Is Bitcoin Gambling Legally Accepted?
The gambling industry has undergone a big change. Now, players can carry out payments in online casinos using cryptos such as Bitcoins. This change of attitude has seen most people embrace trading in Bitcoins.
However, casinos need licenses to conduct their operations. The relevant gambling authorities issue the licenses. This brings us to the question of whether Bitcoin gambling is legal and the rules governing Bitcoin Gambling. To analyze the legality of Bitcoin gambling, we need to first understand what Bitcoins are and how to use them in casino gambling.
What are Bitcoins?
Bitcoin is a type of cryptocurrency in form of electronic cash. To use Bitcoins, the users do not require the intermediaries of banks or credit cards. Rather, it is a form of peer to peer transaction from one user to another. To use it in online casino gambling, you only need to add the casino’s Bitcoin address to your Bitcoin wallet. Then, you just add the amount that you want to deposit. Since there are no intermediaries, the transactions are fast. The transactions are also secure and anonymous. This is because the only thing you need to transact is your Bitcoin address.
Is Bitcoin Gambling Legally Accepted?
There is a grey area when it comes to the legality of Bitcoins gambling. It is difficult to foresee what position a specific country will take. Bitcoin usage seems to be in its trial stage with most countries debating whether or not to accept it. They also debate how to regulate its usage and how it will affect the economy. The result is that Bitcoin gambling continues to be among the options gamers have when it comes to payments making in online casinos.
The legality of Bitcoin transactions in online casinos also continues to be contradictory due to various reasons. As a new entrant into the digital world currencies, it is up to the specific countries to regulate its usage. Hence, it is legally accepted in some countries and its usage in online casino gaming would depend on the specific online casinos regulating authority. The good thing is that more and more countries are taking Bitcoin trading positively. Such countries have already accepted its usage as a real currency for making online payments.
You only need to use your Bitcoin address when making online casino transactions and this makes it hard for regulatory authorities to easily trace your online gambling authorities. The anonymity of Bitcoin transactions are a welcome feature for online gamblers. But, it is a problem for the operators. This is one of the reasons why Bitcoin gambling is not yet fully embraced by gambling authorities.
Restricted Countries
However, there are still some countries that still does not accept Bitcoin gambling. This is not primarily because of its usage as a real currency, but rather because any forms of gambling is prohibited in these countries. Most New Zealand online casinos should however not be restrictive in Bitcoin usage since they operate on remote online casinos.
Is Licensing and Regulation Important for Bitcoin Casinos
In order to safeguard your funds and ensure that you do not lose money to fraudsters and scammers, it is advisable to sign up at licensed and regulated sites. There are many online Bitcoin Casinos that are licensed and regulated by the UK Gambling Commission and other regulators. Sign up only at such casinos.
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