Bitcoin gambling has been, slowly but surely, taking over the world lately. The advantages of investing and gambling with cryptocurrency are manifold, but the industry is still an explored field for many. You constantly hear and read about the extravagant stories of common people making a fortune overnight thanks to investing in cryptocurrencies, and you must wonder the levels it could take you if you decide with gamble with one. However, the whole crypto craze seems too good to be true, right? This is why many gambling enthusiasts are a bit skeptic to ender the world of online Bitcoin gambling. If you’re one of the many wondering whether and to what extent online Bitcoin casinos are legal and safe, you’re in the right place.
1. Bitcoin Gambling is NOT Legal Everywhere
Questioning the legality of this industry is reasonable, especially since cryptocurrencies themselves are not considered legal on a global level. Despite the exponential rise in their popularity, not all countries are willing to jump on the Bitcoin bandwagon for many reasons. More developed countries like The United States, Western European countries, Japan, Singapore, Australia and others, have embraced the crypto momentum, but some haven’t and are not yet willing to do so. The very perk of Bitcoin gambling – absence of a third party – is what concerns many countries and what prompted various regulations including introduction of special regulators to which companies dealing with virtual currencies must report to. Each country has different policies and stands on digital currencies, so one must be careful before jumping ahead and playing with Bitcoins. Luckily, more than 70 countries in the world now consider Bitcoin as a legal currency and accept Bitcoin gambling, while nearly 15 countries have a more complicated situations with contradictory policies on this that must be considered carefully, since for example, you might end up gambling legally, but not being able to convert your Bitcoins afterwards. If you live in Nevada, New Jersey, or Delaware, you need not to worry – gamble away (or in!) those Bitcoins as much as your heart desires.
2. Online Gambling is not Legal Everywhere
Despite the general impression that the world has been completely digitalized and that each and every in-person human activity has its online counterpart, some countries still do not recognize online gambling as legal. In line with this, in these countries you cannot legally gamble with Bitcoins online, so make sure to check the laws and policies in advance. Gambling online in the countries where this is prohibited is the liability of a player, so checking the list of restricted countries which is usually noted in Terms and Conditions of amenable gambling platforms, is a must. It is also noteworthy that policies regarding crypto values and bitcoin casinos are constantly changing and evolving, so even if you played in one country a while ago, check again before you rush into buying ton of chips with your Bitcoins. This means you could technically take upon Bitcoin gambling, like explained in this article: https://www.askgamblers.com/gambling-news/blog/bitcoin-gambling/.
3. Is Blockchain technology safe?
Blockchain is a breakthrough technology in the gambling industry. It allows completely transparent, secure and anonymous transactions. It is a digital technology which stores records about transactions, known as blocks in computer language, on different public databases, that is – chains, connected by the peer-to-peer network. To simplify this, blockchain technology works as a decentralized structure in order to protect transfers among users and prevents any possible tempering. This does not only make it the safest data transfer technology that ever existed, but it also allows for a quick transfer and exchange without the usual requirement of a third approval party. Apart from contentious situations in some countries, and emerging regulations demanded by countries that require some sort of a third party, Blockchain provides the fastest, safest and completely anonymous transactions, which is the dream of every gambler ever.
4. Can You Face Legal Troubles if Using Bitcoins?
After hearing about the regulations and restrictions on Bitcoin gambling in certain countries, you might think this is a dangerous that is better off left aside until some less complicated Bitcoin times happen. But no, you are not in any legal breach for using crypto values and there is nothing to worry about as long as you don’t spend it on some shady platforms or so. You will not face any fines or go to jail solely for investing in Bitcoin and playing online with it. However, you could encounter scamming casino websites that are unsafe. Although using crypto values protects you from the danger of giving away personal data and banking information, there are ways for fraudulent websites to scheme away their way into your crypto wallet. As long as you stick with reputable casinos and do some research on the legitimacy of Bitcoin as a currency in the country of question, you will be able to enjoy your gambling carefree.
Taking all the above mentioned into consideration, final take is that Bitcoin gambling is a lucrative, innovative, and adventurous activity, but it can also be tricky unless you’re well informed in advance. The reality is a bit further from over-night successes, but the chances of getting filthy rich overnight only by Bitcoin gambling online – although slim – are not non-existent. And what is the most important thing, it is a completely legal activity, as long as you’re in the right place. Now prepare to get down to work, do some minor legal digging, breathe in and get the tables started with your Bitcoins.