Bitcoin had gone a long way since it was first brought to life more than a decade ago. From barely having any monetary value, it is now considered to be the new “digital gold,” to the point that some people even consider it as one of the best investments of this generation. Now, more forms of cryptocurrency have spawned from Bitcoin, and all of them are now used in a lot of things–for peer-to-peer transactions, for online shopping, and even for online gambling.
Although BTC and other cryptocurrencies are accepted throughout the world, some countries, particularly the United States, still consider gambling using it as illegal. Are other countries also the same? Will this ever change in the future? Will the BTC in online casino USA be legal in the future? Here are the things that you should understand about this topic.
Is Bitcoin legal?
Technically, owning Bitcoin is neither legal nor illegal. The truth is that it still lies in a grey area with the law. This is because there is still a shortage of laws tackling the topic of cryptocurrency not just in the United States, but also in many parts of the world.
For the most part, owning BTC or other forms of crypto would not get you in trouble, but most laws see it as a property rather than a currency or legal tender.
Why does it appeal so much to people?
There are a lot of reasons why more and more people are discovering the difference between betting with Bitcoin and choosing it over the traditional way of online gambling. Here are some of them.
It can give you total anonymity
You know how Bitcoin transactions work–all you need is the wallet ID and you are good to go. No need for names, addresses, card or account numbers, and the like. This is why the concept of betting with BTC appeals to a lot of people, especially to those who are very keen on keeping their security and privacy online.
It is tax-free
Since it is not regulated and is not considered by the government as a real currency, any transactions you do through BTC is free of taxes. This means that if you win BTC on a casino and take it out into your wallet, you will most likely get the full amount of your winnings, as opposed to having huge taxes imposed on you and losing money in the process.
It appreciates in value
As it is right now, the price value of a single BTC is more than $15,000. It came from barely having any value at all, and now people are clamoring to own the most number of BTC that they can.
As high as it may look right now, experts from the industry of cryptocurrency are also predicting that BTC can still increase in value in the coming years and may even double in value once more, making it all the more tempting for more people.
Final thoughts
The hope of everyone, both gamblers and casino owners alike, is that the governments of the countries of the world, not just the United States, would soon see the value Bitcoin can bring to the market and perhaps find a way to make the current policies of each nations constitution work with how cryptocurrency works.
Although the hope is to get there at some point–and a lot of people believe that it is already not far off from the future–right now, there is no way of telling how long before Bitcoin and other crypto gets fully accepted and recognized.
