Even if you couldn’t give a very eloquent definition of what they are, you’ve probably heard about cryptocurrencies like “bitcoin” on the news. Maybe you’ve even read about “blockchain” in the newspaper.
But what are they and what do they have to do with online slot machines?
Firstly, cryptocurrency is a digital currency. It doesn’t exist in a physical form and has no intrinsic value. It’s decentralised insofar as there’s no central authority controlling the supply. So, no banks or governments can artificially inflate or deflate its value or limit how much is available - visit Bonanzaslots.co.uk.
But what has this got to do with the gaming industry? An increasing number of online slot game designers are starting to link the two together. Some are even suggesting that online gambling will play a large part in the mass adoption of cryptocurrency.
What’s more, cryptocurrencies aren’t only limited to niche demographics. An online Harris poll conducted in April 2019 found that online gamblers aged between 18 and 34 were three times as likely to be familiar with crypto as those over 65, and twice as likely as those aged between 50 and 64.
Targeting the younger demographic is smart too. Gamers and gamblers are an excellent market for cryptocurrency adoption because they tend to be more tech savvy than the average internet user.
But what are the advantages of crypto casinos over regular online casinos?
Firstly, many people appreciate the anonymity. When you register as a user for a normal online casino, you must provide all your personal data. You’re asked for your name, address, postcode, credit card number, email address and phone number. With cryptocurrencies, you only need to provide your e-wallet number.
Another advantage is the speed with which the transactions take place. When online casinos transfer your money, it can take between 3 and 5 days. Cryptocurrency transactions are often instantaneous. Many people appreciate playing online slots with cryptocurrencies as they see immediate rewards.
What’s more, crypto fees are much lower than regular transaction fees, so you end up saving money all round.
Will more online casinos convert to crypto?
It’s difficult to say as crypto is still in its relative infancy. However, the signs are looking positive. Try to imagine a scenario where a gambler plays a slot game and wins a virtual prize which has value online. If they then sell that prize for a crypto coin on a secondary market, they could go and buy some new trainers on Amazon. Now you have a whole new financial network that is fast and global.
More and more online casinos now only accept cryptocurrencies. Most offer zero transaction fees with unlimited free daily transactions. This means they are increasingly popular with large numbers of players all around the world.
The numbers are encouraging too. In 2018, the online crypto gaming market recorded an amazing $137 billion in revenue which showed 13% growth from 2017.
It’s expected that more sites in the online slots industry will invest in using cryptocurrencies. Over time, the flaws will be ironed out. Encouragingly, some crypto casinos have even received excellent reviews from reputable watchdog portals. Although this is only the first generation of crypto games, there’s no telling what the future will bring.