Cryptocurrency Gambling Indeed, some quite order was long overdue. Over the past year, cryptocurrencies are experiencing price volatility unprecedented and ICOs are happening literally every other day. In 2017, the entire market capitalisation rose from 18 billion USD in January to an all-time high of 828 billion USD.
Nonetheless, the Chinese community are in surprisingly good spirits despite crackdowns. Online and offline communities are flourishing (I personally have attended quite few events and visited a number of the firms) and blockchain startups are sprouting everywhere China.
Major blockchain firms like NEO, QTUM and VeChain are becoming huge attention within the country. Startups like Nebulas, High Performance Blockchain (HPB) and Bibox also are gaining a good amount of traction. Even giants like Alibaba and Tencent also are exploring the capabilities of blockchain to reinforce their platform. The list goes on and on but you get me; it’s getting to be HUGGEE!
The Chinese government have also been embracing blockchain technology and have stepped up efforts in recent years to support the creation of a blockchain ecosystem.
In China’s 13th Five-Year Plan (2016-2020), it involved the event of promising technologies including blockchain and AI . It also plans to strengthen research on the appliance of fintech in regulation, cloud computing and large data.
The Current State Of Cryptocurrency Gambling in 2020
If you had any doubts about the relevance of blockchain technology in the future, the online gambling industry would have changed your mind. There are an official license and regulation for online gambling in most countries in the world. But when it comes to cryptocurrency gambling, it’s more complicated.
Right now, there are little interactions between the global regulatory authorities, and only a few countries have started the initiative to control cryptocurrency gambling. There’re countries that have initiated the process, but many wonder if they will complete the full regulation of the cryptocurrency market.
The primary concern is with the framework of cryptocurrency. Satoshi Nakamoto created the digital currency to eliminate the control and regulations that banks have on traditional currencies. Millions of people prefer to have full control of their money without any third parties charging costs and giving them instructions on what they can and can’t do with their money.
That’s the core reason why the growth of cryptocurrency gambling is expanding. Players want transparency, minimal fees, quick transactions, and full control of their crypto funds. The online casino software provided by Vegas-X is a perfect solution if you want to take care of all these things.
In this guide, we’ll discover the current state of the regulations, and how COVID-19 has affected crypto gambling.
Let’s get into it.