Cryptocurrency has been making waves in the gambling industry lately. At least, that’s what the media tells us, and it isn’t hard to understand why. After all, many new, groundbreaking and cutting-edge technologies have made their way into our lives in recent years. One of those innovations is blockchain, the underlying technology behind cryptocurrency. But what are the main advantages of cryptocurrencies and blockchain? And what does it have to do with online casinos? Let’s find out.
Whether it’s the possibility of a decentralized worldwide payment system, the way that blockchain data can be hosted, or the promise of a secure, tamper-proof database that can never be altered, there is a lot to love about the blockchain technology.
The blockchain is a revolutionary concept that allows you to transfer information, with no third party involved. It’s an extremely secure system that keeps records of people and companies in a way that can’t be changed or hacked. It’s a huge step in the right direction for society, and it’s already changing the world.
Casino industry is known to be one of the most innovative and competitive spaces in the business world and especially in the online sphere. It comes as no wonder that casinos took notice of cryptocurrencies and blockchain early on, and implemented these new technologies into their offerings, giving birth to a new type of casinos – bitcoin live casinos.
Cryptocurrencies and bitcoin application in online casinos is not only great for the casinos but for the gamblers as well.
Online casino spins are a great way to spend time on the web. The problem is, that many of them are fake or completely misleading. It is likely that you will lose all your money instead of getting what you have paid for. This is where bitcoin casinos come in. The bitcoin casinos offer a better gambling experience, instantaneous payments and withdrawals, anonymity, non-stop and almost global availability.
Most of the crypto casinos are also provably fair and offer you a set of statistics to analyze the games. They are available 24-hours a day 365 days a year, which is a vital plus when you play at 4 and 5-hour shifts. Also, the fees are considerably lower than regular online casinos.
Cryptocurrencies allow for fast and cheap microtransactions, while also allowing for the exchange of money from one country to another. Cryptocurrencies are also an ideal way for online casinos to get around gambling laws in certain countries, as buying and selling tokens is perfectly legal in most countries.
But are bitcoin casinos legal in the USA and the rest of the world?
Current regulations in the Unites States do not explicitly state that Bitcoin Gambling is illegal. But they are not clearly allowed either, they are in a kind of grey zone. There are also many age restrictions when it comes to gambling in the United States. The majority of the United States neither legalized nor forbidden online gambling activities for ordinary players. To that end, players must abide by federal laws, particularly the Unlawful Internet Gambling Enforcement Act. In fact, this law does not clearly set forth whether any individual player is subject to prosecution for online gambling but there have been no charges or appeals against violating players for over 10 years since the Act became effective.
A similar, murky regulatory situation is in the rest of the world. Generally, if your country prohibits online gambling, that means that bitcoin casinos are banned as well. If your country has no laws that control this domain, you are probably in the clear, not breaking any laws right now; but keep an eye on the developments around this topic as the crypto gambling market is in its infancy and everything around it is fluid and volatile with dynamic and sudden changes.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com