Many people regret not buying and/or not selling Bitcoin when they had a chance. It has been especially popular with people who like the digital future as opposed to physical money and assets. As a result, questions arise in the minds of players around the world: (When) are cryptocurrencies going to become a mainstream currency in online gambling? (When) are the best sites for betting online going to include them in their repertoire?
CryptoCraze
The big Bitcoin mania left the world originally unimpressed, and then intrigued, after that flabbergasted, and finally it has become a fire that is slowly dying out. It was the first of many cryptocurrencies that we can enjoy today – Litecoin, Dogecoin, TRON, Ethereum and others all come from the same blockchain technology. Now anyone can have their own virtual coin.
The reason for its popularity was largely due to the fact that it was, from the time of its creation up until recently, not regulated by any government, as it was a decentralized currency. It was exciting and new. Bitcoin took the world by storm because it was new and anonymous.
For this reason, many who wished to keep their privacy and business dealings would often use Bitcoin in their business ventures. However, there have been, and in all likelihood there will be, unexpected complications. Many governments and companies practically boycott the usage of cryptocurrencies.
Why?
To understand the conundrum, we must consider that there are criminals who appreciate anonymity as well. Digital money can be easily used to launder money, as it is virtually untraceable. The currencies are not accepted worldwide yet, even though some countries started regulating transactions done with Bitcoin and others.
Not only is there a lack of regulation, but Bitcoin somehow glitched at a certain point. The blockchain, for whatever reason, stopped being linear and began branching out. To put it plainly, the same coins were at different places and used to buy different things at the same time.
On the other hand, there are some casinos that do accept cryptocurrencies as a form of payment. We can go as far as to say that some are providing additional benefits to players who use Bitcoin in their transactions.
The majority of casinos avoid dealing with Bitcoin and its children as much as possible, as the Gambling Commission in UK and its equivalents around the world still don’t recognize this as a legitimate form of payment.
Conclusion
The jury is still out. Though, given the history of blunders behind Bitcoin business dealings it is safe to say that if the online gambling world extends its embrace to cryptocurrencies, it will not be soon. That being said, there is still time to wait and see how Bitcoin’s descendants handle the economy of the world. Unfortunately, there is no definite answer at this time.
