As more ways of using cryptocurrencies appear in our lives, you might wonder how they all work. The arrival of many crypto slots is a good example of a new activity that’s based on a classic form of entertainment but has been adapted to meet the needs of crypto users.

Source: PxHere

What Are Crypto Slots?

We need to start by looking at classic land-based slot machines. These gambling devices have been hugely popular for decades, with a simple set-up where the player spins the reels and hopes to see a winning combination of matching symbols or a bonus feature. The move to online slots at the turn of the century saw digital versions of these machines used in online casinos, increasing the number of users as they became more convenient to try.

Crypto slots work in the same way, but the freedom to include hundreds of versions in crypto casinos has allowed this genre to diversify into new areas with a variety of themes and features. This list of PeerGame slots includes titles like All Lucky Clovers, Aztec Magic, and Brave Viking, showing how influences from many different cultures are used. Features such as free spins, wild symbols and collector symbols are used to add variety without altering the basic gameplay.

How Does the Crypto Aspect Work?

Since these are crypto slots, one of the key innovations has been the introduction of digital currencies as a payment method. This allows users to make fast deposits and withdrawals while avoiding the fees that are charged on some traditional online banking methods like e-wallets and bank cards. This means that there are some additional benefits to crypto slots, such as the added security and pseudo-anonymity that the blockchain offers.

The UK Gambling Commission confirms that there are some extra points to consider when a casino accepts digital currencies. Players need to take into account the potential volatility of some crypto tokens, as this aspect could affect the size of their winnings if they decide to change them into fiat or a different token at a later stage.

Source: PxHere

The Chances of Getting a Win

One of the key aspects of slot machines is the way that they offer a completely random outcome on every spin. This was initially done using a manual mechanism with slots and levers in the past but online slots use software known as a random number generator (RNG) to ensure that every spin is unpredictable.

When creating a new slot, the provider calculates a return to player (RTP) figure that lets players see how much is paid out on average for every $100 gambled.  It’s not a guarantee of how much will be paid on a single playing session, but seeing a 97% RTP rather than a 90% figure suggests that the first game provides a slightly better chance of winning over a large number of spins. According to GameSense, the average house edge on slots sits at 8%.

Discovering how crypto slots work reveals the ways in which a classic type of gambling has been transformed to take advantage of the blockchain. If you’ve ever played a slot machine before, it won’t be too difficult to see where the inspiration for these crypto games has come from.