Cryptocurrencies and slot machines – a perfect storm?
Isn’t it funny? It’s pretty much impossible to imagine a world without slot gambling, however it has only been around for the last century. What is even crazier is the fact that online slots have only been around for the last two decades at most, yet they are already the most played gambling game in the world, beating the long standing traditional dominance of classic casino gambling games like poker, roulette or blackjack. Oh yes, the 20th and 21st centuries undoubtedly belong to slots!
Over the last two decades online slots from a casino website have ended up ruling the roost, and there aren’t really any surprises with this either, especially seeing as they are so practical to play. Just think about it: why would people trek to casinos to play things like roulette if they can have just as much fun, if not more, spinning the reels of online slots from the comfort of their own home? Over the last decade there have been many new developments in the online slots world, and cryptocurrency compatibility is one of them. Read on for more…
What are cryptocurrencies?
The first thing that we need to explore here is exactly what cryptocurrency is, as there will almost certainly be quite a few people who aren’t really sure that this big scary word means. In essence cryptocurrencies are forms of money that don’t rely on any actual physical exchange, with their value being created through an elaborate network of computer codes called block chains.
The first cryptocurrency to go into general circulation is also the most famous – Bitcoin. It was launched back in 2009 and became hugely successful amongst investors in particular. These days, however, the market value of Bitcoin fluctuates quite a lot, and it is one of the main reasons why cryptocurrency still isn’t used that widely by the general public.
Can cryptocurrencies be used with slot machines?
Due to the way that cryptocurrency works you would think that it is pretty perfect for use with online slots, and you can certainly use a variety of cryptocurrencies with online slots if you know where to look. That last statement is important though, because it isn’t the most common thing to find an online casino site that offers cryptocurrency deposits alongside the other traditional forms of payment.
It is possible though, of course, and there is a range of positives to using cryptocurrencies with online slots. The main one is the fact that using cyrptocurrencies on online slots gives people full anonymity, which is great for people looking to keep a low profile. Moreover, using cryptocurrencies with slot machines is often faster than other forms of transaction too.
What’s next for cryptocurrencies and slot machines?
What’s next for cryptocurrencies and slot machines? Well, there is still a lot to be done in order to fully integrate cryptocurrencies with slot machines, as it is still fairly rare to find an online casino site that offers this possibility.