How Will Bitfinex’ Situation Affect the Bitcoin Casino Market?

Apr 18, 2017
How Will Bitfinex’ Situation Affect the Bitcoin Casino Market?

The largest Bitcoin exchange once again caused a stir in the Bitcoin community. The current situation of Bitfinex, which became a hot topic last year after falling victim to a wide scale hack, stressed the exchange would no longer accept wire deposits.

The Hong Kong-based Bitcoin exchange announced yesterday that the Taiwan banks it is associated with would begin to block and refuse all incoming wires to the exchange beginning today. Bitfinex released a statement on its website that this covers all fiat currencies, and therefore advising customers to not send wire deposits.

This news directly concerns all Bitfinex customers, but this affects the global Bitcoin community, including the Bitcoin casino market. Bitfinex functions as one of the primary venues through which players can trade their bitcoins and fiat currencies.

Not having the means to deposit fiat to buy Bitcoin on their trusted platforms may affect their betting behavior. However, there seems to be more than not being able to deposit.

Could it be another Mt. Gox incident?

It became inevitable as some began to speculate that Bitfinex might end up like how Mt. Gox did. Mt. Gox, which ruled over the Bitcoin exchange market in the early years of Bitcoin, caused the Bitcoin market to crash after losing $600 million to hackers. It became clear later on, however, that its CEO then, Mark Karpeles, was involved in the heist.

Bitfinex stops accepting wire deposits

Karpeles compared the situation of Bitfinex now with what Mt. Gox experienced. He pointed out that an intermediate bank also blocked the exchange’s international wires, and further caused Japanese banks to close the Mt. Gox accounts later on.

The Mt. Gox speculation is just one that stemmed out from the recent Bitfinex suspension of wire deposits. Bitfinex, however, reiterated days before that the funds are not frozen, the exchange is not insolvent, and that no US banks hold any of the customer funds.

What would become of Bitfinex, which received nods for creating a new scheme to address the lost funds after the hack, still remains uncertain.

Alternative means to trade bitcoins

Although Bitfinex is the largest Bitcoin exchange, there are still other platforms where players can trade on. Bitcoin users can buy and sell bitcoins at Coinbase, while players can avail themselves of the services provided by other Bitcoin exchanges.

Moreover, bettors can load up their wallets through Bitcoin ATMs installed in key locations. To date, more countries now have these machines installed. Players can simply perform transactions through these ATMs in order to give their wallets the right amount of bankroll they intend to spend.

There is no denying, however, that the current situation of Bitfinex is alarming. But despite its non-acceptance of wire deposits, players can expect the Bitcoin casino market to continue providing fun and entertainment paired with key benefits not found elsewhere.

Bitcoin casino players can still play their favorite Bitcoin roulette, slots and table games while also enjoying the different casino bonuses up for grabs.