The new decade brings a new form of money that can help people all over the world get rich. Cryptocurrencies have made their way to online casinos in Malaysia, and 96Ace is the first in the local market to use cryptocurrencies in the form of Bitcoin. Bitcoin makes transactions easier, and its high value brings more wealth to gamblers. Players new and old alike can read on to learn more about cryptocurrencies and their usage at 96Ace, the best online casino in Malaysia.
Introduction to Cryptocurrencies
Cryptocurrencies come from the word “crypto”, derived from the encryption technology used to secure the network. In short, a cryptocurrency is a digital currency protected by cryptography, an act that makes it impossible to counterfeit or double spend. Cryptocurrencies are generally divided into two broad categories: “coins” and “tokens”, and cryptographic algorithms function in a decentralized system that is not regulated by each country’s national bank. Decentralized systems are based on blockchain technology – distributed ledgers executed by different computer networks. Today, the most used and popular cryptocurrencies are Bitcoin, Ripple and Ethereum.
Bitcoin: The #1 Cryptocurrency Among Casino Sites
Bitcoin is now the most famous and most used cryptocurrency for deposits and withdrawals in the world. Bitcoin, or BTC for short, was founded in 2009 by the mysterious Satoshi Nakamoto. It offers lower transaction fees compared to other traditional payment methods such as bank transfers. As mentioned above, Bitcoin runs on blockchain technology and is decentralized, so it is not regulated by any central bank. Blockchain is currently used by many gaming sites around the world, including 96Ace.
Cryptocurrency Trends in Malaysia
“Bitcoin is not recognized as legal tender in Malaysia. The operation of Bitcoin is not regulated by the central bank. Therefore, the public is advised to be alert to the risks associated with the use of such digital currencies.” – (Central Bank of Malaysia, 2014)
Malaysia’s recently re-enacted cryptocurrency bill has planted digital currencies in the country’s grey area. The Securities Commission Malaysia (SC) further clarified that cryptocurrencies like Bitcoin are neither legal nor regulated by Bank Negara Malaysia.
However, it is not considered unsafe as Malaysia regulates Bitcoin by enacting the Capital Markets and Services Order (Securities Prescription) (Digital Currencies and Digital Tokens) 2019. These orders ensure that all digital currencies and digital tokens meet the standards set forth by users for safe transactions.
The SC has published the 2020 Digital Asset Guidelines under the 2019 Order. It sets out the requirements for the transaction, operation, exchange and possession of digital currencies or tokens that an individual owns or manages in the accounts of others. In addition, the SC reserves the right to waive specific requirements set out in the guidelines at the time of application.
According to law.asia, the court held that while cryptocurrencies are not legal tender in Malaysia, crypto transactions are not illegal. Also, fiat currency is used to buy cryptocurrencies, which have the same value as the value attached to stocks. Therefore, the court classifies cryptocurrencies as commodities.
Despite the worrisome gray area of cryptocurrencies, the world is progressing as the use of cryptocurrencies increases, which means people see it as a new norm for transactions. Therefore, the current regulation of digital assets has received a positive response from all walks of life, marking the increasing acceptance of cryptocurrencies in Malaysia. Regardless of the growing popularity, people should still be cautious when using cryptocurrencies. Their volatile nature and decentralized system means there is a lack of security measures and insurance to keep funds safe and sound.
Play Cryptos at 96Ace Malaysia
96Ace is the first online casino in 96Ace Malaysia to use cryptocurrency with a focus on Bitcoin. You can use Bitcoin to bet on all your favorite games at 96Ace, such as live casino table games (roulette, blackjack, etc.), sportsbook/sportsbook, slot games, 4D lottery, and more.
Bitcoin offers users a lot of convenience as they can easily place bets and get paid through a decentralized system. Bitcoin is the newest addition to 96Ace’s payment options: bank transfers, credit/debit cards and e-wallets. This increases trading flexibility and makes 96Ace a very convenient online casino site.
Although cryptocurrency is still in a grey area in Malaysia, it has been largely embraced by its netizens and its popularity is growing. It will soon become a widely accepted form of financial transaction among the global standards. The world is advancing rapidly every second; before we know it, cryptocurrencies may become the world’s leading currency. So, start your crypto adventure now with 96Ace Malaysia!
Gambling with cryptocurrencies in Malaysia
Here are the basic steps every player needs to know before using cryptocurrencies for online gambling/betting online:-
Choose the right cryptocurrency
Bitcoin and Ethereum are the most used cryptocurrencies in the world, and their widespread popularity, reliability, and security make them the top choices for online casinos.
Encrypted digital wallet
Digital wallets can work wonders. Sign up for a reliable crypto wallet service mobile application that is compatible with all mobile devices (both Android and iOS operations). Look for those with advanced exchange features that instantly trade cryptocurrencies into a variety of currencies of your choice, such as Malaysian Ringgit (MYR) and US Dollars (USD). Don’t worry if it doesn’t have an exchange feature; you can still buy bitcoins at BTC ATMs.
After purchasing cryptocurrency, you can transfer funds to your casino account and start playing your favorite casino games. Play 96Ace with Bitcoin and you can get free credits, free bonuses, wagers, chips, rounds, spins, and even a welcome bonus on your first deposit. Also, you can win prizes when betting with Bitcoin.