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Are Bitcoin Casinos Legal?

George Miller

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Are Bitcoin Casinos Legal?
Reading Time: 4 minutes

 

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

Bitcoin Vault inks major deal with ESE to co-produce Gaming & Esports Talent Show in five countries

George Miller

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Bitcoin Vault inks major deal with ESE to co-produce Gaming & Esports Talent Show in five countries
Reading Time: 2 minutes

 

Bitcoin Vault (BCTV), a crypto currency project that is being operated and managed by the blockchain development company, Electric Vault, has sealed a landmark partnership with ESE Entertainment (ESE), a Europe-based entertainment and technology company focused on gaming and esports, to co-produce and co-distribute a gaming talent show in five countries namely China, Japan, South Korea, Vietnam and Brazil.

The production deal propels BTCV and ESE’s unified goal to link crypto currency and gaming in one ecosystem. This partnership also powers BTCV coin to expand its presence and services in the global esports and gaming markets. BTCV is known for being the only Proof of Work (PoW) cryptocurrency that offers a reversible transactions feature on an immutable blockchain, adding a new layer to users’ security.

“Esport is a rapidly growing industry and driver for fintech based on cryptocurrencies. Those industries are already working together, and we want to contribute our part to the global cryptocurrencies adoption. We are glad that we can work with such an experienced partner as ESE on a shared project dedicated to the global gaming community, where young non-professional players can show their skills. We are happy to support the crypto and gaming communities,” says Radek Popiel, Chief Communications Officer at BTCV.

The talent show will feature promising amateur esports athletes striving to become professionals. Young gamers will show their skills in fast growing mobile games such as PlayerUnknown’s Battlegrounds (PUBG) and Peacekeeper Elite.

Meanwhile, ESE will be managing the production and infrastructure of the show, including the development of the project concept, media plan, technology implementation, marketing, and overall campaign roll-out. Other partners involved in the project include VYRAL Producer of Gaming Projects, VidWe, Converters and Next Level Agency.

“ESE is actively exploring new and innovative ways to incorporate cryptocurrencies and other blockchain based payment solutions within the gaming and esports world. We are thrilled to run this major gaming talent show with Bitcoin Vault in markets that are global leaders in esports and gaming,” states Jedrzej Steszewski, ESE Director of EU Operations .

Series of gaming tournaments will be held in China, Japan, South Korea, Vietnam and Brazil from June 2021 until the end of the year. Bitcoin Vault (BTCV) will gain exposure to the new markets and new audiences creating a potential for new partnerships within the esport growing industry.

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Bitcoin

Drop in For a Chat with Sportsbet.io’s New Club Talk Feature

George Miller

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Drop in For a Chat with Sportsbet.io’s New Club Talk Feature
Reading Time: < 1 minute

 

Sportsbet.io is inviting users to its new Club Talk room, a game-changing chat function where its community can talk about sports while discussing and sharing bets.

Club Talk is now live at Sportsbet.io, and can be accessed on desktop and mobile from the bottom right corner of the screen.

It is already home to a thriving community of Sportsbet.io users, and has also welcomed several guests from the Sportsbet.io team, who’ve dropped in to join the conversation.

Club Talk will also be the home of interaction between Sportsbet.io’s community and featured guests and celebrities in the sportsbook’s new streaming series Behind the Bet. Customers will have the opportunity to contribute to live interviews and talk directly with stars through the Club Talk forum.

Ahead of the European Championships, which kicks off in June, Club Talk users will enjoy exclusive promotions and bonuses not available anywhere else on Sportsbet.io.

Joe McCallum, Director of Sportsbet.io said: “Club Talk has quickly become a lively hub of discussion about everything from the latest sporting action to the hottest betting tips. Sportsbet.io users have jumped at the chance to get involved, and we’ve built one of the most welcoming communities around.

“With a big summer of sport ahead, including the European Championships, Club Talk is the place to follow the action and share your views. And even better, we’ll be giving out some fantastic bonuses to those who are taking part.”

 

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Bitcoin

A Golden Opportunity: How to Win a Lamborghini in 2021

Zoltan Tundik

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Reading Time: 2 minutes

 

Dreams do come true.

 

On April 24th, a FreeBitco.in user, out of over 42 million registered users, won a brand new Lamborghini, crypto’s favorite car.

And that wasn’t the first time. Since May 2019, FreeBitco.in, one of the world’s biggest Bitcoin gaming websites, has given away Lamborghinis to four lucky winners.

And they don’t intend to stop…

It’s Time for Round 5!

The Lamborghini Giveaway at FreeBitco.in is a Golden Ticket Contest where users have to collect Golden Tickets which are entered into a provably fair draw to pick the winner.

User 15324044 is the latest winner and they held over 882,251 Golden Tickets over the course of the contest. The lucky winner gets to choose between a Lamborghini or $200,000 in BTC credited directly to their FreeBitco.in account.

Over the last 2 years, FreeBitco.in has given away a total of $800,000 in BTC through four popular editions, and now they’re making it $1 million with Round 5.

And the best part? You can win a Lambo too!

How to Participate?

Win a Lambo Round 5 began as soon as Round 4 ended. Everyone can participate in Crypto’s Biggest Giveaway and stand a chance to win.

Follow these steps to join the contest:

  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 events.
  4. For every 0.005 BTC wagered in total on both the dice game or the event betting page, the user gets 1 Golden Ticket.
  5. Golden Tickets can also be bought 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.

It’s that simple!

The contest ends on 23rd October, 2021. You have six months to collect as many tickets as you can. Who knows, you could be driving home a shiny Lamborghini come October!

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