Cryptocurrencies are more popular now than they have ever been. They are not exactly mainstream yet but their use has increased in recent years. Despite this, there are many people at Easy Slots who still don’t know what crypto funds are and would be surprised to learn just how many different types of these digital currencies actually exist and are being traded and used by the public everyday. 

What Are Cryptocurrencies? 

Imagine a currency that is invisible and only exists in a digital world. If you can get your head around this, then you are on your way to understanding the concept of Cryptocurrencies. You can pay for goods and services with this type of currency but they are in fact invisible, unlike the standard money we all still use today. Cryptocurrencies are different from regular money because of their digital formatt and each transaction completed with these funds leaves behind a digital footprint. Transactions are recorded by blockchain technology and this is basically software contained within a network of computers that records and stores each crypto transaction. This recording and storing of information is actually more secure than standard currency transactions that are more susceptible to fraudulent activity. 

What Is The Most Used Cyptocurrency? 

Currently there is thought to be around 2200 different Cryptocurrencies that are regularly traded by the public. Of these, Bitcoins has proved the most popular and the most common of all the Cryptocurrencies. As of June last year, the value of Bitcoins stood at $136 billion. These may sound impressive but Bitcoins suffer highs and lows like regular currencies and stability issues have affected Bitcoin values immensely. 2018 was an especially bad year for this currency and its value suffered record losses back then. Bitcoins have staged something of a come back but are no longer the force they once were and this major setback has seen the public’s curiosity in this particular crypto fund dwindle in recent times. 

The Gambling Industry and Cryptocurrencies 

What hasn’t vanished is the gambling industries interest and monitoring of the current state of Cryptocurrencies. The gambling industry welcomed the technological revolution of the mid 1990s with open arms, much to their advantage and it is willing to experiment and embrace Cryptocurrencies too, if needed. If Cryptocurrency use continues to grow then the gambling industry will be happy to accommodate it, but this will mean changing slots to accept Cryptocurrency funds and this would apply to online casinos in general. 

Gambling With Cryptocurrencies 

At present, very few online gambling outlets accept Crypto funds and of those slot sites that do, many remain unlicensed and are subject to being closed down, if they cannot meet the UK Gambling Commission’s trading criteria. It is never advisable to gamble at an unlicensed venue, as punters do not have many rights should something go wrong. You can play a very limited number of slots at present using Crypto funds, but this is likely to change soon, unless governments around the world crackdown on these currencies because of the fear that they can be used for terrorist funding and other unsavory activity.