If you’ve paid attention to financial markets in the last 6 months or so, you’ve probably noticed some turbulence, created by financial institutions and so called “retail” traders. Decentralized Finance (DeFi) will most definitely play a big role going forward, as many of our generations are already starting to lose hope for financial markets – led by billion dollar hedge funds and reserves.
Decentralized Finance gives people the freedom to distribute their wealth however they see fit, without worrying about 3rd party providers (banks, card readers, money transfer, and hundreds of other middle mens). This will also mean that depositing to online casinos are going to get even easier in the future. The only problem with cryptocurrencies are, that if you pay a 1 BitCoin today (okay, now it would be quite a lot, as bitcoin is valued at 60 000 USD as we speak), it could be worth 1.25 bitcoins tomorrow.
Too easy for the criminals?
One of the biggest problems online casinos are trying to solve at the moment, is money laundering and the criminal activities surrounding that. Believe it or not, even some of the online casinos are laundering money (don’t worry, these are usually unregulated, black market operators that you wouldn’t even find online), and if they ever have the chance to circulate their cash flow through cryptocurrencies… I don’t know how that will be regulated.
Before European online casinos can turn their full attention to cryptocurrencies, they need to solve underlying issues with crypto’s, and the fact that it’s pretty darn difficult to trace transactions, because DeFi bases around anonymity.
When is the right time?
Nobody knows, but it could take several years before cryptocurrencies become a valid option for depositing to your casino account. There are already some operators who accept crypto’s, but the so-called mainstream hasn’t picked it up yet.
Arthur Dean is an ex Poker Player from JoBurg, South Africa who’s Poker Strategy books has been translated to over 6 languages.