How Bitcoin will revolutionize online gambling
Bitcoin seems set to revolutionize the online gambling world. Why? Because of the strict online gambling regulations imposed by some governments. There has always been gambling and there will always be gambling. Everybody has the right to spend their money as they like, including gambling it away if that’s what some choose.
And now the fight for the right to gamble is on. Some governments from all around the world have started to impose more and more regulations on casinos, poker clubs, slot machines, and all forms of gambling or sports betting. Online gambling has been present since the birth of the world wide web in the early 90s. Much like the porn industry, the gambling industry has been a very early adopter of all new online technologies, from videoconferencing and virtual reality to mobile. Now it seems that the tables have turned and Big Capital and Big Government are in full panic mode, heavily firing shots at the online gambling world.
Now here’s where Bitcoin comes into place, a currency that seems almost special tailored for online gambling. This is relevant in BTC Softswiss Casinos – https://direx-casinos.com/en/hubs/softswiss-casino-on-bitcoin/. If both users and providers, the gamblers and the online casinos, use appropriate precautions, it’s incredibly difficult for the state to block them. If you live in a place where online gambling is under heavy regulations (or banned) you can easily indulge in your favorite pastime by using Bitcoin.
If you don’t believe this, keep in mind that The Pirate Bay and WikiLeaks have successfully demonstrated that nationwide IP blocks and name seizures don’t work. Because of Bitcoin’s decentralized nature, this allows us to create bets that live on the distributed blockchain, without potential single-point failures related to the central domain or server.
«The smart money is on a Bitcoin gambling revolution» says BitcoinSpoertsbooks. com, a site that specializes in online sports betting that also covers some aspects regarding online Bitcoin gambling. Gamblers need to cash in their chips and start mining Bitcoins because this cryptocurrency is about to make conventional money a thing of the past in gambling.
Bitcoin transactions are inherently cheap. Low transaction costs allow for sustainable business models with low commissions, an appealing feature to both affiliates and end-users, translating into more profits for the operators. Here’s an example, BitCasino. io has generated a $5 million turnover in just 3 months. Also, the fact that Bitcoin has a global reach is another unique selling point for Bitcoin gambling with roulette online and other games.
Fairness and transparency
One other important feature that Bitcoin gambling has is transparency. All transactions can be viewed in the blockchain for verification, Bitcoin offers incredible financial transparency. Even though this is true to a degree, this doesn’t mean that all Bitcoin gambling is «fair». For example, random number generators used by a Bitcoin casino might be tampered with. This problem can only be solved by using a third-party random number generator that is open to everybody.
Of course, the distributing prospect is that the operator might just take the money and run anytime he pleases. There have been a number of debates on Bitcoin-related sites and forums and it seems that security-conscious, scam-wary, avid gamblers will trust only fully transparent systems that live on the blockchain itself, where all transactions are P2P (person-to-person) and the operator will never have access to the money.
Is Bitcoin gambling legal?
Betting with Bitcoins employs the same core principles of online casino gaming. It’s almost identical with the other kinds of betting on the web – you place a wager to play a round of any Bitcoin-powered game hoping to win and to collect the rewards after. But, unlike traditional online casinos, Bitcoin casinos use this cryptocurrency instead of fiat currencies like the USD or the EUR.
Even though these sites use exclusively virtual currency, this does not make the business illegal in any way. Online Bitcoin casinos are under the same rules and regulations that apply to their specific location, online gambling laws are not any different for virtual currency casinos than they are for traditional online casinos. This should eliminate any doubt concerning Bitcoins as a viable payment option, it’s just as legal as the USD. Therefore, wagering using cryptocurrency should not be considered illegal in any other way.
What makes Bitcoin Gambling Legal?
It’s only logical that before you make any bets on the internet you should inform yourself about the rules, terms, and regulations of online gambling. Every online casino has its own set of guidelines that each gambler must strictly and religiously follow, and therefore, be knowledgeable of. This step is extremely important if you want to avoid any form of confusion and misconception about Bitcoin gambling.
With this being said, it should be clear that Bitcoin casinos and traditional online casinos may and may not share the same rules and terms and conditions. As a result, you will find gambling sites that accept US players and some that have the USA restricted from playing, this is true even for Bitcoin casinos. Moreover, there are some Bitcoin casinos that are incredibly strict concerning age limits and some that will offer their services to just about anybody that has a Bitcoin wallet.
The key idea here is that you, as a bettor, are required to follow any gambling law in your jurisdiction. Therefore, if the country you are in states that Bitcoin gambling is prohibited, then it is not allowed. However, rules suggesting this have not been implemented, therefore, playing casino games using Bitcoins is perfectly legal anywhere. Nevertheless, if you live in a country that strongly disallows this from online gambling, then that is a different story.
It’s blatantly obvious that Bitcoin has some strong features that can be implemented in the online gambling industry, but the key feature that this virtual currency has is the fact that it is legal everywhere. Now anybody around the world can freely gamble without fearing the law. Also, the ability to check transactions at any time and because of its financial transparency makes Bitcoin a heavy-weight contender in the ongoing currency fight in the gambling market. With the number of Bitcoin online casinos growing every day, this little cryptocurrency is currently revolutionizing the gambling world as we know it.