2017 was a good year for Bitcoin and other cryptocurrencies and they significantly rose in value. From trading at a high of $700 on average in January 2017, Bitcoin closes the year trading at a high of $14 000 on average. That is a massive increase. However, despite this massive increase, many still remain sceptical about Bitcoin’s rise mainly due to the reluctance of governments to embrace Bitcoin.
As a way of filling in the gap being left open by governments due to the failure or rather reluctance of embracing Bitcoin as a medium of exchange, a new player has emerged and has taken full advantage, casinos. By fully embracing Bitcoin as a medium of exchange, casinos have offered a pathway for Bitcoin to reach more people. It is now possible to use one’s Bitcoin on various online casinos to play different casino games including live roulette online, blackjack, baccarat, craps, slots and many others.
Casinos registered under the Malta Gaming Authority were the first to accept Bitcoin as a payment method. This enabled many people who had accumulated Bitcoin to use their BTC online. After realising the ease of which doing transactions online using Bitcoin was helping the government of Malta develop, the government of Canada soon announced that it was regulating Bitcoin and all casinos operating in the country were free to transact using BTC. The development came as a welcome surprise to many Canadians who had started investing in Bitcoin.
Canada’s decision to accept Bitcoin firstly at online casinos soon spread to other sectors of the economy as more and more people became aware of Bitcoin. In the end, Canada had to open Bitcoin ATMs where Bitcoin investors would withdraw the Canadian dollars equivalent to the amount of Bitcoin they have. In the process, Canada became the first country to open Bitcoin ATMs, a decision that was later emulated by the government of Malta and for some period the government of China before it later made a U-turn and deregulated Bitcoin.
The beauty of online casinos is that besides offering a pathway for more Bitcoin users, they also operate as Bitcoin ATMs. One can deposit funds in the form of BTC but is free to convert the BTC and withdraw his funds in the form of conventional currencies depending on his or her preference of currency i.e. whether US Dollar, Euro, Canadian dollar or any other currency supported by the casino.