Will Cryptocurrency Casinos Hit Malaysia?

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Jimmy Thursday, April 5, 2018

You may have already heard that around the world Cryptocurrency casinos are starting to trend in the West. This leads us to wonder whether Malaysia will start to release online casinos that take cryptocurrency. It is a bit of a long shot to be honest, but there is a chance that within the next 2 to 3 years Malaysian players will be able to fund their casino accounts anonymously.

Bitcoin is the most popular cryptocurrency at the moment. The majority of new crypto currency casinos are taking Bitcoin, but there are some that have branched out into Ethereum too. Alt coins are the next most popular and we have seen that some on line casinos will start to accept this cryptocurrency too.

If you are Malay and you enjoy playing online casino games, then you may want to think about investing cryptocurrency. They are a gamble, and online gambling is fun as long as you are responsible.

Bitcoins have reached highs of up to US$20,000, but they have dropped since then. This may seem like an expensive investment, but you do not need to invest in an entire Bitcoin. You can in fact buy a percentage of a Bitcoin, so the high price should not put you off. The same applies to both Ethereum and ALT coins.

What do you need to start a Cryptocurrency account?

All you need to do is sign up to a Cryptocurrency e-wallet. You will need to do some research though because some wallets do not like it when you are funding casino accounts using their wallet. It is a mystery why this is the case, but wallets such as Coinbase have been known to ban users because they have used their account for online casinos.

In short, you need to find a wallet that will be casino friendly. In order to do this make sure you use their customer services department to ask questions about their policies regarding casino account funding.

To be absolutely honest, at this time, because there are no online casinos in Malaysia that take cryptocurrency. Right now you can sign up for any wallet and when the Malaysian market starts to introduce online casinos that take crypto currency, you can then look to opening a new wallet and moving your coins to a casino friendly crypto wallet. This is at least the plan for those that do not have time to research and you are willing to invest in cryptocurrencies now.

C9Bets and Cryptocurrency

We studying the crypto coin market every week to see what the future holds. At the moment we have holdings in a company name Kucoin and we have invested in their KCS shares. If this is something you are interested in, then please drop us a line and we will talk more to you about how to get involved.

Other coins we are investing in include Bitcoin and Ethereum via the Coinbase wallet. Although, we will not be using this wallet for casino use simply because the wallet’s reputation for banning accounts that are used for casino funding (as we already mentioned).

In the future, we will stay up to date with how the cryptocurrency market develops. Expect semi regular reports in what we discovering in the volatile cryptocurrency market.

What should you beware of?

If you are looking to invest in cryptocurrency, please be careful of pyramid schemes. Some cryptocurrency exchanges offer commission for introducing new members. The problem with this is that these types of schemes do not work because eventually the money runs out and the currency collapse as we have seen with Bitconnect.

Bitconnect is a Ponzi scheme, and if you have ever heard of this term in the past, you will probably already know that these types of business models always collapse eventually.

What is a safe Cryptocurrency Exchange?

Kucoin is the best one we have found so far. They offer a reward system, but it is not a Ponzi scheme. Instead the way they operate is to charge very small fees for withdrawals and trades. As a side note, deposits to Kucoin are free. Every member you refer, you will receive a percentage of their trade and withdrawal fees.

This style of reward system works because only a percentage of money made from trades and withdrawals is paid to the user. On top of this, the exchange also gives any shareholders in KCS (Kucoin Shares) a percentage of the profits. However, the rest of the profits help to increase the value of the over all KCS shares.

On top of this, Kucoin always buys back KCS shares and destroys them, which increases the value of Kucoin shares making it a very valuable currency to hold.

Now to trade with Kucoin, you cannot use Fiat currency. That means they do not take credit cards, cash, or bank transfers. You will only be able to use cryptocurrencies that Kucoin accept in order to purchase KCS shares.

How will this help Malaysians with online casino play in the future?

There is no doubt that cryptocurrencies are very volatile indeed. In fact, no one really knows if blockchain is legitimate or not. Unlike Fiat currencies that are set against government bonds, or against gold or other assets, crypto currencies are not. However, it is clear that they are rising in value and people are cashing in on blockchain currencies.

That means if you invest a small amount of cash into cryptocurrency now, it stands the chance of increasing; especially within the next 2 years if cryptocurrencies continue their upward trend.

This is perfect if you are an online casino player and Malaysian based casinos begin to accept crypto currency. You will be in a great position. Even if the Malaysian casino scene does not introduce cryptocurrency, C9bets may well have a system whereby you can pay us in Cryptocurrency to find your casino account play.

Online gambling is a risk just as cryptocurrencies are also a risk. If you like the gamble, then you will love blockchain. Just make sure that you invest an amount you can afford to lose because as we mentioned, cryptocurrency is volatile and a risk, but right now, it seems that it is a risk worth taking.