Tech heads and fans of finance alike will have been keeping a close eye on the cryptocurrency revolution. It’s been gaining impressive momentum over the last decade. The first digital currency to utilize blockchain technology was Bitcoin, which many people thought was a flash in the pan that wouldn’t stick around.
Fast Forward to 2020, and there are now over 2,000 types of cryptocurrency. Twenty-five operators dominate the market and have been adopted by major companies as a payment method. Online casinos are one of the industries benefiting from digital currency transactions. However, this isn’t the case for casinos online in Ireland.
Although the mainstream use of Bitcoin is well established abroad, online casinos in Ireland are steering clear. Rather than following in the footsteps of other online casino operators, Irish operators remain suspicious.
Do our technologically-wary mammies run all online casinos? Below we’ll explore the key reasons why Ireland and a smattering of other nations are refusing to follow the crypto trend.
One of the core principles of digital currency is anonymity. It’s this element that grabs the attention of many and makes it a favourable choice for many.
The highest-authority online gambling licensors, the UK Gambling Commission, hold strict anti-laundering regulations. Therefore, anonymity is forbidden. To acquire this license and adhere to its rules, operators must agree to share all of its players’ identities.
The information that the licensor requires for transparency includes your age and address. Often you’ll also be asked to provide your occupation and proof of how you earn your money.
Despite the many security qualities of blockchain technology, there are still bad apples out there, exploiting the system. In the early days, especially, crypto got a bad rep for scams and hacking.
Furthermore, many people are wary of operations that support crypto. Unfortunately, it’s now known as the backbone of dark web trading and used by criminal organizations. Casinos prefer not to invite in these risks, and players feel happier knowing they aren’t helping to fund such activities.
Bitcoin is renowned for going through peaks and troughs in value. For investors, this can mean considerable profit when trading at the right moment. However, its instability is concerning for businesses.
Its inconsistent value has even forced many banks to ban customers from buying digital currency on their credit cards. Nobody wants their purchases to plummet in value through no fault of their own, so perhaps there’s a good reason why we shouldn’t fling ourselves whole-heartedly into the crypto trend yet.