UK takes a new approach with regulating bitcoins

Digital currencies are a hot topic nowadays. While the governments feel the thread of their fiat currencies becoming obsolete, the amount of bitcoin adopters has been growing ever since it was released. Every day someone releases new services and products designed for bitcoin users and, also, every day there are more and more old-fashioned businesses that start to accept bitcoin. All of this certainly indicates a higher adoption rate of the crypto currency, yet it does not tell us a lot about the whole legitimacy of it. When it comes to regulation, we can certainly say that it cannot keep up with the technology. However, recently there has been an important update released by the UK’s Gambling Commission and this update will have an enormous impact on the bitcoin gambling and online gambling as a whole.

As of 31st of October 2016 every UK regulated online betting or gambling company will be able to accept bitcoins, or any other crypto currency, as the mean of depositing. In other words, in just less than 3 months from now bitcoin will be seen just as cash…well, at least in the space of online and bitcoin gambling. And this is very important for three reasons.

First of all, such a practice will result in a significant number of a new bitcoin users. The UK represents a great market, especially from the gambling perspective, and an adoption of a new way of performing a payment will add a healthy volume towards bitcoin transactions

Next to this, it is a very important step in terms of bitcoin regulation. While the currency has been put in the shade by most of the governments, we can currency see a positive trend in terms of bitcoin regulation. The current update simply gives us another reason that bitcoin is here to stay and to be used as a regular payment system.

Finally, paying online requires both anonymity and security. Bitcoin can provide both of this, yet it also comes with some great speed of payment execution and also there might not be a single cost associated with it. This will certainly be beneficial for the gamblers.

Bitcoin gambling has been growing massively over the course of the last few years, and the reasons for this are very simple. Bitcoin, as a payment system, is simply superior to the current payment systems. Acceptance of the bitcoin by various gambling institutions allows them to serve their clients better, protect their online identity and, finally, move from internet payment systems to internet currencies.