure that both players and casinos can verify results and know that no cheating occurred on either side of the game.

Keep in mind that not all Bitcoin slots are provably fair. Those that have this technology will usually feature it prominently, as it’s a concept that is very popular amongst gamblers who aren’t quite certain they can trust the results they see at online casinos.

While the exact mechanism of provably fair games can vary between casinos, the following is a pretty good rundown of how the concept works. First, a computer model is used for either the entire machine or each reel using a randomizing algorithm. This is essentially similar to how all online slots work.

Where things get different is with the addition of a hashing algorithm. This generates a random number that acts as a fingerprint for the game you’re about to play, and is unique to each bet made. The player can then make inputs that can impact the final result of the spin: for instance, you may be able to choose a number of spins to add to each reel.

Once you’ve completed your player inputs, it’s time to play out your spin as normal. After the spin, you’ll see your results, along with several character strings: your fingerprint, the player input, and the spin result itself.

If you’d like to verify that the result was fair, you can use tools included in the Bitcoin slot machine in order to do so. You can compare what would have occurred given the initial fingerprint, then see how the player input impacted the spin.

The use of this cryptographic hash function allows for complete verification of every result on Bitcoin slots, meaning that these games are truly “provably fair.” That’s something that would be impossible to do either in a land-based casino or a traditional online gambling site, making this one of the biggest advantages of playing at Bitcoin casinos.

Is it Safe For Online Gaming?

Absolutely! You can use Bitcoin to make deposits at online casinos and bet on your favourite slots game just like you would any with any other currency and it’s just as safe.

Casinos utilise very secure encryption mechanisms and connections to transfer your money. Bitcoin can protect you even further by giving you additional anonymity as well as the peace of mind that your funds will always be available for you to use.

Unlike fiat currency which is controlled by external agencies like governments and central banks, Bitcoin uses a peer-to-peer network that makes it almost impossible to seize or to identify its source.

Find Out More

Before playing at Bitcoin casinos it's best to understand how the currency works and learn about the best ways to use it online. There are many benefits for slots players who use Bitcoins as they get enjoy better payouts and have more control over their money and their privacy. Are you ready to take the plunge? Why not buy a few btc and see how you fare? We wish you the best of luck.

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