Bitcoin Eyed to Solve New Efforts to Ban iGaming
The status of the online gambling industry in the US is currently in hot water after two Republican senators running for President unveiled their unified views against the continued legalization of online casino gaming in the country.
It was only in 2011 when this independent industry received the ‘blessing’ from the justice department to legally operate in the country. Since then, it was a peaceful run for the iGaming community.
However, senators Lindsey Graham of South Carolina and Marco Rubio of Florida have structured a proposal to illegalize online casino-style gaming in the country once again.
Through the Restoration of America’s Wire Act, the 2011 decision made by the US Department of Justice would be overturned, bringing the once peaceful iGaming industry back to the murky shadows in the eyes of the law.
With new efforts to shun online gambling, bettors are looking at the possible role cryptocurrencies like Bitcoin will play in saving the thriving industry.
Bitcoin showers rays of hope to online gamblers
Notwithstanding the threats that hint the impending demise of the online gambling industry, the benefits of Bitcoin recognized carry an effective arsenal to combat the visions of the proposed policies.
Considering that Bitcoin is dubbed as ‘the world’s first decentralized currency,’ it immediately received higher rates of adoption; thanks to its innovative technology that shows greater capacity compared to the fiat system.
Through the Bitcoin blockchain technology, the elements that are hindering fiat transactions, particularly the involvement of third-party regulators, are eliminated. As such, Bitcoin users are now experiencing faster and more reliable transactions with the cryptocurrency.
Moreover, Bitcoin is designed to function as a universal medium, processing transactions from any part of the globe. Transfers are done in a couple of seconds and are deemed to be more precise compared to its fiat counterpart.
Bitcoin positively negates government’s claims
According to Senators Graham and Rubio, the indications to outlaw online gambling roots back from their concerns toward the well-being of the American people, especially those who are vulnerable to fraudsters and those suffering from gambling problems.
Rubio emphasized that the Internet is a domain in which law enforcement has difficulty penetrating. Considering that online casinos operate via the Internet, regulation and authority are harder to enforce.
Granted that these are the points to further support the senators’ desire to illegalize Internet gambling, Bitcoin in online gambling is not affected by any of these notions for the simple reason that Bitcoin is not recognized as legal tender.
Bitcoin overhaul—better for the online casino industry
With a secure, verified, and fully functional network, Bitcoin will assume a greater role as the government’s regulatory policies will rather be pointless should the proposed bill receive the green light.
Regardless if the legislation is put to realization or not, online casino venues can now freely operate with Bitcoin as its prime betting medium, thereby increasing the number of gamblers who can experience playing Bitcoin games. If the US government wishes to obstruct this current structure, it will require an immense amount of time and effort to topple down a decentralized network where everyone is united.
Nevertheless, the online casino industry still has might to fight back its near-inevitable extinction through Bitcoin. Several Bitcoin gambling sites operating today cater to the US players. Poker aficionados may join tournaments on Americas Cardroom and BurnTurn while casino enthusiasts can wager on the popular games on BetChain Casino and Anonymous Casino, among others.