Cryptocurrencies, especially bitcoin is currently considered to be the future of payment. It has also been found to be causing the slow death of fiat currencies. While these predictions may seem to belong to the purview of fantasy movies and novels, the increased popularity of cryptocurrencies can without a doubt be felt in almost every aspect of the business, particularly the online casino gambling industry.
What makes bitcoin so appealing to online casinos and players across the world is the fact that these cryptocurrencies are based on blockchain. The blockchain technology is largely seen as a ledger or a database that is spread through all networks and electronic devices with regard to storage of cryptocurrency-related transactions. Essentially, this prevents any interference with the cryptocurrencies.
While there are many betting sites and online casinos that still depend on the conventional payment methods such as prepaid vouchers, e-wallets, bank transfers, debit/credit cards, cryptocurrencies, led by Litecoin, Ethereum, and Bitcoin are slowly taking over because of the many advantages they provide.
Nevertheless, there are still some questions that need answers. Are cryptocurrencies such as Bitcoin even legal? Are they suitable for use when gambling online? These are some of the questions that have been answered in this article.
We have delved into the legal aspects of cryptos and online gambling as well as the future of online casinos in regard to cryptocurrencies. You should also consider checking out our gambling dictionary for more details about the future of gambling online.
What Cryptocurrencies Mean For Players And Online Gambling
Since cryptocurrencies are based on blockchain technology and their secure nature, cryptocurrencies have without a doubt revolutionized the world of online casino gambling.
First, you don’t have to share your financial information or any banking or sensitive data to successfully complete transactions and transfer money from your account to the online casino. All withdrawals and deposits made with litecoin, bitcoin cash, ethereum, bitcoin, or other accepted cryptos are instantly executed.
Furthermore, online casinos using Bitcoin or other cryptos use a notably fair system, this is the algorithm, which makes sure that the RNG powered games are completely fair. This system offers players a chance to double-check the outcome of the casino games they are playing.
Also, cryptocurrencies help many players override certain geo-targeted transaction restrictions, which can be effective in some online casinos because those can never be applied to cryptos.
Keep in mind that there are a few drawbacks that are associated with using cryptocurrencies in online casino gambling. Essentially, cryptos are greatly volatile and their value changes often, this makes it hard for players to determine the worth of their cryptocurrencies. This affects the conversion rates between fiat currencies and cryptos.
Is Gambling Online With Cryptos Legal?
Issues regarding the legality of gambling online with cryptocurrency is still a gray area of online casino gaming. However, it is still open to speculation. Many countries around the world haven’t come out clearly on whether bitcoin or other cryptocurrencies are accepted or banned. This means that gambling with bitcoin is neither prohibited nor sanctioned.
Nevertheless, big economies like the USA, Australia, Canada, Germany, and the UK explicitly permits the use of Bitcoin and other cryptocurrencies. Essentially, if they permit casino gambling, it is highly likely the casinos accept cryptos.
Considering that every individual country is in control of drafting their laws relating to online gambling and the use of cryptos, the best avenue for bitcoin online casinos is to get licensed first and then safely move on to allow cryptocurrency as a safe payment method.
Most online casinos usually go for the globally approved licenses in the gambling industry issued by authorities like the Swedish Gambling Authority, the Malta Gaming Authority, the UK Gambling Commission, and few others.
The licenses are normally issued by countries that do no just allow online gambling but have relaxed regulations towards Bitcoin Cash, Ethereum, Bitcoin, and more for everyday use.
What Does The New Cryptocurrency Law Mean For Online Casinos?
In 2020, there are some significant cryptocurrency policy changes around the world. The European markets and securities regulator, widely known as ESMA have already published a draft that aims to integrate the join regulation of cryptos into the EU once voted into law.
The primary concern is how cryptos are currently traded in the market and how this information is being stored. For instance, in the united kingdom, cryptocurrencies are permitted, but cryptocurrency companies must provide additional details from the traders upon any requests.
This move has been adopted as the EU 5AMLD (5th Anti-Money Laundering Directive) law that currently exists and one that the united kingdom has previously implemented. The USA, Germany, and the Netherlands are expected to follow suit.
In the united states, the crypto Act 2020 has already been proposed by legislators to regulate and oversee cryptocurrency transactions. So, these will potentially prevent terrorist financing and money laundering. This Act is almost similar to that being implemented in the UK where the legislators are trying to curtail how cryptocurrencies are used.
How Bitcoin Is Changing Online Gambling
With the increase in the number of Bitcoin-only online casinos over the past 5 years, there is no doubt that this virtual currency is making substantial waves in the online gambling industry. Some industry experts are highly optimistic and have stated that Bitcoin casinos will revolutionize the online gambling industry by circumventing the jurisdictional issues.
Thus, attracting millions of players from jurisdictions and countries where gambling online is still a grey area in regards to regulation. There are many bitcoin online casinos that have started to emerge.
Throughout the 2 decades that they have been in existence, online casinos have encountered many challenges regarding jurisdiction and regulation. Online gambling allows individuals from different jurisdictions to play together.
It is for this reason that virtual currencies seem to be a godsend and a great fit for online gambling. Also, bitcoin allows for instant withdrawals and deposits. This means that players can collect their winnings instantly.
The Future Of Online Casino Gambling
As mentioned earlier, the question still remains, will Cryptocurrencies change online gambling? The answer to this question is yes or no. First, the answer is no, if you are referring to changes in the short term. It’s yes in the long term.
The Crypto effect will not be substantial unless it provides more certainty to companies and users. Essentially, online gambling is largely about trust. Many reliable online casinos try to create brand affiliation and customer loyalty.
This is only possible if players feel their data and their money is safe. While Bitcoins are safe, many players still feel they aren’t secure enough. As of now, bitcoin online casinos would be great if you want to have a taste of their gambling experience, but not for sustained engagement.
With the increased number of bitcoin online casinos, online gambling has also increasingly become popular around the world. There are many jurisdictions in the united states that have already legalized online gambling.
This is because many online casinos instil confidence in players largely because privacy is assured. As long as cryptocurrency remains in the market, it is highly likely it will have a long-term impact on gambling markets.
More Gambling Sites Accepting Cryptocurrency Payments
As of today, there are hundreds of online casinos that are accepting bitcoin payments. This means that with the increased popularity of the cryptos, this will be the new trend in town. Remember to bookmark this website for the latest news about the new online casinos accepting crypto payments.
Moreover, all we have to do now is accept the fact that there are many online casinos that will be accepting bitcoin payments in the future. As you already know, online casinos are highly competitive when it comes to offering new games and exclusive bonuses.
So, you can expect the same when it comes to adopting this new way of accepting payments.
Bitcoin Gambling – Future Of Online Casinos
Overall, cryptocurrencies will provide an array of exclusive benefits for many gamblers.
Gamblers using bitcoin enjoy the level of privacy that credit/debit cards or other payment gateways cannot provide. For example, unlike bank transfers, Bitcoin transactions do not include any personal information or sensitive data. There are some countries that are working requiring clients to change tokens to fiat currency for identification.
Other assets such as Monero and Zcash provide users with privacy, but there is some controversy that surrounds the use of these payment gateways. Many gaming operators kept on these payment gateways to avoid being flagged by regulators.
Top 5 Bitcoin Gambling Casinos
Online casino gambling and cryptocurrency are two profound phenomena that have experienced incredible growth over the past few years. The cryptocurrency was whispered and rumored about for many years, prior to their explosion over the past few years.
We strongly believe that this article has provided you with all the information about cryptocurrencies and how they are affecting online casino gambling. As mentioned above, the use of cryptocurrency in online gambling is not only safe, but also an easy way to manage the money you spend at an online casino.
Remember to bookmark our website for the latest information about how cryptocurrencies, led by Bitcoin has changed online gambling!
- Best Online Casino Games To Play As You Social Distance
- The Hotbeds of US Gambling
- NewCasinos.org Blacklisted Alpha Interactive Solutions Casinos
Ari Waknine was born in Brooklyn, New York and was the founder of iGamble Group, an online gaming critique firm that helps players pick online gambling websites that fit their profile, as well as, helping them to increase their winnings. He is also the founder of NewCasinos.org, and is strictly focusing on this project making stronger and better than ever.