Cryptocurrency has been on an upward trend since a few years ago. The wave of digital currencies keeps on growing exponentially on a daily basis. While you still have a huge segment of people who are somewhat wary of cryptocurrencies, many others are and have already embraced them.
In fact, the popular cryptocurrency Bitcoin has become one of the trendiest decentralised currencies on the online gambling market.
Online casinos who are looking into accepting Bitcoin as a form of payment are often met with confusion based on ambiguous decisions set out by the authorities in regard to cryptocurrencies.
At the end of the day, businesses are looking to operate legally, so they are always looking closely at licensing and legal requirements of running a casino with cryptocurrencies. This confusion gives cold feet to many businesses and since the situation is rapidly changing, it is difficult to strategize for the future.
Whether the business is operating within one country or in a legalised state in the United States, trends vary especially when it comes to Bitcoin.
Of course, for users as well as online gambling players, the benefits are plenty. Besides being a fast and secure payment method, it is also free of banking fees and provides you with a good degree of anonymity. It is also not affected by inflation which is always a plus.
How Crypto Gambling is Regulated
This is where the real dilemma kicks off. The world of cryptocurrency gambling is continually changing with many countries still iffy about the legality of Bitcoin gambling. As such, there are no clear answers to many questions posed by players and operators alike.
Overall, there are no specific rules or laws when it comes to the regulation of crypto gambling. At the same time, it is neither allowed nor prohibited officially.
There is a silver lining to all this. More counties are beginning to look positively at Bitcoin and entering discussions around the topic of cryptocurrency regulations.
Governments are still not considering Bitcoin, Litecoin, Ethereum and even more unconventional ones like Tether and Dogecoin as real currency, for example. While traditional currencies (fiat) are allowed at online casinos and sports betting sites, these cryptocurrencies are a wholly different story.
Players still opt for cryptocurrencies such as Bitcoin, Ethereum and Litecoin, since they provide them with a certain degree of anonymity. Bitcoin payments don’t require so much red tape, such as verification processes.
Gambling jurisdictions such as Curacao do issue licences to online casinos that accept Bitcoin as a form of payment. As long as casino and sports operators follow the regulations as set up by the legislation they are operating in then they are in the clear.
Bitcoin Casinos that Accept UK Players
Bitcoin remains at most unregulated, but it is still perfectly legal to gamble with Bitcoin in the United Kingdom. As long as the casino has all the legal framework in place and operates with a licence from the UK Gambling Commission, then it is operating within its legal rights.
The UK Gambling Commission only dishes out licences to online casinos that operate or are about to operate with strict standards. It will also allow casinos to accept cryptocurrencies such as Bitcoin alongside traditional fiat currencies.
After all, crypto casinos are not as different as those opting for Fiat currencies. Just like online casinos should offer a variety of casino bonuses, including no deposit bonuses, match deposit bonuses and bitcoin free spins; good casinos should also offer a variety of payment methods in order to meet players’ standards and needs.
Bitcoin Casinos that Accept US Players
Every country has its own specific gambling laws in place, but the United States works differently. Many have asked if bitcoin casinos that accept US players are doing so within their legal remit? Gambling online is only legal if you are operating within a state that allows it. The casino must be authorised by well-established industry entities.
The United States’ Unlawful Internet Gambling Enforcement Act (UIGEA) takes a close look at banks and financial institutions and how they process transactions with gambling sites online. Many US residents are not allowed to use specific payment methods to pay for their gambling needs.
This is where Bitcoin benefits a lot of players. Since Bitcoin and other cryptocurrencies run on a peer-regulated network, it does not have to answer or conform to any financial or government institutions. This means that many online casinos are free to offer Bitcoin, Litecoin, Ethereum and a few others to users from all over the world.
The importance and the rise of cryptocurrencies cannot be ignored. The benefits are too many with privacy being the top benefit for most players. Despite the confusion on its status, Bitcoin is still allowed to operate freely online. Find out more about cryptocurrency casinos on our dedicated page here or take a look at some Bitcoin casinos below.
G. H. Moretto is the Editor at New Casinos.com and Nyecasino.org, also an expert in advertising and casino content with a passion for blackjack tables. He has managed research, content writing, translations and holds a degree in Social Communication with honours in Advertising, bringing to the table a decade of experience in the advertising and online gambling industries combined. Moretto was also directly involved in a Child Gambling project in the UK, which was discussed with several MPs to bring forward legislation changes to protect children. He has reviewed thousands of online casinos, slots and casino games and he definitely knows his way around bonuses, payment methods and trends. This casino enthusiast is an Editor at NewCasinos.com on a mission to reveal all the secrets of the industry with in-depth and unbiased reviews. Moretto aims to educate new and seasoned players about the risks and rewards of all new casinos, their bonuses and features to help players make better-informed decisions.
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