Are Online Bitcoin Legal?
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Bitcoin prices have been all over the place in 2022. The crypto market may have crashed again, but online gambling is one industry that was an early digital money adopter and is doing more than well.
Bitcoin gambling sites have been around for eleven years. They started as provably fair dice platforms before morphing into ones incorporating modern slots and RNG-powered table games, which happened in 2014. That shift occurred as a byproduct of Curacao-based regulators starting to stamp their approval on operators who chose to accept virtual money for betting fun.
In the past two years, the number of crypto gaming platforms has gone through the roof. And given that these sites accept players from virtually everywhere while permitting these gamblers to maintain their anonymity has dramatically contributed to their popularity. However, it also has made many lay people question if this entertainment activity is legal or not?
Are There Laws Against Bitcoin Gambling?
As mentioned above, the Bitcoin casino list is now super vast. Yet, confusion lingers regarding the legality of these platforms. First off, it should be said that around 95% of Bitcoin casinos have a gaming license from an international licensor. The organizations that oversee these sites are often from smaller nations with laws permitting companies to run internet gambling-oriented businesses from their borders, allowing them to offer these services globally. Hence, the legality of their licensed platforms is not in question. They would not get these bodies’ regulatory permission to function if they did not get registered as business entities in their respective countries through the proper legal channels.
Now, since very few nations have any regulation concerning cryptocurrencies, the legal principle that what is not outright forbidden gets allowed is in function. Seeing as, more or less, no country criminalizes the use of Bitcoin and other forms of digital coins, those who live in such regions can own or trade this money type freely. Government bodies may discourage their residents from doing so out of fear that their citizens will not get the same protection level when utilizing crypto exchanges as they do when using banks. But they cannot stop anyone from getting into the Bitcoin/altcoin fad.
Furthermore, even if a territory has strict laws against gambling, online and offline, its authorities are unlikely to prosecute individuals who partake in games of chance over the internet. They see that as a waste of resources and are far more likely to go after operators offering gaming products to jurisdictions they are not supposed to explore.
The Difference Between Regular & Bitcoin Casinos
In short, the primary differentiation between standard gambling sites and Bitcoin ones is that the latter accept digital coins for deposits. They can also allow fiat currencies, and many choose this as a method to broaden their platforms’ appeal.
The second aspect that separates crypto sites from regular ones is that they can supply unique promotions. Bitcoin gambling hubs tend to focus on point-collection VIP schemes more while also delivering novel crypto promos such as chat rain and free faucets. In general, the promotions on these platforms are far more generous than those offered by fiat online casinos. For example, the famous Wild Casino, licensed by Panama’s Gaming Control Board, has a fiat and a Bitcoin welcome bonus. The first can yield up to $5,000 in free-play funds, while the latter can produce $9,000. That is par the course for interactive gaming hubs accepting cryptocurrencies. If they list two sign-up packages, the crypto one will virtually always be the more generous of the pair.
In terms of games, there is not much difference between these two platform categories today. While Bitcoin casinos initially started as sites delivering simple, provably fair action, now their gaming catalogs are more or less identical to those of popular fiat sites. Provably fair gaming products let gamblers verify the randomness of their game results. Because such titles were vital to the growth of the Bitcoin gaming sphere and the fact that they have their niche, some operators still choose to feature them. Famous options from this genre include Bitcoin dice, Plinko, Crash, Mines, and Hi-Lo.
The Sum Up
If a user can access and sign-up with a Bitcoin casino, nothing stops that individual from enjoying games of chance via the world’s original cryptocurrency. Only a handful of regions around the globe have any crypto regulation, and regarding online gambling laws, whatever they may be, authorities seldom go after individual players. They only target gambling companies willingly breaking established laws and practices, supplying gaming entertainment to residents of territories that should not have access to gambling fun.
This article was written in collaboration with legit iGaming analysts.
