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A Volatile Bitcoin turned into a Doubtful Casino Bet

March 13, 2019
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Volatile Bitcoin Gambling

By the end of 2017, one bitcoin traded for as high as $20,000, nonetheless has now dropped to below $4,000. Anthony Cabot, Distinguished Fellow in the Gaming Law said to use bitcoin or any other cryptos to stake is “at best, a long way off.”

Moreover, he pointed out that licensed, brick and mortar casinos will not consider using bitcoin until they are more conventional. Before using bitcoin in casinos, regulators have to see significant guarantees, casinos can identify the person and their source of the funds.

This is a concern for anti-money laundering exertions, Cabot explained. Nonetheless unlawful online gambling sites might be willing to disregard money filtering given the secrecy of cryptocurrency and its problems with being traced and regulated.

cryptocurrency casino gambling

No cryptocurrency website gambling is allowed in any state or tribal gaming venue. The founder of Standpoint Research and an advocate for Bitcoin investing, Ronnie Moas, says “it makes you wince when you hear this two, bitcoin and casinos in the same line.” Bitcoin is related to being troubled in secrecy and casinos factually have been seen as having stalemates with organized crime.

Blockchain For Recordkeeping

Using blockchain for casino record-keeping, it makes sense. However, Cabot wonders if it is worth the trouble to change your systems and work through any essential regulatory and interior control changes. Regulators want to review the systems that are used to protect gamblers data and convenience, Cabot explained.

Bitcoin Versus Blockchain

Unless you’re a key cryptocurrency enthusiast, chances are standings such as “blockchain” and “bitcoin” can blur. Bitcoin is a digital currency and can be self-governing of the blockchain. The blockchain is a deal ledger. Among its security benefits is that information is encrypted directly and has limited accessibility.