The new decade has brought upon a new form of currency that helps make people rich worldwide. Cryptocurrency has made its way into the online casino Malaysia scene, with 96Ace being the first in the local market to utilize crypto in the form of Bitcoin. Bitcoin has made transactions a lot easier, and it has a high value that brings more fortune to gamblers. New and seasoned players alike, read on to know more about the cryptos and their usage in 96Ace, the best online casino in Malaysia.
Introduction to Cryptocurrencies
Cryptocurrency comes from the word ‘crypto,’ derived from encryption techniques for securing networks. In short, cryptocurrency is digital money that is protected by cryptography, an act that makes money impossible to counterfeit or double spend. Cryptos are generally classified into two main categories: ‘Coins’ and ‘Tokens’ the cryptocurrency algorithm functions in a decentralized system whereby national banks in each respective country do not regulate them. The decentralized system is based on blockchain technology – a distributed ledger enforced by a diverse network of computers. Today, the most-used and popular cryptocurrencies are Bitcoin, Ripple, and Ethereum.
Bitcoin: The Number One Cryptocurrency in Casino Sites
Now, Bitcoin is the most famous and most-used cryptocurrency in the world for deposits and withdrawals. Bitcoin origin is shrouded in mystery. Abbreviated as BTC, Bitcoin was created by the mysterious Satoshi Nakamoto in 2009. Compared to other traditional payment methods such as bank transfers, it provides a low transaction fee. As stated above, Bitcoin runs on blockchain technology and is decentralized, whereby any central banks do not regulate them. Blockchain is currently being used in many betting sites worldwide, including 96Ace.
Cryptocurrency Trend in Malaysia
“The Bitcoin is not recognized as legal tender in Malaysia. The Central Bank does not regulate the operations of Bitcoin. Therefore, the public is advised to be cautious of the risks associated with the usage of such digital currency.” – (Bank Negara Malaysia, 2014)
The latest re-enactment of the cryptocurrencies act in Malaysia has planted digital currencies in a grey area in the nation. Malaysia’s Securities Commission (SC) has further clarified that cryptocurrencies like Bitcoin are neither legal nor regulated by Bank Negara Malaysia.
However, it is not deemed unsafe as Bitcoin is regulated in Malaysia by enacting the Capital Markets and Services Order 2019 (Prescription of Securities) (Digital Currency and Digital Token). These Orders ensure that all digital currency and digital tokens meet the criteria stipulated for a secure transaction by users.
SC has published its 2020 Guidelines on Digital Assets according to Order 2019. It states the requirements of transaction, operation, exchanges, and owning of digital currency or token owned by a sole person or managing another person’s account. Furthermore, SC has the right to exempt specific requirements stipulated in the guidelines upon application.
According to law.asia, the court held that although cryptocurrencies are not legal tender in Malaysia, crypto trading is not illegal. Also, fiat currency was used to purchase the cryptocurrency, and there are values attached to the cryptocurrencies in the same way as values attached to shares. Therefore, the court classified cryptocurrency as a commodity.
As much as the grey area of cryptocurrency is a concern, the world is still progressing with the increasing usage of cryptos, which means that people accept it as a new norm of transaction. Therefore, the current regulation governing digital assets has received a positive response from all walks of life, signifying Malaysia’s growing acceptance of cryptocurrencies. People should still be cautious when using cryptocurrencies, no matter the increasing popularity. They have a volatile nature and a decentralized system which means a lack of safety measures and insurance to keep money safe and sound.
Gambling with Cryptocurrency in Malaysia
Here are the essential steps every player needs to know before performing online gambling/online betting with cryptocurrencies:-
Pick the Right Cryptocurrency
Bitcoin and Ethereum are the most-used cryptocurrencies globally, and their widespread popularity, reliability, and safety make them the top choice for online casinos.
The Crypto Digital E-Wallet
A digital e-wallet can do wonders. Register for a reliable crypto e-wallet service mobile apps compatible with every mobile device (Android and iOS-operated). Seek those that come with an advanced exchange feature that provides instant transaction of cryptocurrencies into various currencies of your choice, such as Malaysian Ringgit (MYR) and US Dollars (USD). If it doesn’t come with an exchange feature, fret not; you can still purchase bitcoin at BTC ATM.
After purchasing your cryptocurrency, you can wire the funds into your casino account and start playing your favorite casino games. Playing with 96Ace with Bitcoin entitles you to free credit, free bonus, bet, chips, rounds, spins, and even a welcome bonus upon your first deposit. Also, you can strike the jackpot when you bet using Bitcoin.
Play with Cryptos at 96Ace Malaysia
96Ace is the first online casino in Malaysia that utilizes cryptocurrencies, emphasizing Bitcoin. You can use Bitcoin to bet on all your favorite games in 96Ace, such as live casino table games (Roulette, Blackjack, etc.), sportsbook/sports betting, slot games, 4D lottery, etc.
Bitcoin provides plenty of convenience to users as they can place their bets and receive a payout with ease via a decentralized system. Bitcoin is the latest addition to 96Ace’s payment options: bank transfers, credit/debit cards, and e-wallet. This boosts the flexibility of transactions, making 96Ace a highly convenient online casino site.
Although cryptocurrency still lies in a grey area in Malaysia, it is already largely accepted by its netizens, and its popularity is ever-growing. It will be a largely accepted form of financial transaction in the global standards in no time. The world is progressing fast with every second passed; before we knew it, cryptocurrency may become the leading currency in the world. So, start your crypto venture now with 96Ace Malaysia!