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Cryptocurrencies are still not the mainstream when it comes to how the majority of the public buys and saves. Therefore, they are not part of many of our daily lives. They are however receiving far more attention due to the increase in interest that has steadily been building over time.
Bitcoins are still the most popular of all Cryptocurrencies and the most widely used too. Despite the rare use of these currencies, they are considered to be the future, as we move towards a cashless society including online casinos such as cozino.dk. So the question is, will we all be using Cryptocurrencies in the future?
Cryptocurrencies Explained
Cryptocurrencies are used to buy goods online at present. Obviously, there is a lack of places that accept these forms of currency, but this will change upon demand. The main difference between Cryptocurrencies and normal cash is that Cryptocurrencies have no physical form and only exist in the digital world. This means that each transaction leaves behind a digital foot print only. This is managed and stored by Blockchain technology that is basically a network of computers containing special software that tracks transactions.
Why Cryptocurrencies Are Secure
Cryptocurrencies are a secure form of currency because they cannot be lost or stolen. This is obviously down to them not having any physical form. Blockchain technology is also extremely hard to break into and far more secure than normal bank accounts. This means that it is highly unlikely that anyone dealing in Crypto funds can become a victim of fraud.
The Value Of Cryptocurrencies
There are currently over 2200 different types of Cryptocurrencies in existence and the most widely traded are Bitcoins. As of June 2019, Bitcoins were valued at $136 billion. However, this masks the fact that they have suffered huge stability problems in the past. As recently as 2018, Bitcoins suffered huge losses and it took some time for Bitcoins to stage some sort of recovery.
Gambling With Cryptocurrencies
The gambling industry likes to keep ahead of changes that may affect it and obviously the way people spend is fundamental to the workings of the gambling industry. If Cyptocurrencies are the future, then the industry will have to prepare the technology used by punters to accommodate these new forms of funding. At present there is little choice for punters when it comes to depositing Cryptocurrencies into a casino account and the ones that do accept them, are not licensed by the UK Gambling Commission. This puts the punter at risk of dishonest casino practices. Unlicensed casinos tend to operate on their own terms and this is usually not to the advantage of punters. If disputes arise, punters have nobody to turn to for help in resolving them fairly. Other factors that could prevent Cryptocurrency gambling from taking off are government hysteria over Cryptocurrencies. They fear that these currencies can be used to fund terrorist activity and those that use these currencies fear that governments worldwide will eventually crackdown on them and destroy their potential.
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