Cryptogambling: where it is legal and where it isn’t
Legally speaking, there are no globally recognized or clear cut rules and regulations that bind cryptocurrency gamblers at a universal level. It is not out rightly spelt out as legal or illegal. However, individual countries have their general expressions about how cryptocurrency undertakings and operations are handled within their borders. While this may not be entirely the case because looking at how cryptocurrency is made, it is not possible for a country to fully undertake its operations under a particular law based on the decentralized nature of cryptocurrency. Neither can it be subjected to taxations nor charges unlike what is seen in traditional financial services that are fully controlled by individual governments. Some countries have been witnessed to come out strong and clearly about cryptocurrency engagements for its citizens and have even taken up cryptocurrency as one of the official currency for use within its jurisdiction.
The position of cryptocurrency in the general market has been seen to take a steady rise of curve over the past years. Gambling sites are also witnessed to grow and increase in number owing to more people seeking out to gain returns from gambling. This is driven by the fact that a person can bet without having fear of being identified individually yet still stands an equal chance of gaining. Risk is not increased if an individual reaped ridiculous profits in terms of crypto.
Some states in the United States allow for their citizens to gamble as long as they have the needed licenses. Payment can be done globally using cryptocurrency as long as the said individuals look for a licensed gambling site to pay using bitcoins or the particular type of cryptocurrency that has been allowed in the trade.
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It is however not clearly spelt out if it is legal or illegal to conduct affiliated gambling activities. In the recent past, it has been witnessed that more and more people are looking out for options to store their assets and also engage in activities that can improve their chances of multiplying their assets to realize profits. This has seen the surge in online gambling casinos.
While it is known that such casinos must have some form of licensing that allows for them to operate their gambling activities, it is not clear whether these activities are 100% legal or not. This does not prevent individuals who are interested in gambling from joining because already many people are on to cryptocurrency gambling. It is important to verify and review the trading platforms that you want to engage to trade or gamble on your behalf as there are many casinos that have come up owing to the rise in demand for individuals to conduct online gambling.
Gambling may be loosely used for staking or investing. While it may sound fishy, the risk involved here versus that involved in buying stocks and shares as you wait for the opportune time to sell it off, according to investopedia is more or less the same. The latter, however is a situation that can change within an unpredictable period of time, most of which is usually short. The former may see an investor hooked up for quite longer durations of time or even a lifetime.
Gamblers should be well aware that you can gain high profits or lose within a short time. Bitcoin volatility best explains this situation, especially as witnessed in the recent past.
Curacao is one of the first governments to give out an operating license and go ahead to one casino,which allows its users to pay via cryptocurrency alongside a software that operates completely under the blockchain technology within Curacao’s jurisdiction.