CRYPTOCURRENCY DEPOSITS AS AN OPTION FOR ONLINE SLOTS

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by Eve Meadows on November 5, 2019

in Extras

CRYPTOCURRENCY DEPOSITS
AS AN OPTION FOR ONLINE SLOTS

Concepts like Cryptocurrency or Blockchain have now revolutionised every aspect of our lives. What is exactly cryptocurrency and how does it influence real money slots in the casino industry? It is nothing more than a secure form of payment that leaves traces of the data thanks to the use of blockchain.

Blockchain is a system formed by blocks which are linked one to another hierarchically. Each block stores important info about the previous one in a chronological timeline. This information cannot be modified. Over the last years, cryptocurrency has been applied to the online gambling industry modifying the payment system.

Cryptocurrency and online casinos

Before talking about the introduction of cryptocurrencies in the I-Gaming world, let’s see just some of the most used virtual currencies. Litecoins was one of the first digital currency to appear. Ripple was launched in 2012. It has allowed a transparent and safer exchange of money diminishing the costs.

Monero was launched in 2014. It has made digital coins even safer. Bitcoins is one of the most known and used digital money. Born in 2017, it is now increasing its limits getting every day safer and faster. Dash, this money was launched to guarantee each transaction anonymity. Ethereum is another popular money used for transactions and applications. Cardano was introduced in 2017. This money has made international payments safer and quicker. Among them, online casinos tend to accept two in particular that are Bitcoin and Ethereum.

Online casinos that make use of cryptocurrencies

Before talking about the names of casinos which use cryptocurrencies, you need to follow some little steps.

First of all, if you decide to choose a casino which accepts digital money, you should enable your credit card (or whatever payment you’re using) to cryptocurrency.

Then, you should choose an online ‘container’ where to keep your money, a sort of virtual wallet. After these two little steps, you’ll be ready to create your account, decide whether to make a first deposit and select your first game.

Be aware that each casino has specific wagering policies concerning the cash out requirements. They can be very strict sometimes. Read them in advance to avoid massive let-downs!

Also, always choose a reputable casino. What makes it reliable? Well, it must get a recognised license first. Certifications are proofs of casino reliability.

Also, seeing that casinos which accept virtual coins are a limited number, always make sure their offer of games is varied. Don’t choose randomly.

Cryptocurrencies, online casinos and the UK

Let’s talk about the UK. Bitcoin is for sure one of the most used currency you can find in British casinos.

The kind of bonuses you can win from these casinos are the classic welcome bonus, the deposit bonus or no-deposit bonus and the free spin offers. Thanks to this virtual currency fluctuation in prices, you can get the value of your bonus duplicated.

The procedures to open your virtual wallet, to make your first deposit and then withdraw your winnings are the same we mentioned above. We recommend you to check at each casino wagering policy before.

Advantages of real money slots

What are the advantages of playing using digital currencies? Has this form of payment revolutionized the way we play?

It reduces the transaction time. Thanks to cryptocurrency, you can get money in a few seconds. Forget about the past. The endless time spent waiting for your payments has now been replaced by a quicker system. Also, even the time required to verify people’s identities has been drastically reduced.

Secure. You won’t need to put any personal information. After using your code to make payments, it gets changed. There’s no way for other people to appropriate of your information.

This money never stops growing. These virtual currencies have a value that never stops growing in importance so you can become rich only by owing them.

They are a subject to lower fees and taxes.

The anonymity of your personal information.

You can pay via mobile Apps. This makes your transaction trackable and even more secure.

There’s no intermediary or third party which make the process smooth and easy.

You can make the most of the value of the bonus offers. Thanks to their volatility, a welcome bonus or a deposit bonus can double or triple its amount making you win a lot of money.

Disadvantages

Is there any disadvantage of using Bitcoins? There are no big side-effects in using virtual money, maybe a big negative side is related to the limited number of casinos which accept this kind of money so your choice may be limited.

If it’s true that the bonuses each casino offers can increase its value when using cryptocurrencies, it is also true that the minimum wage required to withdraw your money can be much higher.

Also, virtual money fluctuation can influence you both positively and negatively. Besides this, there are many of them which have adopted cryptocurrency without a clear regulation. Another important side effect concerns the impossibility to retrieve important information regarding your virtual wallet once lost. There’s no way to get your password back.

Also, each market has its law and rules in terms of cryptocurrency. You must pay closer attention to each of them before deciding to use your virtual money to play in another country.

Is cryptocurrency an option for online slots?

Yes, cryptocurrency is an option for playing online slots.

Of course, you need to be careful. If you have done some research first, and you’ve chosen a reputable casino, you just need to try to keep up-to-date on the different currency fluctuations so to be always prepared on the next moves, you can find virtual money very advantageous.

 

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