Topic: Why they need a license if bitcon is not money? - page 7. (Read 4439 times)

Well, let me say that we should not assume that way, there are many exchanges in my country as well, and you do not expect them to be receiving customer visitors as much unless they have issues they want them to solve for them. Bitcoin and other cryptocurrencies are online-based, and so are the operations of these exchanges, so I do not expect them to receive the huge visitors you expected of them. Since cryptocurrency is not like fiat which is controlled by a centralised system where the central bank of the country will have power over, there is a limitation to the help that exchanges will offer except for the ones that are directly related to their own platform issues in case of short payment, unreceived transactions and many more.

I dealt with some exchanges in my country for over 15 years, and it was even on fiat currencies, but never had any reason to go to their offices for once, for what? This is not like the BDC and parallel market operators but is purely online-based. Many times too, the issues can be resolved online instead of the customers coming down to their offices, that's the way I see this.

Also, you don't have to sell or buy your Bitcoin physically when all arrangements have been made online.

In every country in the world there are rules in each country, the governments of each country create their laws thinking that with these laws each citizen of that country will have appropriate behavior that respects those laws created by the government. Therefore, governments create certain requirements that each citizen must comply with when they want to run a business. For example, in the case of casinos, governments can make it a requirement that all casinos must have a minimum capital of $100,000 and must have a manager with academic training in the areas of economics, finance and business administration. must have a physical office where they have a lawyer, a support attendant

they must have a telephone number, they must have promotions that have a maximum limit of x amounts, so when people have all these requirements then the government will give them the license to have the casino. A license issued by the government means that the casino complies with the laws and rules of the government of the country in which the casino applied for a license. It has nothing to do with whether bitcoin is an accepted currency in that country or not. I say this because I see in my country how things work when it comes to opening companies and licensing

I don`t remember serious country, where you can pay with BTC. I`ve read about Colorado here, but it is not country. US states are strange for me. I can`t imagine country, where city has it`s own rules and laws.


I was in one country, where BTC is legal. I saw lots of cryptocurrency exchanges there. One of them was near my hotel, i saw it in the window. Several times i spent about an hour watching on it. No one men visited this exchange. Of course it doesn`t mean, that no one use it, but local currency exchange near - got lots of visitors the same time.

I understand you better now, and truly, there are limitations to what we can buy with Bitcoin, especially in impromptu scope. Even in countries where Bitcoin is a legal tender, there will be many that are unwilling to accept Bitcoin as the mode of payment for obvious reasons. You can imagine the merchant who knows how to speculate the Bitcoin price very well, no one should force such a merchant to accept Bitcoin as a mode of payment when he is very sure that the price would drop in a matter of minutes and extend to days or weeks. This is the risk of Bitcoin aside from the security concerns. That's by the way, many countries are still not accepting Bitcoin even if some merchants in the country can still risk it which makes it minimal. If the overall acceptance of the coin is to be roughly viewed in terms of buying and selling of the daily needs (good and services), I do not think it's still up to 0.001% fr the enter world. This is not about the business transaction but the real use of it like fiat currencies.

The fact is, deposits, bets or withdrawals are not included in the licensing process, because some of these factors are not part of the ownership of the online casino, these features do not fall under copyright because they run on a network system, such as banks, Bitcoin etc.

Of course, if you examine it from the actual purpose of a gambling license.

Here it is quite clear that the license has nothing to do with the three related things. It is clear that a license is needed as explained in the quote above, Other parties may take or imitate the withdrawal/deposit feature with Bitcoin or bet on the same game, but not with the casino brand or website, of course a license is required in the gambling industry.

No, in some countries and states, you can pay with Bitcoin. You won't receive bills calculated in Bitcoins but can pay fiat equivalent with Bitcoin.

Bitcoin has value but that doesn't mean that it's money. Real estates have value, is my house money? Is my car money? No, money is paper and coins that we use daily, that are accepted as payments for goods, services, taxes and etc. There are many arguments against why Bitcoin is not money and also there are arguments on the other hand that proves that Bitcoin is money. The government thinks that Bitcoin is not money, I have heard that directly from my lecturer who also graduated from Harvard University and had a very good position in the government sector. When the government sees the possibility of taxing you, they'll tax you even if they have to disagree with their previously said statement. They saw that Bitcoin is getting very popular and they saw the opportunity of making money from it, so they'll tax for this reason.

I understand that we can buy everything with BTC, if we ready to change country, or wait a lot. But i mean that we can`t but anything(ok, the main part of everyday things) right now. I can`t buy bread or meat using BTC or some other cryptocurrency.
About regulation i have to match that regulated cryptocurrencies becomes fiat money. Someone allow you to print money and control the process. Not printing but every transaction will be under control. It is the last thing we want to cryptocurrencies.


If i remember correct, the Colorado, just a part of the US? Seriously, i don`t understand such system, when a part of country can has their own taxes and laws. It can be used for political struggle may be.
I don`t know really, but anyway it is good for BTC. If it doesn`t mean that it is regulated in Colorado.

I think the idea of casinos needing a license is much more than just wanting to consider the fact that bitcoin is being used, its for the protection of the gamblers and everyone who patronizes a casino.

There are regulatory bodies that regulate operations of casinos and I don't consider it a negative step or approach to mitigating risks for gamblers.

When any gambling site changes any rule then they infirm about the changes to their users. If any site can't do that then they should stop their service. Another part is about 1000$ per day! is it any good sign for the so-called gambling site??

Bitcoin is accepted only in limited places around the internet at the moment, so we can't use Bitcoin to buy a lot of things but yes, there are some platforms or websites that accept Bitcoin for goods and services they are offering and it's a good thing, and hopefully this adoption can increase over time and it wouldn't just be accepted digitally but also in physical places and stores around the world which is now very much limited to just a few countries.

What makes Bitcoin different from ordinary money is not the fact that it is digital but it is the technology behind it and most importantly its decentralized nature is what makes it different from traditional financial systems of the world.

P.S: It seems like we are in the Bitcoin Discussion board. Let's not get carried away, guys .

Your right, we have many advantages we receives from the use of bitcoin which the fiat cannot offer, government themselves understand the need to why we have to accept bitcoin as an alternative currency of making payment, but they are not the ones in control of how its been regulated and that aloe is a major concern to them, knowing that they should be able to get over the control of every economical affairs happening under their control, that is why bitcoin has a multi facet applications for its uses.

In today's set-up, to be considered legit gambling business, you should acquire your gambling license for you to compete with others. It may not be a strict requirement for online crypto gambling sites but definitely, it adds credibility for a casino business. Crypto business has already evolved its existence from being nonregulated to regulated ones. It is treated as just any legal business which needs to comply with legal requirements.  


I don't understand why some people are still not understanding that btc can easily be traded now to exchange it for fiat. Most trading platforms are now licensed and so they are under the jurisdiction of the government's central bank.

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.