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Bitcoin as a Slots Payment Method
When the internet was born, a lot of games that were once played in brick-and-mortar casinos also moved to the online world. As the online world grew larger, the need for online transaction processors also grew larger. Now we see many credit card brands, electronic wallets, and online banking sites that allow for real currency transactions. But today, there is also a different kind of currency that people use in the internet world – the Bitcoin.
Bitcoin is defined as a “decentralised peer-to-peer cryptocurrency”. It may seem like a very technical definition, but don’t worry, we’ll break it down for you. Bitcoin is something you can use to play at online slot sites, so check out what this currency is all about!
How Does Bitcoin Slots Deposit Work?
There are a fixed number of Bitcoins in the entire online world, which is around 21 million. In order to understand how Bitcoins work, let’s us talk more about the definition.
- “decentralised” – decentralised means that there is no central authority that regulates and handles Bitcoins, unlike real world currencies that have to be controlled by banks and countries. The Bitcoin is a digital currency, with no real counterpart in real world currencies. This means that you won’t find a specific conversion rate between a Bitcoin to, say, a British sterling pound.
- “peer-to-peer” – peer-to-peer means that when you have Bitcoins, you are part of the entire Bitcoin network. The Bitcoin network has a couple million users.
- “cryptocurrency” – cryptocurrency is a term used to define what a Bitcoin is. A Bitcoin is encrypted with a powerful algorithm known as SHA-256. The SHA-256 algorithm was developed in 2001 by the National Security Agency. It is the same algorithm that credit cards used in online transactions.
How to Use Online Slots with Bitcoin Deposit
In order to use Bitcoins for new slots sites in the UK and around the world, you first have to create Bitcoin wallet. A Bitcoin wallet works just like electronic wallets, only it doesn’t contain any real world currencies. A Bitcoin wallet is where you store your Bitcoins when you are not using them. If you happen to love playing mobile slots, then you can download the Bitcoin wallet app on your phone for more efficient transactions.
Next, you have to purchase Bitcoins at online Bitcoin exchanges. You can imagine a Bitcoin exchange as a combination of a store, a bank, and a stock exchange market. Bitcoin exchanges are where you buy Bitcoins at for certain amounts which can change every now and then.
There is a database of Bitcoin exchanges online. To use this database, simply type in your country and you will be shown a list of available exchanges.
Once you have your digital coins, you can log into online slot sites that support Bitcoin, and start playing rounds of slots and fruit machine games!
Pros and Cons of Bitcoin Slots Deposit
Determining the pros and cons of Bitcoin slots deposit is a bit tricky because there are features of Bitcoin that are both advantageous and disadvantageous.
1) Lower Fees, But Harder to Acquire
When it comes to using this digital currency, Bitcoin services are available 24 hours a day. This means that you don’t need to wait for “regular working days” for transactions to be processed. Bitcoins are instantly transferred from your Bitcoin wallet to the site, so you can start playing top slots software games immediately.
Because you are using slot deposit Bitcoins, there is no third party processing your payment. This means that there are lesser fees when receiving or sending Bitcoins that other real world currencies where currency conversion is necessary.
Having said that, Bitcoins are much more difficult to acquire than real world money. As mentioned earlier, there are only a limited number of Bitcoins in the entire world. There are not as much Bitcoin exchanges as there are banks, so you might end up having a hard time actually getting these digital coins in the first place.
In addition, the price of Bitcoins fluctuates wildly, going through various cycles of appreciation and depreciation in the past years. This means that you never know how much you need to shell out today, or next week, or next month for the same amount of Bitcoins.
2) A Question on Security and Anonymity
Security is one of the things that online slots with Bitcoin deposit boast most about. The encryption algorithm used for these digital coins make it as secure as major credit card transactions. All Bitcoin payments can be made without your personal information tied to the transaction. Without your personal information, Bitcoin offers a strong protection against identity theft when you play at UK online slots sites and other online casinos.
Using Bitcoins also does not require you to enter sensitive financial information such as your bank and card details. This means you are not at risk of having this information stolen by hackers.
Although these features are true, there are also security and anonymity problems with using Bitcoin. When you use Bitcoin, you have to double check, and maybe even triple check, if your online site is legitimate or not. In the same way that Bitcoin “masks” your identity, it can also mask the identity of the online site. So make sure that you research well about an online site before depositing there.
There is also a problem with security with the Bitcoin exchanges. Exchanges often require you to provide several pieces of identity verification before allowing to trade with them. This means you might need to disclose identification numbers, and this compromises the anonymity of Bitcoin.
3) Better Betting? Or Not?
An advantage to using Bitcoins is that a single one can be divided up to eight decimal places for a wager. So you can bet with as little or as much as you like. Using Bitcoin means that you don’t have to comply with the usual minimum requirement that regular currencies have when playing real money slots on mobile or desktop.
But the downside, as we have mentioned earlier, is that Bitcoins don’t really have a set conversion rate to real world money. A single Bitcoin might cost a lot of real world money, so you may not be fully aware of how much you are betting. By using Bitcoins, you could end up spending more than what you originally intended to.
Final Thoughts on Bitcoin Slots
Bitcoin slots deposits are not the most popular payment method for online slots, because these digital coins don’t really work in the way real world currencies do. As you have read, the features of Bitcoin can be advantages or disadvantages, depending on your point of view. So it’s important that you have learned all about it first before considering slot sites that support Bitcoin.