Is Bitcoin Gambling Legal
Over the past couple of years, Bitcoin has become the most popular decentralized currency in the world. It’s a good means of exchange, and the online gambling industry hasn’t been left out. Regardless of its popularity, many countries where businesses exist are still debating legalizing Bitcoin as a recognized means of exchange, and this has affected how it’s accepted in the iGaming industry. So, is bitcoin gambling legal in the USA? Keep reading this article to find out.
- How Bitcoin Influenced the Development of Gambling
- Are Crypto Casinos Legal
- What Are Crypto Gambling Games
- How Bitcoin Gambling Casinos Work
- Laws on Bitcoin Gambling
- Bitcoin Gambling Licenses
- Facts About the Legitimacy of Gambling With Bitcoin
- How to Complain About Crypto Casinos
- How to Start Playing at Cryptocurrency Casinos
- Will Governments Try to Stop Gambling with Bitcoin
- Pros & Cons of Legal Bitcoin Gambling Games
How Bitcoin Influenced the Development of Gambling
The gambling industry saw massive growth after the introduction of online casinos. One of their many perks is the convenience they offer. No other payment method is as easy to use as Bitcoin and other cryptocurrencies.
The gambling industry has benefited tremendously since it adopted the use of cryptocurrencies. Using crypto as a payment makes deposits and withdrawals easier; it also improves the anonymity, security, validity, and cost-effectiveness of the casinos’ most important transactions.
Are Crypto Casinos Legal
There is currently no clear answer to this question. Most countries in the world don’t have specific laws that regulate crypto casinos because most cryptocurrencies haven’t been officially accepted or prohibited.
There are a few legislative bodies that offer gambling licenses to casinos that accept cryptocurrencies; examples are the United Kingdom Gambling Commission and the government of Curacao.
These bodies are in charge of regulating gambling operations in the casinos for which they issue licenses. As long as the crypto casino follows the rules, it operates legally.
What Are Crypto Gambling Games
The only difference between crypto games and fiat games is that you have to bet using cryptocurrencies. This means that you can use Bitcoin, Ethereum, Litecoin, and other accepted cryptocurrencies.
Is Crypto Gambling Legal
Online bitcoin gambling in the United States cannot be explicitly considered legal. The online gambling laws in the USA vary from state to state. Online gambling can be legal in one state, but completely illegal in another. But what does this mean for Bitcoin gambling?
Since no regulations declare the legality of Bitcoin gambling, the entire subject remains in a gray area; this means it’s neither prohibited nor accepted. We can safely assume that online gambling casinos with Bitcoin are illegal in states where online gambling is prohibited. In states where online gambling is allowed, bitcoin gambling should be legal too.
How Bitcoin Gambling Casinos Work
Bitcoin casinos are essentially the same as other online casino sites. You first have to create an account on the website or in the casino app, make a deposit, and start playing your favorite games. The only thing that is different in Bitcoin casinos is that a crypto wallet is in place there, not a fiat one.
To play at the legal Bitcoin gambling site in the USA, you have to make payments using Bitcoin. And to do that, you need to create a crypto wallet. There are many good wallets you can choose from, including Binance, Trust Wallet, Coinbase, etc. After you create an account, the next step is to buy Bitcoin using fiat money.
Once you have funds in your wallet, you can proceed to make deposits at the casino, enjoy all your favorite games, and receive sign up bonuses.
Laws on Bitcoin Gambling
Most countries in the world have yet to create laws that govern Bitcoin gambling. Some are still on the fence about it, while some have outright prohibited it. One of the few countries that have accepted Bitcoin gambling and imposed several restrictions is the United Kingdom.
Although the United States has not declared crypto gambling legal, it still keeps a tight rein on online gambling. With the Unlawful Internet Gambling Enforcement Act (UIGEA), the authorities have all the right to act against Bitcoin gambling sites and people who gamble using Bitcoin.
Bitcoin Gambling Licenses
Online casinos have to receive gambling licenses to legally use the games of big software providers and process payments. Thus, a Bitcoin casino has to be licensed by the appropriate legislative body to operate.
Countries Issuing Licenses
While most countries have laws in place that regulate games of chance, gambling casinos with bitcoin and cryptocurrency are legal in a few countries. The only countries that are currently issuing Bitcoin gambling licenses are Italy, the United Kingdom, Greece, the Netherlands, Belgium, and Poland.
Facts About the Legitimacy of Gambling With Bitcoin
Bitcoin gambling is gaining popularity; more countries are embracing the concept. Currently, there are no straight answers as to whether crypto gambling is legal, especially in the United States. However, let us highlight some facts on the legitimacy and regulation laws on Bitcoin crypto gambling.
Geographical Restrictions on Online Gambling
There is no specific legislation governing Bitcoin gambling anywhere in the world. It’s not officially allowed, but it’s also not prohibited. As Bitcoin gains popularity, more countries are looking into accepting and regulating it and other cryptocurrencies. However, some governments don’t see bitcoin as real money. As a result, all regulations surrounding the use of fiat currency in online casinos would not apply to Bitcoin gambling sites.
How to Complain About Crypto Casinos
Sometimes, players experience dissatisfaction after playing at certain casinos. This is inevitable in all businesses, and gamblers have a right to file complaints when necessary. For crypto casinos, the right place to channel any form of complaint is the casino mediators.
Casino mediators are entities that act as bridges between casinos and players. They give justice to players and casinos and ensure everyone has a fair experience. Whenever there is a fraud, the mediators act as protectors for the alleged victims, conducting investigations where necessary. If you ever need to complain about a crypto casino, go to the mediators.
How to Start Playing at Cryptocurrency Casinos
It’s easy to start playing at a cryptocurrency casino. These steps will help.
|Find a reputable crypto casino.
|Create an account by providing the necessary personal information.
|Create a crypto wallet where you can buy and store your Bitcoins and other cryptocurrencies.
|Make your first deposit. The casino provides a bitcoin address into which you have to deposit your chosen amount. All you have to do is to copy the address into your crypto wallet and follow the prompts.
|Enjoy playing your favorite games.
Will Governments Try to Stop Gambling with Bitcoin
It’s impossible to say for sure whether governments will attempt to stop Bitcoin gambling. What we’re sure of is that Bitcoin can no longer be ignored or disregarded. The currency is making waves, and more players gamble using Bitcoin. It will be difficult for governments to stop it. As long as Bitcoin gambling is properly regulated, it should pose no threat to authorities.
Pros & Cons of Legal Bitcoin Gambling Games
One of the features that attract some players to gambling sites is access to multiple payment methods. Many gamblers want alternative payment methods that fit their style or offer more convenience. Bitcoin meets these conditions for a lot of players. However, betting with Bitcoin has its downsides. Here are the pros and cons of bitcoin gambling.
- Fast payments: making payments with bitcoin is very fast because it doesn’t involve third parties like banks. All transactions are conducted between the player and the operator, hence payments are processed quickly.
- Low fees: the lack of a third party during transactions offers players the chance to enjoy smaller fees. In some cases, Bitcoin payments in casinos are made without any charges at all.
- Anonymity: the blockchain technology allows players to enjoy anonymous transactions that can usually not be traced back to them. When making payments, users don’t have to provide their personal data. All that is required is a wallet address.
- Security: most crypto wallets are heavily encrypted and are nearly impossible to hack.
- High volatility: the value of bitcoin, like other cryptocurrencies, is very unstable. Within a few seconds, the value could drop or increase without warning. This high volatility can cause $100 worth of bitcoin to drop dramatically to $20 in seconds.
- Ambiguous legal status: many countries are yet to define the legitimacy of bitcoins, including the USA. As a result, these countries have yet to impose any regulations regarding bitcoin gambling.
- Users that prefer traditional payment methods: as much as Bitcoin is gaining recognition every day, there are still those who have yet to accept it. Due to this, Bitcoin casinos that don’t have fiat or other traditional payment methods may find it hard to get a large number of clients.