After a lull, cryptocurrencies are once again hitting the headlines and raising eyebrows amongst traders and the public. They remain a niche currency, but some have flirted with the mainstream, such as Bitcoin - check out NewOnlineSlots.co.uk promotions.
The First Cryptocurrency
For those not familiar with cryptocurrencies, these virtual currencies are not new. It is thought that the first cryptocurrency was introduced to the world by a programmer or small team of programmers who go under the pseudonym of Satoshi Nakamoto. They introduced Bitcoin to the world in 2009, and with it came a new age of blockchain technology.Cryptocurrencies have no physical form and only exist in a virtual world. This could be why they have passed many people by, even though the rise and fall of Bitcoin have been covered in detail by the mainstream media. However, cryptocurrencies are on the up once more and it is thought that there are millions of active crypto wallets in the world today. The most popular of the 6500 cryptocurrencies is still Bitcoin, but can they finally break into the mainstream and surpass the currencies we use today?
We are moving towards a cashless society and cryptocurrencies are an ideal partner for such a future. Industries such as the gambling industry are now taking cryptocurrencies seriously and this means that they are constantly keeping an eye on developments.
The Use of Cryptocurrencies in Gambling
When it comes to online slot site gambling, some countries have taken to cryptocurrencies more than others. These currencies have not been welcomed with open arms by the UK Gambling Commission, therefore finding a registered site that takes cryptocurrency payments does not come easy.The UK gambling industry is still concerned by the security risks linked with cryptocurrencies. Cryptocurrencies are more secure than standard currencies and this is because they have no physical form and blockchain technology records each transaction. However, it is not clear how big a money laundering risk cryptocurrency is.
Other Stumbling Blocks
Furthermore, the gambling industry needs to witness long periods of stability with these currencies before it invests in the software needed to take crypto payments. Bitcoin has experienced some serious stability issues in its brief history, and this is an obvious concern to all in the gambling industry.Cryptocurrencies and Gambling: Future Prospects
If cryptocurrencies become stable, then more online slot sites that are licensed and regulated by the UK Gambling Commission will consider cryptocurrencies as a payment option. Security-wise, in theory, they are more secure than cash because they have no physical form and no banking details, or bank card numbers need to be registered on gambling sites, making it far safer for individuals to deposit and withdraw funds.
At present, crypto gambling is legal in the UK but finding a licensed site that accepts cryptocurrencies can be time-consuming. Also, the cryptocurrencies that are accepted are limited and mostly Bitcoin-focused. However, cryptocurrencies defiantly have a future in online gambling and slot sites would not have to worry about their customers becoming victims of banking fraud either.
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