What is the relationship between online slots and cryptocurrencies? An analysis of the pros and cons of cryptos as a payment method.

Cryptos have attracted the attention of several markets thanks to the exponential growth they had in recent years. The use of these coins as a method of payment becomes a fundamental  topic for those who want to see the future to predict trends and technological developments. Similarly to other markets, the use of cryptocurrencies and blockchain technology caused different reactions in the casino world. Let’s take a look together at what the pros and cons might be in using this technology.

Tracking and anonymity, the advantages in the use of cryptocurrencies

Traceability and transparency are two key advantages of using crypto and blockchain technology. Despite associating cryptocurrencies solely with anonymity, in reality, movement is traceable and it’s easy to take a few steps back to understand where all transactions come from. You can track transactions back to the beginning of the blockchain network.

The node indeed remains anonymous, but enough transparency could be achieved to allow betting operators to track the transaction history of deposited money while meeting compliance requirements and helping offset the danger of customers betting with potentially crime-related money.

Why not use bitcoins as currency for slots

The main deterrent to accepting the use of bitcoins is volatility. The constant fluctuations that cryptocurrencies are subject to do not allow for certain and programmable returns. 1 bitcoin is not worth what it was worth a day ago and this exposes traders financially. In addition, major banks and states still do not accept this type of currency, so there is still a lot of distrust in the common user to enter bitcoin-based systems.

Two final words on the use of bitcoins for slots

Certainly in the immediate future, there is no prospect of widespread use of virtual currency within the European Union. The systems that may emerge will be basically of two types:

  • the brave ones who will start using bitcoins in addition to virtual currency creating hybrid systems;
  • the niches that could be created with systems based solely on the use of virtual currency.

Nemesis is at the window, intrigued by the world of slots as a whole and ready to innovate its technologies for when the market demands solutions suitable for the use of blockchain systems.