Cryptocurrencies and slot machines – a perfect storm?

Nov 5, 2020 by

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There are always new things happening in this modern world of ours, and there are always new ideas coming to the fore. Although cryptocurrencies aren’t exactly new, they have become more well known in recent years, especially with so many stories of ‘bitcoin billionaires’ in the news. But how do they link up when you play online slots to make a perfect storm? 

What Are Cryptocurrencies?

If you think of cryptocurrency in terms of a virtual currency it might be an easier concept to grasp. It is not controlled by any government, so it is a universal currency that has no physical form and is used electronically. It’s incredibly secure since it uses complicated codes and encryption known as ‘blockchain’. It is virtually impossible for hackers to decode this blockchain, and this is one of the many reasons why users like cryptocurrency so much. Bitcoin, which everyone has heard of, is just one type of cryptocurrency, but there are others and they all work in the same way. 

Cryptocurrency and Slots

Online slots are only going to grow in popularity, and it is this idea that has meant they can be linked up with cryptocurrency so easily. They are both online endeavours, and in order to entice more people to play, slot developers need to be able to prove their games are safe and secure – what better way to do this than to give people the choice to pay for their fun with cryptocurrency? 

The only problem at the moment is that technology has not quite caught up to the public’s demands, and only a handful of slots can be played using bitcoin and similar methods. 

The Limitations

Although cryptocurrencies seem absolutely wonderful, they do have their drawbacks and limitations. The first, when it comes to casinos at least, is that many of the sites offering cryptocurrency payments are not licenced. Although you might pay in, are you ever going to get anything back if you win? And if there is a problem, it’s going to be difficult to go through official channels to get your money back in this case. 

Plus, it is suggested there might be a change in how cryptocurrencies can be used in the near future with restrictions being put on how much people can spend due to potential terrorism links with this kind of anonymous, untraceable currency. 

The Advantages

Having said this, there are definite advantages of using cryptocurrencies to pay for your online slot experience. As mentioned above, these currencies are extremely secure, and this can be a bonus to those who aren’t happy about paying for things online, or are concerned that their details might be stolen. Their personal information won’t have to be held anywhere, and that is clearly a good thing. 

Not only that, but since cryptocurrencies are decentralised, there are no exchange rates to consider – one bitcoin is worth the same all around the world. You won’t, therefore, lose out because you won’t have to change your cryptocurrency into your own currency to use it when you win.

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