In the hi-tech digital age, many terms are bound around that confuse the public. One that we have all heard of is cryptocurrencies, but many of us still don’t know what they are exactly. And soon, gentlemen will experience this feature from wizard slots: play slot games online.
Considering that cryptocurrency is actually a currency that can be used to pay for goods and services online 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.
It’s hard to tell if these cryptocurrencies are the future as a currency needs stability to survive. Bitcoin has been anything but stable since it’s introduction and the value of this cryptocurrency dropped to a record low in 2018.
Now that you have some idea of what cryptocurrency is, you are probably wondering how to acquire them.
Some cryptocurrencies can be purchased with U.S dollars, others actually need to be brought by using a cryptocurrency.
An app is also needed that has a wallet that can hold your currency and then you need to hit a trading exchange.
Some people describe cryptocurrency as the equivalent of buying chips at a casino, so is cryptocurrency and the casino industry a good match?
If you believe that paper money will eventually be phased out in favour of digital cash as some do, then how will this affect the gambling industry and especially casinos and slots?
The UK has definitely caught the gambling bug and the flutter of choice is continuing to side with slot machines. Annual revenue from our love affair with slots is about to hit the £2billion mark.
It is thought that this will continue to grow in the future, so it comes as no surprise that slots and the possible currency of the future has already been linked together.
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 actually accept these currencies, which literally 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, therefore customers could find it very difficult to withdraw any winnings or reach a satisfactory conclusion to any disputes that may arise.
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.
Online casinos spend a lot of their income on creating a safe environment for their customers to play in. This is due to the immense amount of personal data held by such establishments.
Credit cards numbers, bank account details and other sensitive information all need to be kept 100 percent secure at all times.
This would still be the case with a cryptocurrency online casino but less private information would be needed, more especially when it comes to banking.
This would attract more customers as one of the appeals of online gambling is that we all remain anonymous.
If you are lucky enough to hit a jackpot win on a slot, your money will also be paid out much quicker in the cryptocurrency world.
At present some winners receive their cash in installments over months, as not all casinos are large enough to pay out huge jackpot wins instantly.
Another benefit to customers will be that payments will be instant and banks will be removed from the equation.
There are still many grey areas when it comes to the relationship between slots and cryptocurrencies and they are far from perfect bedfellows.
The main issues are developing slot games that accept such digital transactions. Then there is the stability of these currencies.
At present their value fluctuates greatly. As governments around the world prepare to introduce more regulations and tighter security measures to combat potential terrorism and money laundering, this will also add fuel to the stability fire.
Slots are also facing a new world of far stricter regulation. The UK government has recently introduced a £2 maximum betting stake on fixed-odds betting terminals. The impact on these and their popularity remains unknown.
Even though it sounds like the two cannot coexist comfortably, once all the tighter regulations are put in place, it will be clearer to see whether the future of slots is one with cryptocurrencies at its heart.
What might clinch it is the ease in which this currency can be moved around and the speed of potential payouts of winnings, without waiting for bank transaction times.
Throw in the need for less personal data and this could eventually end up a match made in heaven.