The Gambling Scene and Crypto Currency: Is there a solid link?
Disclaimer: The text below is a sponsored article that was not written by Cryptonews.com journalists.
To state that gambling is fluid is an understatement. We started from the back room of a bar, moved to land-based casino, to an online market open for all. With the change in scenery, we also started relishing chips, then e-wallets and now, and shall we say finally, here we are playing around with crypto currency. The world has progressed, and so has our payment patterns. Question is: Is Crypto currency changing the gambling scene? Are Bitcoin bookmakers here to stay? Some confirm with a yes, others still say no. Let’s us weigh on things and get to the bottom of the growing link between the contemporary gambler and crypto currency.
Crypto Currencies vs. E-Wallets
Paypal, Skrill, PaysafeCard and more. We all used them to sign up to the new glossy casino. We opted for such methods as major Credit Cards block the gambling transaction. And believe us, you would not be a happy bunny when your transaction gets blocked or flagged by the bank for being either fraud or suspicious. Do we really want the bank to know we indulge in some online gambling fun? No way! The only downside to E-wallets is the fees that come along with it. We all hate that 10 Euro + charge to transfer funds, not to mention the exchange rates, that normally result into a loss of financials.
And then we discovered Crypto Currencies …and the world in the eyes of the gamblers changed! The era of Bitcoin landed upon us, and we started using the currency, to see a fluctuating profit. This dear reader is why we prefer this payment method. Crypto means profit, more control and of course more fun.
Is Crypto Currency re-shaping the Online gambling scene?
As from the 14th of April 2020, the UK will be banning the usage of credit cards for gambling purposes. This initiative is in line with the UK’s strategy to decrease gambling by the year 2025 by a solid percentage. Question is, will the gambler use alternative methods? The answer is yes, crypto currency is still what we envisage to be a covert somehow clandestine option. Online casinos have still to go all in with offering the modern gambler the possibility of using currencies such as Bitcoin, Neo, Litecoin, IOTA and Ripple XRP. In a day and age where new online casinos pop onto our search engine more than flower buds flourish in Spring …. crypto still has a long way to go!
Will this change with the new legislation by the UKGC? In the last year we only encountered a mere 2 online casinos accepting Bitcoin, but is this due to change? We believe with the new legislation this will force a change. Crypto currencies offer freedom whilst still being legitimate and transparent. It is not a myth that a casino’s strategy and odds tend to favor the casino, but this will change with games supported with a blockchain backbone structure. Blockchain will eventually remove the house edge favoritism and both the gambler stand hand in hand at the finish line.
How can cryptocurrency dominate the gambling market?
JP Morgan Chase was the first financial institution that is world renowned to say, here we are, we have earned our stripes year ago, and in 2019 they gave us their own blueprint cryptocurrency. What we need is more mainstream big banks to follow suit in such ventures. We are humbly waiting for all the Chinese biggest banks such as Industrial & Commercial Bank of China, Agricultural Bank of China, HSBC Holdings, BNP Paribas and even Mitsubishi UFJ Financial Group to follow suit. Once the big names that shaped our finances offer their own cryptocurrencies, the rest is just history. Once more currencies are available by the biggest pillars, a silent bidding war will start where the gambler is spoilt for choice.
Also, once cryptocurrencies are more visible, less underground in America, we feel the rest of the world will eventually bow down, be more accepting, more adventurous. This is how cryptocurrencies will make it to the gambling scene, and we are all up for it!
Is the fate of online casino sealed?
Just like the tenacity between online casinos and e-wallets was settled wayback, so will the focus on cryptocurrencies. We mentioned earlier the fluidity of gamblig and its many faces throughou the year. Cryptocurrencies will be the gambling method that defines our futures.
Ten years ago we could only dream about voice recognition, paying by mobile and all the perks of modern banking. Cyptocurrencies are here to stay, and the prodigious partnership with the gambling industry will flourish until it becomes the norm.