The Chinese market is restricted in its online gambling activities. With a population of more than 1.2 billion people, the market for online gambling seem to be right for the taking.
Projected number of people who may join the online gambling space from China can be equal to about 120 million. It is more than enough to start a new country.
Despite the many attempts by the Chinese government to restrict gambling, the cryptocurrency in China seems to be the perfect answer for the Chinese gamblers.
How Cryptocurrency Could be the Answer
While the governmental bodies are cracking down on online gambling, the cryptocurrency is probably the best solution for players who want to gain some freedom.
There are quite a few reasons why the Chinese would prefer to turn towards the solution proposed by the Bitcoin casino platforms. My favorite journalist from ICOPulse published a detailed article about all the benefits Bitcoin casino offers.
But I would like to point out some of the most important ones:
- Anonymity: in a volatile online gambling environment like China, the anonymous status the blockchain technology provides is essential.
- Durability and empowered user: decentralization allows the user to keep track of their transaction information. Because blockchain works on a decentralized system, there is no chance whatsoever for malicious attack.
- Removal of third-party risk: instant transaction directly to your digital wallet. No third party companies or banks can block your transaction or take your money.
- Lower transaction cost: with the third party eliminated, the fees are much lower.
- Transparency: it is easy to check the game results if the casino uses blockchain technology to generate random numbers.
Solutions offered by the blockchain highlighted above could potentially increase the number of players on the online gambling market.
Benefits for The Chinese Economy
With the use of cryptocurrency in gambling space in China we may see several things happen:
- The increase in revenue generated in the developing market
- The embrace of cryptocurrency platform by the growing number of the Chinese presence in the digital space
- The blockchain application in the development of online gaming platforms that can be used for cryptocurrency gambling
- The application of cryptocurrency gambling to the lottery and online casinos
- Foreign investment in Chinese cryptocurrency gambling market
The list of benefits for the Chinese people, the Chinese government and potential investors is enormous. The review of the regulations for online gambling could be the turning point for the growth of this industry. I hope that the Chinese government is smart enough to recognize the advantages and benefits associated with it.