Gamblers especially appreciate the privacy of their data, and appreciated the anonymity when using cryptographic currency in online casinos. This increased the speed of payment of jackpots, bonuses, prize money and made it easier to withdraw money. The volume of such operations in 2016 exceeded 45 billion dollars, and this is given that bitcoin is still used in a small part of the gambling market. Over the next two years, the popularity of crypto casino stakes has increased significantly. For example, in sixty bitcoin casinos there are 337 bets per second with 3 VTS per minute, in total 24.5 billion crypto bets during this period.
Since Malta’s status as a “Blockchain Island” in the Mediterranean Sea has been confirmed, interest in ICO and virtual currencies has increased dramatically. Modern technological innovation is rapidly entering the financial sector and this provides an opportunity to address a number of challenges in the gaming business, both for investors and for players and regulators.
The Malta Financial Services Authority (MFSA) has been active in dealing with issues related to the risk of possible fraudulent schemes in ICO, as well as monitoring with particular attention the use of bitcoins for money laundering.
Blockchains and Distributed Ledger technologies have many tools to prevent such risks. Positive results already make the use of Blockchains promising in the financial sector. More and more often there are calls to allow opening bitcoin deposits and making payments in cryptov currencies. Many countries, including the EU, allocate funds to develop and improve such technologies.
For example, Coldman Sachs, the world’s leading investment bank, has already introduced crypto payments into some of its digital projects and has launched a special service for bitcoin futures trading. In the real world, technological progress is inevitable and this gives hope that cryptocurrency will soon be officially recognized in most countries. However, only the strongest among many already known and newly emerging cryptov currencies will win in this struggle.