Is Gambling With Cryptocurrency Actually Safe and Legal? – Sonoma Sun | Sonoma, CA
Is Gambling With Cryptocurrency Actually Safe and Legal?
When you add Bitcoin and other cryptocurrencies into the mix, it is understandable that many gambling enthusiasts in the U.S. may not be sure where they stand legally.
Below is an explanation of cryptocurrency gambling and whether it is legal for you to add money into your online casino account using Bitcoin.
Unlawful Internet Gambling Enforcement Act
The UIGEA came into effect in the United States in 2006. The legislation states that a banking institution or credit card company can not push through transactions related to online gambling. These companies can facilitate consumer transactions for online betting or gambling if the state has specifically legalized online casinos. Unfortunately, this is only the case in some states in the U.S., which is why many people turn to Bitcoin and other cryptocurrencies in the hope of placing bets. If you want to start your own crypto business then a good targeted website design is a must. You can pick professionals like Cude Design for this.
Bitcoin Gambling and Sports Betting
If you read about cryptocurrency gambling trends, you would know that Bitcoin gambling sites and other crypto-based sites have gained a considerable market share over the past 12 to 24 months.
The appeal of Bitcoin and similar currencies is that you are not using a centralized banking system to store and then spend money. Nowadays mny casinos like tha bet are developed with a bit coin payment option. While rules prohibit American-based casinos and sports betting sites from using Bitcoin to accept and send out payments, there are no specific rules that ban players from using cryptocurrencies to add money into their accounts at casinos.
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