South East Asia is an oddly interesting place. It is a haven for geeks. While administrations over there tend to push back on change, the young, innovative lights of the future are rarely ever dimmed. Look at the case of bitcoin, for example. In 2013, the government of Thailand briefly banned trading in the cryptocurrency before reluctantly reopening the gates. Since this blip, bitcoin rebounded and is now quite a buzzword in and around South East Asia.
At the moment, countries in the area re dealing with a spike in bitcoin casinos. This was preceded by the rise of exchanges that serve up these currencies. The Philippines has exchanges like mBTC.ph, Coins.ph, Bitcoin Pinoy and BuyBitcoinph. Vietnam has brokers such as Bitcoin Vietnam and Muabitcoin.com. Indonesia has a winner in Bitcoin Indonesia. Thailand boasts BX and Bahtcoin. Malaysia and Singapore have gone beyond exchanges and actually have bitcoin ATMs. All these developments have provided an environment in which bitcoin casinos would thrive. And the demand for said casinos is going through the roof, for reasons you are going to know soon enough. Many Bitcoin casinos are now also promoting themselves as a free spins no deposit casino in order to attract customers by giving them free spins upon registration.
What is bitcoin?
Created in 2008 and rolled out in 2009, bitcoin was the first digital currency to come into use. It is a form of exchange that allows people to make anonymous payments to each other or to organizations. Unlike regular currency, bitcoin is under no central control, and this allows the market to self-regulate. Bitcoin can be bought for fiat (traditional currency like USD, Pound or Euro) at exchanges and then used in places like online casinos.
Why bitcoin casinos?
- The allure of anonymity
There are reasons South East Asia is sold on bitcoin casinos. The biggest reason is, of course, the currency’s anonymity. With bitcoin, you can transact with little in the way of personal information. All you need to do is have bitcoins held in an exchange or offline wallet and you are good to go. This is especially appealing if you are looking to keep your gambling discrete. The blockchain, a public ledger of all BTC transactions, is in the public space and tracks transactions via addresses, but it is virtually impossible for anyone to trace a specific address to an individual.
- Opening up markets
Online gambling law is horribly complicated everywhere around the world. It is even more tangled in places like S.E Asia where to regulators, the concept is strange and anecdotal. However, with bitcoin casinos, the line gets blurred just a little bit. Under the veil of the bitcoin, gamblers can escape prosecution for gambling by the simple fact their gambling activities would be impossible to gather evidence against.
- The elimination of middlemen and subsequent reduction of fees
Bitcoin is decentralized. It works via smart contracts (acceptance of input and issuance of output). There are no accountant scurrying around to get your wagers or cash outs approved.
Should you decide to try out some cryptocurrency casinos in the S.E Asia area, then Bitcasino.io is definitely one of the best BTC casinos with an operation in the region. It boasts a quick registration processes, real bonuses and a great support.