Bitcoin gambling is a new phenomenon. It’s the intersection between using cryptocurrencies and sports, casino, or even esports gambling.
There are pros and cons to both...but the more important question is: how is it regulated? After all, if it's regulated so harshly in your part of the world that you can’t even play...then what can you do?
This article is relevant for you if you’re a gambler who uses Bitcoin or other cryptocurrencies. Even if the regulation in your part of the world allows you to use crypto to gamble...you might still want to read on because there are chances that it could get shut down for you.
The good news though is that if you stick to the best bitcoin gambling sites, then you won’t need to worry about the government swooping in and making all your fun illegal.
Plenty of people in the crypto space will argue that the less regulation on something, the better.
A recent article dived into the question of regulating crypto as a whole. The author wrote:
“The UK government released a consultation paper seeking the views of the nationals on a new proposal aiming at regulating particular forms of crypto asset ads. The consultation doc states that unregulated digital currencies put venture capitalists at high risk, and that’s why the Crypto Taskforce and other watchdogs in the UK are coming in to assess and address the risk areas including financial crime, user protection and market integrity.”
Clearly governments want to govern. They want to regulate. They want to extend their power as far as possible.
That doesn’t sound like a good thing, does it?
It isn’t a good thing if you enjoy casual gambling but your local government bans it for whatever reason. People should be free to do what they want, right?
But what about mild regulation? What if your local government doesn’t outright ban bitcoin gambling, just regulates it. Is that so bad?
If a bitcoin gambling site is regulated that also means it needs to follow a certain set of rules. Those rules are put in place, generally speaking, to help and protect the consumer.
We already know that in the crypto space there exist plenty of scams and scammers. We don’t want that in our bitcoin gambling sites because that would take all the fun out of it.
So to a certain extent, restrictions and regulations on bitcoin gambling could be a good thing. Perhaps it would make the experience a bit slower or restrict certain games or prizes...but if it also prevented the bitcoin casino from exit scamming with your money -- then that’s not a bad thing, is it?
The short answer is that Bitcoin gambling is regulated like any other online gambling. The only difference between typical online gambling and bitcoin gambling is that you have the option to deposit and withdraw in crypto.
There have been plenty of companies who accept bitcoin for development work, for goods, and now they accept it for bitcoin gambling.
So the only regulation you should watch out for when you’re worried about the government stopping your gambling fun, is whether or not they are shutting down regular online gambling sites. If that happens, be sure to withdraw your BTC or crypto as soon as you can.
But in general the world is heading for more and more crypto adoption. The next five to ten years should see a boom in innovation.
We might even see the first decentralized casinos. These types of casinos will not need to worry about any type of regulation. However, they may be prone to scams.
That’s why it’s always best to approach any type of business which takes and handles your money with a bit of a skeptical eye. If something’s good to be true, better not risk it.
Also be sure to read the terms and conditions of any bitcoin gambling site you come across. If they aren’t regulated then you might sign something you didn’t want to sign.
Some bitcoin gamblers have lost their winnings because the casino accused them of cheating without any proof to back it up -- and confiscated their holdings. Don’t let that happen to you-- read the fine print.
Either way, it’s best to keep your eye on regulations if you have an amount of money on a bitcoin gamling site that you worry about.
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