Gambling with Bitcoin Likely to be the Next Big Thing in South America

Bitcoin Latin America

Although Ecuador may have shut its doors on Bitcoin, Venezuela is likely to sing a different tune. The country’s currency, bolivar fuerte, is currently at risk due to inflation, with several locals believed to be unbanked.

In fact, Kevin and Victor Charles, the men behind Venezuela’s first Bitcoin exchange, estimated the unbanked citizens to be at 70% of the total population.

With the likelihood of Bitcoin to take over the troubled currency, the US-based brothers launched SurBitcoin to enable Venezuelans to use bolivar in buying and in selling bitcoins.

The open-sourced platform, which banks on the services provided by BlinkTrade, is different from other online exchanges since it requires users to provide personal information like the real names, photo ID, and physical address.

SurBitcoin, however, will go live only when it has listed 200 members.

Meanwhile, the digital currency is lavished with optimism and friendlier feedback in Argentina, especially now that its peso continues to slope down.

Just recently, it has been reported that more than 8,000 convenience stores in the country will sell Bitcoin through Ripio, a new service offered by BitPagos, whose aim is to influence the region to adopt Bitcoin. Now, a local Subway franchise already accepts the digital currency as a form of payment.

As such, the favorable response by the Argentines with regard to Bitcoin may hint of the country’s significant role in speeding up the cryptocoin’s adoption rate in South America.

The Future of Bitcoin Gambling in South America

With the progress the digital currency has in these two Latin American nations, the future of Bitcoin gambling in the region seems brighter than before. With the Venezuelans having an easier and faster method to purchase bitcoins, using it as the primary payment mode is not far from happening, just like the case in Argentina.

Curacao, which lies off the coast of Venezuela, is a hotspot for e-gaming licenses; that is why it did not come as a surprise that many Bitcoin casinos and sports betting websites have opted to acquire their licenses from the Curacao Internet Gaming Association., BetVIP, and are just some of the Bitcoin gambling platforms that are licensed in Curacao and can be accessed by betting enthusiasts from across the globe. However, with the positive attitude of Argentina and Venezuela toward the peer-to-peer digital currency, the South Americans may just find their renewed interest in online gambling using Bitcoin.