Is bitcoin gambling legal?
There has been a longstanding debate about some of the features of Bitcoin gambling, and especially a lot of talk about the legitimacy of playing in cryptocurrency casinos. Today, Bitcoin is one of the most recognizable, rapidly growing and widespread digital currencies.
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Not surprisingly, it is used by many online and now so called new Bitcoin casino lovers around the world. However, some continue to believe that the decentralized nature of the cryptocurrency makes it illegal to use it on gambling sites, as these transfers cannot be traced by the government and financial regulators. However, the logical question arises – isn’t that what we want: for gambling to finally be anonymous and, above all, cost-effective?
In fact, the rates at BTC casinos do not differ from those at ordinary gambling services. As in the case of real money, you bet the BTC in different games and in different amounts.
The ultimate goal of any player is not just to deposit money into the account, but to multiply the deposited funds, by a decent win. The only difference here is that you do not use the usual dollars, euros and other real currencies, but BTC or mBTC (milli-bitcoins).
Caution would never hurt
The very fact that the use of cryptocurrency for betting in online casinos is in no way an indicator of a fraudulent portal, and even less so will lead to any criminal prosecution, in accordance with existing legislation.
Gambling rules in cryptocurrency, their guidelines and standards are essentially similar to the same entertainment for real money. Therefore, there is no reason not to visit such gambling sites.
Moreover, Bitcoin has a legal position in many countries around the world, so there is nothing to be afraid of, especially if the gambling activity is not limited or prohibited in the country where you live.
However, the legality of Bitcoin casinos does not eliminate the need to be cautious about choosing a portal. First, you must read and understand all the terms and conditions of the gambling site (usually this section is hidden under the name Terms&Conditions), as well as be sure to study the rules of each game.
You probably won’t understand much after you read it for the first time, but it’s actually very important information you shouldn’t ignore. Be sure to read how the bets are placed, what are the winning conditions and, most importantly, what are the withdrawal conditions of the winning funds from the portal.
In addition, please note that some portals limit their services to players who reside in certain countries. For example, gambling in all its forms is strictly prohibited in the USA. How to bypass such a ban? Find a gaming portal that is registered in a country where both gambling and the use of Bitcoin are allowed.
Many ordinary online casinos have an age limit, and some visitors who have not reached this age, just can not register on the site.
In the case of Bitcoin, there is no such limit, all the player needs is a registered Bitcoin address, from where you can deposit money on the account, and in the future – to which you can withdraw the winnings.
Thus, entertainment, where the BTC is used for deposit, is completely legal for those countries, where the use of cryptocurrency is not prohibited. In most countries Bitcoin is considered not as money but as a commodity, although there are exceptions to this rule.
If you still have doubts about the legality of Bitcoin gambling in your country, you need to read more about the legal status of the cryptocurrency in your particular case.