When online casino games started to flourish, casino operators and gamblers cared less about the regulation of casino sites. But now that the tables have turned, it would be a taboo for an online casino not to be regulated. It is now important to have a regulation of licensed online casinos. To make it clearer, the Random Number Generators (RNG) of the casino games must be monitored regularly for a guaranteed safety of online gamblers. In addition, online casinos must promote responsible gaming, provide regular depositors rewards and offer ongoing promotions for players to earn more rewards.
Bitcoin, a virtual currency, has a lot of advantages offered to online casinos, as well as to casino gamblers. With Bitcoin, all transactions practically charge you no fees at all. You won’t have to deal with chargebacks cashouts with Bitcoin are done quickly. Although anonymous, your Bitcoin transactions are transparent in a sense that it is completely visible but your identity remains unknown for you will only be providing a username. Because of this Blockchain technology, Bitcoin casinos are way more transparent than traditional casinos. Moreover, bitcoin provides a built-in security feature which defeats all fiat currencies.
Provably fair technology
Most Bitcoin casinos would declare on their site that they have ‘provably fair’ games. Well, this provably fair technology guarantees truly random and fair games to players. It works in such a way that the system makes use of a cryptographic algorithm using hash functions that are impossible to decode. Gambling crypto solutions must have a built-in Anti-Money Laundering (AML). More regulatory features and responsible gaming policies must also be added. For these solutions to be ensured, the regulation of online casinos becomes vital.
Bitcoin on the regulation of online casinos
Even though Bitcoin is well-known among online gamblers, it can manifest its full potential if it will be able to maintain its good working relationship in regulated online gambling markets (Nevada, New Jersey, UK and Europe). The Double C Foundation, an Isle of Man-based non-profit organization, was established to promote the use of cryptocurrencies such as Bitcoin in the online gambling industry. The anonymous nature of Bitcoin though makes it quite difficult for operators to impose strict terms and conditions that banks and regulatory authorities normally implement. Because of this, regulators must face Bitcoin qualities that might not comply with their own regulations.