Is Bitcoin Legal?
There has been a lot of controversy surrounding Bitcoin and all the issues it brings up. The main concerns seem to be whether or not gambling with Bitcoin is legal. Because this is a digital form of currency the laws governing gambling have found themselves in a bit of a quandary trying to figure out how they can enforce the current laws on the books.
Is gambling legal using Bitcoin?
If you look on the Internet at all the gambling sites that are still operating using Bitcoin this should tell you something. There are plenty of Bitcoin gambling sites so this should tell you something regarding the legality of Bitcoin gambling.
It seems like a fair question to ask, if Bitcoin gambling is not legal why wouldn’t the federal government have shut all these sites down by now? The facts say that if these Bitcoin gambling sites are still operating online it must mean that they are not breaking any laws that govern gambling, especially in the United States. So it seems as if U.S. players now can join in on these gambling sites and not be in trouble for breaking any laws. It looks as if the U.S. gambling laws do not cover gambling using this type of currency.
Individuals are now free to buy Bitcoins with their own government currency. They can also sell their Bitcoins and receive government issued currency in return and this is all due to the fact that Bitcoin gambling cannot be regulated under current U.S. law. You can exchange your currency for Bitcoins online and using your computer or your smartphone you can easily store them in your Bitcoin wallet. Handling everything in this manner allows you to use your Bitcoins whenever you want to gamble online without worrying about the legal repercussions.
Why is Bitcoin gambling legal?
The reason this form of gambling is legal is because there have been no laws written that have been passed and are currently on the books to govern Bitcoin gambling. Because you know this and are not breaking the law means that you can join in.
Furthermore because Bitcoin transfers and transactions are done over peer-to-peer platform there is no way to trace the parties participating. There is no way to identify exactly who is using Bitcoins and also no way to find the parties. Digital currency is a form of cash even though it really is only a virtual code which is in your computer. Bitcoin is not deposited or withdrawn from a bank account, so how could the laws governing money laundering apply?
Poker sites and a lot of other gambling networks online are very interested in Bitcoin because it does open up the opportunity to players living in the U.S. People no longer need to move or travel outside the country if they want to participate in gambling online or engage in other activities. Using Bitcoin gives everyone the opportunity to play and even win, including those in the U.S.