Cryptocurrencies and Slot Machines-A Perfect Storm?

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Digital technology has changed the face of society in positive and negative ways. It has made life easy for millions of people, as many services can be accessed from the comfort of our own homes. This has helped limit the time spent queuing at banks and post offices for their services.

You can also apply for jobs online and pay your bills too. The downside is that people spend more time on their computers and are less sociable than they used to be. There is also the worry of being the victim of cyber crime such as fraud. 

Most industries such as the gambling industry have only positive things to say about the digital revolution. This is because it has helped widen the gambling audience and now slots gambling is mainstream. Other new innovations that digital technology has made possible, is the introduction of Cyptocurrencies and this is of special interest to the gambling industry, as well as the financial world in general.  

What Is A Cryptocurrency 

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 in the digital world as a digital footprint. The transactions are totally different too and use blockchain technology to record each one. This is software that is present in a network of computers and it manages and records the movement of these unusual currencies. This hi-tech set up is thought to keep transactions more secure than normal bank transactions. The most popular of all Cryptocurrencies are Bitcoins and this is the one most people have only heard of. However, it is thought that there are more than 2200 different Cryptocurrencies that are traded publicly at present yet the majority remains under the public radar. According to CoinMarketCap, as of June 6th 2019, the total value of all crypto currencies was $246 billion. Bitcoins were still the most popular of the Cryptocurrienies and were valued at $136 billion. The secure nature of Cryptocurrencies  is a major part of their popularity as is the removal of banks from people’s financial matters. 

Are Cryptocurrencies The Future? 

It’s hard to tell if these Cryptocurrencies can take a firm foothold in the public’s imagination and become mainstream. Stability issues have not helped matters and in 2018 Bitcoin fell to record low values. 

Cryptocurrency and Slots 

Some people describe the purchase of Cryptocurrencies as the equivalent of buying chips at a casino, but are Cryptocurrencies and the gambling industry a good match?

Since the foundations are already being laid towards moving to a cashless society, the online slots industry has taken the rise of the Cryptocurrency very seriously. Despite this there are still only a few casinos that accept these currencies and some are not even licensed. So at the moment the reality is that if you are a fan of them, you are limited casino wise and safety is also an issue. However, more slots and casinos will soon be accepting these currencies.