What can regulations do for Bitcoin?
Even if Bitcoin is still considered to be in its infancy stage, the cryptocurrency has already gone witnessed various ups and downs. Long-time users of the virtual currency coined a time during the first release of the virtual currency, as the ‘primitive’ days. Back then, hostile users roam around with Bitcoin and use it freely and without challenges. It was a time when the word regulation was a blasphemy if mixed in with conversations. Everyone wanted the freedom that came with using Bitcoin–most especially in online gambling–the anonymity and the fact that no government and banks control the currency. But, as Bitcoin evolved, everything with it also did. Esports, online gambling, and economics.
Today tells a different story. Regulation and licensing contribute as a vital role in the online gambling industry. Standards require casino games to be audited, wherein the random number generator (RNG) needs to be fair and safe, while also endorsing responsible gaming or in other words, does not contribute to more gambling addicts.
The main focal points: esports, economics, Bitcoin, and online gambling, when paired altogether is a massive thing. The three complement one another. Why might you ask? It starts with Bitcoin, functioning as a proven solution to the problems that esports and online gambling face. Most likely when both of them are combined, they face larger issues with banking and restrictions. Bitcoin, and select cryptocurrencies, fix these problems. But when regulations come in, it is even better.
Regulating Bitcoin, why is it important?
Many countries have shown interest in regulating cryptocurrency activities, and we can only expect it to slowly make its way to proper regulations. Russian President, Putin has already stated his interest in Bitcoin. Other countries like Venezuela, that are currently experiencing hyperinflation in their economies are paving its way into a Bitcoin state.
Online gamblers side by side new players coming in are not completely free from the leash of restrictions. Thankfully, these are challenges Bitcoin and its unique characteristics can address. The gambling industry was one of the first to use the cryptocurrency and blockchain technology, which unlocked the potential of anonymous betting, provably fair, and other endemic qualities that enhance online gambling experiences. As this evolves, it will open doors to new regulatory methods that can further attract the interest of players. With regulations further strengthening the foundations of Bitcoin gambling, the community can expect a more stable, and trouble-free betting environment.