A while back, people wouldn’t give media stories about Cryptocurrencies the time of day. This has recently changed and the term has slowly made its way into mainstream media. It’s gradually being taken seriously and the public’s curiosity in the subject, has led cryptocurrencies to being touted as the future of a cashless society.
What Is Cryptocurrency
Cryptocurrency is actually a currency that can be used to pay for goods and services online even when playing video slots like normal money. The difference here is that the currency has no physical form and exists only as a digital footprint. These transactions work by using a technology called a blockchain. This is software that is present in a network of computers and it manages and records crypto transactions. The appeal of this set up is that the technology is thought to keep transactions secure.
Most people have only ever heard of bitcoins but it is thought that there are more than 2200 different cryptocurrencies that are traded publicly. According to CoinMarketCap, as of June 6th, 2019, the total value of all cryptocurrencies stood at around $246 billion. Bitcoins were still the most popular of the digital currencies and were valued at $136 billion. Their popularity can be attributed to the security and the fact that this currency removes the power from the banks allowing a more decentralized control of people’s money. Currency needs stability if it wants to be taken seriously, but bitcoins can hardly be described as stable. In 2018 the value of the currency plummeted to a record low.
Cryptocurrency and Slots
Some people describe cryptocurrency as the equivalent of buying chips at a casino, so is cryptocurrency and the casino industry a good match? The gaming industry is correct to be alarmed at the rise in popularity of cryptocurrencies as a limited few slots and casinos are ready to accept these. Very few slots games and casino venues have even given serious consideration to these currencies. Therefore, this gives the cryptocurrency customer limited choice of what casino to visit and games to play.
Another drawback is that most cryptocurrency casinos are not licensed and this could lead to customers finding it very difficult to withdraw any winnings or reach a satisfactory conclusion to any disputes that sometimes arise between customers and casinos.
Furthermore, a future crackdown on cryptocurrencies is expected, due mainly to the possible funding of terrorism and other security worries. This will make it even harder for it to get a foothold within the gaming industry. However, there is a flip side to all of this and part of a casino’s success is moving with the times. So despite the anticipation of strict guidelines being introduced to cryptocurrencies, it is thought that slots and casinos will eventually embrace these new digital cash formats and produce more slots and games that accept them. There are benefits of having crypto slots and casinos and these are mostly due to the secure nature of digital currencies.