Something that not enough people really grasp is the way that the modern gambling world and tech world are entwined. Whilst technology has always had an influence on the casino market, it wasn’t until the game of roulette was invented that people really understood how much the gambling world could benefit from technological advancements – try and play slot games today. This is a fact that was only accentuated when the first slot machines were made, and now at our current stage it is undeniably confirmed by the massive role online slots have played.
The great thing about modern 21st century civilization is that it seems as though there is no end to technological expansion, something that benefits countless industries across the spectrum. Just take the emerging world of cryptocurrencies, for example, a new mode of monetary transaction that is beginning to get a foothold in the online gambling and online slots world. Are cryptocurrencies and slots machines a perfect storm? Let’s take a look.
Cryptocurrency: A short definition
Although cryptocurrencies are slowly getting more and more popular, there are still countless people out there who don’t really know what they are at all, so let’s just have a short overview here. In essence, a cryptocurrency is a form of currency just like the euro, for example, however the difference is that these cryptocurrencies don’t exist physically, instead resembling a very complicated block chain computer code.
Cryptocurrencies such as Bitcoin are therefore a fully digitalised method of monetary exchange, and they have a number of positives.
A short history of cryptocurrency
As you might expect from such a complex sounding invention, cryptocurrencies have only really existed for the last decade or so, with Bitcoin, commonly referred to as the first cryptocurrency, hitting the market in late 2009. It has since become very popular amongst investors especially, with the price fluctuating massively over the years.
These days cryptocurrencies are definitely established, however the main problem for companies such as Bitcoin is a slight amount of unease from governments. The global legal framework in relation to money is slightly too archaic to fully grasp the concept of cryptocurrencies, and only time will tell whether they will ever be fully integrated.
Cryptocurrencies in relation to gambling
Pretty much as soon as the first cryptocurrencies hit the market people were already eyeing up how they could be used for gambling purposes, and it didn’t take long for some very small cryptocurrency online casinos to open up.
The problem, however, for the majority of the market, was trying to assimilate cryptocurrencies with modern legal online gambling framework, so it took a little while for the market to truly appreciate the power of crypto.
Cryptocurrencies and online slots: A perfect storm?
On paper making cryptocurrency deposits at online slots is amongst the best ways, because it offers full anonymity, as well as pretty much instant transfer times. The problem, however, is that there still isn’t enough online casino platforms to support this.