Is Online Bitcoin Legal? – Odisha Diary

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Bitcoin prices have been everywhere in 2022. The crypto market may have crashed again, but online gaming is an industry that was an early adopter of digital cash and is on the rise. more than good.

Bitcoin gambling sites have been around for eleven years. They started out as fair dice platforms before morphing into ones incorporating modern slots and RNG-powered table games, which happened in 2014. This change happened as a byproduct of Curacao-based regulators starting to approve operators who have chosen to accept virtual money. to bet while having fun.

Over the past two years, the number of crypto gaming platforms has exploded. And since these sites accept players from virtually anywhere while allowing those players to maintain their anonymity, this has contributed significantly to their popularity. However, it has also made many lay people wonder whether this entertainment activity is legal or not.

Are there laws against bitcoin gambling?

As mentioned above, the list of Bitcoin casinos is now very extensive. Yet confusion persists about the legality of these platforms. First of all, it must be said that about 95% of Bitcoin casinos have a gaming license from an international licensor. The organizations overseeing these sites are often from small countries with laws allowing companies to run Internet gambling-focused businesses from their borders, allowing them to offer these services worldwide. Therefore, the legality of their licensed platforms is not in question. They would not obtain regulatory permission from these bodies to operate if they were not registered as business entities in their respective countries through the proper legal channels.

Now, since very few countries have regulations regarding cryptocurrencies, the legal principle that what is not outright prohibited is allowed is in effect. Since, more or less, no country criminalizes the use of Bitcoin and other forms of digital coins, those living in these regions can freely own or trade this type of money. Government agencies may discourage their residents from doing so for fear that their citizens will not get the same level of protection when using crypto exchanges as when using banks. But they can’t stop anyone from getting into the bitcoin/altcoin fad.

Additionally, even if a jurisdiction has strict anti-gambling laws, both online and offline, its authorities are unlikely to prosecute individuals who participate in Internet gambling. They see this as a waste of resources and are much more likely to go after operators offering gambling products to jurisdictions they are not supposed to explore.

The Difference Between Regular and Bitcoin Casinos

In short, the main 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 expand the appeal of their platforms.

The second aspect that separates crypto sites from regular sites is that they can provide unique promotions. Bitcoin gaming hubs tend to focus more on point-collecting VIP programs while offering new crypto promotions such as chat rain and free faucets. In general, the promotions on these platforms are much more generous than those offered by fiat online casinos. For example, the famous Wild Casino, licensed by the Gaming Control Board of Panama, has fiat and a Bitcoin welcome bonus. The former can yield up to $5,000 in free play funds, while the latter can produce $9,000. This is normal for interactive game hubs accepting cryptocurrencies. If they list two signup packages, the crypto will pretty much always be the more generous of the pair.

In terms of games, there is not much difference between these two categories of platforms today. While bitcoin casinos were initially sites offering simple and fair action, their game catalogs are now more or less identical to those of popular fiat sites. Gaming products with proven fairness allow players to verify the randomness of the outcomes of their games. Because these 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 of this genre include Bitcoin, Plinko, Crash, Mines, and Hi-Lo dice.

The summary

If a user can access a Bitcoin casino and register there, there is nothing stopping them from enjoying gambling through the world’s original cryptocurrency. Only a few regions in the world have crypto regulations, and when it comes to online gambling laws, whatever they may be, authorities rarely go after individual players. They only target gambling companies that willfully violate established laws and practices, providing gambling entertainment to residents of territories that should not have access to fun gambling.

This article was written in conjunction with legitimate iGaming analysts.

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