In order to understand the role of “Bitcoin” in gambling business and best bitcoin casinos for whales, let’s first find out what this definition means. BTC is a new decentralized digital currency, which permits executing financial transactions through the internet.
This term was introduced in 2009 and became popular till our days in many different countries of the world. In comparison to Webmoney or Qiwi, for example, it has two main differences:
- no central administration. Simply saying, there is no such establishment that can control cryptocurrency;
- BTCs are generated by computer in a special manner.
Some countries, however, still have no law regulation considering cryptocurrency. Therefore, bitcoin usage is undesirable. But, at the same time, a lot of companies use this new currency, and gambling institutions are not an exception.
BTC virtual casinos offer a variety of games, lotteries to bet on, and have two main advantages for the players: increased anonymity and almost zero transaction charges. Thus, their popularity grows above the traditional online ones. The only aspect that the player has to keep in mind – is the legality of gambling business in particular regions and regulatory policy regarding cryptocoins.
Main Point of Bitcoin Casinos Adjustment
The legality of BTC games is an open question for the players. These three major factors will explain why:
- the anonymity of bitcoin games hampers the player tracking;
- some authorities do not consider cryptocoins as a real money;
- there is no strict regulation for the control of new currency. It is either permitted or not.
Another important issue concerns gambling license, which is necessary for the execution of electronic payments through the banks. In a case of digital currency settlements, there is no third part involved. All payments are made directly between the casino and player. Thus, there is no need for a gambling license.
Bitcoin Gambling Situation in All Parts of The World
In order to avoid any risky situation, connected with the online gaming activity, it is preferable to pay attention to the regulatory policies applied to the traditional playing institutions.
In some countries, however, even land-based casinos are strictly forbidden. For a good example, let’s look at gambling laws in the different countries.
Africa
Africa is the second-largest continent with 54 sovereign countries, which are regulated by different laws. In South Africa, for example, the player can try various traditional casinos with the exception of online ones, since they are forbidden by the National Gambling Act.
Islamic law in Sudan does not allow gambling at all when in Morocco all types of such activity are absolutely legal. Overall, the legitimacy of virtual and real casino depends on the regions of this continent. Bitcoin gambling has no strict regulation in all countries, as cryptocurrency is still considered as innovation.
America
Gambling in America is governed by three entities: local, state and federal. All countries, states both in North and South America are subordinated to different laws. In Canada, it is illegal to handle online casino, but it is permitted to gamble online. In the United States, internet games are forbidden since 2006, but not the real ones.
Brazil consists of 26 federal states, which can independently decide, what games of chance are legal. The Coljuegos regulates casino activity in Columbia, permitting land-based gambling houses, with the exception of the internet entities.
Asia
China
Those who would like to bet on some games should find either licensed web-site or visit separate administrative region – Macau, where all types of gambling are legal.
Taiwan
Sport lottery is the only game that is permitted among all existed gambling types. All other casino entertainments are strictly forbidden. The organizers of the online platform can incur serious punishments for the disturbance of law.
Japan
The citizens of this country are subordinated to all existing laws without any exception. Here are allowed games of chance as horse racing, scratch cards and different types of lotteries.
Vietnam
In this country, online gambling activity is restricted. Only lottery is applicable for entertainment.
Australia
Real casinos in Australia are legal, what can’t be said about online ones. Since 2001, due to the Interactive Gambling Act, virtual games are restricted. The aim of this act is to protect Australians from the negative influence of virtual gambling. For a physical person, the penalty for the disturbance of law is 220,000 US dollars.
Europe
Countries in this part of the world, the same as in all others, have their own gambling laws, which are more loyal than in Asia, for example. In 20 from the list, traditional gaming houses are absolutely legal institutions. The usage of cryptocurrency is neither prohibited nor permitted in Europe.
France occupies the leading position in the gaming sphere. But, nevertheless, only online poker, sport betting and horse racing are allowed.
In Germany, the situation is quite similar. Internet gambling is under the ban with the exception of horse racing. All companies that are going to provide online gaming services on the territory of the UK should have a license and pay 15% of the consumption tax.
In Denmark, such games as slots, roulette, blackjack, punto banco, poker are permitted only if they have the license from Danish Gambling Authority.