Bitcoin, although was invented in 2009, it gained immense popularity during the December 2017. As of mid-December, the rate of 1 Bitcoin was a whopping $19,666. With this, Bitcoin’s growth was triggered in various fields including that of online gambling.
Cryptocurrencies like Bitcoins have various advantages in the online gambling field. Many countries do not allow online gambling within their territories and the ones that allow, put heavy restrictions and regulations especially in case of money matters. Cryptocurrency is one of the ways these gambling industries use to avoid the heavy regulations set by the countries and stay profited.
Not just this, cryptocurrencies are decentralised digital currencies meaning they are not issued by central banks of many countries. Loopholes like this and the increase in the value of Bitcoins have contributed to the rise of Bitcoin in the gambling world. Many online casino games like table games, casino slots, live dealer games and such can be played using the Bitcoins.
There can be various outcomes of the rise of Bitcoins in the gambling world. Let’s know a few of them below.
Government Involvement in this Decentralized Currency
As mentioned before, Bitcoins are not issued by central banks of any countries. This needs to stop and Governments should start regulating these cryptocurrencies in some way or the other. The Bitcoin is severely growing in many fields. Now, if the Governments do not get involved and regulate them, the condition could pretty soon turn out like that of drugs, prostitution or terrorism. These are the unwanted activities where the Government officials often find difficulties in organizing and authorizing things.
Bitcoins Volatile Nature
Bitcoins, literally exist only in the online, be it in the stock market or in the account. No one really has control over them and this clearly shows its highly volatile nature. Many popular individuals, establishments and economists have been contemplating the Bitcoins already. Anyway, the volatile nature of these Bitcoins will surely be taken advantage of in the upcoming years and almost all online casinos will use Bitcoins for transactions.
Bitcoin Rise Coupled with Heavy Competition
Currently, few online casinos are already making transactions through Bitcoins. Many others are in line to get this feature added in their casinos. Apart from these, soon underground online gambling operators will crop up and owing to the decentralized nature of the Bitcoins, Governments will barely have any say in these businesses.
With so many people racing in the Bitcoin competition, the gold rush in the market will be created. Once this happens, the value of Bitcoin will start reducing.
No matter what, there are many developed and high economy backed countries that are closely observing these cryptocurrencies. Not far are the days when the Bitcoins will be considered as credible part of the economy and transactions through them will be Government backed.