Cryptocurrencies have become a serious subject of late and even the mainstream media has sat up and taken notice of what was once a niche news story. Even the public has become more curious about Cryptocurrencies and some have called them the currency of the future. This prediction goes hand in hand with visions of a cashless society that is strongly predicted to become the reality in years to come..
Cryptocurrencies Explained
Cryptocurrency is a form of currency that can be used online. Unlike cash this type of currency has no physical form and only exists by leaving behind digital footprints. 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.
Bitcoin
Bitcoin is the most famous and most talked about Cryptocurrency of them all and because it grabs all the headlines, the other 2200 different Cryptocurrencies in existence that are traded publicly, often get forgotton. It was thought that as of June 6th 2019, the total value of all Cryptocurrencies stood at around 246 billion dollars. Bitcoins were still the most popular of the digital currencies and were valued at 136 billion dollars. Their popularity can be attributed to their 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.
Bitcoins and Slots
The gambling world always keeps a close eye on changes in society and especially those that can either impact on or vastly improve the industry. This is why Cryptocurrencies are being closely monitored as the potential casino currency of the future. With the popularity of bitcoins come more scrutiny and a future crackdown and regulation of these currencies is expected. This is due mainly to fears of possible terrorist funding through Cryptocurrencies. This will make it harder for bitcoins to get a foothold within the gambling industry. 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 at Slotzo that accept them. There are benefits of having crypto slots and casinos and these are mostly due to the secure nature of digital currencies
However, depositing at casinos with bitcoins is currently not a simple affair and the process involves long codes containing numbers and letters. There are also a very limited number of casinos that currently accept bitcoin deposits. Of those that do, some are not registered or licensed. For those casinos that do take bitcoin and are licensed, then bitcoin deposits are fast and payouts are even faster. Furthermore, no personal customer banking information are needed to be shared with slot sites either.