Can I play Mega Moolah with Bitcoin?
With all of the great technologies that make online casino gaming possible, one cannot help but wonder how quick the gaming industry will be to adopt cryptocurrency.
The prevalence of cryptocurrencies like bitcoin are leading more and more online players to ask pretty reasonable questions like, "can I play Mega Moolah with bitcoin?"
To begin with, the Mega Moolah slot is a Microgaming title offered to online casinos under a specific licencing agreement. Be aware of false advertisers trying to click-bait users.
Microgaming showed no interest in cryptocurrency but recently these rewards program casinos offering Microgaming titles exclusively began to accept bitcoin as a deposit option - via third party. The catch is also that players cannot withdraw bitcoin. To withdraw players need to choose fiat money and bank transfer or similar.
The basics of bitcoin
Whether or not you can play Mega Moolah using bitcoin and withdraw your massive Mega Jackpot in bitcoin, may be of no concern to you. But it should be. Why? Because bitcoin could be the money of the future. It is entirely possible that traditional currencies will go by the wayside at some point in the future - at least where electronic, online transactions are concerned.
Bitcoin offers a lot of advantages over traditional currencies. This post discusses those advantages as a means of trying to explain why online casino gaming may eventually embrace bitcoin as a primary payment option. But before getting to those advantages, an introduction to bitcoin is in order.
The principles discussed below apply to cryptocurrencies in general. For the purposes of this discussion though, we will focus mainly on bitcoin as it is the forerunner of them all.
A cryptocurrency is a digital currency that is based on computer-generated tokens rather than physically minted bills and coins. And unlike traditional currencies that may have been backed by gold and silver in the past, cryptocurrencies are not backed by anything tangible. They never have been. Bitcoin and its competitors exist as electronic data that various parties agree to use for transacting business.
Bitcoin and blockchain
The backbone of all cryptocurrencies is something known as blockchain. In the simplest terms possible, blockchain is a digital ledger that tracks, records, and finalises transactions. It was developed alongside bitcoin back in 2008. History shows that bitcoin and blockchain are virtually inseparable technologies.
Blockchain can be easily understood as a running ledger of bitcoin transactions. Multiple copies of the blockchain are stored on computer servers - known as nodes - located around the world. Every time an electronic transaction takes place, information about that transaction is sent to each node. Node software must then confirm the transaction before finalising it.
Once every node has verified the transaction, it is added to the end of the blockchain. At that moment, the transaction becomes permanent and irreversible. Every new transaction confirmed by the nodes is added to the end of the blockchain, creating an ever-growing ledger that is perhaps impossible to hack.
Purchasing and spending bitcoin
Understanding what bitcoin is and how it works is one thing, but how do you actually purchase and spend it? Purchasing bitcoin is a matter of hooking up with an online broker. Cryptocurrencies are bought and sold through brokerages in the same way traditional currencies are. In order to buy bitcoin though, you also have to sign up for a bitcoin wallet such as the one offered by Blockchain.info or BTC.com, or you can even print your own offline paper wallet and store bitcoins in 'cold storage', see Walletgenerator.net.
Once bitcoin has been purchased, it is digitally stored in your digital wallet - unless you opt for a paper wallet. Spending your bitcoin is a matter of transferring the given amount from your wallet into the recipient's wallet. The process is very similar to an EFT that transfers cash from your account into the account of a vendor. The big difference is that it is a lot faster using bitcoin.
Advantages of using bitcoin
As previously mentioned, there are a lot of advantages to using bitcoin over traditional currencies. Most of those advantages fit very well with the online casino gaming model. So much so that it is hard to believe that bitcoin and other cryptocurrencies are not the preferred choice among both game developers and casino owners.
Having said that, consider the following advantages of using bitcoin instead of credit and debit cards:
1. No accounts necessary
Using credit and debit cards requires customers to have bank accounts. When you enter credit or debit card information to complete an online transaction, you must provide some of your account information. You provide your name, address, and card number at the very least. That takes time and may open security issues.
There are no accounts with bitcoin. Due to the way the blockchain is set up, accounts are completely unnecessary. You can transfer bitcoin from your wallet into any other wallet around the world without having to enter any personal information. Receivers never have to know your name, your address, or anything else about you, unless you choose to do so, or when it is necessary.
2. Transactions clear faster
Even though credit and debit cards give you instant access to the products or services you are buying, the actual transaction itself is not instant. Most credit and debit card transactions take at least 24 hours to clear. In some cases, it could take weeks or months before a transaction is finalised. The longer it takes, the more room there is for error.
By contrast, bitcoin transactions clear in mere minutes. Transferring money from one wallet to another instantly sends data to the various nodes for processing. Depending on the time of day and the amount of data being crunched at any given time, a bitcoin transaction can clear and be finalized in less time than it takes to make your lunch.
3. No merchant fees
Every merchant that accepts debit and credit cards also accepts the fees that come with them. Here's the deal: a merchant must pay a certain percentage of every transaction to the card processor, bank, and card issuer. The total fees and charges could be 5% or more. Merchants either absorb the fees themselves or raise their prices to cover them.
There are no charges with bitcoin and other cryptocurrencies. Why? Because transactions occur directly between buyer and seller. There are no third-party intermediaries looking to take their slice of the pie. This suggests that bitcoin would actually be a moneymaker for online casinos because they would not have to spend some of their revenue on credit and debit card fees.
4. No exchange rates
Let's say you are living in the UK and attempting to transact business with a Malta-based gambling company. The final price you pay will be affected by the exchange rate between sterling and the euro. More often than not, that's a losing proposition. Every time you must convert between currencies, there are exchange rates and conversion fees involved.
Because bitcoin and other cryptocurrencies are separate from traditional, physical currencies, there are no exchange rates between countries. The value of your bitcoin in the UK doesn't change simply because you spend it with a eurozone-based company. Everyone is on a level playing field because everyone's bitcoin has the same value.
5. Transactions cannot be reversed
The nature of blockchain is such that cleared transactions cannot be reversed. This is not necessarily good for a consumer hoping to get a refund, but it is good for merchants inasmuch as it eliminates charge-back fraud. A perpetrator cannot commit fraud against the merchant if there is no possible way to reverse a cleared transaction.
6. Cryptocurrency uses push payments
Finally, the fact that bitcoin and other cryptocurrencies are based on push rather than pull payments makes them a lot more secure. A push payment is one in which you 'push' your bitcoin to the seller on the other end. The seller has no need to know who you are, where you live, or anything else about you. As long as that seller gets the right amount of coin, nothing else is relevant.
Credit and debit cards are based on pull payments. In other words, you supply the seller with the necessary information to 'pull' money from your account. The seller has to know a lot about you and your account in order to accomplish the transaction. This creates some risk that has produced plenty of ugly security breaches worldwide when hackers steal databases containing customer names, addresses, and at least part of a credit card number.
For now, it is possible to play Mega Moolah after depositing bitcoin, however players still need to provide Know Your Customer (KYC) documents when attempting to make a withdrawal. That may not be an attractive option for bitcoin-players who do not want to share their personal details. Those players might find a better deal on websites such as Coinbet.com.
Crypto appears to be the future of money because of just some of the above-mentioned reasons and we haven't even touched on Smart Contracts and some of the other benefits e.g. Ethereum offers. It only makes sense for game developers to get on board and back crypto 100 percent - and some have. Crypto is more secure, more reliable, open to faster transactions, and free of unnecessary charges generated by third parties like banks and transaction processors.
Byline: This article was published by Mega Moolah expert Henry. Media and other enquiries.