Bitcoin players see gold in Asia online gambling

    Published in: Latest IntelligenceEntrepreneurs are optimistic about the potential for Bitcoin in the Asian online gambling industry, but say China’s approval of the virtual currency may be necessary to ensure widespread acceptance.Bitcoin, which is becoming a household name, is a new payment system operated by users with no intervention from a central bank or other authority. It allows for total anonymity and processes payments almost immediately.While Bitcoin is called a digital currency, authorities think otherwise. In the U.S. Bitcoin is considered private property rather than a legitimate currency. Therefore, using Bitcoins to wager on casino games online can’t be considered illegal since, technically, Bitcoin is a property or commodity and therefore a tradeable asset. This may present enormous opportunities in Asia, where there is a lack of clear regulation of online gambling, making most activity in the sphere illegal. Using Bitcoin may provide a means for the Asian gambler to...

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