One of the first questions that people have about bitcoin gambling concerns its legality. There have been numerous discussions over the various issues that surround online bitcoin casinos, especially those related to the legal side of things. Given the fact that bitcoin is decentralized, the currency is not controlled by any government. This in itself raises several issues regarding the legal use of Bitcoin for gambling.
Below is an in-depth overview of bitcoin as it applies to online gambling in the United States. The discussion hones in specifically on the legality of bitcoin casinos in the country.
Is Bitcoin Gambling Legal?
Bitcoin gambling is almost identical to other types of gambling and betting occurring on traditional casino websites on the Internet. You simply place a wager to play a round of a Bitcoin casino game in the hopes of winning. Those that do win go on to collect rewards afterward. Unlike regular online casinos, however, bitcoin casinos pay out with bitcoins instead of traditional currencies like USD.
To get straight to the point, bitcoin gambling is not illegal. Though the issue is slightly more complex than this, it all comes down to the fact that the currency is so new there is not yet any specific legislation regarding its use in the United States. Simply put, gambling with bitcoin is currently legal in the US. Will it be long into the future? Only time can tell.
Why is Bitcoin Gambling Legal?
If you regularly frequent traditional online casinos, you are probably well aware that many types of online gambling are illegal in the United States. With that said, it’s common to wonder why bitcoin gambling is legal if many other forms of gambling are not.
The most important thing to remember about gambling at a Bitcoin casino is to understand the specific guidelines that casino has for its customers. You must read the gambling rules, terms, and conditions to fully understand the legality of bitcoin gambling as it applies to that specific service. Furthermore, it is essential to follow these rules to a T. Doing this is necessary to avoid any confusion or misconception about bitcoin gambling rules.
It's also smart to note that bitcoin casinos make many of their rules regarding bitcoin gambling. The vast majority accept US players while some still refuse to offer their casino services to players based in the US. This is the casino's personal choice and does not necessarily reflect the law.
One of the primary reasons that some bitcoin casinos do not accept players from the United States is the fact that bitcoin users remain anonymous. These are websites that strictly police the age of those gambling in their online casinos. By using bitcoin, underage players are sometimes able to circumvent such age restrictions. Simply put, anyone with a bitcoin wallet can gamble in a Bitcoin casino.
Bitcoin Gambling in Your Jurisdiction
Reputable bitcoin casinos operate entirely within the law. They don't hide anything from the players. It is necessary to remember that the region you live in dictates the gambling laws you are required to follow. For this reason, it is essential to look into the gambling laws in your jurisdiction. If bitcoin gambling is prohibited in your area, then you are not allowed to gamble at bitcoin casinos.
Along these same lines, the authorities in most countries view Bitcoin as a commodity instead of a currency. This is true even though bitcoin is recognized as an online digital currency that is accepted as a payment option in gambling sectors.
The Popularity of Bitcoin Gambling
Roughly 50% of all transactions using bitcoin currently fall into the gambling category. Taking that figure into account, it is very easy to see that bitcoin gambling is very popular.
So why are so many people using bitcoins for gambling? Besides the legal side of things, there is a host of other factors that make it ideal. Chief among these is that bitcoin is quick, nearly immediate, anonymous, and secure. In many ways, these characteristics are all but unheard of in the modern gambling industry.
While online bitcoin gamblers appreciate all of the benefits, the security is one that sticks out. Unlike using a credit card or an online payment processing system like PayPal, bitcoin is completely anonymous. You don't have to provide any personal details at all. This greatly reduces the risk of fraud and identity theft. It also ensures that you receive the payout you deserve.
Popular Bitcoin Casino Games
A wide variety of games are currently offered in bitcoin casinos around the world. A few of the most popular include sports books, poker, and dice. Poker is currently the most popular Bitcoin casino game around. Indeed, poker players around the globe have gladly embraced bitcoin. It gives them the peace of mind that they are not breaking any online gambling laws while drastically reducing transaction fees in the process.
The Future of Bitcoin Casinos
Though numerous experts have heralded bitcoin as the currency of the future, the future of bitcoin casinos and bitcoin gambling in specific is uncertain. Like most things related to gambling, there has been intense opposition to the usage of this new virtual crypto-currency in online casinos within the United States. Only time will tell what the legal future of bitcoin casinos will look like.
Final Thoughts on Bitcoin Gambling
There is a reason that bitcoin gambling is so popular. And that reason is that it works. Transaction fees are almost nonexistent, processing times are near instantaneous, anonymity is completely assured, and security is all but impossible to break through. When it comes to online casinos, it doesn’t get any better than that.