Cryptocurrencies and slot machines: A perfect storm?

Cryptocurrency

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Cryptocurrencies are everywhere nowadays. Cryptocurrency can be used for anything from buying goods to investing. However, can cryptocurrency and new online slots UK be a perfect storm? Keep reading to find out.

Cryptocurrency Explained

In a nutshell, cryptocurrency is an internet-based digital currency. It can be used for a variety of purposes, including but not limited to paying for goods and services, investing, and now also playing online slot games​.

The main difference between cryptocurrency and money is the fact that cryptocurrency has no material form. It only exists digitally. This invisibility is essentially what makes the currency so secure. All transactions are powered by a technology called blockchain, which is a software that appears in a network of computers. This software manages and records all your cryptocurrency transactions.

When thinking of cryptocurrency, bitcoin is usually the first thing that comes to mind. However, what most people don’t know is that there are over 2200 different types of cryptocurrencies.

The Future of Cryptocurrency and Slots

Many people believe that cryptocurrency will eventually replace paper money. If it does, how will this affect online slot gambling? Online slots are the most popular casino games by far. They generate more revenue than all the other casino games together. For the first time in online gambling history, the annual revenue from slots is set to hit the £2billion mark. ​ This will increase even more in the future. It is thus no surprise that online slots are being linked to cryptocurrency.

Currently, a selected few online casinos already accept cryptocurrency. This is set to change as cryptocurrency is rising in popularity by the day. Since very few casinos accept cryptocurrency, it limits the choice of customers who use cryptocurrency.

Advantage of Using Cryptocurrencies

Simple to Use

When opening any type of bank account, you are usually asked to provide a lot of personal information as well as additional documents to support your application. However, all you need to create a cryptocurrency wallet is access to the internet. You can use this wallet to make transactions anywhere you are.

Can Be Used Internationally

Cryptocurrency transactions know no bounds. You can be on one side of the world and the receiver on the other and it would not make a difference.

Unlimited Transactions

Cryptocurrency allows users to transfer any amount to anyone anywhere, if they have a wallet. There are no limits on how much you can transfer.

Fast

With cryptocurrency, transfers appear in the receiver’s account in a matter of seconds. There is no such thing as waiting for three business days depending on which bank you are.

Cryptocurrency and Slots: A Perfect Storm or Match Made in Heaven?

All the cryptocurrency advantages indicate that cryptocurrency and slots are a match made in heaven. For the longest time players have gotten frustrated at the fact that they could not play at a specific online casino due to their location. Cryptocurrency instantly eliminates this problem by allowing transnational transfers and speedy transactions. Cryptocurrency is thus the perfect fit for playing online slots.


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