It’s not more than a few years since cryptocurrency took fame, affecting different country’s economies and businesses. In the cryptocurrency world, Bitcoin has made a remarkable breakthrough in moving different businesses forward with a lot of benefits, but nobody seems to talk about the issues associated with it. It’s true that the implementation of Bitcoin in Canadian online casinos has been beneficial in different ways possible.
However, when it comes to issues associated with casinos utilizing bitcoin, there are a few problems that left unattended. These problems have been wreaking havoc on casinos that utilize Bitcoin or other cryptocurrencies as a payment method. With this implementation of cryptocurrency, it will be hard to determine Bitcoin gambling legal casinos in Canada, as everyone will be subjected to playing anonymously.
Here are a few of the issues associated with casinos that utilize Bitcoin:
- License issue
With bitcoin gambling casinos in Canada, it will be hard for the government to have access to casino gambling activities. The legality of casinos will solely be dependent on online casino reviews because they don’t need to hold licenses issued by any jurisdiction. It will be beneficial for casinos in saving a huge amount of money from applying for licenses but for Canadian players, it will be hard to determine between certified and non certified casinos.
- Bitcoin is a Volatile Currency
Bitcoin as a volatile currency can be a huge drawback in the casino industry. As the exchange continues to rapidly increase and decrease, which can be disadvantageous to players in most cases of a price decrease.
- Delay in Withdrawal
Even though most casinos in Canada have started implementing the use of Bitcoin on their website. This innovation is still at its early stages and some casinos are manually processing transactions because of security. Bitcoin transactions are known to be fast but when it’s manually approved by bitcoin casino websites, it will take more time than other payment methods before withdrawals are processed.
- Claims of Frauds
Cryptocurrency such as Bitcoin is currently trending. However, at the initial stage of establishment, there were a lot of claims about it being similar to the Ponzi scheme, which is still scaring a lot of people from investing. Even though a lot of casinos have implemented bitcoin slot machines for players to enjoy and improve the gambling experience, not every gambler dares to make use of the casino bitcoin platform as a result of claims of frauds.
With the harsh experience investors have passed through in the Ponzi scheme, it’s hard to clear all of their doubt that businesses such as casinos that utilize Bitcoin are real. According to the view of our superior Daniel Bennet here, the cryptocurrency initiative has just begun and there’s a sign that things will change in the future where every business accepts the use of Bitcoin.
- Cyber Criminals and Hackers
There have been a lot of cases where cryptocurrency owners lost their funds to hackers. And for a new innovation of online casinos making use of cryptocurrency such as Bitcoins will lead to gamblers having a fear of losing their funds to hackers or cybercriminals. Most of these online exchanges lack adequate security protocol for safeguarding people’s crypto assets. The best way of keeping cryptocurrency assets safe is by storing them in an offline wallet.
However for a gambler to play an online casino that makes use of cryptocurrency such as bitcoin. The coin will need to be stored at an exchange, which might lead you to the hand of hackers. The best option of keeping your fund secure from hackers and cybercriminals is buying directly from an exchange without disclosing your offline stored assets.
The implementation of Bitcoin on online casinos has brought a lot of benefits along with certain issues associated with its usage as described above.