Will Bitcoin Online Slots Overtake The Gambling Industry?

In recent years, the usage of cryptocurrencies has absolutely exploded in almost every domain of our life. The same can be said for online gambling. Many people are asking themselves if Bitcoin slots are the future of online gambling, and that is a totally valid question with varying answers depending on who you ask.

The fact is that a lot of folks have been switching over to Bitcoin casinos recently and we can’t overlook that. That’s why in today’s article we’re going to be examining everything that you should know about when it comes to cryptocurrencies and their part in the online gambling industry.

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The Growing Number of Bitcoin Casinos in The Gambling Industry

Generally speaking, it’s been more than evident that cryptocurrencies have made a huge impact on the world, especially in the last decade. Before that, not a lot of people knew about Bitcoin or any other cryptocurrencies. Currently, there is a huge number of Bitcoin casinos that have entered the market in the online gambling industry. More and more people have been flocking over to check out these types of casinos, simply because they offer some other benefits in comparison to their traditional counterparts.

Just in the last 3 years, the number of these types of online casinos has exponentially grown, and everyone who has been playing online slots or other casino games during that time have noticed the growth in popularity. It is true that some individuals are still skeptical about Bitcoin casinos, but that is usually because they are unaware of all the benefits it can provide to players and operators alike.

There have been instances where operators of casinos with traditional deposit options decide to completely change their game plan and allow only Bitcoin deposits. Some decided to implement a Bitcoin deposit option alongside their traditional ones, which has proven to be a very successful business idea.

All in all, we can safely say that Bitcoin casinos have been rising throughout the years, and there is absolutely no signs of slowing down. Some suggest that in the next decade, people will primarily spend their time on casinos that exclusively accept Bitcoin and other cryptocurrencies, and we simply can’t argue the possibility of that happening.

Bitcoin Slots VS. Traditional Slots

When we mention the argument of Bitcoin Slots VS. Traditional Slots in online gambling, some might think that there is a core difference in the gameplay mechanics of specific slots, but that couldn’t be further from the truth. Players will be able to play the exact same slots whether they choose to pay with Bitcoin or with standard depositing options.

Although that may be the case, we have to mention that there are major differences between these two in some other aspects. First of all, there is a huge difference in anonymity for those who decide to play their games in online casinos that allow cryptocurrency deposits. When you’re playing online slots with traditional depositing options, you are more than likely going to leave a lot of your personal information every time you make a transaction in the online casino, and some players simply don’t want that, especially when they have the choice to do otherwise.

Even though this may seem enticing to some, they need to understand that currently, Traditional slots are a lot more available for many people. Right now, there are still a lot more traditional slots when you compare the two.Also, not everyone has a bitcoin wallet and not everyone wants to go through the hassle of creating one. This may change over time, but we can’t deny the fact that traditional slots also have pros that help them stay relevant, even if Bitcoin slots seem to be overtaking them slowly.

Bitcoin Slots: Pros and Cons

In case of Bitcoin slots, there are positive and negative sides that we will need to discuss, in order for you to understand the full nature of this method of deposit. First and foremost, we’ve mentioned the anonymity and how it can be a huge plus for players who are looking to leave as little trace as possible when gambling. Aside from that, Bitcoin slots offer players an extra layer of security, and that is something a lot of people will recognize as an incredibly positive thing. It’s much harder for malicious hackers to execute an attack 

One of the cons of Bitcoin and other cryptocurrency slots and casinos, beside the aforementioned availability and accessibility problems, is the fact that the winnings of players aren’t always what they initially were. This is because of crypto’s volatility. In general, you can expect Bitcoin casinos to be a lot more stable in comparison to some other cryptocurrencies, as Bitcoin’s volatility doesn’t change rapidly. Even though that may be the case, it’s still a fact that it will fluctuate, and that is something many players deem as a con.

Regulation is another thing that many worry about when it comes to Bitcoin Casinos. Most people tend to play on regulated platforms, and that is something we always suggest that you do so. The problem with Bitcoin is that there is no central authority that is in charge of regulating it. This can potentially impact the player experience depending on what kind of online casino they decide to play on.

The Provably Fair System – A Fantastic Feature in Online Gambling

Now, let’s talk about something that players seem to really like when it comes to Bitcoin slots and casinos – The Provably Fair System. Since the dawn of slots, people have always been skeptical about the fairness and probability of their wins or loses. This has also translated into the world of online gambling, with an even bigger skepticism by some individuals who don’t always trust the operators of a casino.

That’s why with Bitcoin casinos, a player can choose to use the Provably Fair system as a tool to help them verify the credibility of an online slot they are going to be playing beforehand, which can be incredibly useful if they find themselves in a situation where they might not trust the casino. The Provably Fair allows players to use a third party software or a website that can check the validity of chances of specific slots they are playing, and therefore help them to avoid unfair games.

Bitcoin casinos tend to implement these kinds of open source slots which allow players to use the hash or an ID of a specific title. For this reason alone, many slot enthusiasts insist on playing these titles so they can be sure that their game time is spent on fair probability and without any scam attempts by illegitimate operators.

Bonuses in Bitcoin Casinos

Now this is a divisive topic when it comes to Bitcoins slots and casinos, as bonuses have definitely felt an impact when it comes to cryptocurrencies. Online casinos that allow crypto deposits alongside their traditional options often have specific bonus terms when it comes to players who choose to use Bitcoin as their payment method. They are usually restricted and limited in comparison to those who choose to use traditional depositing methods such as Neteller, Skrill, Visa, or Mastercard.

On the other hand, Bitcoin casinos tend to have an assortment of exciting and interesting bonuses, some of which are unseen in traditional online casinos. This is because Bitcoin casinos tend to be a lot more innovative in almost every aspect. There are special bonuses, tournaments, and other forms of prizes for players who choose to play in some of these Bitcoin casinos. Plenty of operators choose to include the no-deposit bonuses which are especially popular amongst players, and it’s obvious why.

The evolution of bonuses with crypto casinos is something we can expect to see continue growing, and we are definitely looking forward to seeing what casino operators have in store for us in the near future.

The Role of Mobile Gaming in Bitcoin Slots

We all know that since mobile gaming entered the online gambling industry the number of players worldwide grew significantly. Everyone could now play their favorite casino and slot games on the go or from the comfort of their own couch. This has been a big milestone in the iGaming industry. Some would even say that it was the absolute biggest, and we would find it hard to argue.

In terms of Bitcoin Slots, the role of mobile gaming has also shown that it is a great benefactor. A lot more players have been able to try out online gambling, simply because there are depositing options that interest them. With just a couple of clicks on their mobile device, they can deposit their Bitcoin and enjoy amazing games, all with high security and incredible anonymity.

Thousands of people who have never tried a slot game in their life decided to try it out when Bitcoin casinos started popping up, and operators have noticed an incredible surge in popularity. This increase only acknowledged that Bitcoin shouldn’t be underestimated and that it can potentially be the future of gambling and cryptocurrencies as a whole.

Responsible Gambling in Bitcoin Casino Environments

Whether you are in favor of Bitcoin slots or not, it’s pivotal for all players to be met with all the necessary information when it comes to responsible gambling. This has been a repeating subject in online gambling for quite some time now, as it holds a lot of weight. Making sure that everyone is met with all the knowledge before they start playing is something we can’t overstate enough.

Taking this into consideration, many people would agree that Bitcoin casinos are lacking in this department. The anonymity we spoke about earlier plays a huge role in this. In case someone develops a bad gambling habit, it’s a lot easier for them to hide transactions while playing in a Bitcoin casino rather than a traditional one. This can become a very big issue for families and friends who are trying to oversee and assist in someone’s problem. It is true that this can be dramatically changed in the future, especially since these types of casinos are relatively new, and we can definitely expect to see some pressure for operators in this regard. Safety should always come first in online gambling, and that shouldn’t be any different with Bitcoin casinos.

Conclusion: The Benefits of Bitcoin for The iGaming Industry

Taking everything into consideration, Bitcoin had an amazing and positive impact on the online gambling industry as a whole, and for many reasons. Firstly, it allowed online casinos and operators to function independently, which can be considered a huge plus by many, especially for the owners.

Aside from that, Bitcoin offers global accessibility to their players, which means that everyone can have access to it, and that is a remarkable and pivotal thing to mention. Many online casinos now are restricted to certain regions because of various reasons and regulations that do nothing but limit the playerbase for the operators, so you can see why this can be seen as a huge win.

Transactions are also incredibly fast when it comes to Bitcoin casinos, and that is a factor that will entice many new players to try out various games that they haven’t before. There have been numerous instances where a new player quits online gambling because of the wait times with traditional transactions. Those kinds of issues have been solved with cryptocurrencies.

Operators can also ensure that there is no fraudulent activity in their casinos, since Bitcoin offers no chargebacks. This is a huge plus for owners who don’t want to see players unfairly trying to dispute some of their losses, which can happen quite often as you can imagine. All in all, the benefits for the industry are numerous, and we are yet to see everything that it can do for us.