News Americas, NY, NY, Weds. Nov. 18, 2020: The question of bitcoin casino legality has long been philosophized by many. From players, to casino owners, to government officials. Many are vying for bitcoin casino legislation that best suits their own needs- and so far, players seem to be winning.
Jump onto Casino Genie, and you will quickly see the abundance of good Bitcoin Casinos that any player can choose from. There is definitely a market for them, and one that continues to grow every day.
But what is it that makes bitcoin casinos so darn alluring? Is it their inherent safety? Or perhaps the lack of stringent rules and regulations? Maybe it’s the fact that most bitcoin casino software is transparent, and available for any player to see what they’re getting into before they play. Whatever it is, bitcoin casinos are fast becoming the go to gambling spot for many online players. And their fuzzy legality may just be why.
So, Is Bitcoin Gambling Legal?
Yes… and no. And also- not really, but sort of? The thing about bitcoin gambling isn’t a question of whether or not it’s legal, but instead just the fact that it’s not illegal. What I mean to say here, is that in most places, bitcoin gambling just isn’t legislated upon. So, it’s not illegal, but it’s not expressly legal either. This is one of the attributes that makes gambling with crypto so incredibly enticing to many players. Largely because bitcoin casinos aren’t subject to the same thick red tape that traditional online casinos are.
This can offer players a number of decent incentives to check out bitcoin casinos. Far fewer fees than traditional banking, shorter withdrawal wait times, much better personal security, no geolocation-based restrictions, among many others. Bitcoin casinos are also a new niche market, so that means that most offer a number of incentives for new and loyal players. Things like big bonuses and loyalty programs can actually get players a decent amount of bitcoin for free, which is nothing to sniff at.
So, while the legality of bitcoin casinos can seem murky at best sometimes, oftentimes the rewards are well worth the relatively low risk. Especially if you use a trusted casino review site to help you pick the best venues for spending your money. Helping you better choose the bitcoin casino that will give you the best returns, at the lowest prices, and with the greatest games.
How Does Bitcoin Work?
Bitcoin is a type of digital currency called “cryptocurrency”. Cryptocurrencies get their name from the complicated mathematical cryptography that is used to verify transactions that occur on the bitcoin network. These transactions are part of what keeps bitcoin decentralized- or without a mitigating authority, controlled by a single, or a small group of people. This idea of decentralization is one of the things that makes bitcoin and its casinos, so difficult to regulate. As there is no Federal Reserve or IRS that bitcoin reports to. Instead the network is maintained by a global network of computers, and logged into a public ledger.
Bitcoin is also considered to be pseudo anonymous, which means that no personally identifying information is transacted alongside your money. With traditional banks, personal information like your name, address, and bank details are often sent in conjunction with any transaction you make. With bitcoin, this isn’t necessary. The only thing you ever share when making a bitcoin transaction is the “address” of your wallet. A string of numbers and letters that tell the network where to take money from, or where to send it to. This is something that helps make bitcoin much safer to use, especially when dealing with online transactions.
Bitcoin is borderless- which means that it doesn’t fall prey to expensive bank fees when moving from different currencies or different parts of the world. It also means that bitcoin doesn’t succumb to exchange rates either. So, your bankroll goes a bit farther, and there’s no way to tell what country the bitcoin is going to or coming from. Making it a nightmare for geographical legislation and restrictions to be informed, but a dream holiday for players who would normally have to contend with these restrictions. So, when laid out, you can obviously see that bitcoin casinos operate in favor of the player, as opposed to the government that oversees them.