Playing Mega Moolah: Why Bitcoin beats your bank account
Regular Mega Moolah players know that what is arguably Microgaming's most popular video slot offers hours of entertainment. Just knowing you might get a shot at the Mega Jackpot is enough to get you to play.
The question on our minds today is this: do you make your deposits in Bitcoin, or do you use your bank account?
There are legitimate reasons to play Mega Moolah via both funding options. But when we compare the options side-by-side, it seems like Bitcoin comes out ahead more often than not. If we were to compare the two options to a horse race, Bitcoin would probably beat your bank account.
This may not mean anything to you if you are not currently a Bitcoin owner. But keep reading anyway. You might end up being convinced to purchase your first round of Bitcoin and deposit it at MegaMoolah.com's favourite Bitcoin Casino. And even if not, you will at least learn something about Bitcoin you never knew before.
Bitcoin for beginners
We need to start with a basic introduction to Bitcoin for those who are new to the whole cryptocurrency thing. Bitcoin is a cryptocurrency platform built on a technology known as blockchain. We will not get into all of the technical aspects of blockchain here. Needless to say that the coins produced by the blockchain are known as bitcoins. Their trading symbol is BTC.
Bitcoins are not tangible. In other words, they are not minted pieces of metal you carry around in your pocket. They are digital coins that exist on Bitcoin's decentralised ledger. They are represented by secret keys and addresses. Your proof of ownership are those keys and addresses.
Transacting with BTC is simple in principle. While there are different ways to do it practically speaking, all BTC transactions result in coins being pushed from the sender's wallet to the recipient's wallet. So in order to actually spend BTC, you need to have a digital wallet.
You can obtain a wallet directly from e.g. Blockchain.com. You just visit the website, register with your email address, and download the wallet to your computer, or mobile device. You can buy Bitcoin directly from the website or you can use a Bitcoin ATM, or LocalBitcoins.com, or go to a Bitcoin Exchange such a Binance.com. Basically there are many ways you can purchase bitcoins. Finally, you can make use of an online payment system that accepts cryptocurrency payments as we wrote about in our morning article Why Skrill or Neteller may be your best bet for BTC gambling on Mega Moolah.
Directly depositing your Bitcoin
We have now arrived at the point of discussing why Bitcoin beats your bank account for playing Mega Moolah. The starting point for this part of the discussion is directly depositing Bitcoin with an online casino. This is the easiest way to do it.
In our industry, a Bitcoin Casino is one that accepts BTC deposits. You sign up for an account, choose Bitcoin as your payment option, then make the transfer. That's all there is to it. Most transactions occur directly between your wallet and the casino's. There are no intermediaries to get in the way.
When you pay with your bank account, this is not the case. Bank transactions have to be processed across at least two networks. One network covers the actual transaction itself while the other settles the transaction between your bank and the casino's bank. Sometimes there is a third network involved - if the services of a third-party payment solution are utilised.
Some Bitcoin casinos utilise payment processors to limit their exposure to risk. These payment processors serve the same function as companies that process credit card transactions. Submitting your BTC deposit doesn't go directly into the casino's wallet. Rather, the payment processor handles the transaction as an intermediary.
For your purposes though, there really is little difference. The point is you are depositing BTC without having to go through two or more traditional banking networks. You are completely eliminating traditional banking sector interference.
Your bank information stays private
Making an online casino deposit with a bank transfer means exposing your bank account information across a public network. A lot of people play Mega Moolah this way because they don't know any other way to do it. Yet they are putting their bank accounts at risk to some degree.
Depositing BTC takes that risk of the equation. How? The best way to explain it is to give you a practical example.
Imagine you have an account with e.g. Coinbase. That account automatically generates wallets for every cryptocurrency you own. Assuming you wanted to make a casino deposit with BTC, you would log on to your Coinbase account and create a secret key for your Bitcoin wallet. You would write down that key and store it in a safe place.
Next, you would log on to your chosen casino and navigate to the payment page. Choosing the Bitcoin option would then give you an opportunity to enter the secret key you just generated along with the amount of BTC you want to deposit. The online casino never sees your bank or Coinbase account information. Its computer only sees the secret key and the amount of the transfer.
Likewise, that transaction information is sent across the Bitcoin network for processing. Each computer node processes the transaction by verifying its legitimacy. Once all of the nodes have done so, your deposit is official. It is entered into the blockchain as a permanent record.
None of the computer nodes on the network have access to your bank or Coinbase information either. They receive the same information the casino computer receives. That's it.
Bitcoin offers pseudonymity
It is often said that Bitcoin allows for anonymous transactions across its network. That is not technically true. Total anonymity would mean that no information pertaining to your identity can be found in transaction records. In reality, that information is there. It is just encrypted. So rather than being anonymous, you are pseudo-anonymous.
This is fine in the sense that information pertaining to your Bitcoin transactions can only be exposed by someone who manages to figure out the encryption. And figuring it out is extremely difficult, if not downright impossible. So pseudonymity is just about as effective as true anonymity.
When you make bank transactions, you enjoy neither anonymity nor pseudonymity. All of the information pertaining to you and your transactions is freely accessible by anyone who has permission to be on the network. That means all of your payments can be tracked. People with access to the network can tell when you deposited money at the online casino. They can tell how much you deposited as well.
This is not good news if you live in a jurisdiction that doesn't look too kindly on online gambling or Mega Moolah. It is also not good if you are trying to protect your online gambling privacy from the prying eyes of family and friends.
You can gamble using your profits
We have one final reason playing Mega Moolah with Bitcoin beats playing with your bank account, and it is one that rarely gets discussed. So without further ado, here it is: when you play with Bitcoin, you can actually gamble using your BTC profits.
Understand that, at the time of this writing, the price of Bitcoin has more than doubled since the start of 2019. Just in the last six months it has risen from roughly €3,500 to just about €9,000. Anyone who has owned Bitcoin since the first of the year has made considerable profit on it.
When we translate those profits to online gambling, we discover that BTC can actually fuel your Mega Moolah play without jeopardising your daily budget. All that is required is that you pay attention to Bitcoin prices and learn the best times to make moves.
The concept is actually fairly simple. Let's say you had the equivalent of €1,000 in Bitcoin back when the price was hovering around €3,500. Right now (time of writing), BTC is trading at over €9,000. In other words, it has more than doubled. So now your US$1,000 has actually grown around 160 percent to €2,600.
Go deposit the equivalent of €1,600 in BTC at our Bitcoin Casino. With that €1,600 you could get 6400 spins on the Mega Moolah when you set the bet size to 0.25c. That's a lot of chances to hit the jackpot, which at time of writing stands at €3.2 million - and you will still have the original €1,000 in value remaining in your wallet. All you've done is shift your profits to your casino account. Now you can play Mega Moolah with those profits without touching your original investment!
You cannot do this with the bank account. Why? Because a bank account is never going to generate enough interest to cover even a small online casino deposit. What does a savings account pay these days? Perhaps 1% or even a negative rate plus bank account fee? At that rate, you are losing money.
Bitcoin is the way to go
You may not own any BTC right now. You may not own cryptocurrency of any kind. That means if you want to play Mega Moolah, you have to use a bank account, credit card, or some other method that relies on the traditional banking system. That's fine. You do what you have to do to play.
From our perspective, depositing Bitcoin beats using your bank account any day or the week and twice on Sundays.
Byline: This article was published by Mega Moolah expert Henry. Media and other enquiries.