Topic: Why they need a license if bitcon is not money? - page 2. (Read 4439 times)

However, the example of El Salvador and the initiative of its president Nayib Bukele to legalize bitcoin have significantly outpaced all existing jurisdictions in the world. Including the USA, which is now being used as a guide by a significant portion of lawyers in other countries. But not all countries, of course. However, the world is truly becoming much more complex, including in matters of financial regulators. For example, the creation of a separate BRICS currency will clearly undermine the monopoly of the dollar as an international unit of account. And it may even destroy the monopoly of the dollar altogether. But such is progress and no one can stop it. In this context, the dollar is now repeating the fate of the once international monetary unit - the British pound sterling, which dominated the world before the introduction of the Bretton Woods system.
So bitcoin regulation will still be different in different countries. This will continue for a long time.

We are getting there my friend, it can't just be done once, it's gradual. Humanity will suffer more if there are no regulations at all, but for the fact that we still see a few regulations, the perpetrators are feeling the heat. I wonder how it will be if there is no KYC and other government watchdogs. Though some of the perpetrators find means to outsmart the government, many are being caught and face the consequences of their crimes.

If you look on the internet with this context, you will see enough financial evil being perpetrated through crypto, the syndicates are also getting wiser daily just as the government is increasing their beams. Had it been most countries could be as sophisticated as the US in cyber security, it would be better, but unfortunately, only a few advanced countries are fighting while others are just trying to join them in regulating the activity.

You are right but there are casino that can give protection to their members and make sure that they document is safe in their hands. It is not easy as they will face many attack that want to steal the data from the casino but with protection that casino prepared before, they can avoids that things.

We can not deny the request to do KYC from the casino because that will be one requirement that the governments wants from the casino if they want to continue their business. Even if Bitcoin is not money, but right now, Bitcoin is like a digital money that people can use to playing gambling or purchase something from the internet. The anonymity slowly gone because every people needs to do KYC when they are playing gambling in the online casino.

If people know about the limitation that they can use to playing gambling without doing KYC, they must stick to that and not trying to break that. But people tends to not really care with that and still playing gambling and break the limitation so that makes them must do KYC. They think that it is not necessary to do KYC but that is the casino's rules so they must follow if they still want to playing gambling on that casino. But they can moves to the other casino.

But if they are not problem with KYC, they can do KYC especially when they use large money to gambling so they will not have a problem in the future. It is depends on what they want and where they will playing gambling so they must adapt to the casino's situation.

However, we must take into account that Bitcoin is distributed all over the world. And mining is carried out in many countries and on different continents. And the regulation of Bitcoin turnover by governments and different countries is so radically different, from full legalization in El Salvador to a ban, for example, in China, that I cannot even imagine how politicians from different countries and financiers will be able to really approve common and uniform rules for regulating a payment system based on Bitcoin.
Now, in my opinion, humanity has not even come close to solving this problem.
And it obviously needs to be solved.

It doesn't matter if Bitcoin is considered money by the government, so long as Bitcoin is valuable and can be used for payment and other things fiat money could be used, it is always valid as far as I am concerned. If it is not valuable, I wonder why the government is interested in profiting from it. They can call it whatever they like and continue with their hypocrisy, I don't care.

But I 100% support the government's efforts to regulate Bitcoin activities, there is more dangers in leaving everyone to do as they like than to regulate it. And if your Bitcoin activity is legit, why fear the government? Just don't commit crimes with your Bitcoin and you will be fine.

I do not have a problem with KYC if it is me. No other reason than I am gambling with just little amount of money. I do not use more than $5 to gamble every week which I can afford to lose.

But about privacy, anyone that needs it deserves it. It is true that some gambling sites will need to protect themselves from the government as they are growing bigger and getting noticed by the government, but there are always still gambling sites that does not require KYC or that does not require KYC up to certain amount of money. Those gambling site can be used by people. Like on Metawin, people have up to $10000 withdrawal limit daily with no KYC required.

Of course, each player chooses the casino in which he likes to play the most. There is a choice and it is huge for obvious reasons of the development of the entire gambling industry in the world. And the industry is really huge and for every taste of the player. However, the question of the reliability of preserving your personal data after passing the identity verification procedure according to KYC, especially with strict KYC with photo and video confirmation, remains completely in the "gray zone".
Of course, for the reasons we discussed earlier, no casino can guarantee the unconditional safety of your personal data from theft and their publication in the public domain. This danger is recognized by millions of players in the world and they play anonymously, without KYC, and their right to such a game must be respected.
Unfortunately, this anonymity with really serious guarantees is not provided in the online casino market to the extent that the game of anonymous players would be problem-free and comfortable.

Yes, it is right but those famous casinos will always trying to protect and defend from the attacking with their teams. They know that the attack will always comes to their site so they will makes sure there is no hole that can be used by the attacker. But we don't know if the casino have a corrupt employees because this can happen to all casinos. We don't know how the process of selection to the employee but casino will make sure that their employee will have integrity to work and gives the best services to the customers. But we must search for the casino by ourselves and make sure that the  casino is the one that we want.

However, no amount of checking the license of a given casino can help in the question of how well the personal data obtained during your KYC verification is securely stored in this casino. Simply because it is the licensed and well-known large and famous casinos that are most often subjected to hacker attacks, some of which are successful. And it is from such casinos that corrupt employees with access to databases steal these very databases.
So I would not consider large famous casinos more reliable in terms of storing your personal data.

That case will be there as we know that there is no 100% safety when we are online or sending our document to some parties. We even don't know if inside casino will be a place for some people who want to gets the document for their own interest. We must really be careful if we want to send or verify ourselves to pass KYC and make sure that the casino have its reputation and popular so we will not have to worry with anything. They needs license to have their reputations among the other casino and that can make their members believe with them and willing to do KYC with them. We really don't know but we can verify before we continue the process to do KYC and we have a choice to still use the casino or moves to the other casino.

We can only try to research from this forum and I guess we already know some casinos that have their reputations. People willing to do KYC with the casino because they believe the casino can protect their document and will not lets anything bad happens. Maybe we can not prove that the casino is safe but we can see how their works so far and how they will gives the best services to their customer including protecting their business.

If you don't believe in that casino, you can skip and search for the other casinos that you want. That is why we must research and be careful selecting the casino because that is our responsibility.

Bitcoin is money but the government might have to bring it in their own way because they are the ones that are involved in regulation of cryptocurrency and other activities in the crypto market. There is nothing the government can do again because what they always care about is controlling and forcing us to reveal our identity through exchanges that are regulated by the government. Since the launch of Bitcoin, we way we see money has been different entirely making gamblers to make transactions without passing through the normal fiat system to make every processes easy and fast.

Crypto is now gaining legitimacy in various countries.  And with you using Bitcoin as a legal currency in the country of cars in different places. so it can also be called money. And for this reason, a legal casino site always tries to get a valid license for the safety of the users. Because they have come to do legal business in the market. Licenses always increase users' confidence in a casino site.  That's why casino sites are licensed for themselves. On the other hand,casino signs may be required to be licensed under the laws of the country from which a casino site is operated.

In my opinion, factors such as hacking of personal data bases by hackers and the non-zero probability of theft of databases by trusted or offended employees make it so that the personal data of almost any casino can end up in the public domain. And this does not depend on how seriously the security measures for storing personal data requested by the casino as part of the KYC verification procedure are organized.
In principle, there can be no serious guarantees of the security of personal data even in the most famous and largest casinos. They are attacked more often than those small casinos that are of almost no interest to anyone.

You are absolutely right, but the major issue here is, how do we really know and be sure of the security level of a particular casino per time? As personally, I believe that when it comes to issue of security, we can never really bet on and believe in even the top casinos because, some of them can actually not be so conscious with the security of their platform, it is true that top casinos definitely have the ability and funds required, needed to procure top security means and gadget to secure that platform, but doesn't this depend on the type of people running the casino? And their mindset towards security?

This I believe Is something we ought to as well, consider when choosing a casino with security as our top criteria that determines which casino we go for.

As long as the casinos follow the proper data protection measures required by regulators, they can’t be blamed. But if they don’t, then they should face complaints and possible lawsuits. This is part of the risk we take when entrusting them with our data through KYC requirements. To minimize that risk, we have to be selective in choosing the right casino to play with, and that is to stick to reputable ones, as they usually have stronger security measures in place.

How do we really research a casino and be sure that the one we have choosen will be able to keep our kyc documents safe? Maybe a times, I've read people post such comments and it doesnt really sit well with me, aside making sure not to gamble in a casino is may likely be a scam, there isn't really any provable way we can be sure of a casino when it comes to the safety of our kyc documents, because even if they were to be doing anything fraudulent with it, how will the users of such casino know or get to find out.

In cases where the casino may get hacked and kyc documents stolen, in most cases, we can't completely put all the blame them because believe it or not, every business sometimes go through issues no matter the type of issue.

And even in this case, there is a non-zero probability of theft of personal data from the casino that you have chosen and consider reliable. The reasons may be both outside this casino - these are hackers who break into databases. And inside the casino itself - these are unreliable hired workers who steal this confidential data to take revenge on the casino or simply out of hooligan motives. As a result of these two factors, the likelihood of leakage of personal data increases even in the most reliable casinos. But if you have not passed KYC and the casino simply does not have information about you as a person, then such thefts are definitely not scary for you and cannot affect your life in any way as another source of problems that lie, of course, in the illegal sphere. I mean embezzlement, extortion and other possible criminal manifestations.

Yes, that is right so that will make us to choose what casino that we can trust to keep our documents safety. It needs to research before we can find the right casino for us so they can protect the document from their customers. The casino needs our document to know who we are as their customer and they don't want to get a problem if we are doing something illegal. Besides that, they are bond with the regulations from the regulators so they can make their business legal in the eyes of the government. It is our job to stay away from a scam casino that can scam us anytime plus use our document for many things they want.

Casinos have always loved to run to places with weak regulations, that's the main point and that's more reason why they do as they like without anyone asking them questions. But that is not the goal here, the goal is that they mostly need licensing and regulation to further build the trust of the people and operate legally in the areas covered by the jurisdictions.

However, it's the government I see as a hypocrite here, their main goal is to earn from casinos and not regulate. I wonder why they receive fiat money from crypto casinos if they classify Bitcoin and others as assets of value and not money. Why not take a share of the asset for tax payments since it's not money? Hypocrisy!

Everything that is used for the acquisition of goods and values ​​in society is money, so yes, bitcoin is money.

As for the casino license, in a perfect world, where everyone follows the laws, it would be fine.

But in the real world, there is no difference that benefits the player.

Suppose you bet in licensed casinos, and there is a failure that made you lose a huge amount of money.
You can sue them, but you will hardly win, they have agreements with many small letters and a list of specialized lawyers so that you lose the lawsuit.

These licensed casinos, their reputation is due to the fact that since they are "legal" they can flood you with huge advertisements that make them seem reliable.

As for these large crypto casinos without licenses, their reputation is according to the opinions of their own users.