By playing in provably fair casinos with virtual currency, you are making a bet on whether the virtual casino’s server will hit its designated target, i.e. the amount you’ve placed on the bet. If it does, you win. If it doesn’t, you lose your funds – even if the target is a lot bigger than you put on your virtual card! The entire process takes place under the watchful eye of the provably fair casinos’ servers.
There are no restrictions whatsoever on how you play in these casinos. The casinos can theoretically ban you for playing with a banned currency, but they wouldn’t do it for free! Instead, they would require you to play in their virtual casinos using standard, regulated gambling methods. Therefore, using bitcoins as payment for your online slots bets is both legal and safe. One of the major differences between the online casinos that allow users to play in provably fair transactions and those that don’t be the manner in which they calculate their payouts.
When a winning result is achieved in a game using standard gambling methods, the payout is based on the difference between the actual loss incurred by the casino and the expected value of the virtual money that was used to pay out the loss. This is called the jackpot. On the other hand, when a player wins a jackpot through a special kind of virtual windfall, called a progressive jackpot, the payment is not based on the expected value of money at the moment of win, but on the potential revenue that will be generated from that win in the future.
Progressive jackpots are usually offered by progressive casinos. Because it’s relatively easy to transfer funds from one place to another, and because it’s inexpensive to transfer money, there are now several methods by which people play in online casinos with bitcoins. One of these methods is called mining. You might have heard of this method in other forms of gaming, such as online poker. With this form of gambling, one player actually wins real money from the winning slot machine.
(The player who wins the “real” money also wins a prize that is based on the slot’s jackpot, but is outside of the range of any real monetary value at the time of writing.) Another way to play in online casinos with bitcoins is through a service called a remote transaction execution service, or in short, a “virtual casino.” This type of gambling takes place in a virtual environment that is, well, a casino. However, instead of wagering real money on real slot machines, you play in your own home, using virtual casino money.
For example, rather than depositing money into your own bank account, which can be a hassle, you deposit a sum of money into a service that is like a wallet for your funds.
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