Cryptocurrency Gambling In 2008 following the financial crisis, a paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” was published, detailing the concepts of a payment system. Bitcoin was born. Bitcoin gained the eye of the planet for its use of blockchain technology and as an alternate to fiat currencies and commodities. Dubbed subsequent best technology after the web , blockchain offered solutions to issues we’ve did not address, or ignored over the past few decades. i will be able to not delve into the technical aspect of it but here are some articles and videos that I recommend:
How Bitcoin Works Under the Hood
A gentle introduction to blockchain technology
Ever wonder how Bitcoin (and other cryptocurrencies) actually work?
Fast forward to today, 5th February to be exact, authorities in China have just unveiled a replacement set of regulations to ban cryptocurrency. The Chinese government have already done so last year, but many have circumvented through foreign exchanges. it’s now enlisted the almighty ‘Great Firewall of China’ to dam access to foreign exchanges during a bid to prevent its citizens from completing any cryptocurrency transactions.
The Current State Of Cryptocurrency Gambling in 2020
If you had any doubts about the relevance of blockchain technology in the future, the online gambling industry would have changed your mind. There are an official license and regulation for online gambling in most countries in the world. But when it comes to cryptocurrency gambling, it’s more complicated.
Right now, there are little interactions between the global regulatory authorities, and only a few countries have started the initiative to control cryptocurrency gambling. There’re countries that have initiated the process, but many wonder if they will complete the full regulation of the cryptocurrency market.
The primary concern is with the framework of cryptocurrency. Satoshi Nakamoto created the digital currency to eliminate the control and regulations that banks have on traditional currencies. Millions of people prefer to have full control of their money without any third parties charging costs and giving them instructions on what they can and can’t do with their money.
That’s the core reason why the growth of cryptocurrency gambling is expanding. Players want transparency, minimal fees, quick transactions, and full control of their crypto funds. The online casino software provided by Vegas-X is a perfect solution if you want to take care of all these things.
In this guide, we’ll discover the current state of the regulations, and how COVID-19 has affected crypto gambling.
Let’s get into it.