The Use Of Bitcoin In Online Gambling

Written by:
Payton
Published on:
Dec/02/2017

Bitcoin is still perceived as the proverbial boogieman. To a degree, it's still uncharted waters and its volatility factor has financial regulators scratching their heads.

''Bitcoin technology offers simplicity to online betting. A BTC-only betting platform makes provision for instant transactions, low fees, access to global players and enhanced player security.''

The advancement in virtual currencies ushered in a new era of how businesses and in particular online casinos transact online, even the U.S government is cautiously optimistic about Bitcoin. 

The nation of Malta is the pioneer in internet gambling – it's now steaming ahead allowing the legal use of bitcoin at online casinos.

Joseph Cuschieri, executive chairman of the Malta Gaming Authority (MGA) said the regulatory body commissioned a detailed technical study which will explore the best path forward for legal and regulated Bitcoin gambling.

The push for legal and regulated cryptocurrency gambling is an aggressive initiative by the Maltese government. it aims to develop a blockchain strategy and position itself at the forefront of the Bitcoin gambling race.

 

Bitcoin's Blockchain Technology the Real Deal

 

There's still an element of risk involved when dealing with digital currencies while some believe that the cutting-edge digital bubble can pop at any moment. Before the U.S government goes boots and all in it must figure out how it can be used safely without compromising its residents and its economy. However, certain sectors of the U.S economy  started using Bitcoin and we might add with great success.

"Cryptocurrencies and blockchain technologies are emerging innovations which need analysis and an assessment of the risks and opportunities for potential adoption in the gaming sector.''

Pertaining to blockchain technology the powers that be must cobble together a regulatory framework as well as the administrative law that governs its activities. As of now it still poses a unique challenge to the U.S. The biggest contributing factor towards this ignorance is the lack of financial literacy relating to the benefits of blockchain technology. 

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