4 min read (average read time)
You only have to look at the online slots sphere to realise that the 21 st Century has brought an unprecedented amount of technological progress with it, so much so that are lives have changed remarkably in a comparatively tiny space of time. Whilst gamblers in the 20 th Century sat in casino slot hall to get their fix, nowadays it is all done online, playing slots at Cozino often from the comfort of your own home!
Now, there are very few negatives to this, as it has made slot gambling a whole lot more practical, and also exciting due to the fantastic work done on the part of developers such as NetEnt and Microgaming. One thing, however, that can often trouble gamblers is the fact that they have to deposit such large amounts of cash online, something that isn't always the safest thing to do. Enter cryptocurrency, a new global development that promises to make this process much safer...
What is cryptocurrency?
But what exactly is cryptocurrency? That will be the question on a lot of people's lips here, mainly because it is still a financial sector that isn't that well understood by the general public. In simple terms cryptocurrency is a new currency, but one that doesn't rely on any kind of physical money, instead using elaborate strings of computer code to create value.
Sounds pretty bonkers, doesn't it? And the truth is, it is pretty ludicrous. The most famous cryptocurrency is called Bitcoin, and was created back in 2009 by a mysterious software developer. Bitcoin, like most other cryptocurrencies, uses a computer code called block chain in order to exist, and there is also a finite number of these, 21,000,000 to be exact.
Cryptocurrency in online casino
Having only been released in 2009, cryptocurrencies such as Bitcoin are still relatively young, and as such there are only a limited amount of places where they can actually be used. Most big venders online such as Amazon still don't accept it, however one industry that has welcomed it with open arms is the online casino market.
Nowadays you can make deposits via cryptocurrency on several different online casino sites, and more and more gamblers are following this trend as time goes on.
Positives of cryptocurrency deposits
One of the biggest positives of cryptocurrency deposits is the fact that they are very hard to trace back to the person that made them, giving an added sense of anonymity that many online slot gamblers will be very happy about.
Are you trying to hide your online slot habit from your wife, for instance? Using cryptocurrency deposits could be the best way to do so.
Negatives of cryptocurrency deposits
There are negatives to making cryptocurrency deposits, however, and the main one is simply that they are, on average, a lot more complicated to actually make. The process of buying something like Bitcoin can be long and confusing, something that results in many gamblers giving up and depositing the normal way.