There are many network users who think that the Internet will end up blowing up the political, social and economic system in which we live today. For these Internet users, the network is synonymous with freedom. The emergence of bitcoin aims to decentralize and deregulate commercial operations, something that would detract power and control capacity from governments and banks around the world.
Notice: Below I’ll briefly cover the topic of cryptocurrency games. In order to learn more, read Changelly blog.
What is a bitcoin
Virtual currencies that contain a series of benefits that cannot be obtained with physical money, as explained in Wikipedia. And that, during the years 2017 and 2018, there was an expansion phase that made it expand around the world.
Although many people do not know, there are many virtual currencies that exist in the market. But if there is one that stands out for the competition, without a doubt, bitcoin. The virtual currency par excellence.
The situation in Spain
In Spain the use of cryptocurrencies is allowed. Always like in the best bitcoin casinos. However, you have to have an account that has changed. Now, despite being a completely legal market, we will make all the users that operate with them pay the corresponding amount.
At first this measure will only affect users who have understood and then have sold bitcoins. Regardless of whether they had earned or lost money in the transaction. However, it doesn’t work exactly that way now. Since there was a legal vacuum: all those who are engaged in buying and exchanging between different cryptocurrencies, such as ethereum. But that the operation does not involve euros at any time.
Currently, and since May 2018, games with cryptocurrencies must be declared in the same way as other financial products. Regardless of the currency for which it is exchanged. The taxation is between 19 and 23%. Although these and the rest of the most common questions about the bitcoin game are solved in the pages specialized in these types of currencies.
What happens with Latin America?
In Latin America, the situation is not very different from that of Spain. Which is the one with the most presence in the whole world. In Latin America, Bitcoin is also legal, as we mentioned previously. In countries such as Venezuela, for example, bitcoin was positioned as a more effective means of counteracting the serious inflationary crisis that it had to face (and still remains).
In Argentina, Buenos Aires is considered as the Bitcoin capital of Latin America. Thanks to the important adoption it has had between its borders.
In addition to Venezuela and Argentina, there have been many countries that have been concerned with the use of cryptocurrencies. However, this report has been published recently. In places like Nicaragua or Guatemala, for example, they have already expressed themselves in favor of innovation and technological advances. However, both have affirmed that they are not yet in a position to be able to regulate the currency strictly, due to the advance that a technological level implies.
We see, therefore, that transactions with cryptocurrencies in casinos are allowed in both Spain and Latin America. However, despite the fact that in places like Spain the legislation is already quite advanced, in others such as Venezuela there is still a long way to go. In the end, it is the question of currency.
A bitcoin is a cryptocurrency created and controlled through digital encryption. Satoshi Nakamoto, the pseudonym of an unknown person, created it in 2009 with the intention of eliminating the heavy procedures and controls of electronic payments. Until the appearance of bitcoin, all payments in electronic commerce should be made under the control and blessing of some financial entity, mainly of a bank.
Using bitcoins is as simple as creating a Bitcoin wallet on any computer, tablet or mobile to then generate an address – or several – from which to make payments or collections quickly and safely.
The rise of online sports betting continues to spread to other fields, such as casinos. Both betting houses and casinos have seen how their traditional physical spaces have been giving prominence to their networked products. The emergence of smartphones has played a decisive role in this trend change.
Once the online casino market has been activated, a new business model has appeared: Bitcoin casinos. These are virtual casinos that offer the same games and services as online casinos, with the exception that payments are made in bitcoins.
Advantages of Bitcoin casinos
These casinos that use cryptocurrencies offer a number of advantages over traditional ones:
Fast payments from anywhere in the world and for a management fee at almost 0 costs.
Direct payments, without the intermediation of intermediaries and without any external control.
Transactions secured by military cryptography.
Protection of the privacy of each of its users. It allows the payer to remain anonymous, in the same way as when we pay in cash at an establishment without anyone asking us for any type of documentation.
The activity, like the currency, becomes decentralized and deregulated, since, although it is a legal currency, it is not an official currency, nor any financial product.
Casinos that operate with official currencies are subject to increasingly stringent regularizations. Bitcoin casinos escape that control.
One of the best Bitcoin casinos is CloudBet. To start playing you only need to have a few bitcoins, something that can be easily obtained on any currency exchange website. Changing bitcoin to any other regulated currency is just as simple.
In addition to Bitcoin casinos, there are others that use other cryptocurrencies, such as ethereum. Although, it is true that the number of casinos that operate with ethereum is much smaller and mainly offer dice games.