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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

How to Choose a Safe Bitcoin Casino – The Complete Guide

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The scope of online gambling keeps changing, creating a convenient atmosphere for punters to enjoy and explore the act. For example, we have moved from playing casino games in currencies like USD, EUR, etc., to funding gaming accounts using crypto coins like Bitcoin, Ethereum, Dogecoin, etc. What’s more, several local restrictions can be bypassed, helping more people get into gambling from across the globe.

Today, there are more casinos adopting cryptocurrency payments. Bitcoin casinos create an interesting form of enjoying gambling. They host the largest game collection, safe and quick payment gateways, generous bonus offers, and much more. These perks easily put them ahead of their counterpart fiat casino operators.

The choice of a bitcoin gambling site is essential. It could be the polarity between creating an incredible gambling experience and an unpleasant one. Crypto casinos like those listed on cryptocasinos.net are in a league of their own. With so much charade on the internet, searching through the numerous options could be staggering. Here is why this review was put together, guiding you through various criteria to selecting the best cryptocurrency casino.

Security and Licensing

The first consideration when picking a bitcoin gambling site is its license. This is always the first phase operators go through before they are permitted to operate. The license is usually located at the bottom of the website. Additionally, for safety, gambling sites set up several firewalls, encryption technology software, and data protection services to curb the rate of third-party invasion.

While considering a btc casino, check out how much such a site has invested in its security; that’s the guarantee that your details would be protected. Please take note of the license it possesses. An issued license is valid proof that the preferred bitcoin gambling site is legitimate and can issue a pay out to its users. A license from a reputable authority is reassuring and would boost your confidence while gambling. It would be best not to patronize sites with no license or whose licenses are from unknown sources.

Cryptocurrency runs on a secure blockchain. However, without proper security, your data could be jeopardized. A reputable licensing body is the United Kingdom Gambling Commission. Other renowned authorities include Malta Gaming Authority, Curacao Gaming Authority, etc.

Variety of Payment Gateways

Being able to initiate payment easily, securely, and quickly is a necessary criterion when picking a btc casino. Bitcoin casinos provide a wide variety of payment methods to ease monetary transactions. Best cryptocurrency casinos are known to have a mix of both fiat currencies and crypto coins channels. Furthermore, gamblers can purchase cryptos via fiat payment methods on the site.

It is easy to come across bitcoin casino sites because it is a widely spread cryptocurrency coin. But it would be best to look for sites with other crypto options like Ethereum, dogecoin, BNB, XRP, etc. What’s more, payment channels have variable transaction timelines. To ensure you have a speedy transaction, check out the terms and conditions on the bitcoin gambling site. For example, a bank transfer would take several days to complete.

Bonuses, Rewards and Promotions

Now and then, a new gambling operator springs up. They offer juicy promotions to lure players their way to gain momentum and a spotlight. Gamblers love freebies and would easily be swayed towards a lucrative offer. Bonuses and promotions are still necessary for picking a bitcoin gambling site. And bitcoin casinos are known for being generous with their offers compared to their traditional counterparts.

Best bitcoin casino sites offer punters terrific casino bonuses such as welcome bonuses, free spins, deposit match bonuses, reload bonuses, VIP/loyalty points, etc. These lucrative promotions would help boost your bankroll and help you hit the ground running as a newbie. For regular players, it encourages you to explore more casino game titles.

Catalogue of Game Titles

The game category can’t be left out of your consideration for a btc casino. Although promotions can be captivating, you must go through the game collection before hitting the sign-up button. The totality of your gambling experience is linked to the quality and quantity of the games you would come across. It certainly makes the difference between an exciting adventure and an unpleasant run.

Slots, table games, poker, live dealer, and video poker are various categories of games to look out for. Usually, crypto casinos team up with best-rated studios to keep the titles forthcoming. While considering your options from the best bitcoin casino sites, do well to select a reputable provider with a proven track record in certification, return to players, etc.

Customer Support Team and Responsible Gaming

Players are no longer amazed or overwhelmed by promotions that operators heavily invest in. Essentially, the aspect of feedback from the operator is not overlooked because it could make or break their gambling experience. Therefore, it is impossible to ignore customer support services in selecting the best cryptocurrency casino.

Bitcoin casino customer support has a long list of benefits. Beyond being a go-to option for players when they encounter a dead end, they also help players curb gambling addiction. The support team consists of well-trained personnel that can help you with a classic experience. Communication channels include email, live chats, phone, and a well-detailed FAQs section.

Anonymity

Gamblers love to stay anonymous on the internet, hence the consideration of a btc casino. Bitcoin casinos provide a safe space for punters who would not want their online gambling activity known to the public. Cryptocurrency is not 100% anonymous because wallets are pseudonymous. However, it cannot be traced to a particular individual.

To keep your digital footprints safe, crypto gambling sites would skip the KYC (Know Your Customer) phase. They could also allow you to log in using a VPN service. All these features keep the user safe, anonymous, and free to enjoy an incredible gambling adventure.

Here’s The Verdict

Playing on bitcoin casinos is soothing. However, selecting the best cryptocurrency casino could be overwhelming if you are new to gambling. This review puts together basic criteria that would help you find your way to the best options. The top points highlighted include licensing, security, payment gateways, customer support, etc.

While you are on your way to creating a beautiful gambling experience, it is necessary to take precautionary steps to ensure you gamble responsibly. Also, it is important to research the bitcoin gambling provider you are interested in becoming part of. Best of luck!

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Which altcoins can you use for gambling when bitcoin is crashing?

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Since the advent of online betting, Bitcoin has been the preferred cryptocurrency. Time, however, is evolving. In the first quarter of 2022, its share fell dramatically. This week alone, Bitcoin’s value dropped by 15% over 24 hours, reaching its lowest point since December 2020. And this, according to experts, is tied to the increased interest in Ethereum and Litecoin, the second-leading cryptocurrencies. Their respective market capitalizations have increased by 3.45% and 2.95%.

What to expect for crypto betting in 2022?

According to the research, it is expected that cryptos would see growth, albeit with adjustments to coin share. And the diversity of cryptocurrencies used for betting will be a major trend.

But what is an altcoin, and which one can you use for gambling when bitcoin is crashing?

What is an altcoin?

The word “altcoin” gained popularity in 2017 when hundreds of different Bitcoin alternatives appeared on the market. However, by 2022, most of the top 100 cryptocurrencies will no longer be Bitcoin alternatives. Today, the market is flooded with new applications and products, some vastly different from others. With millions of cryptocurrencies already in circulation, it’s hard to keep up with everything that’s going on in the market.

In short, altcoins are non-Bitcoin cryptocurrencies. However, some are popular, with technological improvements that set them apart from Bitcoin. And there are several reasons why players prefer altcoins over Bitcoin. Let’s find out some of them below.

Why using altcoins for online gambling is a good idea?

There are many good reasons for gamblers to use altcoins. Here are some of them:

  • Availability

When compared to other coins, gambling with bitcoin can be expensive. Bitcoin is the most expensive coin right now (even though recently it has crashed seriously) and can be costly to buy compared to Ripple and Litecoin. They cost less.

  • Quicker transactions

Unlike Bitcoin, sending altcoins like Ethereum to online casinos for transactions is faster. In addition, some altcoins have added features that help transactions go faster.

  • Wise investment

Some altcoins can be used as an investment tool because their value keeps increasing. Because of this, investors buy a lot of altcoins to increase their chances of making money.

So, which are the most popular altcoins?

The following are some of the most popular altcoins used by online gamblers in the industry, especially when Bitcoin suffers its worst times.

Top gambling altcoins

Ether (ETH) – Popular cryptocurrencies are ranked by market capitalization, and Ethereum is the second-largest after bitcoin. In addition, Ethereum transactions move quickly, mainly when depositing money to online casinos.

Dogecoin (DOGE)– Even though it was made from an internet meme, the coin has become more prevalent in recent months. And casinos love it.

Litecoin – With quicker transaction speeds and cheaper costs than Bitcoin, Litecoin is undoubtedly one of the best options for gambling, particularly after a Bitcoin meltdown.

Conclusion

For the final remarks, we would like to point out that while Bitcoin struggles to regain its former glory, you can save time. Select one of the various altcoins and play freely in any crypto casino, like FortuneJack, where you can find the most exciting gambling atmosphere.

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Drake gives away $1million in Bitcoin (35 BTC) via Stake.com as rapper loses $20million on first live Twitch stream

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Global cryptocurrency betting and gaming operator Stake.com announces betting partner sponsorship of bantamweight title rematch between Naoya Inoue and Nonito Donaire
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Drake joined Stake’s live Twitch stream last night to give $1million in Bitcoin away to fans around the world.

The rapper broadcast his night at the online casino, sharing  live action across a number of games with the highlight being an $18million win on his lucky number 11 on the roulette table as part of their first official live stream collaboration.

Though, it wasn’t the artist’s best night on the tables, losing $20million. However, he was able to bring a smile to a number of fans.

Viewers were selected at random to receive gifts worth up to $75,000 in Bitcoin (2.6 BTC), as Drake video called winners around the world, sharing the love with his fellow Canadians and as far afield as Argentina, India, Mexico, Brazil and Jordan.

Drake recently launched a collaboration with Stake.com, the world’s largest crypto currency betting platform, which saw the rapper place a number of large sports wagers on the site – including a recent $2.6 million parlay win.

Stake .com have confirmed Drake will be live streaming and giving away crypto to fans on Twitch again soon.

Like these cryptocurrencies, teslacoin is also making its impact in the crypto market. You can also research on it.

The night ended well for Drake as the Golden State Warriors secured the Western Conference, netting the Toronto native a million dollars in winnings after he bet $200,000 on Steve Kerr’s team at 4/1.

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