Are Bitcoins the future of gambling?
As we have seen in this review, Bitcoins lend themselves very well to being used for online betting. Very fast deposit and withdrawal times, particularly good for live bets, non-commissions and taxation payments and the ability to keep your personal and financial data safe are characteristics that appeal to all bettors. Curaçao and Isle of Man were the first Authorities to make the use of Bitcoin for online gaming legal. At the end of 2016, the English Gambling Commission, one of the most regulated dealers in the world, compared the cryptocurrencies to traditional payment methods such as credit cards and wire transfers, closely followed by the Spanish Dirección General de Ordenación del Juego. An opening to the use of virtual currencies is also being studied by the Malta Gaming Authority. In Italy, on the other hand, the situation is still different. The strict rules in force concerning anti-money laundering have for the moment led the Customs and Monopolies Agency not to express themselves on the subject. For the moment, therefore, the use of crypts for bets in our country is still limited. Studies by the Milan Polytechnic have shown that in reality the use of Bitcoin involves a low risk of recycling and in any case lower than traditional payment methods. There is therefore a high probability that cryptocurrencies represent the future of betting.
Are there alternative cryptocurrencies for betting?
In the course of this review we have often used the word “criptovalute” in the plural. This is because to all intents and purposes Bitcoins are not the only existing virtual currency, despite being the best known. Litecoin is very well known, using a protocol very similar to that of Bitcoins. Created by Charlie Lee in October 2011, in 2017 they saw an increase in their value equal to 4,800%. We tried to compare these two cryptocurrencies and the result is summarized by the image that our team has elaborated and that you can see below. Both electronic currencies have a fairly high volatility index, even if Litecoin is slightly lower and stands at around 3.62%. Both cryptomena allow in different ways to maintain confidential identity and use highly sophisticated security protocols.
Other well known cryptocurrencies are Ethereum, Cardano, Nem, Dash and Ripple. They all experienced strong increases in value during the year 2017, all higher than the Bitcoin itself. Ripple, the critpomoneta that has grown the most, has seen its value multiply as much as 35,000 times. Now that we have met the other Bitcoin competitors better, let’s answer the question: are there alternative cryptocurrencies for betting? In the state of things the answer is unfortunately negative, at least as regards the panorama of legal sites in Italy. But things change quickly and we are sure that soon, after careful regulation, the world of .it sites will open up to other alternative cryptocurrencies.
Bitcoin bets: a unique approach to online gaming
In this long review we got to know one of the hottest and most discussed topics of the last period, understand how it works and above all discover how it binds to the betting world. The sports betting with Bitcoin are still at the beginning and in this pioneering phase the only Bitcoin betting site in Italy is indeed NetBet. However, thanks to the characteristics of the cryptocurrency, among which we mention the very fast deposit and withdrawal times, management costs and virtually non-existent fees and high levels of privacy and security, Bitcoins have everything needed to establish themselves in the near future in world of betting, as it already happens in other countries of the world. Starting from 2009, the year of their creation, the cryptomete have come a long way and are now used everywhere. So we expect a regulation of the sector soon and that many other operators will follow the path of NetBet. To find out more about the betting world, visit our home page.