Bitcoin is a digital crypto-currency system launched in 2009 by an anonymous person or group known only as Satoshi Nakamoto. Unlike the traditional flat currencies, the system isn’t centralized and doesn’t depend on traditional financial institutions and payment processors. The overall bitcoin market capitalization exceeded $10 billion by January 2014, while the price of a single BTC approached $500 by April. Bitcoins are easy to exchange for traditional money and perfectly safe to use.
Each bitcoin transfer is protected with a special encryption key, which identifies your wallet and ensures that other members of the network won’t be able to alter the details of your transaction. In addition, bitcoin transactions are pretty much completely anonymous, as identifying the participants is pretty much impossible for an uninvolved third party. Consequently, using bitcoins is arguably safer than relying on a e-wallet service or bank wire transfers.
The Legality of Traditional Banking Methods In The United States
As you probably already know, the Unlawful Internet Gambling Enforcement Act of 2006 made it illegal for financial institutions to process gambling-related transactions. The UIGEA specifically prohibited gambling businesses from accepting credit cards, electronic fund transfers, checks and drafts or “any other form of financial transaction involving a financial institution as the Government may determine.”
However, what very few people realize is the fact that the US Department of Justice clarified that the UIGEA applies exclusively to online sports betting sites, which means that processing poker-related transactions is perfectly legal. Unfortunately, many states still haven’t explicitly legalized online poker, so most payment processors have opted to ignore the DoJ statement and still refuse to cooperate with offshore poker networks. In practical terms, this means that American players simply can’t use e-wallet services like PayPal or Neteller to deposit to or withdraw from online poker sites. In fact, even credit card transactions don’t have a 100% success rate, which ends up confusing many people as far as the actual legality of playing the game online is concerned.
Bitcoin Is Not a Financial Institution Hence Is Is Perfect For Online Gambling
Thankfully, bitcoin is a decentralized, peer-to-peer crypto-currency system and not a financial institution, which means that it has never been covered by the UIGEA. Consequently, using bitcoins to conduct your gambling-related banking was perfectly legal for all the involved parties even before the 2011 DoJ statement. Furthermore, the US regulators aren’t realistically capable of targeting the bitcoin system or individual users for hypothetical gambling-related offenses, which means that any future changes in federal or state law shouldn’t really affect bitcoin poker sites and their customers. Unlike the traditional financial institutions and payment processors, the bitcoin system will never decide to hedge or opt out of the market.
Each bitcoin transfer is protected with a special encryption key, which identifies your wallet and ensures that other members of the network won’t be able to alter the details of your transaction. In addition, bitcoin transactions are pretty much completely anonymous, as identifying the participants is pretty much impossible for an uninvolved third party. Consequently, using bitcoins is arguably safer than relying on a e-wallet service or bank wire transfers.
The Legality of Traditional Banking Methods In The United States
As you probably already know, the Unlawful Internet Gambling Enforcement Act of 2006 made it illegal for financial institutions to process gambling-related transactions. The UIGEA specifically prohibited gambling businesses from accepting credit cards, electronic fund transfers, checks and drafts or “any other form of financial transaction involving a financial institution as the Government may determine.”
However, what very few people realize is the fact that the US Department of Justice clarified that the UIGEA applies exclusively to online sports betting sites, which means that processing poker-related transactions is perfectly legal. Unfortunately, many states still haven’t explicitly legalized online poker, so most payment processors have opted to ignore the DoJ statement and still refuse to cooperate with offshore poker networks. In practical terms, this means that American players simply can’t use e-wallet services like PayPal or Neteller to deposit to or withdraw from online poker sites. In fact, even credit card transactions don’t have a 100% success rate, which ends up confusing many people as far as the actual legality of playing the game online is concerned.
Bitcoin Is Not a Financial Institution Hence Is Is Perfect For Online Gambling
Thankfully, bitcoin is a decentralized, peer-to-peer crypto-currency system and not a financial institution, which means that it has never been covered by the UIGEA. Consequently, using bitcoins to conduct your gambling-related banking was perfectly legal for all the involved parties even before the 2011 DoJ statement. Furthermore, the US regulators aren’t realistically capable of targeting the bitcoin system or individual users for hypothetical gambling-related offenses, which means that any future changes in federal or state law shouldn’t really affect bitcoin poker sites and their customers. Unlike the traditional financial institutions and payment processors, the bitcoin system will never decide to hedge or opt out of the market.
Most governments do not recognize Bitcoin as a currency so existing laws pertaining to online and mobile gambling do not apply
As a result, using bitcoins to play real money online poker in the United States is not only perfectly legal, but also exceptionally convenient. In most cases, the transaction will be confirmed within 10 minutes, which means that your money will be credited to your poker account almost as soon as you register with your poker room.
Which Bitcoin online poker rooms accept United States poker players?
The only downside is the limited availability of poker networks that accept bitcoin payments, but once more operators realize how amazing and reliable this system is, it’s almost certain that the number of bitcoin-friendly poker rooms will increase. Here is the best option for players in the United States.
Seals With Clubs
Which Bitcoin online poker rooms accept United States poker players?
The only downside is the limited availability of poker networks that accept bitcoin payments, but once more operators realize how amazing and reliable this system is, it’s almost certain that the number of bitcoin-friendly poker rooms will increase. Here is the best option for players in the United States.
Seals With Clubs
- Play online poker in the United States on PC, Mac or Linux
- Mobile version currently only available for Android. Currently no iPhone or iPad app.
- Play both Texas Hold'em and Omaha variants.
- Multi-table and Sit and Go tournaments also available.
- Cash-out in just a few hours.
RSS Feed
