A year ago, the common man or woman within the street had never even heard of Bitcoin, yet today, there are cryptocurrency headlines everywhere in the favored press. A part of this can be a little question right down to recent events in Japan and there’s also the very fact that prices are skyrocketing since the start of the year at a rate unseen since 2013. On its occasion, a dramatic rise was followed by an inglorious fall, but four years on, the world has reached a stage of maturity where many expect the expansion to be sustainable.
A whole sort of industries are now getting down to take Bitcoin seriously as a payment method, and this may only serve to extend its profile, popularity, and value. But the industry that stands to realize most is the online gambling world. New doors are being opened that bring greater opportunities to both the casinos themselves and therefore the gamblers who visit them because the number of online casinos that accept Bitcoin rises.
Broader customer base
Perhaps the most important impact of the Bitcoin revolution is that it potentially opens the doors to some truly staggering new markets. The USA has always had an odd relationship with gambling. On the one hand, it’s home to metropolis – need we are saying more? But on the opposite hand, most states don’t allow casinos, and there are some strange laws surrounding online gambling.
Put simply, that US banks are prohibited from processing payments to gambling sites is what the Unlawful Internet Gaming Enforcement Act states. There’s a very important distinction here – it’s not illegal for a gambler to pay money to a gambling site like situs jet 234 togel, but it’s unlawful for a US bank to process such payment. This has led to US citizens seeking all types of workarounds, like Western Union money transfers and prepaid debit cards, all of which have ultimately been blocked.
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Another major draw of the Bitcoin casinos is that every winning is tax-free. While most jurisdictions (such because the USA) levy taxes on both physical and online casinos, the very fact that Bitcoin transactions have the anonymity factor means that it’s currently impossible to tax your winnings.
The potential gains are huge are what the strength of Bitcoin against physical currencies means. And these are amplified further by the actual fact that Bitcoin casinos are operating at a far lower edge they’ll afford to try and do this because their overheads are so low, and that they can herald quite enough revenue to be highly profitable through advertising, data sharing, and selling premium services.
The future of casinos?
With these advantages, you would possibly think the times of conventional casinos are numbered. However, it should be noted that the tax and payment loopholes won’t necessarily last forever. Increased regulation is for certain to be forthcoming because lawmakers work to catch up with the technology. In the meantime, however, Bitcoin presents huge advantages to everyone involved in online casinos.