Bitcoin has been a big hit with most people and we’re not saying that lightly. So much so that even casinos have incorporated the technology into their platforms. If you have a Bitcoin wallet, you can now play slots online and enjoy all the perks that come with it.
In this article, we’ll be explaining to you the pros and cons of this type of banking method with online slots – try Boss the Lotto. But before we do that, Bitcoin must be properly defined.
So What is Bitcoin?
Bitcoin is a peer-to-peer system that involves the use of a decentralized ledger and cryptographic technology to facilitate fast and secure payments while eliminating the double-spend problem in the process. Now, this definition may be hard to grasp, so this is what those terms mean in terms of online slots:
- Peer-to-Peer System: This is the ability of Bitcoin users to exchange Bitcoin directly with the casino.
- Decentralized Ledger: When using Bitcoin to make transactions at an online slots casino, each transaction is recorded in a ledger that is accessible to both you and the casino. You do not need a central figure like a bank to keep track of transactions.
- Cryptographic Technology: At the end of the day, the transactions have to be made secure. And cryptographic technology makes sure each transaction is secure and cannot be duplicated.
- Double-Spend Problem: This is a problem peculiar to digital money that can be easily duplicated. But since Bitcoin cannot be duplicated or forged successfully, then this problem is eliminated.
Are Bitcoin Slots Good or Bad?
When you use a certain banking method, there are several things to consider to know if it is a good banking method. Things like security, speed, and extra fees. And with Bitcoin slots, all these problems do not exist.
Without getting into the nitty-gritty, making a Bitcoin transaction is absolutely secure. The cryptographic technology implemented to mark every input into the ledger is quite unbreakable. And because this ledger does not use a middle man, there is no need for any fees and transactions are instant.
However, like all things, Bitcoin slots are not perfect and one of such reasons is because Bitcoin is still a new form of money. Therefore, it is not yet widely accepted by a lot of casinos.
However, it is also not yet accepted by most governments, and this means that winning with Bitcoin slots will exclude you from tax in such countries.
But asides external influence, Bitcoin also has some properties that make it difficult to play slots using the currency. One such property is the volatility of the currency because when measured against other currencies, Bitcoin rises and drops regularly in value.
It is obvious that Bitcoin slots, unlike other slots, are strictly geared towards the pleasure of the player. The entire idea of Bitcoin itself is the creation of a type of money that promises the user security and freedom.
And although there are some potential problems, it seems evident that time will reveal Bitcoin slots as a powerful method of gambling online.