Bitcoin Should Be the New Cash in Casinos

Israel is one country that is saying no to cryptocurrency and gambling. Many countries are wary about accepting cryptocurrency, even the gambling operators, such as those in Malta.

People who are for cryptocurrency want the gambling industry to accept the payment option because of its transparency and trust.

Trust and transparency maybe the two things that cryptocurrency apparently has to make it the most trustworthy type of currency in the world, but most are still anxious about how it actually works.

Why Digital Currency

Bitcoin is appealing to the gambling industry on one level. For those who feel that digital currency and the blockchain network are transparent the application of using the coins makes sense. Already some poker locations accept the currency.

The online gambling industry is often struggling against government policies that are protecting state-owned monopolies and restricting the freedom of citizens to make a choice where they wish to spend money. One scientist, Dr. Craig Wright, who is the chief of blockchain technology and research and development for nChain, has been able to explain cryptocurrency best.

Bitcoin shows when the funds are clear that a person can safely play. If a person can safely play the operator can lower their fees, which provides a better opportunity for people to win more. The operator and the player benefit.

There are really only four cryptocurrencies in the world: Bitcoin or BCH, SegWit, Ripple, and Ethereum. Ethereum was one that started getting smart contracts for entering the world as the only digital currency. Bitcoin BCH is working on a system upgrade and will be up there with Ethereum very soon.

Cryptocurrency has been the target of security issues like malware and eclipse attacks, which is mostly on the Ethereum blockchains. Smart contracts help because of the auditability, where anyone can verify the amounts, but it also creates security risks.

When it comes to a player enjoying online gaming, it is nice to know the money is there, it has a trail of honesty behind it, and that the market is decentralized like regular currency. iGaming operators have started investing in cryptocurrency, but there are still others who are wary of the tokens and coins.

From the perspective of accepting something new, it will take time. Governments want to ensure people using BCH or Ethereum will have value from those uses and not get shafted later on if the market tanks.

Leave a Reply

Your email address will not be published. Required fields are marked *