Is It Legal To Gamble Online Using Bitcoin?

Curious about legal Bitcoin gambling? Find out how it is possible and the benefits of gambling online with the leading cryptocurrency on the market here.

Is It Legal To Gamble Online Using Bitcoin?

One of the biggest challenges facing online gamblers is available transaction methods. Most countries have laws in place that limit the transaction methods you are able to use with online gambling sites. As a result, many online gamblers are beginning to use the popular cryptocurrency, Bitcoin. While Bitcoin has many advantages, its irregular system begs the question: Is it legal to use? The answer is a resounding yes!

Bitcoin first emerged on the market in 2009 and was pitched as a digital currency for a digital marketplace. Its market value has grown exponentially since its introduction and more vendors are accepting the alternative currency than ever before. Online gambling sites have begun supporting legal Bitcoin gambling by not only accepting the cryptocurrency, but encouraging its use through several incentives.

How is Bitcoin legal with online gambling? The fact that the digital currency is not attached to any sort of regulatory oversight or presiding financial institution is a considerable factor. Bitcoin operates on a peer-to-peer network, where all transactions are stored and approved via the Blockchain, a digital public ledger. Since the digital currency is unregulated and has no affiliations with a specific country, it is free to move around the digital realm without being subject to penalties or conversion rates. Most countries’ gambling laws have no mention of Bitcoin, as it is still a somewhat novel concept at its core.

This exemption from different legislations fosters Bitcoin gambling around the world. Players are free to send and receive Bitcoins from licensed online gambling vendors without violating any financial or gambling laws. In fact, many online gambling sites encourage the use of Bitcoin as a matter of convenience for both the player and the website. Bitcoin is touted as the fastest available transaction method with most transactions approved momentarily after being issued. The only time a Bitcoin transaction could be delayed is when the Blockchain gets clogged with too many transactions. There are plenty of Bitcoin miners on hand to deal with the steady flow of transactions on the Blockchain, so this issue should not arise too often.

Another advantage to gambling with bitcoin is its lack of fees. Other regulated transaction methods (credit/debit cards, wire transfers, etc.) are subject to transaction fees that take away from your online gambling winnings. As a player, you want all of the money you have won, not a portion of it. Bitcoin’s unregulated status leaves it free and clear of standard transaction fees. There are also no conversion rates applied to international transactions as the cryptocurrency is not based in any one sovereign country.

Security is a key component of Bitcoin. Digital wallets are used to store and send the currency between destinations. The only information required for a transaction is your digital wallet address and the amount you wish to send. Most wallets will generate a unique wallet address for you with each new transaction. This, coupled with gambling sites’ data encryption protocols, creates a secure environment for your financials.

Online gambling sites will often feature bonuses that further incentivize the use of the popular alternative currency. Bitcoin users will be granted match bonus percentages on their qualifying deposits, giving them more money to gamble with at no additional cost to them. These bonuses are exclusive to Bitcoin and are not available to players conducting transactions via another method.

With Bitcoin, you can gamble confidently knowing you are doing so legally and with the fastest transaction method available. Bitcoin gambling is possible through licensed online gambling brands and available to anyone with a computer.