According to a report by the IMF, paper money could be on the way out as digital money and cryptocurrencies are starting to take over. Meanwhile, slot machines like from Slotsracer.com continue to grow in popularity and the latest figures show that annual revenues now top the £2billion mark in the UK. Thus, perhaps it’s no surprise that lately cryptocurrencies and slots are being paired together, but will this new marriage prove to be the perfect storm?
Disadvantages for online slots
There are a couple of reasons to be fearful of this marriage. Unfortunately, just a few cryptocurrency-only slots exist so you aren’t exactly spoiled for choice when it comes to choosing your games. Plus, many of the slots that do accept cryptocurrencies force you to pass on personal details and to exchange your crypto for another currency, costing you time and money along the way. What’s more, cryptocurrencies are also vulnerable to hacking and thus there’s always a risk that your cash will vanish . Moreover, many crypto casinos don’t have licenses, so you may find it hard to claim your winnings.
Stricter Regulations
Nevertheless, governments all over the globe are starting to regulate gambling and cryptocurrencies. For instance, in America, the US Wire Act recently banned all online gambling that involves interstate transactions. In addition, the Financial Action Taskforce – a multi-government organisation that combats terrorism and money-laundering – has called for stricter regulations in the crypto industry. Although stronger laws may harm crypto slots in the short term, they should prove to be a catalyst for growth in the long term because crypto slots will become a lot more transparent. Consequently, most, if not all, the aforementioned disadvantages should disappear.
The Benefits of Crypto Slots
More crypto slots will emerge over the next few years as casinos will benefit greatly from them. Internet casinos currently spend millions of pounds every year on security expenses to stop hackers from getting access to their customers’ personal information such as addresses and credit card details. However, cryptocurrencies eliminate the need for such information to be shared. In addition, remote casinos won’t have to wait for bank transfers or credit card payments to go through to their accounts as cryptocurrencies transfer instantly.
Of course, us slot players will also gain a lot from crypto slots. For a start, we’ll be spared the trouble of having to hand over personal information. And since anonymity has been cited as a key factor in the growth of mobile slots, experts predict it will prove a major draw for crypto slots, too. But that’s not all. We’ll also be able to receive winnings a lot quicker as we won’t have to wait for money to be deposited into our bank accounts. What’s more, bank transaction expenses will disappear – saving us money in the process.
Final Thoughts on Crypto and slot machines
Although cryptocurrencies and slots don’t exactly look the perfect partnership right now, they look set to be a match made in cyberheaven in the near future. Watch this space!
