Bitcoin, the latest currency at online casinos, benefits players by being entirely digital, free from national regulation, accessed around the world and can be traded with complete obscurity.
Disadvantages of Bitcoin, however, is that there is a limited supply of the currency and it does not have official recognition, making it more volatile that other currencies.
At the moment, Curacao is the only online gambling regulatory jurisdiction to have given its licensees approval to accept Bitcoins although the Isle of Man Gambling Supervision Commission has proposed that its licensees accept transactions made in bitcoin currency. However, it is still awaiting acceptance to be granted.
Ever since the UK Gambling Commission declared Bitcoin to be an acceptable method of payment, online casinos licensed in the UK are contemplating eventually adding Bitcoin to the list of currencies available to their players.
The updated version of the License Conditions and Codes of Practice (LCCP) released by the UK Gambling Commission is due to come into effect on Monday, 31st October 2016. Those wishing to peruse the LCCP should check out the section addressing the “cash and cash equivalents, payments methods and services” where online casinos licensed by the UK Gambling Commission will find instructions on how to carry out relevant procedures and policies with regard to the usage of cash and cash equivalents by customers.
The Malta Gaming Authority finds Bitcoin to be a dicey proposition and is not allowing its licensees to accept the currency for the moment.