The legalities of online gambling, in general, are very opaque, to begin with being that there is no global authority to regulate online casinos. To ensure you remain on the right side of the law, while playing Bitcoin Blackjack, the first step would be simply to ensure that you are using a regulated online casino. Next, you would need to know the gambling laws of the country you reside in, and also the laws of the country you are playing from. In other words, the legal requirements of the country the online casino is registered in and regulated by.
The answer to this question will vary depending on where in the world you live in. But, a simple answer to the question (Are Bitcoin casinos legal?) would be YES… and NO!
So where can you legally play?
When many countries have yet to determine the legalities of Bitcoin it makes answering this question even more difficult. Is Bitcoin an asset, or is it its own currency? Since its introduction in 2009, it began a standards war that continues today. With the strength of the Bitcoin growing alongside Bit entrepreneurs working with central banks, this issue could become a lot clearer in the future. For now, though we will still have to rely on best judgement.
What we do know is that due to the nature of bitcoin transactions and the clandestine nature behind bitcoin, running a bitcoin casino is illegal in the US (for example). Although it can still be legal to play overseas casinos from certain US states. Most of the legally known bitcoin casinos, therefore, are spread around countries where the running of online gambling sites is legal; which will certainly limit who can legally use Bitcoin casinos.
So to answer the above question you would certainly need to check the current laws of your country, and there are plenty of websites where you can begin your research. As a word of caution, I would only use these websites as a guide, and I would check for confirmation from your country’s regulating body. Saying this, there are plenty of countries that are Bitcoin-friendly which also allow gambling. A number of these countries (true at the time of writing) are; Australia, Canada, UK and France.
Over the last few years, hundreds of online gambling sites have been launched. Many of these operate using Bitcoin alone. This all sounds very promising as if you are a Bitcoin owner who enjoys gambling you are left with plenty of options. The issue though is that Bitcoin casinos, in general, tend not to be regulated by any authority. This means that if an online casino fails to pay up, or suddenly closes down or disappears, you could be very limited in your legal rights to claim your Bitcoin back.
With this in mind, should you risk playing at Bitcoin casinos?
There are plenty of benefits to turning to Bitcoin gambling by using a traditional casino. There is more transparency on house edges and the mechanics behind the casinos are more verifiable. There is a Crypto Casino that offers 0% Edge called Edgeless, meaning the casino is not profiting from every bet made, such is the traditional way.
Ultimately it is up to each individual to research their legal rights to gambling. If you find that you can legally gamble in Bitcoin casinos then there are many that see Bitcoin gambling as the safest option. They maintain advanced security systems and despite the lack of regulations, there are insurance systems in place, and secure middlemen like PayPal who guarantee funds. Cryptocurrency transfers are also seen as more secure. They are more anonymous and security certificates are generated and approved for each transaction. In contrast, forms containing personal data (which traditional online casinos use) and credit cards details can be hacked, and used to steal funds.
Finally, Bitcoin casinos are very aware that they need to build trust with their customers. Most bitcoin casinos openly disclose how their software algorithms work, for this reason, using random number generators (RNG) for fairness. There is also an element of peer to peer referencing that is building a network of trust in Bitcoin casinos, and they also offer a uniqueness of casino games that entice gamblers.
Overall where a Bitcoin casino may lack in regulations they seem to make up for it in security and transparency, where at the same time offering an anonymous platform for financial transactions and a more unique gaming experience – As long as using Bitcoin casinos is legal where you reside at least!
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