You cannot Gamble Using BitCoin

04/07/2014
By Pamela PattersonGoogle
That isn’t strictly true, but you can use BitCoin to make a deposit in some casinos.

Currently the BitCoin market is not a stable one as its volatility has preceded itself due to the non-acceptance of its status as a legal and tradable currency has yet to be confirmed or even rejected by quite a few nations. However, for the US player the currency does allow them to gamble, but there could be a higher price to pay because you are in essence gambling on two fronts.

What make Bit Coin exciting?

The cyber currency has the potential to fluctuate up and down at a moment’s notice. As of February 25 1.00 XBT = 499.651 USD. Before that BitCoin was over 900 USD for just a single coin. The excitement for gamblers is that on the one front they can use the currency to make deposits to their gambling sites, but any remaining balance they can leave at the will of the market in the hope that it will continue to rise.



BitCoin becomes Dollars when you make a deposit

It is important to know that once a BitCoin has been used to make a deposit to your casino site, it is no longer a BitCoin. Instead it will turned into the currency being used on that site and must be withdrawn accordingly. That means if you want to withdraw your cash because BitCoin’s value went up versus the dollar, it would actually mean you have lost money because you need more USD per BitCoin you want to buy back using your casino balance.

Are casinos accepting BitCoin Trustworthy?

There has been some argument about the integrity of BitCoin sites because they have tended to allow US players to sign up and play real money games on their sites despite US laws in 47 states forbidding online gambling.

Laws in the US stipulate that you are not allowed to use a financial facility in the US to fund your online gambling account. However, BitCoin is not an online financial account according to many. That means using a BitCoin wallet to transfer into cash has been deemed as legal. Whether the law in the US prevents this is another story.
Companies such as PayPal could hide under the same principles, but they do not and because they do not that has meant casino player in the US are unable to make deposits via PayPal.

Some US players use foreign bank accounts to fund their account online. This is the same kind of direction BitCoin is coming from as the financial laws in the US only apply to transaction made to gambling sites from a financial institution within the USA.

There appears to be many ways around the laws against gambling online in the US. Now New Jersey, Nevada and Delaware are online gambling friendly zones with nearly all sites offering no deposit bonus codes that are quite attractive, so there is no need for BitCoin anymore in these states.   
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