The 2020 launch of Facebook’s Libra cryptocurrency has made just about every news outlet of late with high level talks of its potential disruption to current financial systems being the main subject of most pieces, along with how and if it can be regulated. This has of course also pushed bitcoin into the spotlight and something to note is that straight off the bat, almost all commentators, even from mainstream outlets, saw the differences between the two, pointing to the fact the Libra will not be decentralized like bitcoin, and that bitcoin, most definitely does not have a CEO who can be contacted with an order to shutdown!
Anyone with a passing interest in crypto can list many differences between bitcoin and Libra however one thing they have in common is that they provide borderless payments solutions and therefore are great to use to transact with online, and of course that means in online casinos, so what does the future of Libra hold with regards to online gaming? Will we see Libra Casino or Libra poker and sportsbook? We doubt that, however there’s absolutely no reason why Libra shouldn’t be used in regulated places to play.
The best US casinos online began accepting bitcoin pretty much as soon as easy to use wallets became readily available, and with the Facebook Calibra wallet that hurdle has already been overcome. The way in which Libra will be deposited and withdrawn would be, we assume, very similar to that of bitcoin, however the huge difference is that Facebook already has a huge amount of users, users that with a click or two have instant access to a Calibra wallet and therefore Libra.
There is much ironing out to do with regards to Libra regulation and many argue that the hurdles to jump are too large and too many, especially with Facebooks recent record with regards to privacy. There is no doubt however that should David Marcus, the man behind Libra, be able to persuade the powers that be that Libra is the real deal and that user data and privacy will in no way be at risk, then Libra casino action could be a thing, at least in some parts of the world where regulators see eye to eye.
Other points must of course be taken into consideration and while regulation is one thing, personal preference is another. Bitcoin is completely decentralized where as Libra will have 100 nodes that are each owned by large corporations with the aim to decentralize overtime, and of course, if Facebook can close or suspend your account at anytime for making what they consider to be a post against their policies...would users want that potential threat with their funds. These, and more questions will be answered as Libra and Facebook go through the steps required to make them a part of the financial system, and then there’s the user trust issues to deal with.