Ethereum Slots Are Becoming Ever-More Popular In The Cryptocurrency Community
When Ethereum was first created in 2015, it became the first blockchain project to go beyond just financial transactions. Through its underlying smart contract protocol, it is now possible to create and enter into agreements with people on a trust-less basis. Moreover, no longer are third-party intermediaries required to execute an agreement, as the protocol is able to operate in an autonomous manner.
The potentialities for Ethereum and its smart contract protocol are limitless, as practically every industry can benefit from its technical and ideological capabilities. One such sector that has experienced rapid growth is the crypto casino space and more specifically – Ethereum slots. The reason for this is a combination of transparency, trust, improved house-edges and instant withdrawals.
In this brief article we will take a look at when crypto casinos become a thing, how they have grown over the past 12 months and why Ethereum slots have become such a hit with the blockchain community.
When did people start gambling with cryptocurrencies?
Although Bitcoin – the first and original cryptocurrency, was created as far back as 2009, it wasn’t until 2013 that the first crypto specific gambling operator opened their doors. This accolade was reserved for the now defunct ‘Satoshi Dice’. Although the platform was ultra-basic, it was huge hit within the cryptocurrency community.
In a nut shell, Satoshi Dice allowed people to place bets on the outcome of a virtual dice. The outcome of the game was generated through a cryptographic protocol known as provably fair. This meant that each and every outcome was guaranteed to be fair, with no mechanisms in place for the platform to manipulate the outcome.
Prior to placing their bet, the player could adjust the pre-defined betting parameters to match their appetite for risk. The larger the pre-define odds, the higher the prize. On the contrary, lower odds had more chance of winning, but of course the potential winnings were smaller.
At the end of each roll of the Satoshi Dice, the automatic protocol would release the funds without needing a third party. If the player won their bet, their winnings would simply be transferred to their personal wallet. On the other hand, if the platform won then the stake would be sent to the wallet of Satoshi Dice.
So what happened to Satoshi Dice? Well, it was eventually sold to a private investor in 2013 for more than 126,000 BTC. Back then that amounted to just over $11.5 million. And today? That figure would be worth more than $800 million! Unfortunately, Satoshi Dice is no longer around, however there are instead plenty of other operators that have continued to carry the crypto casino torch.
What’s the crypto casino space like now?
The current state of the crypto casino space has gone far and beyond the capabilities of what Satoshi Dice could offer. There are now highly comprehensive platforms that host a combination of casino games like blackjack, roulette and craps – and there are even live dealers that deal you your cards on screen.
Moreover, there are also a range of sportsbooks that allow you to gamble on sporting events – both pre-match and in-play. A further development in the crypto casino space is the addition of poker rooms. There are various operators that connect thousands of players through tournament play, sit and go tables and of course cash games too.
However, the largest growth sector within the crypto casino space is in the slots department. The reason for this is that there are now literally thousands of slot games to choose from, with the vast majority being designed by reputable software providers.
This covers practically every type of slot game – from 3 and 5 reel slots, multi-lined slots, bonus slots and most interestingly – progressive jackpot slots. To illustrate just how popular Ethereum slots are, there are jackpots running to the millions of dollars. As you will see from the screenshot below, FortuneJack are hosting a hugely popular slot game called Mega Moolah that is currently displaying a jackpot prize of 109 BTC. That’s a seriously amount of money, which wouldn’t be possible without the strong demand that Ethereum slots are experiencing.
So why are people choosing Ethereum slots over traditional fiat casinos?
It is certainly true that mainstream fiat casinos also offer a huge range of slot machine games, with their respective platforms also offering highly significant jackpots. However, there are some fundamental specificities that fiat casinos just cannot match.
First and foremost, we mentioned earlier about the hallmark platform of Satoshi Dice. The reason it was so popular was because each and every spin of the dice could be transparently guaranteed for its fairness through the provably fair feature.
This protocol has subsequently been adopted by Ethereum slot machine providers, meaning that players know without doubt that the outcome is not and cannot be rigged. This has drawn a strong following in the online gambling industry because such mechanisms are not present at fiat casinos.
Ethereum slot casinos also offer substantial benefits when it comes to anonymity. Unlike fiat casinos – who ask that a player provides a long list of personal information during the registration process, crypto platforms ask for nothing. On the contrary, players only need to provide an email address.
Furthermore, Ethereum casinos do not ask players to upload any documents to verify their identity. As mainstream casinos deal with fiat money, they are required to ask for various documents such as a passport and proof of address, which is highly intrusive. Ultimately, Ethereum slot operators allow their users to gamble anonymously.
A final factor that is driving players to Ethereum slots is with regards to withdrawing funds. Traditional fiat casinos often take days, if not weeks, before they release funds back to the player. As crypto casinos operate autonomously, withdrawals are processed instantly, meaning that players normally receive their winnings back in less than 10 minutes.
Ethereum slots – Conclusion
This article has ascertained that the crypto casino industry is growing at a rapid pace. Long gone are the days of Satoshi Dice and its simplified platform. Instead, there are now a range of comprehensive platforms that specialize purely in cryptocurrency deposits and withdrawals.
Although these casinos facilitate a range of traditional gambling products, it is Ethereum slots that seem to be leading the way. Consumers are drawn by the presence of instant deposits and withdrawals, transparent gameplay and anonymous accounts, all available within a safe and secure provably fair eco-system.