Recent gambling legislature in many territories and the moral ambiguity of the industry has created intense debate about the ethics surrounding online gambling, Easy slots online slots website is very high on ethics. In the United States wire transactions relating to gambling are outlawed, meaning that the online industries fail to permeate such a vast area of target audience.
Despite federal law, four states including Delaware and New York allow online gambling. However, with such a vast market going undiscovered, betting operators are scratching their heads searching for ways round these strict laws.
Crypto currency is just one of the methods being used by stealthy betting companies to get around the laws that many territories set. Although US legislature outlaws online gambling they only stipulate transactions for US currency or actual currency that is used by the global bank. Bitcoin, is not an official currency, despite its meteoric rise in value.
Many gambling sites are taking advantage of the bitcoin loophole and gaining access to a market that even the big names in the industry are yet to conquer. Sites like Fortune Jack and Primedice are leading the way in the industry but the question remains above how long they will be able to enjoy their freedom in the market.
It’s thought that there’ll be two potential outcomes;
The first and most likely scenario would be for the American government to take a deeper luck into the bitcoin economy and the markets it’s populating. Its popularity is quite often used for more covert financial dealings. Often Bitcoin is used across the Dark Web to buy drugs and other illegal items.
The rise of bitcoin in the US online gambling market could expand faster than the government control, creating an irreversible beast, similar to the drug trade where there’s nothing that can be done to stop it. If the Government can pass a bill to include Bitcoin into anti-gambling law then they may succeed in reclaiming the market.
This method may lead to the US market rethinking their stance on online gambling with bitcoin acting as the litmus test for the revenues that can be created. Bitcoin is often hard to quantify though as it’s not an official currency, it exists in an online stock market where nobody in particular holds the keys. Nevertheless, I’m sure the power and might of the US will find a way to stifle or to bend Bitcoin gambling into their favour.
As legitimate gambling operators across the world hone their crafts in land-based and online casino betting they will take their expertise of the market and invest heavily in bitcoin gambling in the territories that possess the grey areas. Because Bitcoin is a decentralised digital commodity it’s hard for the government to have any say on its development.
Many gambling operators will flood underground online markets in America and China hoping to gain a slice of the pie and huge segments of under utilised demographics. This will create a gold rush in the market and in turn will most likely reduce the worth of Bitcoin.
While the US market will be capitalised on by the front runners and many more after it, it will most likely establish Bitcoin as a credible cryptocurrency that could shake the great economies of the world.
The power of Bitcoin
Owing to the decentralised nature of Bitcoin it’s impossible for governments to gain a foothold on the currency unless they embrace it fully. It’s said that there’s nearly 6 million people currently using Bitcoin across the world with its popularity only rising. Well established figures both in the government and from banks like JP Morgan have expressed their distaste for Bitcoin with many describing it as a Ponzi scheme for the Government.
It’s clear that the authorities will be closely monitoring the volatile cryptocurrency and that they are on the ropes. For now, Bitcoins volatility is just waiting to be taken advantage of, will we see a revolution in industry in a similar way to what the online boom brought. Bitcoin is the next frontier on online gambling.