What we are particularly aiming at here are cryptocurrencies. Ever since the first digital asset appeared, it has been rapidly changing… well, EVERYTHING!
The more it becomes widely spread and accepted, the more and more doors open, creating space for a multitude of possibilities. Some see it as good, while the others are strongly against it.
To keep the discussion industry-related, we shall put the main focus on virtual coins and their impact on online gaming establishments. We cannot deny that it was a huge breakthrough, as it indeed brought many changes…
…and attracted an even greater number of consumers. If you are already “in the game” so to speak, you have surely noticed that the number of platforms accepting this option is rapidly growing.
There has to be something exceptional about this, a “secret ingredient” that pushes the changes in the direction of digital money. It’s a complex question - many aspects are still without any answers. Governments worldwide have been trying hard to draft and enforce effective regulations, that will make a compromise between two groups of consumers- those who are strongly against, and those who support the idea.
Through this article, we will try to answer some of the burning questions regarding this subject.
Have this in mind:
Things change at the speed of light. By that we mean laws. These are the current data, accurate at the very moment while we are writing this. But there are no guarantees that tomorrow will be the same. But, that’s what the virtual universe is remarkable for, right?
Without further ado, let’s get down to research!
How cryptocurrencies changed the online casinos' industry?To give as a precise answer to this seemingly simple issue as possible, let’s start from the beginning. It was back in 1983 when the first electronic money was born, by the name of “e-cash”. The entire idea went through many different phases, experienced various changes. It was not a long time ago when the first decentralized digital money came into being. To be precise, a pseudonymous developer Satoshi Nakamoto developed it in 2009.
Again, let’s keep things industry related, and point out that the rising popularity of this payment method is becoming widely accepted among online establishments. To be more precise, they are motivated to include it as an option with a single purpose- to boost the number of potential members. And to keep it growing!
Here are some of the key advantages of BTCs, from the casinos’ (and general, of course) point of view:
Anonymity.This comes as a number one benefit of using virtual assets as a banking option. Financial and consequently personal freedom goes hand in hand with this good side of digital transactions, as the government has no ways to interfere with them.
Using this payment option requires no personal information, and that’s certainly big in this contemporary and web-oriented society. It is highly challenging keeping the low profile when everything is available within just a few clicks.
No geo-restrictions.Simply said, people from all over the world, regardless of the country they live in, can enjoy the perks of using this virtual asset for gaming purposes, as there are no limits.
The only limit is the absence of a device or internet, but we wouldn’t be having this discussion here if there aren’t any of these, right?
Tax-free.Taxes are an integral and inevitable part of any transaction. Luckily for banks and governments, sadly for us. But, speaking from our point of view, this is a safe zone as it excludes any third-party interferences.
Although this in general works as a rule of thumb, still some authorities manage to find the way and oblige people to pay income taxes.
No withdrawal limits.This sentence is like a “dream came true”, music to the punters’ ears. Almost every transaction involves some limits, be they daily, weekly, monthly or the ones limiting the amount of money.
Having in mind that this currency is not related with any bank and the accompanying rules, you can withdraw all the money you scored.
Rapid transactions.Like the previous one, something that punters particularly appreciate is getting their cash ASAP. Numerous bank-related methods sometimes require up to several days (usually excluding weekend days) which is indeed an irritatingly long period of time.
People are used to the fast life tempo and they expect the same with transactions. This digital money comes instantly.
No fees.Again, this is the most common issue with all deposits and withdrawals that involve banks. Sometimes they are insanely high, that the value of you winning decreases significantly. This asset is either without, or with very small additional costs.
Payments on the go.This is indeed a huge advantage, as consumers have numerous benefits. They can enjoy their favorite picks on the go, and use them for transactions as well.
Peace of mind.The absence of a centralized database in the block-chain technology confuses hackers, as there is a high level of protection. This is certainly a noteworthy benefit compared to conventional banking.
Generally speaking, these are indeed outstanding pros which allow people more comfortable transactions, without additional troubles.
… as everything comes as a two-edged sword, this is not an exception.
Speaking of the changes, you obviously have them. On one side, betting establishments see them as positive, as they make it possible for more people to register and play. Some researchers say that the number of people joining the venues is TWICE as big since BTC entered this industry. But, with or without it, people would still do it.
Cryptocurrency regulations affect online-bettingIt makes you wonder what could those drawbacks be, after so many positive aspects of this transaction method. All that matters to consumers is included- to start with safety, then promptness, anonymity, and many more. It seems like everything could work just as perfect, but…
Being in use for a long, long period of time, transactions via banks are still favorable compared to these independent ways. When we say favorable, we mean from the governments’ point of view. They still like to have as clear as a possible insight into money flow in all directions.
Nevertheless, people put their own privacy and independence, and that particularly goes for betting. With that having said, it is only natural that consumers who have been using Bitcoin for such purposes are curious about the regulations and their impact on web-based gaming.
The first collision that appears has to do with laws. As you are probably aware, each country has its own decrees regarding playing on the internet, and needless to say, that the majority of countries disapproves and forbids it. In addition to this, BTC itself is an exception as it undergoes no principles at all.
Now, that’s quite puzzling, isn’t it?
There have been lots of discussions on this matter, as both aspects are questionable for their actual benefit. Okay perhaps benefit is not the most suitable word, but the point is:
What’s the actual purpose or establishing rules on this after all?
As for online gaming, you cannot deny the fact that more and more people consume it, and the number is only growing. In order to keep things under control as much as possible, the government needs to protect their own and consumers’ interests. So, it’s for the sake of mutual benefit. Even though there are people who will still grumble about this, establishing some transparent rules on this is essential.
Virtual assets themselves, with or without being related to this branch of the entertainment industry give lots of options, but their questionable and unknown origin is always an obstacle. They are exceptions from gaming-related legislation as there are none that apply to them. This means that even in the countries where bureaucracy regarding this are strict and forbid real-money betting, BTC as an exception makes it possible.
The future of Bitcoin in the iGaming industryNow that you are up-to-date with a multitude of positive and several negative aspects, I guess it’s up to each person to make an entirely individual decision whether implementing this payment method has more advantages over disadvantages and where will that take the society.
Generally speaking, putting Bitcoin into operation with a solid set of rules to follow can definitely bring numerous positive changes. As a matter of fact, they are expanding, so besides the one, we frequently mention here, you have Etherum, Dogecoin, Litecoin, Ripple and many more. Some of these are built on the very same idea like the “first-born” virtual asset but have certain upgrades that add value and provide adequate infrastructure. This is very important as it enables complicated transactions to take place.
Even though digital currencies and online parlors seem like a perfect match, a revolutionary idea with quite a bright future, still lots of effort needs to be put to make things work smoothly and without any issues.
The official acceptance of virtual assets will have two possible outcomes:
- The venues which already have clear bureaucracy will keep on growing business in a positive trend.
- The venues which are operating in shadows will either have to legalize or disappear.