Where Can You Use Bitcoin?

  • Written by News Co

If you are someone who is regularly on the internet, you have surely heard of Bitcoin. After all, the buzz about it is everywhere--on social media, on news sites, and it now gets to a point that scammers are using the hype and the popularity of it to make false promises to their poor victims. However, Bitcoin is real, it is not a scam, and there are certainly many ways that you can use it.

Is it true that BTC is used mainly on illegal dealings? Is it legal? Can you get in trouble with the law by owning one? Can you use it to pay for stuff online, play in the best Aussie online casinos, and maybe even bank with it? Here are some of the most essential things you need to know about Bitcoin.

Online gambling

Online casinos and online betting sites that work around Bitcoin are getting more and more popular these days. The reason is that the use of BTC gives online gamblers more financial freedom and online privacy that the usual online gambling service cannot offer on its own. With it, one can be completely anonymous--as no personal or financial information is tied to a Bitcoin wallet, which is the only thing you need to have a transaction.

However, as of now, the use of it is only available through offshore Bitcoin casinos. After all, that is where the laws and restrictions of most countries get tricky. Local gambling activities may be illegal in some places, but not offshore gaming where the provider has a base of operations in a different state or country.

As an investment

Did you know that a lot of people now believe that BTC is the new “digital gold”? More and more people invest in it, trade, and make it grow just like someone would do with a real-world stock.

Aside from its continuously appreciating value, one more reason why it is appealing as a form of investment is that trading with BTC is easy to learn, and there is no minimum amount needed before you can start to trade. However, the more you put into your wallet, the better your chances of making a profit would be, naturally.

How legal is Bitcoin?

The topic of legality of Bitcoin, as well as other forms of cryptocurrency, is a grey area full of nothing but vagueness and ambiguity. While owning Bitcoin is not a criminal offense against the law, the scopes, and limitations on how you can use it remain unclear. Still, for the most part, you can rest assured that BTC is legal. In a sense, at least.

Since it started to rise in popularity and also in value, BTC had long been scrutinized and looked upon by the government of the world. China, for example, had imposed heavy restrictions on its people against using Bitcoin, although owning one is not a crime punishable by the law. In India, banks are prohibited from having any form of transactions involving cryptocurrencies. On the other hand, major countries like the United States, Canada, Japan, Australia, and most European countries, have recognized Bitcoin and considers it as personal property. It would still be the best choice to check with your country for specific laws and regulations on how they look at crypto and its use.

Thus, although BTC is accepted and its existence is recognized and owning one is not illegal, the fact remains that it is just a property in the eyes of the law and is not legal tender.

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