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Cryptocurrencies and Slot Machines – A Perfect Storm?

Posted by on November 26, 2019 in Stuff with 0 Comments

Paper money may be on the way out. Indeed, digital money is becoming more accepted and many companies like Starbucks are starting to make their premises cash free. Meanwhile, thanks to mobile technology, slot machines have never been so popular. Consequently, it’s no surprise that cryptocurrencies are being paired together with slots when you play UK casino slots. But, will this marriage prove to be the perfect storm?

Drawbacks to playing slots with crypto

There are a few reasons to be fearful of this marriage. For a start, only a couple of crypto slots are available right now, so you aren’t exactly spoiled for choice when it comes to choosing a game to play. What’s more, many of the slots that do accept cryptocurrencies force you to exchange it for another currency, costing you time and money in the process. Plus, since crypto is still in its infancy, it’s quite vulnerable to hacking so there’s always a risk your cash could vanish into thin air.

Benefits of depositing on slot games with crypto

Of course, pairing cryptocurrencies and slots could also provide online casinos and slots players with numerous benefits. For instance, online casinos should save a fortune on security. You see, presently, they spend millions of pounds every year on security to stop hackers from accessing their customers’ private information such as addresses and credit card details. However, blockchain technology eliminates the need for such data to be shared. Furthermore, because crypto can be transferred instantly, remote casinos don’t have to wait for bank transfers or credit card payments to go through – improving their cash flow in the process.

Us gamers will also profit from closer ties between crypto and slots. How? Well, to begin with, we won’t have to hand over so much private data. And since anonymity has been cited as a key factor in the growth of remote slots, it should be a major plus point for crypto slots, too. What’s more, we’ll also be able to claim prize money a lot quicker as we won’t have to wait a few days for it to appear into our accounts. Bank transaction fees will also disappear, saving us cash along the way.

Expectations  

Governments around the globe will introduce a raft of regulations to police crypto slots over the next few years. Indeed, share prices in cryptocurrencies like Bitcoin have fluctuated wildly over the past 2 years as host of new laws have been enforced. This trend should continue as influential organisations, such as the multi-government organisation, the Financial Action Taskforce  (which combats terrorism and money laundering), are still not satisfied, and have called for stricter legislation. Slots will be more strictly regulated, too. Indeed, recently in the UK, the government introduced a new law limiting the maximum betting stake on fixed-odds-betting terminals to £2.

Final Thoughts on Slot Games and Cryptocurrency  

Even though slots and cryptocurrencies don’t make the perfect partnership at the present moment, once tougher laws are introduced, they should become a lot more transparent and trustworthy, and provide us with a lot more benefits than drawbacks. Stay tuned!

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