Most of us will not come into contact with Cryptocurrencies in our everyday lives just yet. Although these currencies are now receiving more airtime than before, they still remain a niche market. Despite this, they are actually increasing in popularity and many of us have heard of Bitcoins. It is thanks to Bitcoins that Cryptocurrencies are being taken far more seriously in society as possible currencies of the future. With the move to a cashless society already underway, are Cryptocurrencies the money of tomorrow when you play slots?
What Is A Cryptocurrency?
Cryptocurrencies can be used to pay for goods online like regular money, but only if you can find a place that accepts them. The difference is of course that Cryptocurrencies have no actual physical form. They only exist virtually as a digital footprint and there is no need for credit or debit cards either. Blockchain technology is used to keep track of all transactions. This is basically software located in a network of computers that is safe and secure and very hard to hack in to. Not only are transactions secure with Cryptocurrencies, these currencies also cannot be lost or stolen. Despite there being 2200 different typed of Cryptocurrencies out there, the headline maker, always seems to be Bitcoins. As of June 2019, Bitcoins were valued at $136 billion. Despite this value Bitcoins have experience stability problems like other forms of currency and in 2018 Bitcoin values suffered huge loses. It has recovered since then, but further stability problems could spell the end for this particular Cryptocurrency.
Gambling With Cryptocurrencies
Naturally, where money is involved or the currencies of the future are being discussed, you will find the gambling industry listening in on the sidelines. If Cryptocurrencies take off in the future then the gambling industry will be first in line to accommodate them. At present there are very few casinos that exclusively deal with Cryptocurrencies and some accept both standard and Crypto funding. The problem is that until Cryptocurrencies become more widely acceptable in the online gambling world, it will continue to be very difficult for Crypto Casinos to gain a license from the UK Gambling Commission. So for now, those wishing to fund their online slots accounts with Cryptocurrencies have very little choice of casinos to choose from. Furthermore, what little there is out there, cannot be entirely trusted, as most Crypto Casinos operate without a UK Gambling Commission license. Gambling at unlicensed online slots sites is always risky and should be avoided at all costs. Unlicensed casinos do not tend to operate within the law and should any problems arise, the odds of an outcome that favours the punter, is slim at best. Other factors that could impede the progress of Crypto casinos becoming mainstream is the fact that governments are cracking down on Cryptocurrencies because they fear that they could be infiltrated by terrorists and used to fund terrorist activity. With all this in mind, it may be some time before you see modified video slots at casinos that are ready to take Cryptocurrencies.