Friday, December 6, 2019
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Are Bitcoin Casinos Legal? – Insights for Investors and Players

The use of cryptocurrency for buying goods and services has drastically changed many industries. Today, the use of Bitcoins in online casinos is quickly gaining popularity. However, it is still hard to find a reliable casino that offers these services. The few that are available are crowded and sometimes not reliable.

We all know that Bitcoin, which is one of the most popular cryptocurrencies, uses blockchain technology and is not regulated by any government in the world. Many gambling fans and investors are still wondering whether casinos that use Bitcoin are legal or not.

A Vague Line

Many developed countries like the UK and USA are not clear on whether they have declared online casinos that use BTC illegal or legal. First, the fact that online casinos are purely digital makes them even harder to regulate. However, this does not mean that they cannot be outlawed.

There are many countries around the world that have declared gambling of any kind illegal. In this case, they have set measures that control access to all gambling sites that use BTC. Even with this, fans can still access the online casinos when they wish by adding a protective layer to their devices so that they are not spied on by big brother.

Many other countries have decided not to waste their energy trying to regulate online Bitcoin casinos, owing to their complications in doing so. They have left a vague line, although they do not allow the promotion of the casinos in any way. Running adverts on popular websites, blogs, and social media to promote these businesses is expressly prohibited.

Divided Countries

Developed countries like the USA allow individual states to run their own affairs. Their legal constitutions are different in many ways. When it comes to regulating online Bitcoin casinos, the states are divided. Only a few have legalized this and expressed the reasons that have led to this. If you live in any of these states, you can visit the Nakitcoins website to learn how you can buy your first Bitcoins and then choose the best gambling site.

On the other hand, many states have declared gambling through Bitcoin casinos as illegal. This covers both physical casinos, which would have been many by now, and online casinos. The individual governments have to set the legal framework surrounding these activities very carefully to ensure that every citizen is aware of the consequences.

What is Illegal? Bitcoin or Gambling?

Bitcoin is legal in almost all countries around the world. All governments recognize it as decentralized digital money that is now used rampantly around the world. Making it illegal, especially in developed countries, would be a significant blow to the economy.

Gambling, on the other hand, is an activity that can be easily abused and cause problems in society. Thus, there are several control measures that are set to regulate the activities. One of them is making the use of Bitcoin and other cryptocurrencies illegal. The main idea is to avoid fraud and many other cyber-crimes when the decentralized digital currency is used.

So, if you are a fan of online casinos or are an investor who would like to try these options, it is crucial to understand the legal options in your country, particularly when dealing with Bitcoins and other cryptocurrencies.