Cryptocurrency Casinos And The Road Ahead
Cryptocurrencies are special forms of currency that exists in the digital world.
They can be used like real money to be traded for goods and services or play your favourite real money casino games. The value of cryptocurrencies can also fluctuate as with other currencies. These Cryptocurrencies units are generated by computers solving complex math equations.
Cryptocurrencies have been in the news a lot recently but it still seems as if the world is not ready yet for this radical new form of currency.
Slow Adoption By Players
As of now, the only world gambling authority that will accept Bitcoins is the UK Gambling Commission. Even then, their ruling is simply that the licensees can accept Bitcoins, not that they must. The rest of the global regulators, including the Malta Gaming Authority, have so far declined to support cryptocurrency.
Joseph Cushieri, executive chairman of the Malta Gaming Authority has gone on record to state that currently they will wait and see how the market reacts to the currency.
At the moment they are receiving very few requests to support the currency so they won’t make an official decision yet.
Benefits Of Cryptocurrency
One of the main benefits of cryptocurrency is the fact that you can’t counterfeit these digital coins.
The coins are generated using a very complex algorithm that makes duplicating a coin near impossible.
Additionally, any transaction made in Bitcoin is processed instantly. You do not have to wait for bank clearance or approval.
Conversationally this ease of processing makes the fees involved with Bitcoin transactions significantly lower.
Ensuring Player Privacy
Another big draw of cryptocurrencies is the element of anonymity. The player making a cryptocurrency transaction has his identity and personal info protected.
Anyone with internet access can take part in cryptocurrency trading and payments.
What The Future Holds
At the moment, it is not clear when, if ever, cryptocurrency transactions will be accepted at online casinos. The situation with the Malta Gaming authority is a catch 22 situation.
For cryptocurrency to be broadly accepted, more online casinos must start accepting them, but the gambling authorities do not want to accept them until more people are using them.
Cryptocurrency can have a very positive effect on online gambling, potentially, thanks to the additional privacy and smooth and simple deposits and withdrawals.
Perhaps in a few years the first few steps in accepting cryptocurrency officially will be taken.