Could Cryptocurrency’s Ultimate Legacy Be Legal Online Poker?

Cryptojacking

It’s hard to believe that cryptocurrency is still a relatively new phenomenon, given how many extraordinary concepts it has already introduced us to. In addition to the innovative idea of digital currency itself, the crypto world has brought us the concepts of crypto mining and digital wallet storage. It has effectively taught us that a resource that does not exist physically can be obtained, circulated, and stored such that it develops and holds real-world value. Had someone tried to explain this possibility to us before cryptocurrency, it might have sounded flat-out fantastical.

Beyond core concepts, cryptocurrency has introduced us to incredibly significant technology as well — namely in the form of the blockchain. The so-called “digital ledger” on which crypto transactions are approved and recorded quickly grew beyond digital currency. Now, applications for the blockchain extend into healthcare, supply chain management, real estate and media deals, energy transactions, and more. And many who pay regular attention to blockchain developments will assure you we’re only just getting started.

On top of all of these factors, cryptocurrency’s most significant impact to date may well be an investment vehicle. Particularly in the past year or so, we’ve seen the true potential of leading cryptocurrencies for investors, and while it’s still an extremely volatile and unpredictable market, many have made fortunes. Some still anticipate that the crypto market will ultimately crash, but others see it as a lucrative sector with long-term staying power.

Even considering all of the above though, some would argue that the most logical reasoning when looking to crypto’s future is to expect the unexpected. In just a few years’ time, our perception of crypto’s meaning and legacy has shifted dramatically. We first saw it as a new-age currency, then as a vehicle for the introduction of blockchain tech, and now as a booming investment sector. So what might cryptocurrency’s ultimate legacy be?

Going by the expect the unexpected mantra, we should first acknowledge that we have no real idea! But there is one intriguing possibility that’s beginning to emerge, even if few are talking about it: Cryptocurrency could bring about the return of online poker in the United States.

The argument that cryptocurrency is the key to online poker’s widespread return actually boils down to a pretty simple idea: Cryptocurrency has nothing to do with banks. The reason poker is prohibited in much of the U.S., legally speaking, is that something called the Interstate Wire Act of 1961 prevents gambling sites “from legally accepting wagers outside of certain jurisdictions.” By this act, banks cannot process online gambling transactions — and on a state-by-state basis, most of the country has elected to count poker as “gambling” (whereas sports betting, for instance, is not always enforced). However, because banks have nothing to do with crypto transactions, cryptocurrency represents a grey area at the very least.

This legal wrinkle, combined with the fact that cryptocurrency is slowly but surely becoming more widely accepted by the public, paints an intriguing picture. With more people growing accustomed to cryptocurrency, its use in online poker is only going to expand naturally. On top of this, consider also that more states are looking to legalize online poker already. With six states have had success doing so, some see it as a matter of time before the floodgates open and most of the country follows suit.

What all of this amounts to is a climate in which crypto-driven poker gaming is poised to grow and thrive just as more states are considering legalization. There may well be just enough time for cryptocurrency to become a sort of new normal for gamers right on the cusp of a new online poker boom.

That would certainly make for a fresh legacy for cryptocurrency. And it could even be a more lasting one than some of the previous ones we’ve seen from this fascinating modern resource to date.

Melina Richardson is a Cyber Security Enthusiast, Security Blogger, Technical Editor, Certified Ethical Hacker, Author at Cybers Guards & w-se. Previously, he worked as a security news reporter.