Bitcoin has found its use in many industry and financial endeavors. It has also become an important part of the gambling industry. Bitcoin slots are a huge part of the industry and there are many reasons for their popularity. Using crypto as a payment method in slots allows for a fast and reliable transfer.
It’s also a way to prove that slots will be fair and that the gambling establishments won’t try to cheat the players. The best Bitcoin slots sites use the blockchain technology behind cryptocurrency to automate the betting process and therefore make it provably fair.
How do Slots Work?
Slots are a game of luck. It’s based on the random number generator. This means that the outcome of each spin is randomized and there’s nothing a player can do to increase their chances of winning or predict how the next turn will go.
That’s why there’s no point in chasing your losses and hoping that you’re bound to get a win after a few losses. It’s important for players to be aware of these principles before betting in the first place.
How Bitcoin Changes Things?
Bitcoin allows for provably fair slots. That’s because the parameters of the game are written into the code of the cryptocurrency with which the payment is made. The payment is therefore automated and made as soon as the terms of the bet are met.
The players can go through the code, as it’s transparent and can be viewed by anyone using the slots. The subject matter is tech-savvy and not every player will be able to understand the code. However, there are online communities that can help the player verify that the Bitcoin slot is fair.
The Return to Player Rate
The return to player rate refers to the amount of funds that the player gets back after betting for a long time. It’s presented as a percentage. For instance, if a slot has an RTP rate of 97 percent, this means that out of every $100, you’ll get $97 back.
As you may notice all Bitcoin slots have a return-to-player rate lower than 100 percent, meaning that the house always gets at least a portion of your funds in the long run. The same goes for slots that use traditional fiat currency.
Volatility is as important as the return to player rate. It’s the same with Bitcoin slots as with fiat currency ones. The volatility rate depends on which slot you’re using and how much you can bet on the slot you’re using. Volatility means how risky the casino is or what are the chances you’ll end up with a win.
The more volatile slots pay off more and those with a lower volatility provide smaller winnings. It’s a matter of balancing. Crypto slots are very transparent when it comes to its volatility rate and that’s what the players should focus on.
No Third Party Authentication
Most casinos use third-party authentication to make sure that their services are fair. For the most part, it’s the government agency that does that. It’s usually the same agency that issues a license for the casino. There’s no need for such a process with crypto slots.
That’s because the process is part of the code and of the cryptocurrency itself. That way the players don’t need to check in which country the casino is registered and how trustworthy their license is. It puts all the gambling establishments on the same footing as long as they use Bitcoin.
Are Provably Fair Slots Legal?
Slots are legal and they are played in almost any casino. The use of Bitcoin is also legal as most countries recognize Bitcoin either as a currency or as an investment option. The use of slots that are provably fair due to the use of crypto as a payment method isn’t regulated at all, however.
That’s because the technology is brand new and no one has started regulating it yet. There are still uses for cryptocurrency that are being figured out and implemented by different industries, including the betting industry. It’s therefore perfectly fine to use these slots unless your country bans the use of cryptocurrency altogether.
Can Provably Fair Slots Be Hacked
Since the slot games, the payment method and the fairness of the game depend on the code, some players may be worried that this leaves them open to hacks. However, there’s little reason for such a concern. Bitcoin is safe to use online and the codes are stored in a way that doesn’t allow for hacking at least not in a vast majority of cases.
No one can guarantee that the game can’t be hacked 100 percent of the time, but the use of blockchain technology comes as close to that as possible.
Bitcoin slot games come in a variety of themes and aesthetics. These don’t affect the outcome of the game or its fairness. However, it doesn’t mean that players should overlook the theme. It’s important to play the slots that you enjoy and that you can spend hours on.
Slot games are often played for a long time and players make slow and incremental progress when they do at all. In these cases, a theme that the player enjoys can mean a lot since it allows the player to stay engaged with the game for a long time.
Does This Applies to Other Games
Slots are the most popular casino game out there. Bitcoin slot games are games of luck and are easy to learn and master. The same principle of proven fairness works for any other game of luck. The most popular games based on luck, other than slots, are dice games and roulettes.
These games can also be proven fair by using code to write the odds into the code. Casinos are starting to apply the same standard of fairness to these popular gambling games as well.
Even though slots are probably fairer, it’s still important for the players to bet responsibly and to apply measures to help them do so. This includes having a betting budget and sticking to your cut-off point, as well as not trying to chase your losses after a few bad games.
Crypto slot games allow the players to automate these measures. That means you’ll be signed out of the game once you reach the amount that you’ve designated as your cut-off point. A player can‘t log into the slot game account for a while after they’ve spent too much.
Also Read: Is Crypto Slots Legit? Let’s Find Out!
To Sum Up
Slots are a popular gambling game based on luck. This means that the outcome of the game depends on the random number generator. Therefore there’s nothing a player can do to know the outcome of the game or to influence it. Using Bitcoin as a payment method allows the players to make sure the game will be fair.
The outcome of the game is written into the code of the cryptocurrency that’s paid out to the players when the conditions are met. This means that the casinos can’t cheat on Bitcoin slots and that the algorithm is transparent and available to the players.