Topic: Why they need a license if bitcon is not money? - page 16. (Read 4557 times)

As for me - the ANN thread here means much more than Curacao license. I can`t same something good or bad about license, but as a gambler i don`t see any difference for me. KYC is everywhere, win percent - about the same. UI - often looks like brothers. If i read here positive feedback and the casino solve problems - it is more positive information for me than license.

If you mean safe from scam yes nothing is guaranteed there especially that any casino can pull off their biggest scam to happen that's why even if they have license still there are still a chance that they can compromise their clients. That's why its important to look for the signs that they are starting to act weird so that we will not get experience any huge upset especially if the casino starting to missed out those withdrawals asked by their clients.

Those licenses is just a marketing tool for new casino to attract new user but this will never guarantee their safety since we don't know the real long term intention of these casino and we can see some license casino became scam that's the reason we can agree to those people saying that there's still a risk of losing money even if they have those legal documents.

If a gambling casino fulfilled all the requirements for taking the grant for license and they were approved doesn't mean we are completely safe by them, the whole thing is just like someone who wouldn't mind loosing something to achieve another thing, so therefore, we must only take the risk we can afford to bear while gambling and research properly about any crypto online gambling platforms.

In fact, I see that currently the Curacao license is one of the reasons for gambling players to choose a gambling site, well players will feel safe playing on a gambling site when they see that the site has received a license from Curacao

If you compare it with FreeBitco and Bustadice, I don't think it will ever be the same, because there are many other big gambling sites currently registering their sites with a Curacao license, but back to each person's view, from what I see, it's not a big problem with curacao license

I mean there are some points on it since we use Bitcoin as digital money, and we use it to gamble Bitcoin is not the issue since the license is for the website to operate in certain countries because it was taking money from their people. For sure there are going to be a lot of complications when it comes to the government and for sure when it comes to the government or license it is just all about money right there, so we wouldn't probably need any kind of license for casino but government for sure are taking advantage of this businesses since this is going to be a huge amount of money for them if they are going to implement something like it. They for sure going to avoid Bitcoin as a form of money at some point since it wasn't going to be a thing that they can control or they can regulate like fiat money, for sure we all know that government inflation is just cause because they have the power to keep printing money, but they cant do it on Bitcoin because of its limited supply.

Also, the regulations still would depend on the country that you are in, but if you say so then let's just play on the gambling websites that you mention, The only annoying thing on gambling websites is mandatory KYC is probably a big red flag already if it is required on a gambling website.

I share the same opinion.

Freebitco.in is a casino which never offered any USDT or USD deposit/withdrawal options and they also recently put KYC in their ToS. (even though they say they don't use it, it is still in their ToS now. It wasn't there not long ago)

The way I see it, these business owners don't want to move from their comfort zones. They are making money why fight the government and make everything complicated?

It is the players should demand no-KYC services. If they force you to hand over your private information, like you said, just tell them to fuck off.

We have have seen allot of them that took away players money unauthorized and even with their licence, they are not being caught or punished in any ways,take 1xbit fpr example, despite being a known scam casino, they still run around with load ls of scam accusations and yet are still operating with that licenced that have dented amd nothing have been done about it, so having a license doesn't change the fact about them being a scam.

Cryptocurrency landscape give alot of hands to teams who thought that, they can operates on the gullibility of the user since most times those casino doesn't have a physical office that law enforcement agency could work on so they have some air of freedom to scam players and still walk around for a while.

I would deposit if their games are provably fair and i can verify each bet, that's the right way for a casino to earn the trust of the customers.


I agree with you, trust can be ruined fast, but i prefer to get scammed from a casino without KYC and License than getting scammed from a casino who have all my personal data and sensitive information. I mean, in both scenarios we lose the money, but the fact that one of them can sell our personal data is cruel.

Come to think of it, trust is also very dangerous, to fool a lot of people, you need to build trust and make them believe your company, serve every customers right and let everything look normal for a long period of time, until it's time to pull the plug, how do you like this OP? And if any online casino manage to pull this on how will some justice will be served if they are not licensed?

I am right in between centralized and decentralized way of gambling, I can't choose a side as my final answer because they both have advantages and disadvantages, I don't want to trust just like that without anything backing it up, just in case is the biggest strategy I believe in, and trust alone can't do this for me.

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If trust can be built it can also be ruined, I know the authorities are making money from casinos getting licensed but it's far way better than letting unlicensed casinos to run, it's even more dangerous, people only care about themselves I get it, but the damages can be big and there won't be anything to hunt them down with.

I choose to go with KYC requirement and a licensed casino, the other way around is not safer because we can never see the inside of a human mind, those who give you services of no KYC and unregulated casinos can have a bad plan behind the scene, this is not non-custodial vs custodial.

You have good points my friend, and of course, trust is important in business, just like the casinos that you can trace their root and know that they are duly registered, and perhaps being regulated. At least, you will have some kind of level of belief that they know what they are doing and their activities are being monitored by government agents, that's even if they are strongly regulated. By that, many people will have the feeling that they are in the right place where they can deposit their money and withdraw securely without fear, and not also work for money launderers as we see it growing daily. However, as we think towards that angle, we have to believe that some people also do not care about this trust or regulation of a thing.

All they need is their privacy and so they would rather risk the companies that are not asking anything from them and probably even know that they are not registered or regulated under any entity. As dangerous as that might sound, they do it and some companies are serving better than those who even asked for the KYC and are regulated. So, it depends on the integrity of the owners of the casinos at times and the risk the gamblers are willing to take with them. They could disappear with your money like nothing happened and no one will ask them. Is it not the person you see you can be asking questions? So let's act wisely.

Nonetheless, if a casino is not under any country and regulator, they can do and undo, and since cryptocurrency is even abating that, it is easier for them. But if they are registered and perhaps are regulated, there is nothing they can do but to be thorough in their operation as required by the extant law of where they operate or where they secure their license from.

It's a license...a license to scam legally

A platform with no license can not ask for KYC and profit this way. A platform without a license also can not use a false director as the leader of the platform to protect the identity of the real operator, and run a gambling platform with no liability. That's why elites in Curacao (usually bankers) provide these licenses for huge fees, because it's beneficial and a privilege for the license holder to own it...it isn't a legal requirement for crypto-only casinos.

Non-licensed casinos have a much bigger burden on their hands to maintain their reputation, stay compliant enough and remain transparent enough to be left alone. I think this is a healthier burden than the unlimited reign a license holder has over its customers and in the industry.

There are quite a lot of reasons why casinos need a license, perhaps the first is to gain the trust of their users, so this license is like an attraction for trust, while some of the casinos you mentioned don't need a license like frebitcoin, I think they have been operating for quite a long time and user trust is built in so why do they do it, I want to ask you, if there was a new casino site that didn't have a license would you dare to make a deposit?

Yes licence proved a casilo site as a real. many casino site are coming regularly on the casino market so which site you can trust? because every new site offer high bonus and many facilities so if that new casino is take a licence for there site and show the proof then we can interested and enjoy the bonus without any worrying and we can use that site confidencely. so licence is needed for a casino site to proved them as a trusted site and proved they are coming here for real business

This really depends on the law of the countries if they accept BTC or not in the form of gambling.

In the Philippines, gambling is heavily regulated by the Government to the point that they only accept establishments that have the necessary gambling license to operate. Since revenue generated in gambling in this country is responsible for yielding the highest budget, gambling is somehow allowable if the company follows the certain mandates set by the law.

Unfortunately, our local exchange (coins.ph) has strict regulations when it comes to gambling. They do not allow any BTCs to be received on their exchange if the proceeds came from an online gambling website which makes cryptocurrency a grey area to begin with.

With the introduction of KYC, most gambling companies have required its users to submit various documents in order to comply with the strict mandates given by the laws and regulations of each country. But the most simple answer to this question falls on the value of BTC since it can easily be converted to your local currency in an exchange.

We know that government does really love on involving on things and they dont really like on missing something specially on taxes or they dont really like on getting blinded. This is why they would really be focusing
on trying out on regulating on everything on their way but its true that once this crypto market did exist then it did really give out that kind of gateway on which gamblers could really be able to play up gambling
without any issues or problems on getting that detected or get caught specially if gambling is really that been prohibited or banned then you could still that able to play because of crypto
on which this is the main reason on why it did really become that popular because of this feature.

Licenses are really that indeed a formality but in general sense it doesnt really  give out that assurance that you are really that dealing with the legit platform or service.
Plus you are really that being monitored if ever big funds would flow in.

They needed to have the two and this must not be something that one will be made more of being priority over the other, we the trust is there, the license will endorse for the trust to be real and genuine, also, we can get more about them on their online reviews also to add to other informations we have received, trust and license is what will make the complement if it all together and we must not forget the risk also involved.

The thought behind this thread and the message pf Bitcoin not being money is so mischievous and out of content because Bitcoin is money and exchange is the cryptocurrency banks, so for that, I believe anyone saying otherwise may be out of context and not having the basic knowledge and understanding of what a currency is and how it functions.
So many people believe that a currency is only what is used for the exchange of goods and services without noting other facts about exchange and currencies and how the dynamism works, so is because of the valuable nature of Bitcoin that made it one of the number one choice of casinos as payment methods.

Not just crypto casinos. Crypto is completely dependent on trust. We don't know who is the creator of Bitcoin and who created it but we believe in Bitcoin very much and we feel free to invest millions of dollars in it. So in this case it can be said that crypto survives entirely on trust.This is because we use crypto casinos for fun and to make deposits and withdrawals very quickly, and another reason is that even if gambling is illegal in our country, we can gamble with confidence because the government cannot trace anyone's identity through crypto payments. Who is gambling despite not having legalized gambling in his country?  So we have to use crypto casino sites with trust. licence is not a big deal it is just a formalities

Both are true and there are a lot of new sets of gamblers and that's their preference on how they're going to trust a casino. Whether it's new or not, what's important to them is that they have a license and that's hard to remove from those gamblers. Whilst the older gamblers, we are basing our confidence on the trust that we've got based on the experience that we've got from trying each of them.

This is true as well.
That doesn't give assurance that they're legitimate but it's like a secondary factor for someone who's looking for a legitimate casino. Not all that have a curacao license are to be trusted and not all that don't have license are untrusted.

And I agree as you've said, many of the reputable ones don't have it. But it's just like another set of factor for many gamblers that a casino should have a license. In the end, everyone can check what they want to check as per casinos whether they have a license or not. Your trust what matters to all of them.

I also think so , Indeed that back in the days they are trying to push bitcoin away but now that they see the potential of having milking cow or bread and butter they are trying to ack about their legalities to make the market looks like illegal while they looks like a generous agencies trying to help circulation act legal. and also you are correct , World evolves and the crypto world will grow no matter what they acting and tries to do.