What the Wire Act Means for Cryptocurrency - Coindoo
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What the Wire Act Means for Cryptocurrency

Editorial Team Avatar
Oct 15, 2020
3 min reading time

Crypto casinos stand to gain the maximum if the US government decides to implement their renewed views on the Wire Act. According to the Department of Justice, the lawmakers are still considering the possibilities of reworking the 1961 Act to legalize other forms of gambling apart from sports betting.

The Impact of the Proposed Wire Act Amendment on Cryptocurrencies

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Source: OnlinePoker

The latest developments created a stir within the industry, with legal sports betting operators seeking clarification on the government’s stand. These concerns aren’t unfounded. The best example arrives from the intrastate poker, lottery, and casino sites, which had to convince banks and major credit card companies that facilitating payments wouldn’t irk the federal government, following the Legal Council’s 2011 opinion on the Wire Act.

Considering the potential scale of intrastate transactions recorded in iGaming every month, the operators would benefit from introducing cryptocurrencies in their payment methods. However, that could prove to be a challenge considering the legal agencies’ strict stance against blockchain payment methods. Therefore, citizens residing in states where iGaming is illegal only have the option of signing up on off-shore casinos.

Why Online Casinos Should Implement Crypto Transactions

Source: montcalmschool

Since online casinos deal with large transactions, switching over to cryptocurrency makes sense. With numerous sanctions on deposit and withdrawal limits, traditional payment methods aren’t always reliable. Players are in for a treat too. Cryptocurrencies are harder to track down or hack into and hence offer additional security over conventional online payment methods.

Bankroll management is crucial for responsible gambling practices. By keeping finances separate, players reduce the chances of spending from their personal accounts. Crypto casinos promote responsible gambling, boosting confidence in the community. Visit Team Gamblers for similar updates on online gambling in America.

Additional Features of Crypto Casinos

Crypto casinos can run blockchain-based games, which make the players’ lives a lot simpler. From instant transactions to cheaper buy-ins, and the lack of third-party interference are just some of the perks of signing up on a crypto casino.

Crypto casinos are also able to return a larger percentage of the fees collected, thus improving RTP, since they can easily do away with expensive gateway charges. However, players are responsible for ensuring that payments are made to the right sources, as transfers once complete cannot be reversed.

Cryptocurrencies bring down international borders, allowing players to sign up on their favorite website irrespective of the country of origin. Since crypto transactions are secure, it minimizes the risks involved in signing up on offshore platforms compared to conventional currencies.

However, the process of switching over the crypto transactions isn’t likely to be smooth, since most people still view cryptocurrencies as digital assets rather than actual money. A few regions, however, are breaking the rules. Malta, for instance, recognizes cryptocurrencies and is home to a growing number of casinos accepting blockchain payment methods. If you’re still weighing the pros and cons of alternate payment methods, there’s no better way than to see for yourself.

Featured image: CTPost

* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
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