Topic: Why they need a license if bitcon is not money? - page 2. (Read 2995 times)

Because the government always like anything that make them able to earn profit even though it's double standard. You know right, no one has a power except the government.

Actually, US consider Bitcoin as a property, not currency. Obviously property has a value, but it's not money.

Only El Salvador accept Bitcoin as a legal currency until now, Central African Republic have withdrew their Bitcoin acceptance, while the rest countries didn't even have legalized Bitcoin.

Bitcoin has value so it's money. If we look at CMC it's value is always measure by USD, and it's acceptable in most countries, and even on countries that bitcoin is ban there are still people accepting and investing on it. We have to be realistic here, bitcoin is already regulated, so it's basically money but in the form of bitcoin. Maybe the government will not intervene if we would not encash our bitcoin but we cannot deny that most of us encash our bitcoin into fiat.

Yes I agree with you that running a casino is basically a business and license is very important for any type of business. no matter the payment method. Bitcoin is now used as a legal currency in many countries so I don't believe in the concept that Bitcoin is not money.  Bitcoin is a very potential currency in the future that has a rare chance of being used globally like paypal. The use of Bitcoin is increasing day by day and it is a very popular deposit and withdrawal method in casinos.  Because it does not have any kind of limitation in transactions and can deposit and withdraw very quickly.

Maybe they are just confused regarding on its regulations that's why some maybe can't imagine how government will accept bitcoin as currency that's why some think that fiat is always superior on everything they want to use it. While in fact they can use bitcoin as currency if they just think about using it to pay some people away from you or in online. Some people forget about the fact that its not hard to exchange our bitcoins to any currency that we want and they should stop about thinking that this is for investment only since they cannot widen up their mind and get a lot of ideas about there's a lot of things they can use for their bitcoin. Also they must know that every legit business need to process a license that's why the government ask this to those online casino since this is the part of their regulation of some businesses running under their jurisdictions.

Bitcoin is a decentralized digital currency and has value.  There is an opportunity to convert it to fiat money and that too in just a few minutes. And it is the top number 1 cryptocurrency in the market with trillion dollars. so why can't it be considered money? It is stronger than money because it is a form of money as well as an investment asset. And casino sites require license because they are operated from different countries and have to be licensed according to the policy of that country.  Because while crypto is a currency, running a casino is a business.  And business needs license

In the US there are always some states that tend to take the initiative, but that happens with everything, from social rights to pretty much the opposite. However the problem is that is has become quite unpredictable so it is ok to use the service, but base your company there or make significant decisions. It is the same in international politics, US swings too much.

Recently in the case against Samourai Wallet the funders were arrested for money transmitting without a license and the wallet did not exchange bitcoin to fiat money, which means USA recognizes bitcoin as money. IMO something doesn't have to be literally called money by the government to be money. I'd say that bitcoin is money because it's being used as payment for goods and services and that's what money is. The problem is that in the last interpretation, the US gov. claimed that bitcoin is property. So which is it?


Colorado accepts bitcoin for payments, allowing you to pay state tax in bitcoin. I'd say they're being pretty serious about it

Let me start by saying it is a misconception that we can't buy anything with Bitcoin, as a matter of fact, we can buy anything with it, it only depends on the buyers and the sellers. In the worst-case scenario, the seller could be in a country where Bitcoin is mostly restricted in parts of the world and the seller still agrees to offer the product/service in exchange for Bitcoin. This is because Bitcoin has a whole lot of arrangements and when the person leaves his country, he can convert it to whatever he wants. This is technically a P2P approach in a private way that no one will even know what you guys ever transacted if that is the purpose and it is rampantly happening these days.

But let me condemn this, it is not a good and wise decision to evade tax, though cryptocurrency allowed that, but do you think it's right? This is one of the evils that the government is trying to prevent and no one can blame them for doing so because people's mind is so selfish. This is also one of the reasons why the government is trying as much as possible for all the companies dealing with cryptocurrencies in their jurisdiction to be made accountable. If they can make them register and regulate them, they will have a say over them, and whether Bitcoin is private and decentralised or not, they will still know how monies are flowing in and out between the parties involved. And this is cool to me.

If you can print money, would you give someone a piece of this cake? Cryptocurrencies help to avoid sanctions and avoid taxes. We can use it in different ways, but in any large country that has its own serious currency, we officially cannot buy anything with BTC. Nobody wants a competitor if they can be eliminated.

Agree with this mate Bitcoin is not just ordinary money but a digital  money that can be used to buy something we need and want.  And also nowadays there are many Bitcoin holder so in short  we can see Bitcoin where ever we go in some countries. Not all country  accept Bitcoin and if we have Bitcoins then we need to convert it in to fiat so that we can buy something we need  that's the reason why we say that Bitcoin is my money cause we can convert it into fiat. But for me someday it's okay to adopt Bitcoin as a Currencies used to buy something.

Well, with more and more eyes on bitcoin, and the it's acceptance increasing heavily around different parts of the world judging from how valuable bitcoin has become, it would be total ignorance on the part of the government to just overlook it due to them believe that bitcoin is not money.
From all that we have seen so far, it is clear that narratives have changed and that the government are beginning to see and consider bitcoin as money, which is why the talks about regulation is increasingly talked about as each day breaks and age?

But then again, seeing this from an online gambling casino context, it's a business and every business requires a license as law demands, and I think this has nothing to do with how  or through what means that business generates money, they have  to have license to be allowed to operate in places and jurisdictions where a license is a must have.

Laundering is probably the main concern rather then anything else, all the sites mentioned are probably keen not to be seen as mixers and follow similar rules to avoid being used for any possible criminal activity.   To not do so would only cause more trouble then its worth, from what Ive read where asked by authorities they would provide information so as to avoid any unnecessary association with any illegal money movements etc.  

I agree on the main point that BTC is not classed as money but that might not be as relevant as it would seem; Ive even seen computer game items almost anything online that's exchangeable, any tradable tokens treated in a similar way.
  They are apprehensive about movements of value especially large amounts even if its not really a currency, its just some virtual token and games are usually centralized not related to decentralized blockchains  but digitally I see them treated similarly over many years.

Absurdity is the only word I can think of that fits the examples you cited, are you even for real? Because I've never come across casinos that are so selfish to this level. It will be awful for people to be playing there unless they are wagering so small to the point that they will never know, and if they know, they will never be affected because they are so low in margin compared to this limit. So, a casino can limit my withdrawal to $1,000 per day, but they can take as much of my deposit no matter how big it is. Think of it, if I wager $50,000 in such a casino, and I placed a bet that delivered $150,000 into my account in aggregates, how many years would I complete the withdrawal of my entire money? It's only a fool who has big money can play there because they offer you nothing but selfishness.

About the maximum win, it is still okay since they are using that to manage their portfolio and internal risk. How would you feel if you wager too much to the point that your withdrawal can't be paid? And this will always be commensurate to the money you wager, so there is no issue here.

Also, the terms and conditions are one of the issues here, and they are doing this because the government is playing uncared attitude, otherwise, they would have stopped them. Fine, they have the right to update their terms and conditions, but they must always alert the customer and send a copy to them and also highlight the exact portions that were updated to avoid reading the whole epistle over again. Any casino that did less can't have any right on the customer in a court of law if sued.

Is the hose who decide the rules, but is the users who decide where to gamble, if the rules are absurd then the user shouldn't play on that site, a good example of this is the sites that only let you withdraw a min of $1000/day, or those sites who limit the max win but doesn't limit the max bet. And that's why is so important to read the terms of service before deciding to pen an account on any casino. And the main problem with the ToS is those clauses that let the house change the rules at any time, that way is a losing game for the gambler.

You are right and I agree with you that when anyone gambling on any site the person must follow their terms and there is no alternative whether that is regarding the KYC issue or something else. If the rules are impossible to follow then the person should avoid the site.

Yeah!  Of course, players come to provide their personal data when they are going to play at the casino without problems and in the event that the casino begins to require verification under the KYC procedure. 

But remember for yourself how unpleasant it was for you to take pictures with documents and send them to an almost unknown person, who in this casino is collecting Personal Data of clients, this is your data.  For example, it was very unpleasant for me to do this.  And I know for sure that this does not give clients any overly serious guarantees.  And leakage of personal data into the network is quite real and possible.  Thus, any KYC procedure disrupts your comfortable life.  And for some players who, for some reason, hide their passion for gambling, all this KYC is simply unacceptable.  But they also want to play comfortably and without problms. 
And this must be taken into account since we are talking about casinos with payments in cryptocurrency.

The government have tried to hinder the growth and future of Bitcoin due to the fact that they can't control or influence it as much as they can. What suprises them is that bitcoin has developed into a very valuable asset an since they sewn it's benefit sooner or later they'll have no choice than to adopt it just like El Salvador has done. Others can think what they want but just like gold and fiat Bitcoin is money (Digital currency).

 We've seen how it's now playing a big role in different industries and companies, thereby spending up transactions and used as an alternative to fiat currency especially in the gambling industry. And with time other countries that's failed to make it a legal currency would be forced on the long run. We've seen how many individuals who gamble are now turning to casinos and online sites that accepts bitcoin as a mode of transaction. With time many online gambling sites would adopt it also.

I don`t know how it works, but i think that such kind of license means, that casino must have enough fiat money to pay cryptousers. I don`t know how it is written, but the idea is about it.

Cmmon... Today we know that the democracy is the rule of the democrats.
El Salvador, Venezuela - these countries hasn`t their own currency. I mean serious currency. And about El Salvador - it doesn`t matter what currency they use, USD or BTC - they have no own currency and as result they have nothing to defend. Any country with their own money will never allow any concurrent.


If you have the only well in the village, will you be happy if someone else will has another? You print money. Will you allow someone else print money too? Why serious countries have to allow BTC?

In what country the main part of BTC is? Who crushed Binance? In what country main mining pools are located? Answer these questions first.
Where BTC more powerful? What it can do, that we can`t do using fiat? If i have $100 i can buy some food anywhere. If i have 100 USDT(or $100 in BTC) i must find internet and some freak who needs it.

No one can control Bitcoin which is why no government in any country will use it as the primary currency in their country instead of FIAT money. However, there is a possibility of using money as an alternative in the future. But who says that Bitcoin is not money? Bitcoin is much more powerful than FIAT money. So there is no chance to neglect it.  We are currently unable to use bitcoins directly for payment in every country, so we have to sell bitcoins and convert them to FIAT.  In this case, the government can make our FIAT transition truck. So how are we using bitcoin tax free?

For me, anyone or institutions that view bitcoin on the negative light is doing so based on their inability to understand what bitcoin is and the role bitcoin perform in the global financial system, and at to what extent have it effects becomes on those that adopted bitcoin both in the early time and currently timing.


If you checked bitcoin have hard a significant milestone a d at the same time bitcoin have always impacted it investor's positively more than the ratio of whatever negativity may be.