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3 Reasons Why Casinos Are Not Accepting Some Cryptocurrencies

Online casinos and cryptocurrencies are two very popular trends in recent years. Both of them represent a revolution for their industries by offering convenience, simplicity, and many other advanced options. When it comes to the casino industry, the most interesting fact is that most people today rather choose to play online rather than visiting some land-based resort. One of the main reasons for that is related to modern technologies where you can gamble over your phone wherever you are. On the other side, cryptocurrencies became one of the most popular trading assets in recent years, especially Bitcoin that is reaching new records in value these days, with a current price of around $35,000.

The main advantages of blockchain currencies are that they are decentralized, anonymous, and represent a great way to secure your assets, which many people find quite useful, especially these days, when, according to many experts, we can expect another recession that might get even worse than the one in 2008.

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Since cryptocurrencies are so popular, it is not a surprise that many online gambling platforms decided to implement the blockchain system and allow users to place deposits by using their e-wallets. Some of the main advantages are anonymity, security, and faster transactions. When it comes to transactions, many people find it annoying with standard websites because you will have to wait for a couple of days until you get the withdrawn funds. Each transaction made by e-wallet is transferred immediately.

Nevertheless, the selection of cryptocurrencies is limited, and in most cases, you could only use BTC, Ether, Litecoin, and several other options that are popular and has at least a decent stability with a lower chance to lose a significant value in a short time. Also, there are still many companies that refuse to add this feature to their platforms. Here are some of the main reasons why some casinos still don’t offer the possibility to use cryptocurrencies.

1. High Volatility

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The frequent changes in value are the main reasons why so many people are interested in trading with digital assets. While Bitcoin is the most popular option, there are many cheaper solutions as well. However, you will have to learn more and consider various factors that could affect the potential of some cryptocurrency to become more valuable over time. On the other side, the casinos consider this feature as a big downside since they could lose a lot of money in case some of the currencies they accepted became cheaper. Another issue is that there is no guarantee that any of these virtual currencies will become more expensive, and a lot of casino owners would still rather avoid implementing the ability to use an e-wallet for gambling. Even if they do, you could only use several most popular options.

2. Lack of Regulations

A lot of people are still questioning the future of the crypto market because these digital assets are decentralized which leads to the fact that there is no big financial institution or a country that can regulate and control the transactions made with blockchain. There were already many accusations that criminals are using this option for transactions since they can remain anonymous. Because of that, there is a constant fear that many countries could make most of the cryptocurrencies illegal.

There are already some countries that banned these coins, such as Vietnam, Algeria, Morocco, Bolivia, and Pakistan. However, if some of the highly developed countries like the United States, Japan, or European countries ban BTC and other cryptos, they will become worthless. On the other side, we can see that many of them are interested in finding a way to implement blockchain technology into existing monetary systems, and the market could become stable or even much more valuable if they find a way to include the taxation system for crypto transactions.

3. Issues with Taxes

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Online gambling is highly regulated and limited in many countries. For example, if you live in the United States, you could gamble only in particular places like Las Vegas or Atlantic City, while most other countries made gambling illegal. Some of them don’t even allow online gambling platforms. However, it seems like many of them will change these regulations in the future since online gambling is becoming more and more popular. On the other side, the issue related to the websites that accept cryptocurrencies is that you can avoid paying taxes by using only an e-wallet for transactions. Even though you will still need your ID for the registration, there is no way for the officials to check your transactions. Many countries require gamblers to pay taxes for their winnings, and using an e-wallet can help you to avoid that law. Still, some gambling platforms are not interested in allowing people to avoid taxes because they are worried that the officials might consider them responsible.

The Bottom Line

Even though implementing this feature might bring some risks, a lot of companies still decide to provide people with an option to place a deposit with an e-wallet. The main advantage is that they could attract more people to choose their websites. Still, the safest option is to allow only the most popular coins and tokens because that will bring fewer risks of losing money over time. Also, there are many benefits for the users as well, such as improved security, anonymity, better performances since blockchain technology allows the developers to create advanced software solutions, and you can have instant transactions.

We have to mention the welcome bonuses as well, where there are still many websites that avoid this feature since they are trying to avoid losses because of the high volatility. However, some are already offering this feature, and you could get 100% or even 200% in bonuses and free bet after you place your first deposit. The most common types of cryptocurrencies that are accepted are BTC, Litecoin, BCH, Dogecoin, Monero, and Ethereum. For more information about the best online gambling platforms where you can play with e-wallet, visit https://silentbet.com/crypto-casinos/