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Cryptocurrencies in Gambling: Have they got a Future?

Cryptocurrencies in Gambling: Have they got a Future?

Cryptocurrencies are a digital form of currency used in regular transactions. You can use them to purchase products and services online around the globe. There has recently been an increase in online casinos that have opened their doors to accept cryptocurrency deposits. The most popular one you’ll see being accepted is the famous Bitcoin. However, there is some other brands such as Etherum, Litecoin and Dash beginning to gain more popularity. But, with the likes of Bitcoin that held a value of $0.08 in 2010 then recently over $15,000 people are understandably worried about their stabilities. This is just one of the many considerations we’ll take into this article. If you're a keen gaming enthusiast then you can find the best slot games online over at Wizard.

Advantages & Disadvantages of their use

They have an abundance of positives associated with their use. Firstly, they have no transaction fees associated with them. This meaning you’re free to make as many transactions back and forth without anyone taking a cut. Platforms such as Paypal or even your credit/debit card will regularly charge a transaction fee of some sort. In addition to this every transaction is done instantly, a nice change from banks that often take 3-5 business days.

But that’s not all, in terms of your privacy and security there’s nothing better. Let’s start with security, they have advanced protection for your wallet. If used effectively its almost impossible to have them stolen from. Furthermore, when playing your favourite slot sites, you might not want people to know about it. There’s still that unnecessary stigma attached to gambling, but with crypto’s you can make anonymous transactions.

However, there are some negative associations with their use such as their fluctuations. Due to the small quantity of coins it means their prices are often much higher than an everyday coin. This partnered with the fact they are still yet to be fully accepted in society as a form of legal tender, leads to big fluctuations in their prices. This can lead to you potentially losing out on thousands due to a decrease in their value within a moments notice. On the other hand, if you get lucky it could increase in value. Just think if you bought a shed load of bitcoins back in 2010 you’d be rich by now.

This all definitely creates an interesting debate, as no one can be sure of their future. Will they continue to grow in popularity or value or will they crash and burn, leaving everyone out of pocket? In the meantime if you’ve enjoyed this article then you can learn about the history of online gambling.