You may have heard of the new revolutionary online currency – the value of which is increasing exponentially each day, making it (alas slowly) the most valuable digital currency in the world. One of the great advantages of such an online currency is the potential for wealth building – for all of those who have access to a computer and the internet. Unfortunately, this great potential has also led to a parallel rise in ‘gambling’ or, more precisely, ‘online gambling.’
The legal status of Bitcoin gambling in the USA is still up in the air. In some states, bitcoin gambling is illegal in the USA. But as of now, 2020, the operating of virtual casinos under the terms of the proposed Unlawful Internet Gambling Enforcement Act comes into force. In the United States, online gambling is still one of the biggest industries driving its domestic economy.
As with everything else related to the legal status of this revolutionary new technology, the situation in the united states is still unclear. There have been some moves to criminalize both the individuals and the businesses involved in trading and gambling with this new form of currency. There is a possibility that the United States could soon pass legislation that legalizes the trading of bitcoins and facilitates its adoption within the country’s gambling industry. Although such a development seems inevitable, there are signs that the US government might still be receptive to the idea.
Recently, Las Vegas casinos have made large gains in revenue from their dealings with virtual currencies. At the same time, other parts of the world have taken steps to adopt the new medium. China has made official support for the idea, while Russia and Germany are also said to be considering it. The US is said to be wary of Chinese dominance in the field, especially since there is no clear regulatory framework in place. But there are already hints of an increasing acceptance of the bitcoin gambling industry by online games operators.
Many experts believe that the main reason why the two governments would collaborate is the fact that they are both interested in promoting gambling as a business opportunity. In China, they are looking to promote their own industry and attract more consumers to enjoy their online casino games. In the United States, they are trying to address the increasing number of credit card transactions without confirming the credit card user’s identity. This poses a significant risk considering the high incidence of identity theft.
There is also an economic element in the United States that makes it easier for the state to cooperate with China on its plan to run the bitcoin casinos. A significant portion of the profits from online casino sales go to the United States. China is seeking to take a leading role in that sector. If the government allows its currency to be accepted at these casinos, it will help the Chinese financial sector become more prosperous and will also attract more people to visit the various bitcoin gambling sites.
There is also another benefit that comes from having a live dealer. In a traditional casino, each person pays his/her bet based on the performance of that player. However, in live dealer casinos, each hand of cards is dealt to each player individually. There is no way for a dealer to know if a player has cheated. A live dealer system gives the gambler the advantage of dealing with a different set of cards, which are not memorized in the same way as in a traditional casino.
In fact, most major currency exchanges are now using the XBs as one of their base currencies. The major US Dollar and the Euro are often traded against the XBs. By exchanging the XBs for the major currencies, the casinos can eliminate trading fees. Thus, by allowing players to play in either the US dollar or Euro, the online gambling sites are able to increase their revenues by allowing players to play for less in a traditional casino setup.