You may have already heard how Bitcoin is becoming one of the most popular assets to gamble with. Nearly every online casino will soon have a feature where it can offer you deposits through bitcoin or immediate purchase and betting. However many players have already asked questions about what this will do to the industry and how will banks start to respond to less and fewer requests for withdrawal with their platforms.
Why Bitcoin and not other cryptos?
The reason behind Bitcoin being the main and probably the only cryptocurrency being used for gambling is its easy accessibility. The fact that every single trading platform features a way to buy Bitcoin gives the whole system ease to operate. It will give the casino multiple choices when choosing their Bitcoin service provider and not be secluded just to a single one. Giving this amount of variety to the casino, it can make its deposits and withdrawals a lot faster because of the diversification of the providers. For example, it can choose the services of multiple ones, which can make the process of constant daily withdrawals or deposits easier for individual service providers. because as you already know Bitcoin does not have the ability to process many transfers within a second. In the future, this may be a factor which can help you choose the best Bitcoin gambling sites.
Opportunities for Casinos
Creating new cryptocurrency can be very easy, seeing how much the industry has developed it’s safe to say that creating cryptocurrencies has become as easy as pie. Therefore if you are a large corporation, in this case, an online casino, it is not that hard to find the funds to create your very own cryptocurrency, for your visitors to trade with. The worst case scenario would be that your cryptocurrency gets disregarded by your players, but crypto enthusiasts and traders will pay a lot more attention to it. The best case scenario would be that the cryptocurrency would gain massive popularity, may even increase its market cap and become a major one for which you can later create an altcoin and make this one the primary for trading. Quite simple if you plan everything thoroughly.
Is it legal to gamble with Bitcoin?
The legality of Bitcoin gambling comes down to your location and the country you are currently situated in. For example, if you are in China where every single online gambling venture is considered to be a crime and carries a lengthy sentence, then no Bitcoin gambling will not be legal there, because it is solely a digital endeavor. However if you find yourself in the more liberal countries such as the EU countries you will find out that none of them have any regulations regarding Bitcoin gambling, in their eyes, Bitcoin is a currency like any other and falls under the jurisdiction of already established online casino regulations and doesn’t need too much attention. In the USA like everything else, it comes down to the state you’re in. For example, in Nevada, you can gamble with pretty much everything, but Texas will stop you in your tracks.