Cryptocurrency has taken the world by storm. In fact, some people are labelling it as the currency of the future. But what exactly is cryptocurrency? Is Bitcoin the only type? More importantly, can you use it to make deposits and play online slots? These are the questions running through every gambler’s mind. If you are feeling overwhelmed, fear not, this article will explain everything.
What Is Cryptocurrency?
Cryptocurrency is a digital currency. This means that it does not have a physical form and can only be used online. The only evidence it leaves is a digital footprint. Cryptocurrency is made possible by a technology called blockchain. Blockchain is software that exists in a network of computers and records and manages cryptocurrency transactions. One of the main reasons why cryptocurrencies are becoming so popular is because it offers more secure transactions than any other currency or payment method. Also, cryptocurrency takes away the power from the banks as no central authority has control over the money.
Bitcoin is the most well-known cryptocurrency. However, it is not the only cryptocurrency. In fact, there are approximately 2200 other types of cryptocurrencies that currently exist. They are just all in bitcoin’s shadow. In June last year, the collective value of cryptocurrencies stood at roughly $246 billion. At that time bitcoin was still number one of the digital currencies and worth$136 billion. This is more than half of what the entire collection of cryptocurrencies is worth.
Slots and Bitcoins
The online slots industry is one of the few industries that manage to stay ahead of the game. Whatever new technology comes along; the online slot industry is always ready to use it to its advantage. This is why the online slot industry has its eye on cryptocurrency as the future casino currency.
Unfortunately, there are numerous concerns about the unregulated nature of bitcoins (and cryptocurrency in general). The anonymity that comes with using bitcoin can be an advantage as well as a disadvantage. One of the fears that stand out is the possibility that bitcoin could be used to fund terrorism. It is thus expected that cryptocurrencies will be subjected to stricter regulation if it is to become the currency of the future.
Regardless, it is expected that one day online casinos will embrace cryptocurrency. One day is closer than you think, as some online casinos are already accepting bitcoin deposits and allowing players to place bets in bitcoin. One of them is 7bitcasino; an online casino where you can deposit and withdraw money in bitcoin and a variety of other cryptocurrencies.
Advantages of Using Bitcoin at Online Slot
There are several advantages to using bitcoin to make deposits at online casinos. One of the main benefits is the fact that bitcoin provides players with 100% anonymity, something that no other payment method has been able to do. It is also way more secure than any other payment method and does not have chargebacks. All in all it is the perfect currency for online slots.
It seems as though bitcoin and online slots are a match made in heaven. While bitcoin is not yet accepted at all casinos, it is only a matter of time before you can pick and choose between casinos where you can use your favourite cryptocurrency. Until then, stay safe!