Ever since people started to trust Bitcoins, this modern currency became quite popular amongst business owners and casino operators especially. Since it isn’t controlled by any government, it was obvious that gamblers would eventually prefer Bitcoins as the main currency. But like most things, if something is too good to be true, I probably am not. This doesn’t mean the Bitcoins are not useful, it only means they are so useful that even the Mafia is using this method!
Lucrezia Ricchiuti is an Italian politician, member of the Democratic Party, who claims there is a link between illegal gambling activity happening in Italy and Bitcoins. It looks like Italian mobsters got creative and acknowledged the potential of this modern currency and, due to its rise, it has been used for tax evasion by casino operators who are allegedly run by Italian Mafia.
The authorities are having a tough time dealing with the situation because any online casino may use Bitcoins without having to get approval from the government. This means that gamblers will be able to “sneak” past the laws and regulations regarding online gambling and operate in complete anonymity, without leaving any trace.
This scenario creates the perfect opportunity for money laundering and, for the moment, there is no legal way to stop these activities. This payment method is legal worldwide and no government has taken actions against it yet. Even if there were many questionable activities linked with this currency, its current growth is a clear indicator that it’s here to stay. Anyone who has $920 can purchase a Bitcoin and use it as it pleases, on websites that accept this payment method.
Luckily, many of today’s online casinos encourage players to place a deposit via Bitcoins and that doesn’t necessarily mean they are shady. Since 2008, this currency has reached its peak with a market cap of $15 billion and it surely continues growing. It’s actually a very smart move to invest in a couple and hold on to them until the experts advise so.
At this moment, the Italian scene is waiting for Ricchiuti’s next move and hopefully, she will be able to expose everything that’s going on behind closed doors. Truth is, this type of activities is hurting the reputation of this currency and, although people are still interested in investing in it, authorities are starting to build up against.
NetBet, one of the leading online casinos in the gambling market, was the first verified operator from the UK that has implemented Bitcoins. It was shortly followed by The Isle of Man and we can expect to see a worldwide spread of this method.
As for players, if you’re thinking about using Bitcoins as a deposit method, here are a couple of advantages keeping in mind:
- Privacy: since it isn’t centralized by any government, the owner is the only one who has full control. No one can take them away.
- No taxes: the purchasing process is tax-free. There are no regulations over these transactions.
- Inflation does not apply: a maximum of 21 million Bitcoins will be issued and they will not be poured into the economy.
- Easy transaction: once again, the transaction fees are almost nonexistent.
- Safe and secure: unlike other methods, no one can steal your personal information. Once you buy it, it’s yours and yours only.
- Popular amongst gamblers: transactions made through Bitcoins are not only safer but also way faster.
- Popular amongst casino operators: since there are no third-party implications, casinos have full control over transactions.
Even though there are many advantages to this method, there are also a couple of disadvantages that you might want to consider:
- A bit too modern: what I mean by this is that Bitcoins are still considered an experiment. It hasn’t been on the market for that long and people are still concerned about a possible decline.
- It’s constantly changing: due to its fluctuations, the value can suffer dramatic changes.
- It can only be used online: moreover, it can only be used on websites that have implemented this method. It cannot be used at your local mall!
- May encourage criminal activity: since there is no way to keep track of these transactions, many illegal activities can occur throughout Bitcoins, as we have seen with the Italian Mafia.
If you already purchased and wish to gamble via Bitcoins, it is advisable that you do a thorough research regarding casino policies. Find the one that is suitable for your needs and also make sure it is licensed and verified. There are many fraudulent businesses that are only looking for quick money and have no intention of paying their debts.
What can we expect in the future? The fall of the Bitcoin is quite unlikely but authorities will have to do a better job in stopping crimes that use this technology as a cover up. In fact, more and more players are excited about experiencing online gambling with Bitcoins and, with such wonderful review already, it will certainly replace other methods.
The only thing that players are curious about is whether there will ever be a way to use these coins in land-based casinos for games such as poker and roulette. Just imagines staking up Bitcoins instead of chips! Unfortunately, this is still Sci Fi and, if it were true, Bitcoins would become just another currency that must comply with the same laws as the others.
In the end, we are all curious to see what BTC has in store for its users and how business owners will get creative and use this technology. After all, if giants like PayPal have accepted it, there is no doubt that Satoshi’s invention will make history and we can expect more brilliant companies to make the switch or at least include the possibility of using BTC as a viable, safe, and fast payment method.
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