Three Ways that Cybercurrencies are Changing the World of Online Slots

Over the past decade, the emergence of cybercurrencies into mainstream viability has occurred at a rate that no one could have predicted. From the time that Bitcoin emerged as a speculative investment in 2012, there have been doubters in the investment world who assumed that that cryptocurrencies would never catch on among non-financial mavens.

Those who predicted that cybercurrencies would be used for regular payments were ridiculed but that’s exactly what happened. Cryptocurrencies are becoming more mainstream as they continue to rise in popularity, including among those playing casino slots via Springbok Casino no deposit bonus codes.

Online casino slots gambling has been one of the first, and most successful industries to take advantage of this new method of money transfers. Feel free to try out your Bitcoin at Springbok now!

Online slots is a natural target for cybercurrency usage.  Gamers appreciate the user of cryptocurrencies as they engage on a platform that allows them to combine the convenience of technology with old-fashioned gaming entertainment.

What are Cryptocurrencies

Cryptocurrencies, also called cybercurrencies,  are virtual or digital currencies that involve a decentralized system based on blockchain technology. Cybercurrencies use cryptography to secure transactions. They operate through a distributed ledger, a blockchain, that is enforces by a network of computers. Cybercurrencies are not issued by any central authority so governments cannot manipulate them or interfere with transactions. 

Users make and receive payments via cryptocurrency “tokens.” The payments are represented by ledger entries that are internal to the system itself.  The system employs various encryption algorithms and cryptographic techniques to keep the system secure. These include public-private key pairs, elliptical curve encryption and hashing functions.

How Do Cryptocurrencies Affect Real Money Online Slots Play?  

Cryptocurrency transfer options are, increasingly, being favored by online slots players.  For one thing, they give the player options for payment and withdrawals beyond conventional banking methods. Those payments can be slow and costly and generally involve significant transaction fees. In addition, a bank can deny the transfer of funds if it suspects fraud.

Regardless of whether the suspicion is accurate or not, the control that the bank has over whether or not the player gets his money can be frustrating in the best of situations and disastrous at worst. Cybercurrency transactions eliminate that scenario.  

Anonymity

Cryptocurrencies, such as Bitcoin can mitigate the effects of limitations that are put on online gambling by allowing relative anonymity. Many gamblers don’t want their gaming activities linked to their personal bank accounts, regardless of whether it’s an online bank or a land-based bank. They might be having financial troubles or simple family disputes and don’t want anyone to see from where the payments are coming or to whom they are going.

With a standard bank account, and even an online bank account, the user’s name and personal details are attached to the account. The information can be accessed by legal, tax or police authorities at will. That’s not something that everyone wants to happen.

However, if you make a payment from a cryptocurrency wallet or receive a payment into that wallet, you are assured of the legitimacy of the transaction without the need to reveal your personal identity details.

Ecosystems

Casinos also have their own reasons for preferring to have financial transfers made via cryptocurrency.

In the big casinos, players are given chips to keep them playing for as long as possible.  Casinos have invested a lot of money in researching the psychology of the average player and they know that, if a gamer knows that he needs to cash out before he leaves, he’ll keep playing so he can see how much he can make -- the abstraction of the chips makes him feel less like he’s playing with real money (which might drive him away in fear).

Online casinos that create and use their own cryptocurrencies can now do something similar. They can provide games that are built specifically around their cryptocurrencies and use those games to establish player loyalty which then keeps their players coming back.

In the meantime, try out Springbok using your Bitcoin currency and get playing and winning!