Bitcoin online gambling sector may expect a surge from the Chinese traffics. This could be a result of a slash in ATM withdrawal limit in Macao- "Monte Carlo of the Oriental". The Monetary Authority of Macao places a new cap on China Unionpay bank card holders' withdrawal to help mainland China battle against the multi-billion yuan capital outflow.
World's Biggest Gambling Hub
Macao is one of the world’s biggest gambling hub with an average monthly revenue of more than US$2 billion.An annual average of more than 65-percent of Macao's total number of visitors come from the mainland China. Out of which, half of these mainland Chinese uses China Unionpay bank card to withdraw money in Macao.
Will Withdrawal Limits Helps in Capital Control?
In an attempt to curb capital outflows, the new cap on ATM withdrawal is cut by half from 10000 patacas to 5000 patacas (US$626). But will this helps to prevent capital outflow?
The high rollers- whom the Chinese government should worry over capital outflow with- are probably already using junkets’ services and not ATM withdrawal services. Hence, the new cap is more likely to affect the average gamblers who see gambling as a leisure pastime.
“... Macau pawnshop owner [said that] any official crackdown was unlikely to solve the capital outflow problem... As China's illegal channels and shadow banks flourish...”- CNBC
Bitcoin Online Gambling Sector Would Gain From the Withdrawal Limit
Perhaps the average gamblers do not have to resort to illegal channels or shadowy banks to continue to enjoy their gambling pastime. What the gamblers would need is simply an Internet connection and some bitcoin, and they are good to go.
Bitcoin online gambling websites have increased in numbers by leaps and bounds over the years. The gamblers need not worry about overseas withdrawal cap on their China Unionpay bank card or any other cards. Moreover, even if there is a cap placed by bitcoin exchanges on a certain bank card, there are Localbitcoins and its similar platforms. Hence gamblers can purchase bitcoin using non-card methods.
Other Reasons Why Bitcoin Online Gambling Will Grow
Casinos, on the whole, are honest and fair. However as long as there are human involvements in dealing cards and other calculations, there bound to be human errors. Hence, one of the contributing factors to the success of bitcoin online gambling is the "provably-fair" manner of gambling.
Apart from that, gamblers choose bitcoin online gambling websites over non-bitcoin online gambling websites is largely due to the murky truth of the payment methods. The passé payments modes used by non-bitcoin online gambling websites are often associated with identity thefts, card frauds, and chargeback complaints. Plus the rise of skimming devices installed at the ATMs are on the rise- not only in Macao.
Hence, it did not come as a surprise that users opt to use bitcoin to protect their financial dignity.
All-in-all, regardless how a country has plans to control its capital outflows, bitcoin manages to offer a silver lining. While the mainstream media portray bitcoin as a tool for nefarious activities on darknet markets, many and a growing number of wholesome users are utilising bitcoin as a means to keep themselves entertained during their free time.
End
Knowing that no one pleases everyone and there is a flip side to every coin, including Bitcoin. Whether you agree, agree to disagree, or the opposite, do not just take my words for it, be sure to look it up.
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