In March 2020, the gross gambling yield (GGY) of the gambling industry in the UK hit £14.22 billion GBP. This has fallen drastically over the past year as the COVID-19 pandemic forced non-remote gambling venues to close to contain the spread of the virus. Since then, the online gambling industry has been growing rapidly with Bitcoin casinos.
In particular, there has been a rise in the number of people turning to Bitcoin slots that allow users to deposit and withdraw using Bitcoin instead of fiat currencies like dollars and pounds. Unlike some other countries, it is entirely legal to gamble with Bitcoin in the UK at these Bitcoin casinos. And as Bitcoin becomes more established, more and more casinos are beginning to accept it.
For people who have no experience buying or trading cryptocurrencies, the concept of Bitcoin slots can seem intimidating. After all, the price of Bitcoin fluctuates so rapidly that it’s constantly in the news. But there are actually some major benefits of betting with Bitcoin over fiat currency.
Here are a few reasons why people are turning to Bitcoin slots over traditional slots:
1. It saves time and money
This seems like one of the most obvious benefits. Bitcoin slots can be played online, which means you don’t have to spend any time or effort traveling — instead, you can play from the comfort of your own home.
2. Many Bitcoin casinos have low deposits
Even if you have relatively little money to play with, you’ll be able to play for a long time with Bitcoin slots. Many casinos will let you deposit 1 satoshi (the equivalent of 0.00000001 Bitcoin).
3. Users can access their funds much more quickly
This is probably the biggest benefit of using a Bitcoin casino over a fiat casino. Traditional fiat casinos can often take days or even weeks to give you your money, which is definitely not ideal if you’re in a pinch. Because cryptocurrencies aren’t governed by a central bank, you don’t need to wait for someone to approve the transaction. This means you can get most of your winnings in under 40 minutes. Most transactions are instant.
4. It’s anonymous
Cryptocurrencies are transferred through the blockchain. Because the blockchain is decentralized, it means that transfers are anonymous and secure. Many Bitcoin casinos do not require any identification to sign up or start playing, which means you don’t have to hand over your personal data to a bunch of middlemen. You can also choose to use a Bitcoin wallet that doesn’t require you to provide any form of identification (just remember to set up 2FA to keep your Bitcoin deposits secure). This means that the transactions won’t show up on your bank statements, so you won’t be grilled about it if you ever need to go for a credit check.
5. The bonuses are often higher
This varies depending on which casino you’re using, but the bonuses involved in online Bitcoin slots are often way more generous than the bonuses involved in in-person casinos, given that Bitcoin has such a high value. This means you can often play with the money given to you by the casino instead of having to fork out loads of your own money.
6. The fees are lower
Cryptocurrencies have lower transaction costs than fiat currencies. In fact, Bitcoin transactions are virtually cost-free due to the distributed technology that underpins the blockchain.
7. Users can check that the game they’re playing is fair
One of the major downsides of an online casino is that it makes it easier to cheat and mislead players. Bitcoin casinos, on the other hand, can be checked to test whether they’re provably fair. In order to prove that they are transparent and fair, a Bitcoin casino just has to provide users with its server seed.
8. There are no location restrictions
Often, casinos have to restrict some of their games and features for users based in certain locations. As long as your country does not have laws against cryptocurrencies, these restrictions will not apply when you are playing Bitcoin slots.
9. There’s a good chance that the value of your winnings will appreciate in value
Bitcoin is by far the fastest-growing asset to reach a $1 trillion market cap. While it took Big Tech companies an average of 33 years to reach this milestone, it took Bitcoin only 12 years. While it’s true that the value of Bitcoin fluctuates rapidly, there is a good chance that it will rise if you’re willing to hold on for long enough. Financial institutions are desperate for a slice of the pie, too. For instance, just a few months ago, Mastercard announced that it will be bringing crypto onto its network.
So if you enjoy playing at fiat casinos, why not give Bitcoin slots a try? Just keep in mind that it can be easy to forget that cryptocurrencies have real value. Always play responsibly, and only risk what you can reasonably afford to lose!