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The Use of Bitcoin in Gambling

January 30th, 2017 | by BTC News
The Use of Bitcoin in Gambling
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by antwerpenR

The Use of Bitcoin in Gambling

Internet offers a host of gaming opportunities. Bitcoin gambling has come out to be the fastest and newest way to gamble efficiently online. Bitcoins offers multifarious advantages and all of those come into play when one is playing Bitcoin casino online. The most important quality of Bitcoins is that they are portable, and stored in a Bitcoin wallet, which can be easily accessed and from where bitcoins can be withdrawn for use in transactions.

Also, Bitcoins can be easily processed and that too quickly as there are no middle men involved in the transaction who would want a fee and would hold up the process till they get the fee. Bitcoins cannot be refunded, which also implies that a winner gets to take his winnings home and a loser cannot file a complaint or a grievance, or file a protest claiming his money back!

There are no limitations of Bitcoin wallet getting frozen or locked up to hold a transaction to issue refunds from bureaucrats. The money when transferred is deposited in a non-refundable Bitcoin wallet.

Thus, it is quite apparent that the advantages of Bitcoin, are suited to the hilt to online casino betting, inclusive of dice, blackjack and poker! These games offer a chance of fair caveat (which can be proved) under which they operate when Bitcoin gambling is involved. Thus, there is a verifiable method, to ensure that the online games are slightly slanted only in the favor of the house and provides assurance that there is no manipulation in the gaming. One can safely assume that the future of Bitcoin gambling is assured with so many positives in favor of Bitcoin online gambling.

Though there are some obstacles which cannot be ignored and are anticipated to arise in countries of Tokyo, China and Unites Sates amongst others. The governments of these countries will define Bitcoin and this definition will play out the future of online gambling in these countries. For instance the Tokyo government proclaims that Bitcoin cannot be categorized as a currency which is officially recognized. In Tokyo, moreover, Bitcoin as a currency is not regulated by any governing body of the government nor is backed by any official agency. Similarly, it is observed in China, that earlier banks used to invest their legal currency in the Bitcoin economy, but recently this practice has been outlawed. This can be attributed to the unstable nature of the Bitcoin economy. Additionally, it is seen in United States that the government has adopted an active role in giving a proper definition to Bitcoin. US government wants to cash in on the booming Bitcoin economy, and as it notices millions of Bitcoins change hands it wants to find ways to tax and earn winnings. Still, an unprecedented growth is anticipated in the Bitcoin economy.

This cyber currency called Bitcoin has numerous positive advantages as discussed earlier. If a business house is willing to accept payment in terms of Bitcoins, this currency can be used to procure virtually any category of product or service. This can be sent easily processing to exchanges or principals who are involved in the transaction. The transparency seen in the Bitcoin economy, as they cannot be frozen and are not refundable, allows for open and transparent commerce. This Bitcoin transaction is not limited to a location due to it being cyber currency and can be used globally.

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