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Is Bitcoin betting legal? Here’s what you need to know

16th November 2020 Print

Bitcoin had gone a long way from where it started back in 2009. Beginning only as a form of digital money used by a few people for fun payments and dummy transactions, it was unknown and had barely any real-world money value into it. In fact, someone tried to auction off 10,000 BTC back then for only $60 but a buyer was never found. Today, a single BTC is worth more than $15,000—making someone who own 10,000 BTC a multi-millionaire. From basically nothing, Bitcoin is now treated as a highly valued digital currency.

With these things being said, it is then expected to find Bitcoin in a lot of industries today--from online shopping to online payments to investments and even in gambling through crypto casinos--Bitcoin is everywhere on the internet. However, is Bitcoin even considered legal? Also, can you use it for betting and online gambling? Here is everything you need to know about gambling with Bitcoin.

Is Bitcoin and gambling with it legal?

Technically speaking, one can argue that Bitcoin is legal, since no written laws are making it or making its ownership illegal. However, no laws are saying that it is legal, either. Thus, this puts Bitcoin and all of the other cryptocurrencies in a grey area of legality.

Throughout the years, more and more countries have made moves into recognizing Bitcoin. Right now, major countries such as the United States, Canada, Australia, and most European countries accept the existence of Bitcoin, However, it is still treated only as property and not as legal tender. Thus, even if there is nothing wrong in the eyes of the law if you own Bitcoin, making payments using it and treating it as a currency is technically illegal since no country is yet to accept it as a real form of digital money.

How would it work for online gambling then? The key to getting over this technicality in the law is to have the Bitcoin casino operate in a foreign country and serve only offshore customers. Since the site would not be servicing locals, then the prohibitions surrounding the use of it for gambling in that area would not apply.

Through this, people can enjoy online betting using Bitcoin. However, the hope is still for countries to soon see the value of completely legalizing Bitcoin as legal tender while allowing it to keep certain freedom. Will that dream of every cryptocurrency player come true in the future? No one can say for sure. The important thing right now is that Bitcoin is alive, kicking, and is expected to only get stronger as time goes by.

Why are Bitcoin casinos popular?

Aside from its high value and the fact that it can also act as an investment for the long run, there are also other reasons why BTC is a good choice to sue in betting. Here are some of the most common reasons why people are attracted to the idea of a bitcoin casino.

It gives total anonymity

Since a BTC wallet is not tied to any of your personal information, it means that you can go to a Bitcoin casino and be anonymous, This is the perfect choice for people who are very sensitive when it comes to their online privacy, especially in keeping their personal and financial information private and safe.

BTC is tax-free

Since BTC is not regulated by any government and is decentralized, every money that goes in and out of your wallet is completely tax-free. It is free from audit and is free from any regulatory eyes out there. After all, there is a reason why Bitcoin was once called the currency of freedom.