The article above will be interesting to true fans of blockchain technologies, Bitcoin and other cryptocurrencies, and those who love the thrill of online casino games. The article was compiled by gambling experts. We will discuss how cryptocurrency and online casinos are connected, and should Bitcoin casinos stay licensed. In addition, we will mention the main advantages of casinos with cryptocurrency payments.
What is in the article?
- How successful are cryptocurrency casinos?
- Should Bitcoin games get a license?
Everyday we see more and more options where we can use cryptocurrency. The main reason for that is big interest from people and anonymity. As you know, blockchain technology allows the user to stay private and hide transactions and personal information. Therefore, one of the most important industries for using cryptocurrency is the iGaming sphere, which is gambling.
Gambling experts announce the statistics that says about the significant gambling industry growth that will exceed $530 billion by 2022, which is a lot. Moreover, cryptocurrency has a close connection with gambling, since almost half of the casinos provide transactions with bitcoins.
Why are cryptocurrency games so successful?
First of all, cryptocurrencies such as Bitcoin give access to the gambling market to players from countries where gambling is prohibited. Using cryptocurrency, it’s impossible to track your transactions. For example, players from Asian countries may raise suspicions among banks and authorities when making gambling transactions. However, this is not the best example, because there are difficulties with cryptocurrencies in Asia. Recently, China introduced strict restrictions toward operations with cryptocurrency. As a result, many people who have these digital assets moved to other countries. On the other hand, New Zealand has a more loyal attitude to cryptocurrency.
Secondly, for obvious reasons, players do not want to put down the game transactions on the bank statement. That’s why for many players, it’s very important to stay anonymous and be able to withdraw the winnings quickly.
And last, but not least, players who use cryptocurrency to top up the account can see that games are safe and fair. This is due to blockchain technology and smart contracts, which are part of cryptocurrency transactions. They allow increasing the trust in casino operators.
Should Bitcoin games be licensed?
Doing business in the gambling sphere, it’s necessary to open a corporate account with a bank and work with all popular e-wallets. In order to do it, an operator must receive a license from a reliable regulator. A license also guarantees the safety of players and quick help in case of trouble. Your interests will be protected by a trustworthy gambling regulator. But, when we talk about Bitcoin transactions, all payments are carried out without the participation of third parties.
The biggest advantage of cryptocurrency transactions is speed. Players can deposit and withdraw money almost instantly directly between crypto wallet and casino account. So, there is the question of the need for a license. Many Bitcoin casinos work without a license since blockchain technology guarantees safety.
On the other hand, for many people, Bitcoin casinos and traditional casinos are the same. They want to invest their funds in a reliable gambling environment and be protected by independent organizations. For such players, a license is an integral part of any online casino, including crypto casinos. Generally, a gambling license is a marketing tool that not only improves the reputation but actually protects players from fraudulent schemes.
Let’s conclude the benefits of playing online casinos with cryptocurrency payments. This technology has a high potential in the sphere of betting entertainment. Read these advantages before making your choice toward traditional casinos.
- You can top up an account with Bitcoins, and play with Bitcoins or other cryptocurrencies instead of dollars or euros.
- Safety and anonymity, and decentralization are the key principles of cryptocurrency.
- It opens the walls to casinos that work only with digital currencies.
- The fast transaction speed and the absence of commission that can arise when converting currencies make crypto casinos the number one choice.
Is it legal to pay by cryptocurrency in New Zealand?
Time goes on, everybody has heard of Bitcoin or Ethereareum and New Zealand is no different. However, regulation in this area is undeveloped, but if you intend to play at crypto casinos, you have to know the rules.
As the field is still undeveloped, someone may be confused in terms of terminology. There are alternative names for cryptocurrency.
- cryptographic assets, or simple “crypto assets”
- tokens or digital coins
- digital financial assets
- virtual currency
- virtual assets
New Zealand Regulation
Considering the tax situation, IRD perceives cryptocurrency as property. The government does not classify bitcoins or other coins as money. Basically, it is the same as company shares, property. According to the definition of blockchain technology, it’s difficult to regulate crypto transactions. All in all, it is impossible to identify a person who makes a transaction. So we can safely participate in online crypto casinos and take all the benefits of these payment systems.
Besides, the fast speed of commission of transactions and absence of the commissions which could arise when converting traditional currencies can’t but attract far-sighted users of online casinos.
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