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According to recent statistics, over 11% of Americans now own bitcoins. This makes a lot of sense- this virtual currency can be used to purchase just about anything on the web including online blackjack. It also has a lot of value and is difficult to lose access to, so people feel secure in making transactions.
But, you may be wondering, what is bitcoin? Moreover, is bitcoin legal in the US?
Here, we're going to take a look into these questions and assess whether or not you as an American can legally own bitcoins. Read on to learn about making transactions with other cryptocurrency users around the globe!
Bitcoin, a cryptocurrency that uses the symbol '₿', is a worldwide digital form of currency. It can be spent on numerous websites in most developed countries, including the US, Japan, and most of Europe.
Bitcoin was originally invented in 2008 by an anonymous online entity. This person (or group of people) went by the name Satoshi Nakamoto and published an essay on October 21, 2008. This paper, entitled Bitcoin: A Peer-to-Peer Electronic Cash System, outlined the uses and functions of the cryptocurrency that was to become incredibly popular over the next decade.
One of the major appeals of bitcoin is that it has no centralized bank or administrator. It can be sent anonymously from point A to point B without the need of a middle man. Transactions are recorded in a blockchain to ensure that everyone gets the money that they are owed.
Despite the directness of bitcoin transactions, the person delivering the payment remains untraceable. Though many people have criticized this as a breeding ground for illegal activity, it has proven to have numerous benefits. People feel more secure in their transactions because they aren't putting any personally identifying information out to strangers. There is also a very slim chance of financial information being stolen or bank accounts being breached.
In January 2009, 3 months after the publication of Nakamoto's essay, version 0.1 of bitcoin was launched. Nakamoto tested the functionality of bitcoins with cryptographic activist Hal Finney by performing a transaction with him. In October of 2009, one year after Nakamoto published his essay, the exchange rate for bitcoins was established as $1 - ₿ 1,309.03.
2011 saw bitcoin's first major users. Unfortunately, these users were drug traffickers and buyers on the dark web page 'Silk Road. ' It's at this point that bitcoin became an extremely controversial form of currency. This makes sense since the Silk Road made about ₿9.9 million, which translated to about 214 USD.
At this point, the prices of bitcoin continued to grow. Between 2012 and 2020, the price of a single bitcoin rose to be USD 11.549. As of March 2020, more bitcoins are being bought and sold than ever before. In fact, because the price of bitcoin collapsed due to COVID-19, 83% more people purchased bitcoins in March 2020 than they previously were!
We've written an article on bitcoin and decentralized platforms if you need a more in depth and detailed discussion on the topic before hitting the blackjack tables.
With bitcoin's history of being a tool to make untraceable dark web transactions, you're likely wondering whether or not this cryptocurrency is legal in the US.
We're happy to inform you that buying and selling bitcoins in America is a completely legal transaction!
While you can make illegal transactions with bitcoin, this isn't their purpose. Many people enjoy legal uses for bitcoin including buying legal goods, making investments in various markets, conducting business transactions, and exchanging bitcoin for USD.
People like to use bitcoin for these transactions because they're safer and more secure than other forms of payment. You don't need to worry about hackers getting access to your computer or banking information since your IP is unassociated with bitcoin payments. You also can make payments to people all around the world without worrying about exchange rates since bitcoin is worth the same amount universally.
It's interesting to note, however, that despite its legality, bitcoin is not considered to be legal tender. It's treated as a piece of property owned by an individual rather than a currency. Because of this, tax laws and other legalities that apply to assets like real estate and farmland also apply to bitcoin.
Although Blackjack Pal has researched this info to a high standard, we are not qualified legal experts. You should seek advice from a legal professional about your specific situation if you are unsure. See Blackjack Pal Terms of Service for our full legal disclaimer.
There are a few options for the legal purchase of bitcoins in the US. However, all of them necessitate the purchase of a bitcoin wallet , which is a virtual location that you can store all of your cryptocurrency for future transactions.
You can then begin to purchase bitcoins. Most sites that sell them will accept traditional payment methods. This means that credit and debit cards are accepted as well as bank transfers. Buying bitcoin, much like paying taxes on them, is treated as the purchase of property. Once you purchase this property, the bitcoins will be transferred to your digital wallet.
While bitcoin is not traceable and is completely anonymous in buyer-seller interactions, most legal bitcoin-buying platforms will require you to send a photo ID and banking information to them when making a purchase. This is meant to ensure that you don't try to cheat on your taxes or break any American laws against money laundering.
Online gambling with cryptocurrencies like bitcoin have gained in popularity in recent times. Let's have a look at some of the benefits before you face the dealer for a few hands.
There's no adding your private banking info when funding the online casino. You don't have a bank watching what you do or restricting your transactions. Once you have a Bitcoin wallet set up with some coins, you just need an address to send them to.
The image compares deposit methods for the blackjack site Ignition Casino which does accept bitcoins. Deposits are only free for vouchers and the two cryptocurrencies Bitcoin and Bitcoin Cash. Wire transfers and check by courier both cost $50 per installment. Also, note the limits are highest for the cryptocurrencies at $10,000.
There are no fees to withdraw the cryptocurrencies from this casino if you turn over your deposit once. If you don't turn over the deposit, then you will be charged a 10% fee. Also remember, if you have got a bitcoin deposit bonus, you must meet the betting turnover requirements before trying to withdraw your bonus winnings or deposit. Always read the bonus conditions to understand the requirements. We included more details on what to look for in a good welcome bonus on our live dealer in the united states page .
For using you bitcoin wallet and the online bitcoin system, there is a small fee when you send the cryptocurrency. This fee goes towards securing the network to keep your coins safe during transactions.
Again let's take a look at the above image to investigate transactions times. Deposits times vary significantly. Bitcoin and Bitcoin cash are fast and take up to 15 minutes. Wire transfers and check by courier take 15 business days and 7 business days. This is significantly longer.
Ignition Casino also process cryptocurrency withdrawals fast once the transaction is manually approved.
Many cryptocurrencies are decentralized. This means no third parties are involved in keeping records. Your personal details aren't shared on the ledger. The ledger keeps your identity secure. Remember, just because the bitcoin network doesn't reveal your identity, doesn't mean the place you convert Bitcoin to USD protects you too. Always buy and sell bitcoin from places that are transparent with their operations.
Bitcoin is unregulated and not run by any state or country. The government cannot seize your bitcoin units from anyone else but you. Cryptocurrency transactions are free from political influences which makes them more secure than fiat currencies like the US dollar.
So, is bitcoin good for online blackjack?
While there are many ways to fund your player account over the internet, bitcoin has some interesting benefits and it's completely legal in the US!
Now that you know that bitcoin is perfect for using in many transactions, check out the rest of our website for more information on cryptocurrency and how you can use it to play blackjack. Here, you'll find more information on how to use the internet anonymously and protect your personal and financial information. You might also like our article are online blackjack games rigged , that discusses how blockchain and decentralized applications are making online blackjack more transparent.