Through this article, we’ll review the main reasons why blockchain has had such an impact among gamblers and we’ll analyze the most important consequences of this mix.
Since the very beginning, the combination of cryptocurrencies and online casinos showed to be a perfect match, online gambling has been showing a notorious growth in popularity in recent years, that of course matched perfectly with the incredible popularity trend of cryptocurrencies. Both reputation trends allowed to captivate more tech savvy gamblers to certain online casinos.
Cryptocurrencies started gaining popularity at online casinos not only due to their increase in popularity, these currencies offer special benefits that other traditional funding methods at online casinos can hardly compete with.
Firstly, is the discussion of whether cryptocurrencies are considered as currencies or not by local laws, as several countries don’t classify them as other currencies; gambling with cryptocurrencies isn’t betting with real money, therefore gambling legislation don’t apply for them.
Allowing users to gamble online in some places where the legislation forbids real money betting, offering secure and transparent transfers and the very low fees per transfer, are the main factors that intervened in the positioning of cryptocurrencies at the online gambling industry.
As it could be expected, bitcoin was the first cryptocurrency to gain terrain at online gambling platforms, little by little more online casinos started adding it as a payment method available at their sites, however bitcoin followed another trend within the online gambling industry; the rising of new, small and specialized gambling platforms.
In latest years we’ve witnessed casinos , specialized casinos that only operate with this cryptocurrency.
However, the expansion of cryptocurrencies was very accelerated and, in a short period of time, several new cryptocurrencies appeared in the market, so online gambling platforms understood they needed to increase their funding method listings to include the most popular ones among gamblers, a small group of cryptocurrencies gained great position within the gambling industry, in addition to bitcoin, coins like: , Litecoin, Ripple and Dogecoin are some of the most reputable cryptocurrencies that you’ll find in the vast majority of online casinos.
Another important trend that is revolutionizing the online betting system are the blockchain gambling platforms. Using blockchain technology several companies are now offering a different betting system, a more fair and transparent one that gives users instant access to earnings, trackability for every transaction and also 0% house edge.
An important aspect of blockchain casinos is that they are not necessarily restrained to payments with cryptocurrencies, the usage of blockchain technology offer multiple advantages for online gamblers and having the possibility of using their preferred payment method is also one of them.
Last but not least, there’s a very specific market segment that has seen cryptocurrencies as a special added value for their growth; eSport betting platforms.
The community has been not only growing in popularity but also strengthening the relation with its fans, the clear expansion of this industry has also been translated in more eSport tournaments covered by online bookmakers and also by the appearance of specialized eSport betting platforms, among which a great number accept cryptocurrencies as a payment method.
However, there are some platforms that decided to take one step forward; companies like created their own cryptocurrency (Unikoin) to place bets on their platform. Unikrn is one of the biggest eSports betting platform that cover a wide range of tournaments around the globe, and found a way to cover American gamblers as online sport betting is still mostly prohibited in the United
States, betting with this cryptocurrency is legal because it can’t be changed in other cryptocurrencies or money, instead; gamblers can use their betting earnings to enter to raffles and jackpots to acquire game items and more Unikoins.
The list goes on, everyday more companies at the online entertainment industry look at cryptocurrencies as an innovative way to attract more users and the online gambling market keeps showing disruptive ways of making it one of their most relevant growing trends.
The post appeared first on .
The Chief Scientist of Quebec, Rémi Quirion, has published a document rejecting the popular “myth” that illicit transactions are among those for which bitcoin is principally used. Quebec’s Chief Scientist is closely associated with the Fonds de recherche du Québec (FRQ) – a publicly funded institution dedicated to “providing support for the production and dissemination of knowledge.”
Also Read:
Quebec’s Chief Scientist Dismisses Claims That bitcoin is Commonly Used for Illicit Purposes
Rémi Quirion, Chief Scientist of Québec
Mr. Quirion asserts that “bitcoin is often blamed as a good tool for crime or money laundering,” adding that “Even Christine Lagarde, president of the International Monetary Fund (IMF) recently called for more regulation of cryptocurrencies to counter illegal activities.”
Whilst the acknowledges that bitcoin can be used as a means to achieve greater anonymity whilst conducting transfers, Mr. Quirion states that “the facts do not support the theory” that criminal use of bitcoin is widespread.
“Pseudonymity” Deters Criminals From Widespread Adoption
Quebec’s Chief Scientist that bitcoin offers it’s users “pseudonymity,” rather than total anonymity, which detracts from its potential illicit utility.
According to a rough translation, Mr. Quirion quotes cryptocurrency analyst, associate researcher at the Montreal Economic Institute, Jonathan Hamel – who has argued that the public nature of bitcoin’s blockchain detracts from its anonymity. “Every transaction is transparent and public. They are indeed recorded in a kind of ledger whose copies are distributed among thousands of computers.”
Cryptocurrency analyst, Erwan Joncheres, is also quoted in the document as arguing that “The anonymity of bitcoin is a myth.” Mr. Joncheres has argued that bitcoin is “no more transparent [than] money, because you have to go through a platform where you have to give personal information,” adding that at a bare minimum, information pertaining to “the address of the transmitter and that of the receiver” is recorded by a third party that facilitates the transaction.
Illegal Transactions Comprise Less Than 1% of bitcoin Circulations
The document points to research conducted by the “Center for Sanctions and Illicit Finance of the Defense of Democracies Foundation” that, after analyzing bitcoin transactions executed between 2013 and 2016, found that only 0.61% of trading transactions in the period were deemed to be with illegal activities.
The Chief Scientist also points to center’s findings that illegitimate transactions within the bitcoin economy are extremely centralized, further undermining the suggestion that illicit activities pervade the bitcoin economy. Said research indicated that less than 10% of anonymous free markets were responsible for 95% of illicit transactions involving bitcoin between 2013 and 2016.
As such, Mr. Quirion argues that “The claims of recent years that some of the bitcoins would be used to circumvent money-laundering rules must, therefore, be questioned.”
Money Laundering in Crypto “Anecdotal,” Says Researcher
Mr. Quirion similarly rejects associations between tax evasion and bitcoin, quoting Canada Revenue Agency Communications Officer, Karl Lavoie, as stating “It’s just like money and you have to declare what you’re doing with it.”
Mr. Jonchères has also dismissed assertions that bitcoin and money laundering go hand-in-hand, stating “I think that tax evasion and money laundering are anecdotal on cryptocurrency networks. Since bitcoin is transparent, it will be very easy to identify all the people trading on an online exchange or portfolio platform.”
The document concludes that “bitcoin is not above the law, nor is it a magnet for illicit transactions: it forms only a tiny part of the criminal money circulating around the planet” due to it being “less attractive for anyone who wants to make transactions without leaving a trace […] Ultimately, the user must also take responsibility, […] In case of loss or theft, there is no 1-800 number to recover its bitcoins,” Mr. Quirion stated.
Do you agree that mainstream claims that cryptocurrency and criminality go hand-in-hand are unevidenced? Share your thoughts in the comments section below!
Images courtesy of Shutterstock,
Want to create your own secure cold storage paper wallet? Check our section.
The post appeared first on .
