9 Things to Know Before You Play Bitcoin Slots

By Michael Stevens in Bitcoin on June 11, 2019

13

Minute Read

More people are playing Bitcoin slots today than ever before. One big reason why is because this cryptocurrency is becoming more accepted around the world.

Bitcoin (BTC) also offers certain advantages over fiat (e.g., USD). And one of the key advantages is that Bitcoin isn’t regulated by a central government or bank, which allows you to use it at more online casinos.

Of course, using BTC to play online slots is somewhat of a shock when you’re used to fiat currencies. Therefore, you should know certain things before playing slots in any Bitcoin casino site.

I’m going to discuss some of the good and bad aspects of playing slots with BTC. This post will also help you get started on gambling with Bitcoin if you don’t already know how.

1 – Provably Fair Casinos Let You Verify Slots Bets

Bitcoin is the featured currency at provably fair casinos, which give you the ability to verify the fairness of slots wagers.

Provably fair casinos instill more trust in their slots by giving you the option to check the authenticity of your bets. These sites know that they can’t cheat you because everything can be checked through blockchain technology.

Regular online casinos require third-party auditing to ensure fair gaming to their customers. Provably fair casinos don’t need this, though, because you’re essentially the auditor.

You need to know three main variables to check your slots bets at these sites:

  • Server seed – Provided by the casino
  • Client seed – Provided by your browser
  • Nonce – This number increases every time you bet and identifies each wager

Prior to your slots bet, the casino provides an encrypted hash with the server seed. You receiving this seed means that the casino can’t alter your slots results.

The server seed also guarantees that you can’t hack into it and discover the result of your impending wager.

Your browser sends the client seed, which interacts with the server seed to determine spin results.

All this works in unison to make sure that you and the casino agree to fair betting. No third-party auditor is needed because provably fair casinos ensure that neither side can cheat.

This is great if you’ve ever worried about online casinos offering faulty software that can cheat you.

2 – Making Bitcoin Casino Deposits Isn’t as Hard as It Seems

The biggest barrier to playing Bitcoin slots is acquiring BTC. But getting started with Bitcoin and depositing it at an internet casino isn’t difficult.

You can complete this task in a few simple steps. The first step is to visit an exchange site that allows you to buy Bitcoin with fiat.

Coinbase, Gemini, and Kraken are three of the most popular sites for this purpose.
You then need to create an account and link a payment method to it. Some banks make it difficult for their customers to purchase Bitcoin.

However, you should be able to find one or more banks in your area that let you use either transfers or debit cards to deposit at an exchange.

Once your account is created and funded, you can proceed to purchase BTC. Simply navigate to the area where you buy Bitcoin and enter how much you’d like to purchase.

It should take 15-30 minutes for the transaction to complete after you verify it. The timeframe can be quicker or slower depending upon the network’s traffic.

Once you get BTC, you can either keep it on the exchange before transferring it to a casino or create a Bitcoin wallet. The latter isn’t difficult to do, and you can find plenty of online tutorials on creating a wallet.

Next, head to the online casino and visit their banking area. Navigate to the Bitcoin option and generate a wallet address.

This is the recipient address where you’ll be depositing your Bitcoin. Go back to your exchange or Bitcoin wallet, then send a specified amount of BTC to the casino’s wallet address.

I highly suggest double checking the address so that you don’t send your funds to the wrong place. Of course, it’s not difficult to get the recipient address right when considering that you can just copy and paste it.

Your Bitcoin funds will arrive in your casino account within half an hour or less. You’ll then be ready to play BTC slots.

3 – Players Have Won Some Huge Bitcoin Slots Jackpots

One of the biggest reasons why people love playing internet slots is because of the huge jackpots. And Bitcoin casinos have paid out some very large prizes over the years.

The largest Bitcoin slots jackpot came in September 2013 when a player collected a prize worth 11,000 Bitcoins.

This payout was worth $1.5 million at the time. Assuming the player had won this jackpot at today’s BTC prices ($7,793.15), their payout would’ve been worth almost $86 million.

The second-biggest Bitcoin slots jackpot happened in May 2014 when a player earned 765 Bitcoins. Based on the prices back then, their win was worth $550,000.

One of the most recent large Bitcoin jackpots came in January 2017 when somebody won 260 BTC. This payout was valued at $275,000 at the time.

These prices show that Bitcoin slots are like any other slot machine in that you can win a life-changing payout.

4 – Bitcoin Slots Jackpots Haven’t Caught Up to Fiat Jackpots

I just went over three huge slots prizes that were won at BTC casinos. But even as big as these payouts are, they pale in comparison to the largest fiat jackpots of all time.

The biggest internet slots win ever came in September 2018 when an anonymous Mega Moolah player won $20.1 million.

This beat the previous record held on Mega Moolah, when British soldier Jon Heywood hit a prize worth $17.9 million in October 2015.

There are also plenty of other huge progressive online slots jackpots right now that are worth between $1 million and $12 million.

I’m not saying that Bitcoin slots can never offer jackpots that rival the biggest fiat payouts. They can especially do so if BTC gains more acceptance across the world.

But there’s quite a gap between Bitcoin’s record of $1.5 million and the $20.1 million regular online slots jackpot. Furthermore, the $1.5 million BTC win occurred over five years ago, showing that these wins don’t happen often.

5 – Your Bankroll Can Fluctuate Wildly from Day to Day

One unsettling thing about playing Bitcoin slots is that you never know how much your bankroll may be worth from day to day.

This cryptocurrency has seen 50% fluctuations in a single day multiple times over its history. Sometimes these fluctuations are great, while other times they can severely reduce the value of your bankroll.

For example, Bitcoin was worth $10,000 entering December 2017. The price then shot up to almost $20,000 by the middle of the month, which doubled the value of BTC players’ bankrolls.

The Bitcoin holders didn’t have long to celebrate, though, because this currency quickly lost several thousand dollars in value over the next few weeks. BTC is now trading for under $8,000.

I should point out that Bitcoin’s volatility is somewhat overrated. This cryptocurrency often moves sideways for a long time before experiencing big upswings or downturns.

But you won’t deal with the same wild fluctuations when betting with USD, GBP, or the euro. If you’re somebody who likes a consistent bankroll value, then you may want to continue playing with fiat.

6 – You Can Get a Bitcoin Slots Bonus

Online casinos commonly offer deposit bonuses to new players (a.k.a. welcome bonus). Bitcoin gaming sites are the same in that they offer a welcome bonus in terms of BTC.

The value of your Bitcoin slots bonus will vary depending upon your chosen site. But you can generally expect a max ranging from 0.1 to 1 BTC.

Here’s an example of how one of these bonuses works:

  • A casino is offering a 100% match bonus up to 1 BTC
  • You deposit 0.1 BTC
  • You now qualify to earn 0.1 Bitcoin

Keep in mind that you need to earn your bonus by meeting wagering requirements and other terms and conditions.

Wagering requirements refer to how much you must bet in order to release your BTC bonus funds. Typical wagering requirements on 100% match bonuses range from 40x to 50x the offer.

Here’s an example of meeting wagering requirements:

  • You’re eligible for a 0.1 BTC bonus ($7,793.15)
  • Wagering requirements are 40x
  • 40 x 0.1 = 4 BTC must be wagered

With BTC being worth $7,793.15 at this time, you need to bet $31,172 in order to release your funds. This sounds like a lot, but it’s not a bad deal when considering that the 0.1 BTC you receive is currently worth $779.3.

7 – You Must Get Used to Bitcoin Slots Denominations

You likely have a firm grasp on playing slots with USD, GBP, or euros. If you’re used to the dollar, for example, you know how to calculate your bets in terms of dollars and cents.
Bitcoin, on the other hand, requires an adjustment. This cryptocurrency features a number of denominations that don’t perfectly translate to common fiat currencies.

A satoshi is the smallest denomination of a Bitcoin. The problem with satoshis is that they’re so small that they don’t even come close to equaling a penny.

Therefore, most casinos use a denomination called milliBitcoin (mBTC) to measure slots bets. This is the closest thing to a dollar, pound, or euro, but it’s still not perfect.
An mBTC is worth $7.79 at the time of this writing. This leaves you calculating how much each mBTC that is worth in terms of these odd increments.

While not impossible, this isn’t the cleanest way to measure your wagers. If you have difficulty making conversions on the fly, then it’ll take you longer to get used to Bitcoin slots.

8. You Can Quickly Withdraw Your Bitcoin Slots Winnings

Online casinos offer a nice variety of options to withdraw your money. You can use credit cards, debit cards, prepaid cards, bank transfers, and e-wallets to complete these transactions.

But some banking options take longer than others to send money. This is especially the case with bank transfers and e-wallets, which require the companies themselves to approve your transaction.

Bitcoin is much faster in comparison to these cash-out options. Miners – rather than companies – approve BTC transactions.

Miners are usually much faster at verifying the transactions and allowing you to receive your casino payouts quicker. You can often expect to receive a Bitcoin casino withdrawal within 30 minutes or less.

Another great thing about miners verifying BTC transactions is that they don’t judge what you’re doing. Contrast this to a credit card company or bank, which may hassle you about online casino deposits and withdrawals.

Anybody who’s ever dealt with intruding payment providers will be relieved at how much easier it is to use Bitcoin at casinos.

9 – Bitcoin Allows You to Play Slots at More Online Casinos

If you’re an American, you may have trouble playing at some US-friendly casinos. The reason why is because the US has a law in place called the Unlawful Internet Gambling Enforcement Act (UIGEA), which prevents American financial institutions from processing unregulated gambling transactions.

Contrary to popular belief, the UIGEA isn’t a federal ban on internet gaming. Instead, it just makes processing transactions much more difficult for offshore casinos.

Traditional payment options are controlled by either the federal government or financial institutions. Therefore, the UIGEA applies to transactions made with fiat and regular payment methods.

Bitcoin, in contrast, isn’t controlled by a federal government or bank. Going further, BTC transactions don’t fall under the UIGEA’s umbrella.

This allows Americans and online casinos to better connect without being blocked by a government or financial middleman. Furthermore, it allows US residents to play at far more online casinos.

The only exceptions include regulated markets like Delaware, New Jersey, Nevada, and Pennsylvania, or states like Washington that have outlawed iGaming. As long as you don’t live in one of these states, then you should be good to play Bitcoin slots while living in America.

Conclusion

You may be surprised to see how easy it is to get started with Bitcoin slots if you haven’t already played them. You simply need to purchase your BTC from an exchange and send it to your preferred casino using their wallet address.

Of course, Bitcoin includes some other intricacies that make it slightly difficult to use at the beginning. Namely, you need to master the currency values.

But it shouldn’t take you long to figure this aspect out. And once you’re used to playing Bitcoin slots, you won’t notice much difference at all.

Perhaps the biggest adjustment is getting used to a fluctuating bankroll. I discussed how BTC has increased and decreased widely within a single day many times.

But as I’ve become more experienced with Bitcoin slots, I’ve come to realize that the volatility is exaggerated. This cryptocurrency stays on an even path far more often than its spikes up or down.

If you can overlook the bankroll fluctuations and initial barriers to entry, then you’ll be set to enjoy some key advantages of Bitcoin slots.

These benefits include provably fair casinos, big bonuses, fast withdrawals, and having access to more casinos. If these perks interest you, then I suggest spending the 10-15 minutes it takes to get started with BTC gaming.

Michael Stevens

Michael Stevens has been researching and writing topics involving the gambling industry for well over a decade now and is considered an expert on all things casino and sports betting. Michael has been writing for GamblingSites.org since early 2016.

Share this:

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2019 GamblingSites.org. All Right Reserved.