Human life on Earth has changed massively during the last few decades, with a multitude of new technological inventions changing the way millions of people live their lives. Of course, the biggest driver in all of this simply has to be the Internet, something that has completely revolutionized so many of the world’s industries. Indeed, can you imagine a world without the Internet or online connectivity? We certainly can’t.
One of the main industries to be positively affected by the invention of the Internet is certainly the gambling industry, with games like online slots attracting a whole new wave of gamblers – visit Casino Luck. Additionally, over the last 10 years or so we have seen a new internet-based invention hit the commercial sector – cryptocurrency. Read on to find out exactly what cryptocurrency is, as well as whether or not it is a viable deposit option for slots.
What is cryptocurrency?
First things first, what even is a cryptocurrency? Well, as the name suggests, cryptocurrency is a type of currency, however, it is wildly different from any other forms of money that the world has seen before. This is because cryptocurrency is a digitalized method of transactional exchange, and therefore one that doesn’t actually exist physically at all.
You might wonder, therefore, how on earth cryptocurrencies work, and the answer is a complex piece of computer code known as a blockchain. Over time computer programmers have worked out how to make this work, however, it is still incredibly complex, so it isn’t exactly something that would suit a beginner.
The history of cryptocurrency
The first-ever cryptocurrency to be developed is also the most famous; Bitcoin. This was developed in the late 2000s and hit the market in 2009. Since then it has become massively popular with a certain demographic, and it has also been invested in heavily, due to its wildly fluctuating prices in the first several years of its existence.
As time drew on more and more cryptocurrencies have been established, however, they still occupy a slightly problematic territory, at least in relation to the world’s governments. You see, authorities are reluctant to fully endorse cryptocurrencies, so they still end up operating on the fringes of the modern global legal framework.
Examples of cryptocurrency
The most famous and well-known example of a cryptocurrency is undoubtedly Bitcoin, probably because it was the first one to be established, and also because it became very popular for people to invest in it. Other popular examples are Litecoin and Peercoin.
Pros and cons to making cryptocurrency deposits at online slots
So then, why would you want to make cryptocurrency deposits at online slots? Especially when it still isn’t the simplest thing to do? One of the key reasons is that cryptocurrencies offer full anonymity for gamblers, and transactions that are made are often pretty much instantaneous.
The cons of making cryptocurrency deposits at online slots are that not many online casino sites offer this as a deposit option.