Bitcoin is a decentralised cryptocurrency that has been making great leads in the market for quite some time. However, even though it is pretty much mainstream at this point, bitcoin is strictly not allowed as a payment option at any regulated gambling websites. However, it is extensively used by offshore casinos.
Offshore Casinos and Bitcoin
Offshore casinos usually operate without obtaining the licenses required to build a casino. Most of such casinos do so and get away with it because there are only laws for casinos that are built on land, and there are hardly any laws that pertain to casinos built on water. Later on, however, the term offshore casino came to include online casinos, slowly replacing them. They may or may not be operating illegally in the market, but it does not matter because no one can actually do anything about it. Some countries do not even have anti-online gambling laws in place to regulate the activity. However, there are countries that outlaw online gambling. Even with such laws in place, offshore casinos run care free because they are outside the law, quite literally. But, some banks do not want to channel gambling money out of fear, principle or religious reasons. Whatever be the case, Bitcoin is always an option to turn to if other options run out for such offshore casinos.
Advantages Of Bitcoin For Online Casinos
First of all, cryptocurrency gives the user no obstructions whatsoever to the payment process. In some countries, certain banks can block your transactions if they are tagged as gambling money. However, Bitcoin is outside of any regulation because it is an independent cryptocurrency and no third party can influence it whatsoever.
Governments want to regulate banks because they do not want their citizens to get cheated of their money, or to prevent money laundering. But it also limits people’s right to pay in whatever way they want. While gambling online, people do not want the government to get involved in their transactions. This can be achieved if they use Bitcoin.
Why Regulated Online Casinos Do Not Use Bitcoin
Surprisingly enough, it is not the banks that do not use bitcoin, on the contrary, it is quite easy for them and they do not oppose the use of bitcoin. Most online casinos today do not use bitcoin for the simple fact that they have literally every other form of payment available for their customers. They already offer Visa card, Master Card, Discover Card, Neteller, American Express, Paypal, Skrill, etc. They might not find the need for Bitcoin.
However, Bitcoin is one of the safest and most secure ways of transaction in the world. Therefore, we can only hope that one day, bitcoin will be accepted at all online casinos and help gamblers secure their funds a lot better.