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Are Bitcoin Casinos Legal?

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Are Bitcoin Casinos Legal?
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Cryptocurrency, especially bitcoins, became trendy a few years ago. The variety of digital currencies grows every day.  If it was difficult to imagine where people can spend their tokens ten years ago, today, there are a lot of options on how to invest them or what to buy for them. Online gambling flourished last year too. Online casino bitcoin is fresh but very popular. There is only one unanswered question – is crypto gambling legal? But, first of all, it is necessary to generally describe blockchain tech and bitcoins.

What Is Bitcoin and How Does Blockchain Technology Work?

For the first time, blockchain tech was described in the 80-es of the 20th century, but only in 2008, it was realized and popularized by someone known as Satoshi Nakamoto. Blockchain is a digital technology to hold records about transactions (blocks) on different public databases (chains) connected by the peer-to-peer network. To say simple, it is a decentralized structure to protect transfers among users. Blockchains are in use not only for cryptocurrency operations today because they allow protecting every action from any tampering. It means that information in the digital ledger is under high safeguard. Also, this technology provides data transfers very quickly without a third approval party.

Bitcoin is the first and most popular cryptocurrency in the world. It is decentralized and may be submitted only as a digital currency that can be transferred or exchanged by blockchain technology. BTC is created by mining. Totally, 21 million coins can be mined. However, the pace of mined bitcoins decreases every 4 years. It means that the last coin will be mined near the 2140 year.

There are a lot of talks about the future of bitcoins and their impact on the global economy. Hence, the most interesting question is about the legal status of crypto and its use.

The Legality of Cryptocurrency over the Globe

Law always hampers with the regulation of new object reality. It is never clear which events will be longstanding and which not. In the first few years, authorities looked closely at cryptocurrency. Even now, there are many experts who say that the wave of coins will decrease soon, and they will lose most users. However, developed countries and many of their satellites (the USA, EU members, the UK, Japan, Singapore, Australia, and so on) have started regulating bitcoins’ flow the same as finance’s flow. Somewhere, the situation is contentious. For example, in Canada, bitcoins are not prohibited now, and dealers in crypto are regulated as money service businesses. At the same time, companies dealing with virtual currencies must register with the FTRAC (special regulator) and meet all requirements (one of them is to report suspicious transactions). This infringes one of the basic principles of cryptocurrency – the absence of a third party. Also, there are still countries where BTC and other tokens are prohibited, and their use is under restriction. In total, there are more than 70 countries and territories in the world where bitcoin is legal and near 15 countries with the contentious situation.

Online Casinos Accept Crypto: How Does It Work?

In September 2020, it was counted that casinos on the Internet using cryptocurrency gain an additional profit of over USD 150 million! This sum will grow in the next years. So, how does it work?

Online casino bitcoin is a gambling platform that deals mainly with bitcoin cryptocurrency. Such casinos operate with special software to minimize human intervention. It means that software has the role of a dealer in games where real players are needed. In other cases, it is an algorithm of accidental winnings like in other casinos. The main difference between an online gaming house working only with fiat money and a casino receiving crypto is that the latter provides operation based on the peer-to-peer network (blockchain principle).

Advantages of Gambling with BTC

Digital casinos dealing with BTC have many advantages over classic online casinos because of using blockchain tech.

  • Anonymity. The nature of cryptocurrency implies only secure activities between two users. All information about who sends and to who is ciphered by the algorithm. For many players, it is very important to stay anonymous.
  • Speed of transfers. The absence of the third party in transactions allows making transactions very quick. It may be important in conditions of cryptocurrency fluctuations. Also, the high speed of deposit acceptance allows starting playing faster as well as receiving withdrawals quickly.
  • Decentralized structure. In classic casinos, all money is in the hand of the casino’s owner. Bitcoin gambling platforms do not have a single center of money transfer. It helps to protect users and their stakes.
  • No additional fees. Most of the online casinos dealing with crypto do not demand transaction fees or other supplementary payments.
  • Accessibility. The digital nature of this business allows playing games for many people at one time and guarantees the approachability of games over the world.

 

Are Online Bitcoin Casinos Legal?

Not all countries where cryptocurrency is legal demonstrate similar loyalty to online gambling with bitcoins. There are three kinds of countries:

1. Where any online gambling is prohibited.

2. Where cryptocurrencies are prohibited.

3. Where crypto gambling is permitted.

 

In Estonia, Germany, Finland, and Denmark, Internet gambling with crypto is allowed with a special license given by the local regulator to both local providers and foreign ones. Hong-Kong, Gibraltar, and the United Kingdom (including the Isle of Man) have the same position.

In Switzerland, Norway, and Sweden, local gambling platforms need to receive a license, and foreign ones can act without it.

In the USA, casinos accepting bitcoins are totally illegal. Many known gambling providers are incorporated outside this country. The same situation is in Malta, even though Malta Gaming Authority gives licenses to most online casinos.

Playing casinos in the countries where it is prohibited is the liability of a player. All amenable gambling platforms always note the list of restricted countries in their Terms and Conditions.

To sum up, it is necessary to say that the situation with bitcoins and online bitcoin casinos’ legitimacy is changeable. Players may play from any place, but possible consequences are their responsibility.

 

Bitcoin

Crypto Betting Expected To Reach All-Time High Level For Champions League Final

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Crypto Betting Expected To Reach All-Time High Level For Champions League Final
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Bullish prediction from crypto gaming pioneer comes even amid slump in cryptocurrencies

A significant global increase in crypto sports betting has set the stage for the 2022 Champions League Final to become the biggest Bitcoin sports betting event in history.

Next Saturday’s showpiece is the world’s biggest club soccer game, with over 700 million fans tuning in to the 2021 match (per Front Office Sports). This year’s final, to be contested between traditional European powerhouses Liverpool and Real Madrid at the Stade de France on Saturday May 28, is expected to draw an even bigger audience—and an unprecedented level of crypto betting activity.

These expectations come against the backdrop of a crypto betting market that is developing at a significantly faster rate than its traditional currency counterpart. According to software developer SOFTSWISS, cryptocurrency use in sports betting increased 116.7% year-on-year in the first quarter of 2022, compared to 60% growth in overall sports betting.

And despite the recent slump in the value of cryptocurrencies, data from crypto betting pioneer Cloudbet suggest that it has not  erased customers’ desire to bet: Turnover has largely held steady – and in the case of casino spend, it may even be increasing.

“As two of the biggest teams in the world meet in the most-watched club match on the planet, we anticipate the busiest day ever for crypto betting,” said Cloudbet Director Leandro Rossi. “It is clear that the Bitcoin betting boom will continue despite the sector’s setbacks, and that an increasing number of bettors are reaping the benefits of the decentralized blockchain model. “The array of Champions League markets available at Cloudbet represent a tangible opportunity for users to grow the size of their respective Bitcoin investments.

“In the four years since Liverpool’s last Champions League Final against Real, the Bitcoin market has grown exponentially, offering tremendous potential returns for soccer fans despite recent market fluctuations.”

On the day of the Reds’ clash with Real Madrid in the Final of May 2018, Bitcoin was trading at $8,500. Even after the recent crypto slump, that coin is still up by over 250% in the current market, offering incredible value to those who have held Bitcoin since the last time the La Liga Champions and Jurgen Klopp’s men contested soccer’s biggest domestic prize.

Cloudbet is offering a full slate of Champions League Final markets for Bitcoin, including full time result, Asian Handicap, and Both Teams To Score.

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3 Years, 6 Lamborghinis: FreeBitco.in’s “Biggest Giveaway in Crypto” Continues Its Legacy

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3 Years, 6 Lamborghinis: FreeBitco.in’s “Biggest Giveaway in Crypto” Continues Its Legacy
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In 2019, FreeBitco.in introduced Win a Lambo – a contest designed to give back to its user base, a community that helped it become the leading Bitcoin casino in the world.

Since then, over 49 million users have participated in six editions, with six lucky users driving home the most coveted prize in crypto – a Lamborghini.

FreeBitco.in announced the latest winner on April 20, 2022, after a provably fair draw.

And the Winner Is…

Win a Lambo is a Golden Ticket contest – users perform certain actions to earn tickets and participate in a draw.

Win a Lambo Round 6 at FreeBitco.in began on October 21, 2021. A draw on April 19, 2022, picked User 150986 as the lucky winner.

The winner entered 4,305 tickets into the draw. With a total ticket tally of 1,151,098, the user had a winning chance of a mere 0.3%!

The winner had to choose between a Lamborghini Huracan LP 580-2 or 4.91033121 BTC ($200,000 in BTC deposited directly into their FreeBitco.in account), and they chose the latter.

You Can Win More BTC in Round 7

Win a Lambo 7 began as soon as Round 6 ended. Everyone, including you, can participate and stand a chance to win. With Bitcoin correcting by almost 60% from its all-time high, you can win a higher amount of BTC when the contest ends in October.

 

Follow the steps below to participate in the giveaway:

  1. Create an account on FreeBitco.in.
  2. Collect Free BTC or deposit BTC into FreeBitco.in wallet.
  3. Play the HI-LO dice game, or bet on sports, events, and cryptocurrency prices.
  4. For every 0.005 BTC wagered in total on both the dice game and the event betting page, the user earns 1 Golden Ticket.
  5. Golden Tickets can also be purchased for 0.00025 BTC each.
  6. Collect as many Golden Tickets as possible to increase the chances of winning a Lamborghini.
  7. After the contest ends, a provably fair lottery draw will be conducted to pick the lucky winner.

 

Note: FreeBitco.in has a strategic partnership with FUNToken. FUNToken users earn additional benefits at FreeBitco.in, one of them being the opportunity to collect extra golden tickets through free spins.

It’s that simple. The contest ends in October, so you have time to stock up on Golden Tickets. The more you collect, the higher your chances of winning.

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Why Do Many Gamblers Play at Bitcoin Casinos?

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Photo credit: unsplash.com
Reading Time: 2 minutes

 

You don’t have to use your bank account when depositing money to your favorite online casino, thanks to technological developments used by gambling sites. Today, many casinos use cryptocurrencies such as Bitcoin (BTC) via your preferred crypto wallet. However, suppose you’re unfamiliar with these new currencies. In that case, these are decentralized digital money that can buy and sell goods and services on the internet.

Because it is decentralized, payments are transmitted directly to the receiver without the need for third-party merchants. Crypto transactions might take minutes or even seconds to complete. This is why many gamblers are enjoying fast withdrawals from these casinos. 

However, be sure to provide accurate information and ensure that you only play at legitimate sites available from this overview of Bitcoin casinos because crypto transactions are irreversible. Moreover, here are some more reasons most gamblers use BTC when playing online.

Affordable and Convenient

Bitcoin gambling sites are the ultimate ease, particularly for players from regions where gambling is prohibited. They can use Bitcoin to enter online casinos safely while still enjoying all of the benefits. On the other hand, traditional online casinos do not permit such behavior, as the majority of them refuse to accept players from particular countries. Similarly, managing your wins is easier because Bitcoin users have instant access to their money from everywhere in the world.

For most players, the extra charges and fees they must spend when gambling in regular online casinos are the straw that breaks the camel’s back. Because their winnings are on the line, this takes a lot of enjoyment from playing and enjoying games. On the other hand, Bitcoin casino winnings are not subject to charges (or have highly minimal costs). In addition, gambling sites are unregulated by any institution, making transfers more reasonable.

With this in mind, you can deposit as little as $4 or even less using Bitcoin, depending on the casino. On the other hand, you can take up to six figures based on your preferred currency without difficulty.

Safe and Secured

As you may be aware, most online casinos demand players to provide personal information and banking information upon registering. Moreover, leaving your credit card information online is not a wise decision. It’s private information that may cost you a lot of money if mismanaged.

Fortunately, safety and security are prioritized when it comes to Bitcoin casinos. Players’ information is kept safe, so you’ll only need to enter your data once and send a deposit to the address provided. As a result, the current top Bitcoin casinos on the market and their methods for playing and depositing money are far safer and more secure than regular online casinos.

Promotions and Bonuses

You should be aware of gaming sites that offer bonuses if you deposit money using Bitcoin. It could come in the form of free spins or bonus money, which can be used to increase your wagering capacity. Make sure you meet the wagering requirements to claim your prize.

Global Currency Support

Since there is no international legislation preventing the usage of cryptocurrency, it can be spent in many countries around the globe. Moreover, it covers the line between borders.

Final Thoughts

Bitcoin casinos are swiftly catching up to regular casinos, whether online or on-site so that players can expect a lot more from them in the future. Although there are various advantages to using Bitcoin, you must be aware of its volatility. So take advantage of these Bitcoin casinos’ rapid transactions, but remember to gamble sensibly.

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