Topic: Why they need a license if bitcon is not money? - page 17. (Read 4557 times)

I've worked with enough establishments long enough to know that regulation is a sham in most cases, and even in a country where they are strict with other things, gambling and trading regulations are not so strong. I've heard of companies cheating customers in these countries and nothing was done about it by the government even if they report them. To even report requires money, and it takes time before they will start an investigation in rare cases. As for Curacao, many reasons are making casinos move there and that has never been for the strict regulation but a light one. Most of these casinos are offshore which even makes it worse for the regulator to oversee their activities with the little money they are paying them, that's if they will make an effort at all.

However, regulation or not, some casinos are doing so well, and this is due to personal reputation and integrity. They will pay you your money if you are a fair player and will abide by their core terms and conditions. This is happening even without regulations, so it's all about the casino itself, the brains behind it and the conscience which will determine what will mainly be meted to their customers. Many exist that are well-regulated and still cheat their customers, so the most important thing is for us to find the right casinos before putting our money into their hands.

Agreed. I found this particular thread by @Mahdirakib which states which sites have Caribbean licenses and which sites don't along with whether they have any particular KYC requirements or not.

https://bitcointalksearch.org/topic/information-of-crypto-casinos-license-and-kyc-requirements-5381143

Seems like most of them have those licenses while almost every one of them have certain KYC requirements.

You have a good point here, crypto casinos are about trust. And the gambling industry nowadays thinks the users will trust on them because they have a valid lisence. But a curacao lisence doesn't mean the casino can't be an exit scam or they cant close when they want without anouce it to the users.

Casinos need to build trust more than having a lisense, and for that they need time and be nice with the customers.

Personally, I never care whether a crypto gambling site has a license from some random place or not since what matters more to me is the site's reputation within this forum and elsewhere along with crypto deposit + withdrawal fees.

I truly hate how most of the crypto gambling world has essentially become centralised these days.

The convergence of cryptocurrency and playing does enhance provocative questions about the want for licensing in the cryptogambling zone. While it is tempting to endorse general independence on this area, issues of government regulation and KYC compliance can't be ignored. Some casinos operating from tax havens together with Curaçao emphasize the regulations. The obviousness versus real debate provides some other layer, thinking the credibility of a few licensing regimes.

Trust emerges as a imperative subject matter, with installed casinos working without licenses indicating reputational energy. For new entrants, but, obtaining a license is seen as a manner to advantage person agree with. This balancing act among compliance and user privacy is a subtle assignment.

The position of bitcoin as a form of currency is vital in those discussions. While regular with traditional economic inclinations, the question of whether or not it need to be deregulated is a complex one. Balancing the decentralized nature of cryptocurrencies with the want for regulatory oversight to ensure fair play and prevent illicit sports is a challenge that must be cautiously taken into consideration

As the cryptogambling enterprise grows, there's a want to interact in thoughtful discourse around regulation, licensing, and renovation of fundamental cryptocurrency concepts This discussion board is an area to explore perspectives at the evolving cryptogambling panorama at the snow.

I often call Bitcoin money because it is and can do whatever fiat money can do, unless for the physical cash which I believe we are still getting to with time where one can just scan it to know the authenticity of it and the value therein. Bitcoin has done enough for humanity, especially for the less privileged countries, it did more than what fiat could do, so it is money and has all those characteristics that money has.

Still, you seem not to understand what the OP is trying to drive out here. He only believes that since Bitcoin is not structured like the usual fiat money such should be excluded from all the government palavers like registering, licencing and regulations that are attributed to the companies that are dealing with fiats. But he forgot that even if the companies dealing with Bitcoin can do anything hidden with Bitcoin online, they can't operate hidden when they are in a country and offering their services to at least the citizens of that country.

We all get the regulation, the legitimacy and the taxation part of the licensing when comes to casinos, specially those who deal with FIAT and have physical establishments/headquarters in the real world. But the point of OP is trying to do is how Bitcoin is not considered money by many governments and yet those same governments demand licensing and regulation from the same casinos (which only deal with volume of Bitcoin).
Let us out it this way: what about if you opened a casino but in your casino people do not gamble using neither cryptocurrency nor FiAT, but something which is not considered to be money, like peanuts, people first laugh at you but with time your casino is a success and you start to win millions of dollars in peanuts (or whatever commodity/good you want to apply to this example). Since those earnings you are betting are not money according to the government. Is that some government in their right by asking you to get a license and audit your casino?
It sounds like a contradiction, but to me it is pride from not waiting to admit they were wrong from the beginning about Bitcoin and the Blockchain technology as a medium to transmit value.

Well, I think that bitcoin not being money, and bitcoin existing or not existing are completely two different things, so, in essence, if bitcoin  was not money, but it existed, then there is stil the possiblity that we or many of us will be here for whatever purpose bitcoin serves, for if it was not serving the money purpose, then there must be another purpose to which it exists or was created, and if the creator builds a community platform like this for bitcoin, as many of us that share or are interested in that purpose will definitely be here.

For example, it's like, different brands of mobile phones, different brands of personal computers, other gadgets like headphones, earpods, television, home theater and so on, all this things plus many more, I do not consider them to be money, and I am sure you do not see them as money too, but if you search the internet properly you will discover they all have their different communities where they discuss the features and abilities of different versions, models, and updates of those products respectively.

So, if bitcoin was not money, and bitcointalk as a forum exists, hell yeah people who are interested in the purpose or product behind bitcoin, will be here for sure.

Somehow we can expect this to happen since aside from taking money from those operators they also want to minimize the money laundering happening using crypto that's why they urge those operators to get a license so that they can possibly control these event track those possible criminals still using these casino to wash their money. This happen before so I guess there are still like this happening even though there are other methods exist. Overall government still have control on what we want to do on crypto space so if they want to regulate something this shows that nothing can stop them since they have the power to stop or to regulate those businesses exist in that industry.

I think the take that "bitcoin is not money" from the government happened a long time ago. They are freezing bitcoins and keep it. Now they are encouraging operators to get a license, or will pay the hefty penalty. In short, they are treating it like a fiat casino business as major rules are applied in crypto casino as well. There's no argument in this thing, the world evolve, crypto grow and therefore changes happened.

bitcoin is a money in digital form and that is what I do believe and learn over the years so yeah it is not that to made confusions .
and you are also correct that if this is not a money so why are we talking about this still now so stop of the complain about this.
and Licensing is jus a form of government to make money so its given already.

For me, it's probably the appeal of legitimacy in the eyes of the government because if you look clean and legitimate and the government recognizes you then the people would be easy on you and they're comfortable because they know that you're a casino that's not going to cheat their players and that you'll not hold back on your word. Another reason is probably the crypto laws in the countries that the casinos originated from or they still probably convert their profits in fiat so they end up having to pay the tax department of their country, also it's unfair to build a uncertified casino because it's all going to be profit for you and the gap of the profit to your monthly expenditures is just so wide that the government can't just ignore them without having a piece of their pie.

Bitcoin is not money because Bitcoin does not have an original form in the real world and Bitcoin cannot yet become legal medium of exchange throughout the world like money.
But Bitcoin is technological innovation asset that is very valuable and Bitcoin has become one of the digital currency assets with the best value.
If you equate Bitcoin with money it will clearly be different but the value of Bitcoin will be much greater than fiat currency, the trading exchange is the place to carry out every trading transaction.
This will be the same as traditional market with cryptocurrency market, both are places where each currency can be spent.
It just that in crypto we cannot produce goods that can clearly be seen in general because this is digital asset which is quite supported by technological developments.

It is clear that license is really needed because Bitcoin is not of small value, Bitcoin and cryptocurrency have involved many users with very large value turnover.
This will guarantee the security and comfort of every crypto user, especially Bitcoin, we exchange money into digital assets and we will need security to protect it so we will only use exchanges or platforms that are officially registered.

why so? why not let Bitcoin recognized as trading material  mate are you against crypto adoption? because the way you posted this sounds that you are not supporting this to be a trading use.

Bitcoin isn't money but a  digital currency because when you call Money it should be physical and since this is digitally use I believe it may be called currency.

That's right, that's what I think sometimes. If it's true what others say, that Bitcoin is not money, I hope there are no exchanges that appear in the crypto exchange or even in the stock exchange market that recognize and accept Bitcoin for trading activities.

So, it just means that others who think that bitcoin is not money are people who don't know anything about it, and if a license is needed, it also helps for the security of the communities that enter regulated businesses. .

Well what most persons falls to note is that, casino is not all about bitcoin, or cryptocurrency who does not need license to be used, but casinos are business entities that operates under the guidelines of the law and will always act inline with that to secure their own business so for that, when the authorities comes for them, they will have to put everything in place to act accordingly and also being able make everything available to meet up with the demands of the law, this is why we have seen many of them that act according to regulations and it inputs on them, when we have chances to separate the fact and true nature of decentralisation Vs centralisation and in this regards, we have to note the place of the law and licensing for the casino.

So for a centralised casino, there most be a need to present an operational guidelines and procedures that give them the chance to act within the law and and also according to the outline in the licensing of the casino and what the tend and stand to gain and lose at the same time this is very important for the casino to be able to meet legal requirements.

Because the government only wants control and taxes. They absolutely cannot handle the fact that they cannot control cryptocurrencies so they go after the centralized parties (in this case; gambling casinos). Their methods of scaring the centralized parties into obeying their every word are two-faced and unjust. At some point, the government will have to give up and give back control to the people. Everything else is just temporary mental gymnastics.

I agree that gambling needs freedom. But that requires decentralized platforms. Ones that are truly decentralized and cannot be touched by the government. I am not sure if the current state of development of web3 casinos can hold a candle to traditional web2 casinos. If they even exist. From my experience, many casinos claiming to be decentralized are not actually so. And they just call themselves decentralized for marketing reasons.

Well said, although these sites may not provide as many games to gamble as other sites yet they are truly non KYC sites.
It's good to have such non KYC gambling sites. On the other hand, while bitcoin may not have been accepted by many governments yet but they are starting to.

Let`s be honest, you don`t get Bitcoin for free. The gold is not money too, but it has some cost. As the result we use for gambling something that costs money, they need to control it.
PS. I don`t believe in license. I think that license for casino is a fake - i`m sure that license can`t help gamblers when they have some problems with casino. But Bitcoin costs money.

Bitcoin is an alternative to money but many governments are afraid to legalize it in their country even if they believe in it.  This is why the op expressed such anger. And site licenses carry the identity of a site's team. And when a casino site gets a status that they are licensed, the casino business is one step ahead of the competition. Because gamblers are attracted to sites that are reputable and licensed. Some governments do not accept Bitcoin as money, but gamblers trust crypto as money. So gamblers must look for licensed sites for their own safety