Cons of crypto slot sites

Seamus Rotherick
By Seamus Rotherick February 24, 2021 08:01

There is a lot of benefit to using cryptocurrency to play online slot games such as Vikings Go Berzerk. There are no wait times when trying to withdraw any winnings and it’s hard to replicate digital code makes it impossible to use in a fraudulent way.

However, it can’t all be good. Are there any negative to using Cryptocurrency to play slots online and if so, what are they?

Cryptocurrencies value

The way that cryptocurrency works is that its value is dictated by the stock market. Like the shares in a company, if the currencies stock is low, then its value will be low.

That means that your cryptocurrency’s value is always in flux. What you win on a slot game one day might significantly change in value the next. It is highly risky. If the stock of your chosen cryptocurrency hits zero it will be worth nothing. That means you won’t being playing any slot games at all.

This disappearing currency leads me to my next con.

Few crypto slot sites

Since cryptocurrency is used by so few people, and some of those types of currency are disappearing, there aren’t many crypto slot sites out there.

The fact that the currencies values are always in flux means that there aren’t many slot sites out there that will accept it.

That stands to reason as an unreliable payment method could mean that the slot sites do not actually earn many real deposits.

This all means that, whilst it is perfectly legitimate to play slots with cryptocurrency, you will struggle to find many slot sites that allow it.

This gets more problematic when you consider the current status of cryptocurrency.

Legal currencies

Since you can use cryptocurrency to purchase things, it must make it a legal form of currency, right?

Sadly, no. Cryptocurrency is not considered a legal form of currency in most countries and that leads to many issues.

First, it can be used to gamble with in places where this act is illegal. This can lead to crypto slot sites getting in trouble with the law or being forced out of business.

Secondly, this means that crypto slot sites need not hold a valid casino license. This means that can waive certain restrictions implemented to keep slot players safe. It can mean players might be scammed or subject to fraud when using these sites and the online gambling association can do nothing about it.

These licences are also a key part to funding the gambling association. If crypto slot sites aren’t paying for a licence, it means the associations lose funding and cannot shut down or tackle illegal gambling activity. It is a bit of a slippery slope.

Conclusion

Crypto Slot Sites are relatively new to the world of slot games and therefore come with their own issues. You can bypass a lot of these issues as security is key with cryptocurrencies however, it is best to exercise caution and fully understand the value of your cryptocurrency before committing to use it.

Seamus Rotherick
By Seamus Rotherick February 24, 2021 08:01
Write a comment

No Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment
View comments

Write a comment

Your e-mail address will not be published.
Required fields are marked*

Join Our Mailing List


Read the latest issues

Advertise With Us

To advertise in the magazine or online, contact:

Email marketing@thegolfbusiness.co.uk
Tel 020 7803 2453

Twitter Timeline