Bitcoin casinos are already a reality and though the South African market is not exactly clear on how to use Bitcoin or whether it has a future globally, it seems that for many online gaming facilities, it is here to stay. Bitcoin was invented in 2008 by a Japanese creator who saw it as an online payment system in which no one ever had to touch money.
What is Bitcoin?
A virtual currency, which was developed to be used worldwide, it emerged as a non-traditional method of finance that had the potential to turn the world’s financial systems on their heads. Though it has grown in popularity in recent years, the European Banking Authority has stated more than ones that bitcoin does not carry the same security as other forms of currency, including the right to refunds or chargebacks. In the online casino industry, this brings to light a set of problems.
Bitcoin usage by criminals has been sky high in recent years, but this does not put a damper on its successes. For many casinos, being able to offer bitcoin options to clients could revolutionise online gaming, with no need to find Casinos Accepting Rand (ZAR) every time a South African player wants to try out their games. This could also be a good alternative for players who are not comfortable revealing their credit card details to online casinos and on the casino’s side, could reduce the number of incorrect chargebacks and requests for refunds.
Why isn’t Bitcoin being used already?
With the many advantages of bitcoin, many may be wondering why online gaming establishments are not already offering their players the opportunity to use bitcoin as a form of payment. Some casinos, aptly titled “bitcoin casinos” are in the process of being launched, but these are few and far between. Casinos currently cannot accept bitcoin for a number of reasons, the first of which is legality. Many countries have not yet had time to put legislation in place to protect their citizens against the fraudulent use of bitcoin, and as such, this means that Online Casinos cannot allow their players to use it as a form of payment.
Additionally, bitcoin has its own set of drawbacks, such as the issue of security. If you are hacked, what is stopping a criminal from clearing out your bitcoin account? With no financial regulators of this currency, who would stop them? Also, if a currency is virtual, why not simply “create more”? Unlike the paper currency of many countries, bitcoin does not exist in the physical realm, and as such, many criminals are seeing the potential of giving themselves more currency as and when it suits them.
It won’t be long before the kinks in this virtual currency form are worked out and bitcoin casinos become a reality. Are you ready for the virtual financial revolution?