Bitcoin Forum

"UK Gambling Commission Views Bitcoin as Cash Equivalent"

https://cointelegraph.com/news/uk-gambling-commission-views-bitcoin-as-cash-equivalent (https://cointelegraph.com/news/uk-gambling-commission-views-bitcoin-as-cash-equivalent)

I don't believe that Gambling helps Bitcoin in anyway , If someone joins the bitcoin community just for gambling then sooner or later he will lose everything and probably leave the community.
People should see Bitcoin from another perspective and not only as a gambling or a Darknet tool.

Yeah right its not only from gambling why bitcoin is growing i think bitcoins is growing because more and more site and company are accepting bitcoin .. they are boosting bitcoin because the transaction  and fees are very compare to other like perfect money and paypal or other online payment processor.. and much more.

No, that will not boost the Bitcoin. Maybe the gamblers will make that happy but it will not influence on Bitcoin status, the price or anything else. But it would be good not to connect Botcoin only as a currency appropriate for gambling.

I think it will... If it is seen as some sort of currency, it can be regulated accordingly and this makes it easier for merchants to accept it. Most of these merchants do not want to accept Bitcoin, because

it sees it as a commodity and not a currency. A clearly defined technology, will improve regulation and governments will not be able to ignore it. I have spoken with many CEO's of some of these

companies, and they are all confused about Bitcoin's application.  ::)

This may help bitcoin to reach more casino owners as well as local merchants in UK because this may clear their doubt about whether bitcoin just like virtual assets only or it in real have some monetary value. But hoping for a high pump on market is not expected with only this types of news.

It might only benefit casino owners, they're the only ones making big cash. If people purchase Bitcoins is to gamble with ease, and therefore becoming addictive sooner or later. A big no from my point of view.

Not sure why it would make them happy? Viewing Bitcoin the same as fiat means the same laws now apply to Bitcoin which fucks over Bitcoin casinos meaning they now have to start telling people in said countries to fuck off. This is why most Bitcoin casinos are forced to jump through weird hoops and register in shady locations like Panama, Costa Rica, Isle of Man, etc.

If anything this is bad for Bitcoin lol

Well, more than 50% of the total transaction volume of Bitcoin is gambling related. That's a fact we can't deny. But yes, I also agree with you that Bitcoin is more than a tool for this purpose. Will people leave that lose all their coins with gambling? Maybe, but sooner or later they will come back as Bitcoin stays in their system. They just need to make sure they stay far away from gambling.

I have same opinion that this will be helpful for gambling industry and we may see use of Bitcoin with one step further being accepted in land casinos as well. Bitcoin needs more support by real life institutions than one odd industry then we will see it boosting. I am happy with current price all we need now to see more adoption and acceptance at wider level.

Seriously addicted gamblers lose everything, but most of them only gamble a small amount each week. Casinos using Bitcoins would bring new people into the Bitcoin community, and most of them wouldn't lose all their coins with gambling. Most gamblers lose, or the casinos wouldn't survive, but most gamblers only lose a small amount and keep gambling.

I believe buying and selling BTC is the only way we can change the price. Right now, Bitcoin is working exactly like other currencies are. Gambling will change nothing.

maybe, but would i be good to associate btc with gambling? better than crime but still :/

All money is associated with gambling. Modern things like credit/debit cards have been associated with online gambling for years, and it hasn't hurt their image. If credit/debit cards don't get blamed for getting people hooked on online gambling, then why should Bitcoin get blamed?

If you as an occasional gambler with only small amounts can keep this up without going down deep with large bets, then the losses you experience will stay small. It however requires a good amount of mental strength in order to not turn into a gambling addict. Not many people have enough self control to stop when they are losing.

Thats very good stuff, if it matters for current price? Im not sure, but its very good for bitcoin in the end :)
Adoption continues...

Its a very good sign for bitcoin, its being acknowledged from a really well known entity and this can only do good to bitcoin. Bitcoin has done a lot to help spread gambling by removing physical and psychical obstacles and giving everyone a chance to play without them revealing anything from their personal details. That's why bitcoin gambling is exploding with more and more bets wagered day after day. I don't think that this news will boost bitcoin at least for the moment.

It's going to make it much easier for the government to regulate it, now that it has a classification. I personally don't think that it's going to give Bitcoin a boost in internetional markets since this is basically exclusive to the UK, however there are definitely some good things that can come out of this. UK Bitcoin gambling is probably going to start getting regulated though, so that might have an affect with the local value. It could definitely be a step in the right direction however.

How is KYC/AML a step in the right direction for software that's intended to help you remain anonymous? Even SEC compliant exchanges are guilty of this.

I agree it won't make much difference to the world's Bitcoin market, as the UK is leaving the EU. Any Bitcoin regulation introduced in the UK won't be introduced in Europe. It would affect the world Bitcoin market if the whole of Europe was regulating it, as Europe is huge.

Right man, gamblings are made for you to lose money. Maybe you will win a couple of time but it will be a time when you will lose all

WAT?  I swear, if you could gamble and lose your bitcoin faster than any other known form of money in the history of the world, bitcoin wouldn't be half what it is today--and it wouldn't have the future it has.  Get real.  The degenerate, drunken, wife-beating contingent of bitcoiners is providing HUGE support.  For all of us who use bitcoin.  And the same is true, to a lesser extent, about dark markets and illegal stuff.  Just be honest about it.

That is just influencing for the another gambler is not know about bitcoin, and will not giving a large affect or will boost bitcoin. just the gambler users will increase for small.

May be it will boost Bitcoin because the Gambling community is really big, so considering Bitcoin as real and full supported currency will encourage more people to learn about it and dealing with it

There is a very huge community of gambling, so most likely this news will boost Bitcoin and support it, many other people will start learn about it and using it

I think it will boost bitcoin popularity in gambling community, it will increase the number of player playing bitcoin gambling, but i am not really agree that government made bitcoin and cash into equivalent, but if the reason is to prevent money laundry then i can support the governments decision

maybe. because bitcoin is got big name from all the online gambler.
so when some site of gambling make a big move like that it can give some effect for the money they used.

Its a good first step, but you would need some big online sites to actually accept Bitcoin as payment.

I'm looking at the site for this "Gambling Commission" and I don't see a list of members.
If someone the size of Pokerstars started accepting BTC to fund your account
it would generate a lot of new users, which is what BTC needs now to increase in value.

That's a good sign considering a large Gambling body that regulates Gambling in the UK accepts Bitcoin as a medium of payment for gambling related activities. Also, I believe this certainly would increase Bitcoin gambling in the UK. It would be nice to see other countries following suite and probably gambling authorities to be aware of this change.

I don`t think it`s going to boost bitcoin worldwide.It`s good news i guess.

Many people use bitcoin only because of btc gambling.

Maybe this is going to "boost" btc a little bit in the UK only.

only if you want it to, but I doubt do any good to bitcoin, because bitcoin shouldn't be considered only for gambling.

Finally, some support for Bitcoin outside this forum. Yeah, I think that this could very well boost Bitcoin. It is always better if more people join the community. When this happens, demand for the cryptocurrency will increase dramatically. Hopefully, the price will too.

Once these people know about Bitcoin, they can spread the word and other companies may follow in the commission's track and support Bitcoin. This could turn a whole new page in the story of Bitcoin.

:)

It is good news because it will make more famous of bitcoin on gamblers, and in my opinion it will boost bitcoin especially for players gambling. Although it is still need time because the gamblers must understand about bitcoin for first time.

They view bitcoin as cash equivalent for one reason only - so they have base for tax legislation in the future. They will say anything just to gain more income from taxes.
So far gambling with cryptocurrencies seems like grey area and somewhat Wild West, it is in 99% not taxed and not regulated or licensed.

I don’t think that such kind of news will contribute to bitcoin in any way. It’s just important for gamblers and remember, bitcoin is a currency of everyone (or say at least I want to see it in such way).

It doesn’t matter what is the gambler society’s opinion, I think it matters what a normal person think about it (doesn’t matter associated or not associated with gambling).

Unfortunately some groups have vast user base and thus their opinions affect bitcoins in one or another way (but that’s not good in my opinion).

I think YES because it is a way of recognizing the use of bitcoin even if it use for gambling. The online gambler can easily manage his funds because he dont need to use his credit card or any way of direct contact with the bank.

Now that they have classified it as cash equivalent,there is a possibity that the government can already find a way to have their share in the transaction like applying taxes into it. Bitcoin transactions are one of the threat for them that their tax collections will be lesser because more people will use bitcoin instead of transacting to banks or money exchange and if they can control bitcoin transaction then they will have a share of it. It's good for bitcoin that it's already recognized which means its getting really popular but the bad news of it is that there is a possibility of it being controlled by the government.

you are right, thats why i avoid it at all costs, in my opinion it is better just not to do it in order not to lose a huge amount of money

I agree, it is not a good approach to bring new users on board.

it isnt faster than other currencies, but the members who use bitcoin only to gamble aren't here to stay.
still, i agree with you. tons of FIAT come to bitcoin world thanks to gamblers so they are good supporters.

I think bitcoin is still sensitive, and good and bad news have influence on bitcoin price. I believe if some commission in UK say that bitcoin is equivalent with cash, that will contribute to people thinking about bitcoin. People relay on notifications from governments, I found this news very interesting, and I think this will help in promotion of bitcoins. Now people from UK and other close countries will have more trust in bitcoin gambling industry, and that is the point. They will start to use it, and they will spread it around, this is how bitcoin will grow. Gambling industry accumulate billions of dollars, and bitcoin can take a big part of that money.

From what i had read looks like the companies now have to readjust their rules about gamble with bitcoin, soo they will require your information to let you keep gambling, something some exchanges were forced to ask id as the costumers mooves big ammount of bitcoin.

I think it would make the value of bitcoin will disappear (ask for customer id), for bitcoin is something thing that anonymous and cannot be treated for it. If indeed the purpose of the requested ID is for logging for confirmation when they lost the wallet then it is I think a good move. But if they ask for ID for logging use of gambling then it's not a good thing

i think bitcoin has a lot more potentiality and we should not waste it by misusing i mean i like gambling but i am not addicted i love hard work and saving my money so do most of the people

Don't worry even if that project will be approved in United Kingodm it will have only local character. Most of online casinos - if any at all are based or operates from UK.
We are still far away from approving international laws and regulation of Bitcoin gambling. And it could be years or decades until we will have to be cut up about it.

in my openion there will be both the effect , btc will became popular and also many people will not use it because of word,"gambling " use by UK gambking group . but overall use of btc can never be stop .

yes , absolutely this will incease the popularity and use of bitcoin . Since some people are saying it will cease the use of btc but i am not in favour of any of them .

To answer your question, I feel that this piece of good news will boost Bitcoin market. More people will know about Bitcoin and a large portion of it will start investing in Bitcoin. However, this piece of good news will also give Bitcoin (and other cryptocurrencies) a negative looks. Non tech-savvy and gambling-haters will look at Bitcoin as a form of gambling currency and try to avoid it.

I think bitcoin is an easy way to fund gambling accounts, so I think gambling site are good for bitcoin. It's away to keep gambling anonymous on these sites.

Bitcoin is not sensitive in my minds but good or bad news just giving an impact for the bitcoiners, because the main factor can make bitcoin is moving that is caused by their users or bitcoiners.

I thing it won't help to boost bitcoin value, because only several peoples like gambling. If someone can create good marketplace/bitcoin shop it will boot it's value.

But it is also a way for people to be encourage. Some cant stop gambling and it is not affordable for others when they do outside casino. In bitcoin they can use a little money to play some. It will depend on them if they want to leave after losing. But for me it is also good for bitcoin.

Not 100% true. I used to gamble a lot using bitcoin, my only objective is to think of a script that will make a gambling site a money making site. Like a 100% sure win in the long run script. Sadly, I never had success in this and I started to lose my bitcoins and some people are talking about this forum. And so I joined this community. I didn't ditch Bitcoin just because I lost my money in gambling.

Nope. Every little thing that is related to gambling will never give you profit in a long time. Probably you can earn some profit through gambling, but it's only in a short term.

So it's bad idea to join gambling. It's not recommended. Just don't go with it before you regret.

i am agree with your opinion. i think that we need right now is agreement from government, include from big countries that have majority people which play bitcoin, beside that, we need store online that accepted bitcoin as their payment, very big store online like amazon so people which buy product from there can make curious about bitcoin and they wonder what is bitcoin.

this will help to boost bitcoin and this will make bitcoin become popular than now.

this is kind of a good news and a good news always helps bitcoin but i don't think this is a big effect. because gambling in general, especially online gambling is not so popular in the world so considering it with bitcoin will have small effect.

Yes, gambling and dark markets are boosting bitcoin business, if big casinos accept bitcoin deposit/withdraw, I am sure bitcoin will go to 2000 usd.

Big casinos probably wouldn't boost the price all that much to be honest, not everyone is interested in gambling their Bitcoin, however it is possible that it might get the market moving a bit if there are some people that want to be gambling more discreetly. Plus big casinos beginning to accept it would just result in more legislation and laws for bitcoin sooner rather than later, now that it would be in a pretty big industry.

i agree that a large portion of the transactions are from the gambling sites but most of it is spam too and the amount of those transactions is not that big either so you can't really make a conclusion based on lots of small transactions that these casinos make.

It's true that bitcoin is very sensitive and react to any news very well.  Whether it is bad press of good press, bitcoin price dance with it.  And well I think this will encourage people from this country to use bitcoin as form of currrency and not as a stock in the stockmarket.  This will also promote the usage of bitcoin as currency and not some form of investment.  All in all i think this announcement will have  a positive effect.

well, it is not exactly a good publicity but it is a lot better than them calling bitcoin criminals money. so I guess it can have some effect on bitcoin's adoption in the future.
especially since the online gambling has been growing a lot in the past and bitcoin with online gambling has been growing a lot faster.

but I hope I can see more news about bitcoin in other areas that count like our day to day purchasing of groceries and stuff like that .

this would be an additional advertisement for more people awareness as we knew that online gambling got easier because of bitcoin transaction
i think that publicity will attract more people to use bitcoin and hopefully it will be use in general not only for gambling or for some bad things
that can be done over the web.

It is like more stories are connected to the gambling area. Why? Because it is the perfect one for them not to be known. It is easy also, just exchane your dollar into bitcoin and you can start playing. I remember a friend where he went to an other country to work
 He loves playing poker so he tried it online. It is legal in this country as long as you are holding one of their ATM but when he got back to his own country he cant play anymore due to restrictions. This is why bitcoin is way more used than any other. There are some that restricts it if you dont use their items. But in bitcoin there is none.

I don`t think this will boost bitcoin price like OP thinks it will. This is positive news, and I agree with most people here that this will be a good thing for bitcoin. When ever some government announce that bitcoin is good for investing and using, people from that country will have more trust in blockchain.
On long run this is very good, I hope that today its gambling, tomorrow can be shopping, and after that travel agencies. One day everyone will use bitcoin, and this kind of support from governments will be very good for bitcoins.

This do not change with Bitcoin, those same countries where this is banned, would also stop people from converting BTC into fiat.. if they can determine the origin of those coins. I know Coinbase have

ToS against this kind of thing to prevent possible money laundering through Bitcoin casinos. If you still want to continue gambling you would have to do this through anonymous proxies and also make

use of mixer services to hide the origin of the coins.  ::)

If they publicity the gambling it can be restricted the bitcoin to use because it is use for gambling so i think it will not help to boost bitcoin..
Instead it can be negative effect instead of to be popular and more people will attract to use it it will see it by government and ban it in some countries..

most of casino doesn't spam,the ones that spamming the blockchain is a gambling site that synced with blockchain API for every transaction
but i'm still wondering whether if this spamming still keep up,whether it's gonna affect the entire blockchain?

Agree in toto with this comment.Gambling and other such activities giving bitcoin a bad name.There are lots of people who have lost their money in gambling

agree 100%

I think it is very possible. We will see in the coming days how much of an effect this has on the economy of bitcoin. For all we know this could raise the price and make people more interested in bitcoin.

of course it is going to make bitcoin bigger, uk is a huge country with a lot of people in it and because of that more people get to know bitcoins

i think this news will make people know bitcoin as a coins for playing gambling and not for the business and for me it is a wrong way. is like MLM program that using bitcoin as payment, and after work for a while, that MLM will going to scam people and people blame bitcoin for scamming them, but actually the MLM already scamming people and not bitcoin itself.

this news is not that new, so the effect on bitcoin was so far not noticeable. i don't see why this should make a big difference. yes uk is big but i'll put this as a maybe on the long run down.

Gambling will change nothing but a waste... Buying and selling is cool...and benefit, by boosting btc...

Gambling is what has made bitcoin popular and there is no denying that because if you look at the statistics there are more bitcoin users using it for gambling then there are for the ones who are using it to purchase goods.
If you think about it about 50% of bitcoin use is in the gambling sector. :-X

It's not surprising and it shouldn't be a surprise to most people that Bitcoin is used a lot in gambling, especially when you consider that it is relatively untraceable if you take the right steps and there isn't any income to be taxed on from gambling winnings. Bitcoin also deposits/withdraws far easier than most fiat casinos, so that's a big thing for some companies as well.

I think gambling organiser only earn from their algorithm. I have never won a single bitcoin also so it's a  Good source of earning. Upto my knowledge I would say that gambling would only benefit its organiser and not the participants many out  1 or 2 out of 100 could make way to make the profit so finally they could earn, I mean organiser.

For the value of Bitcoin to be affected new business's with original ideas must develop.  These business also need to be supported by the bitcoin community so they can succeed.  I do not believe yet another gambling idea will affect the price of BTC very much.

Well this is what makes it so attractive to gamblers it being untraceable ...
well relatively speaking.

People may have differing opinions on whether betcoin being associated with gambling is good or bad, but one thing is for certain, and that is that gambling is a significant market in the UK.

http://www.gamblingcommission.gov.uk/Press/2016/Gambling-statistics-paint-picture-of-gambling-in-Great-Britain.aspx

What I've always found curious is that of all the things the UK government taxes, one thing they don't tax is gambling winnings. I assume bitcoins won from gambling won't be taxed either.

I don't believe in that if you are going to boost your bitcoin then work for it and work hard until your bitcoin wallet grows if you are going to play gambling with your bitcoin for sure theres no guarante on winning in every bet and you could lose in bets and for me the value of bitcoin is depends on dollar.

not boost bitcoin but it will encourage gamblers

UK gambling commission banned bitcoin casinos in UK region, if they consider bitcoin is a cash equivalence, so they may unban bitcoin in the future. It will boost bitcoin gambling market.

I think this will help the development of bitcoin. it's like the official party recognition have acknowledged the existence of bitcoin.
bitcoin increase will happen even though it may not be too big impact.

it will help in some ways but bitcoin progression still in the process so we are expecting bitcoin to grow more time after time with or without anything like this, we are the one who can help bitcoin price to increase by doing more transaction and give more exposure about it.

you have read the first post wrong.

boost bitcoin means make bitcoin more popular or at least that is what OP means not his own amount of bitcoin

you are right, i think there will be way more gamblers because of that but it will mean that more people will be using bitcoins then so it will kinda boost it

Big booster IMO, if this continues there should be some of the highly established and popular gambling sites and businesses taking bitcoin as one of their currencies, suggesting and encouraging gamblers to learn and get BTC, So indirectly this should boost bitcoins in long-term.

Are you have a reliable source about UK gambling commission is banning bitcoin from their region?i never heard about that before. ???

When Bitcoin launches, many of developer introduce services as closely relate to gambling or HYPE.

So at first impression it seems bitcoin is just made for gambling and all such related things. But as user start to use it and make believe in it value of bitcoin increase. Main reason is P2p currency.

And after understanding future and features of bitcoin people accept it. And it get spread world wide.

Bitcoin is biggest invention of this century.

Big booster, but not that big to be significant IMO. Some people gamble using BTC to evade gambling regulations and restrictions on their country/region. Also, others find it easy to cash out winnings using bitcoins rather than cashing out dollars as is because big withdrawals on cash were often questioned really hard due to fraud regulations and whatnot.

It may. It may not. But if it happens, I think the one who will benefit the most is UK of course.
Gambling generates huge profits. That is why many gambling sites are popping out of nowhere nowadays.