Cryptocurrencies and Slot Machines-A Perfect Storm?

In this hi-tech digital age that we live in, many new 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. This is either because they are relatively new or they are something nobody really encounters in their everyday lives.

Cryptocurrency Explained

Cryptocurrency is actually a currency that can be used to pay for goods, services and play new slot games online like normal money. The difference is that this currency has no physical form and exists only as a digital footprint. These invisible currencies are thought to be very secure because of this. The 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.

Most people have only ever heard of bitcoins but it is thought that there are more than 2200 different cryptocurrencies that are traded publicly.​ ​The popularity of cryptocurrencies is partly due to security and the fact that this currency removes the power from the banks, allowing a more decentralized control of people’s money.

Are Cryptocurrencies the future?

It’s hard to tell if these cryptocurrencies will catch on, as a currency needs stability to survive. Bitcoin has had stability issues ever 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 another cryptocurrency.​ ​An app is also needed that has a wallet that can hold your currency and then you need to hit a trading exchange. As you can imagine it can be seen as impractical by your average person and not worth the time or effort. 

Cryptocurrency and Slots: A Match Made In Heaven?

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 fallen in love with gambling and the game of choice is continuing to be slot machines. Annual revenue from slots is about to hit the £2billion mark for the first time.​ ​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 have 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 slot 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.

Cryptocurrency Limitations

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. Customers always check whether they are entering into a contract with a casino that is licensed as this gives punters peace of mind, before they join, so this is a major disadvantage.

A future crackdown on cryptocurrencies is expected and this could halt the growth of them. This crackdown is mainly due to the possible funding of terrorism and other security worries. 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.

Advantages Of Cryptocurrencies Slots

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 per cent secure at all times. This would still be the case with a cryptocurrency online casinos, but less private information would be needed, more especially when it comes to banking options

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 instalments 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.

Cryptocurrencies and Slots Final Thoughts

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.

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 tip the balance in their favour is the ease in which this currency can be moved around and the speed of potential payouts of winnings.​ ​Throw in the need for less personal data and this could eventually end up being a winning partnership.

About RJ Frometa

Head Honcho, Editor in Chief and writer here on VENTS. I don't like walking on the beach, but I love playing the guitar and geeking out about music. I am also a movie maniac and 6 hours sleeper.

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