Imagine a world without borders. A place where we could hypothetically live in Europe but spend in Canada as if we were there ourselves. A place where transactions are not questioned and are carried out in the safest and most efficient environment around. A place where taxes are limited, and financial fees are non-existent. Sounds like a dream, right? What if I told you that it was possible?
The emergence of crypto currency over the past decade, has been a progressing step towards uniting the world under one type of currency banner without any of the political manipulations and boundaries that we find with fiat currency.
It is no secret that many people ‘in the know’ consider crypto currencies, such as Bitcoin, as the currencies of the future. Their digital design is suited for where the world is going, as technology advances. The whole world is going digital, and as such needs an economy that fits well with the need.
We are already seeing great advances in certain markets, where national borders are of little consequence. One classic example can be observed in the online casino industry. Of course, there is room for certain regulations to be put in place to curb the criminal element, but on the whole, it is a base on which we can build to ensure a convenient e-commerce life in an Earth that is shrinking by the year, thanks to modern technology.
Before we start, we want to make it very clear that this article is not trying to lure residents from certain countries to commit crimes by ignoring legislation on gambling in their own respective regions, but it is purely an informational article that makes use of the examples given to us in the gambling sector to show the potential for future trade beyond that of politically driven and highly-inflated fiat currencies.
ONE CURRENCY CROSSES BORDERS
One currency to govern all, has been an ideal, dating back to early time. The only problem with early trade (like the barter method) was the fact that it was cumbersome and definitely not a convenient and easy passage of payment.
We have seen how the European Union has used the Euro to bring various countries together under one currency, but even this has ben looked at suspiciously, because of politically motivated agendas, hence we find the Brexit Debacle in motion currently. A concept that was supposed to unite countries and create a ‘no border state and currency’ has indeed formed an even more controlling entity.
Bitcoin and crypto currency have the ability to bridge gaps without the need for politics to be involved. Its decentralised nature means that no deciding ‘cartel’ has any power over its markets, but rather the general investing public have all the say over the growth of the market.
IN THE CASE OF GAMBLING
Bitcoin has managed to open borders, so that anyone in any country that has access to Bitcoin or various other prominent crypto currencies might enjoy a flutter or two at their favourite crypto-casinos, without a worry in the world of whether their winnings are at jeopardy of confiscation, because of binding financial policies.
It is fair game for a government to place strong regulation on fiat currency in the gambling sector, because they rule and preside over fiat currency structures, but digital currency should be regulated on a different level. The nature of virtual currency is so far removed from fiat currency that it would truly need its own set of legislatures (which is in its early stages in progressive countries).
Observable Pros of Bitcoin for the gamblers in the context of open borders:
Winnings are safe
There are certain countries that have rather unclear gambling policies in place with regards to gambling legalities. These grey areas often restrict fiat currency from being transferred to and from gambling operators to regulate risky spending, yet have not truly outlawed the practice of online gambling. In instances like this, Bitcoin transactions can be resorted to, without any legal consequence, as crypto currency is not truly regarded as a true currency in many countries, therefore it is treated more like token gambling. The result is no taxes charged on these types of wins.
In many countries, Bitcoin can be used to legitimately invest monies without being taxed on the growth in the industry. Only once the coinage is sold and converted to fiat currency, will tax need to be paid.
If a one world currency was in place, one standard tax could be levied, allowing for consistency and fairness for all people, everywhere.
Can play discreetly
Bitcoin is not tied to an individual identity like fiat currency is. The wealth is owned by those who carry the private key to the wallet. As such, Bitcoin casinos do not need you to supply them with sensitive information regarding your identity, etc. You are therefore able to enjoy gambling discretely and more safely, knowing that your identity data is not going to fall into the wrong hands. Of course, this is an area that will need attention when regulation comes into play, but there are ways of registering and tracing wallets by law enforcement without the need for clients to enter their details on risky sites every time.
This principle would play out marvellously as our day to day currency, as e-commerce increases and ways and means of securing identities and data for corrupt means, is at a peak.
No foreign Exchange Costs
Withdrawing funds from an online casino in Bitcoin is far cheaper than fiat currency casinos, because there is no foreign exchange involved. Bitcoin is universal, and as such attracts no such costs. Those costs are the type of thing that is imposed upon people by centralised institutions.
The only form of costs that might be involved in Bitcoin transactions are fees that might be levied by the casino or the crypto exchange, but these are very minimal.
In the general digital trade market, excessive costs for foreign exchange could be curbed drastically, making goods and services far more affordable for the end consumer.
Brings Casino Games to Markets that certain Fiat currency Casinos will not service
Crypto casinos offer decent casino entertainment to some countries that are otherwise overlooked by normal casinos. Some casinos only offer gambling in primary currencies and forget about others. Most people around the world can get their hands on crypto currency, and as such, have access to online casino entertainment.
This same principle rings true for other retail and service markets, as more and more international companies embrace crypto trade. What’s more, is that the price will not be inflated or affected by currency conversions, as there will be only the one currency being used.
Payments are verifiable and tamper proof
The Blockchain transactional process ensures that my deposit to and withdrawal from a crypto casino can be verified. No transactions can be faked, unlike on fiat sites. For this reason, proof on the blockchain registry is solid and true and a guarantee of funds paid.
So much fraud could be thwarted in other industries around the globe regarding fake payments. The decentralised block ledgers safeguard traders and consumers alike and can be referred to as an immutable proof of payment.
BIG FUTURE FOR BLOCKCHAIN
If all of the kinks can be ironed out, blockchain transfers would provide the ideal platform for international e-commerce currency. Nothing on the digital domain should be traded in the ‘old’ way, but rather look to implement the principles of virtual e-currency to set the benchmark for the future.
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