The online casino industry has seen significant growth in recent years. The industry had not been able to reach its full capabilities in the past. This was mainly due to mistrust of online casinos and the laws of many countries were against it. This all changed with the introduction of Bitcoin and the blockchain technology.
Blockchain technology seems like it was made for online casinos. It gives users of the internet more freedom, especially when making online transactions. The introduction of smart contracts has further enhanced their freedom to transact. It also takes away the need for trust in online casinos because the blockchain is transparent and immutable.
The cryptocurrency market has seen better days. The value of most coins has dropped over the last few months and this had led to the creation of coins with utility functions instead of for investment purposes. More specifically there have been a lot of altcoins introduced for online casinos.
An example of such an altcoin is Dao coin (BET). This is a coin created to facilitating transactions and bets on the Dao casino. It can be exchanged for most major coins on an exchange but is mainly for use with the online casino.
Dao Casino recently released an update to their prototype casino. They have upgraded their dice, lottery and slots options. The Dao casino uses the latest frameworks to ensure they stay up to date with the future of blockchain. The Dao casino team works very hard to provide a fair gambling system that competes in the online gambling market.’’
There are thousands of online casinos that accept Bitcoin as payment. Bitcoin is an established and arguably the most successful cryptocurrency on the market. These casinos are your best bet when using cryptocurrency casinos. They are most of the time the most trustworthy ones.
mBitcasino and Cloudbet are your two most trustworthy bitcoin casinos to use. They have had many good reviews and accept Bitcoin as payment.
Cloudbet is one of the online crypto casinos to honour the upcoming Bitcoin fork. They are going to start accepting Bitcoin cash as well and are expanding their payment options.
They have been in the crypto casino business since 2013 and are one of the world’s leading crypto casinos. They can be accessed in nearly every location worldwide and are fully licensed and regulated for your protection.
They are currently offering all users who held Bitcoin in their Cloudbet accounts on 1 August 2017 the equivalent of what they held in Bitcoin Cash. They are the first crypto casino to offer this for the fork. This further establishes themselves in the industry as a dominant player.
To date, there have not been any licenses granted in The UK and the US. This means there is a huge gap in the market for crypto-casinos who are fully licensed in the UK or the US, two major gambling markets. There are rumors, however, that the UKGC (UK Gambling Commission) is set to issue a license to Edgeless.io.
If a UK or US based authority licenses a crypto casino it would cause the value of Bitcoin to skyrocket. Currently, Bitcoin is the main currency used by crypto casinos. Recently the UKGC added Bitcoin to its list of acceptable currencies.
Edgeless.io would instantly gain a huge segment of the market for crypto casinos if it were to gain a license from the UKGC. It would be the first fully licensed Bitcoin-only online casino in the UK. This signals a major investment opportunity upcoming.
This is the future of online casinos. Currently, there are many countries where gambling is illegal, like Malaysia for example. In Malaysia, Sharia law is in effect for the Islamic population. This makes up 60% of the population. Sharia law states that no Muslim shall partake in gambling, therefore, most of their population can’t gable legally.
Decentralised platforms, like the Blockchain, allow for anonymous and accessible gambling. This way anyone can gamble on online casinos without their location or identity being traceable. You can relax on your couch and play a hand of poker from your laptop and no one will know.
There are currently many companies that have released decentralized platforms where online casinos can operate using tokens. These tokens are essentially altcoins. There are no fully operational decentralized casinos to date, so it is an industry well worth having a look at.
Most Crypto Casinos are Bitcoin casinos. They are regulated and have the appropriate licenses, but most got them from countries run by dodgy politicians. So, while it’s all good and well that they have these official licenses and regulators certifying them, it may mean nothing if they were acquired in sketchy ways.
The laws are becoming clearer and clearer on cryptocurrencies and online casinos. Eventually, it will be commonplace to use only cryptocurrency casinos. It will become a taxed and regulated industry in most major countries and therefore be safer to use and much more reliable.
Recently there was a record winning amount of 160 BTC won on Cloudbet. The casino offers many different games including live dealer options, sports betting and other casino games. A Cloudbet user playing Baccarat won the record of 160 BTC which was worth approximately $750 000 at the time. Currently, it would be worth over $1 million.
It is now possible on most crypto casinos to be able to watch dealers live. This makes the game a lot more realistic and attractive. This means you can join an online table on your lunch break and play a few hands of blackjack or hit the slots if you’re feeling extremely lucky.
It is clear that there is no telling what lies ahead in the world of crypto casinos. The newest technologies are set to play a huge role in the development of this market. It is clear, however, that laws still need to adapt to the new age of cryptocurrencies if it is to be successfully integrated into the gambling world.
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