Blocked: The money transfer wars - Could bitcoin help?

[veleten]

I have had one of my exchange account blocked after I receive a payout from a gambling website. I still have my funds on the said exchange and I feel like not retrieving it anymore given that they are asking for tons of information just to get my account unlocked. Knowing that online gambling has long been frowned upon in this country, it's only recently that they managed to up their game and involved cryptocurrency exchanges in the said crackdown. Perhaps some countries had it easy, but in the Philippines, it's exceptionally hard to go and gamble online and try to withdraw your funds.

its very common for Philippines to block suspected gambling site's tansactions
one of the most popular wallets coins.ph is doing exactly that , sadly
think they have a database of the deposit wallets and if it matches your transaction addy - you are in trouble
the same is with Coinbase , they can block your account and hold all the coins in it , it is in their TOS
I expect even more draconian laws and rules introduced very soon due to AML and counter terrorism laws
while the amount of cryptocurrency related crimes are very low in comparison to fiat , governments choose to pick on crypto

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[Ucy]

Hi community!

We have recently published our newest story and this time it's about what's happening in Europe in the online gambling markets. Regulation has made it really difficult for the companies in this industry and it is affecting the currency transfers as well. Some countries have even intimidated with transaction blocks.

Graham A. Jarvis writes for example that Norway has given warning letters to major companies operating from Malta and blocked their transactions from Norway. This is a big cat on the table at the moment and a lot of companies are affected.

How alarming do you see this progress? Can this increase the popularity of Bitcoin and other cryptocurrencies being used in online gambling?

Read the whole article here: https://bojoko.com/stories/blocked-winning-the-money-transfer-wars/

Ofcourse, it will increase the popularity of Bitcoin and other Cryptocurrencies a bit for gambling. However, future kyc enforcement on gambling sites could make things a little harder for people from countries with tough gambling regulation.  Decentralized gambling would be great alternative in such situations.

[adzino]

Hi community!

We have recently published our newest story and this time it's about what's happening in Europe in the online gambling markets. Regulation has made it really difficult for the companies in this industry and it is affecting the currency transfers as well. Some countries have even intimidated with transaction blocks.

Graham A. Jarvis writes for example that Norway has given warning letters to major companies operating from Malta and blocked their transactions from Norway. This is a big cat on the table at the moment and a lot of companies are affected.

How alarming do you see this progress? Can this increase the popularity of Bitcoin and other cryptocurrencies being used in online gambling?

Read the whole article here: https://bojoko.com/stories/blocked-winning-the-money-transfer-wars/

As far as I know, only casinos that has been built up illegally or are not following the laws and regulation of the countries are facing such problems. This is the main problem of fiat currency. The person in power can block your transaction according to their own will. Now if such online fiat gambling market gets banned, this will indeed increase the popularity of crypto gambling casino which in turn will make bitcoin and other crypto coins more popular.

[Oceat]

I have had one of my exchange account blocked after I receive a payout from a gambling website. I still have my funds on the said exchange and I feel like not retrieving it anymore given that they are asking for tons of information just to get my account unlocked. Knowing that online gambling has long been frowned upon in this country, it's only recently that they managed to up their game and involved cryptocurrency exchanges in the said crackdown. Perhaps some countries had it easy, but in the Philippines, it's exceptionally hard to go and gamble online and try to withdraw your funds.

its very common for Philippines to block suspected gambling site's tansactions
one of the most popular wallets coins.ph is doing exactly that , sadly
think they have a database of the deposit wallets and if it matches your transaction addy - you are in trouble
the same is with Coinbase , they can block your account and hold all the coins in it , it is in their TOS
I expect even more draconian laws and rules introduced very soon due to AML and counter terrorism laws
while the amount of cryptocurrency related crimes are very low in comparison to fiat , governments choose to pick on crypto

I think they have some reason why they choose to pick crypto instead of fiat since using fiat can be easily traced if it is being used to send somewhere around the globe. Crypto, on the other hand, has the capability to mask the money since it is anonymous in terms of no names and address whoever sent the money.

I didn't know that such a country was too strict when it comes to online gambling they will automatically block all of your transaction. No wonder that exchange is centralized and is being controlled by the government.

[The Cryptovator]

Whoever trying to regulate gambling they might just block USD payment system like Skrill. But fortunately no one could ban crypto-currency transaction and that's the reason why most if gamblers moving into crypto gambling and crypto gambling becoming most popular nowadays. Gamblers are more interested to play where no need to use KYC. So blocking payment getaway or gambling website will not effect to gamblers since there is crypto-currency gambling websites.

[Heisenberg_Hunter]

The very nature of bitcoin and cryptocurrencies help the gamblers to remain anonymous and not to get into the drama of legality and other sorts of restrictions which are imposed by the legal laws of the country. Gambling has been considered as a way of doubling as well as losing money in many jurisdictions. That's probably the reason why they are being banned at a enormous rate globally. But if gamblers tend to move onto crypto gambling platforms they would be easier to play with their money and certainly win the games. The currencies can be transferred off at a later stage.

KYC practices are being followed in some gambling companies which might further risk the privacy of the gambler. Cruptocurrency gambling platforms tend to eradicate the problem and the KYC would be asked only when the withdrawal is higher than usual.

[Sharon121212]

Yes it can affect the use of bitcoin and cryptocurrency most especially in that affected area but I think there most have been cases of fraudster or irregularities or maybe the government don't just concur with the idea of gambling

[BTCevo]

The very nature of bitcoin and cryptocurrencies help the gamblers to remain anonymous and not to get into the drama of legality and other sorts of restrictions which are imposed by the legal laws of the country. Gambling has been considered as a way of doubling as well as losing money in many jurisdictions. That's probably the reason why they are being banned at a enormous rate globally. But if gamblers tend to move onto crypto gambling platforms they would be easier to play with their money and certainly win the games. The currencies can be transferred off at a later stage.

KYC practices are being followed in some gambling companies which might further risk the privacy of the gambler. Cruptocurrency gambling platforms tend to eradicate the problem and the KYC would be asked only when the withdrawal is higher than usual.

Bitcoin might be helpful when it comes to money transfer wars but do you think that it is really wise to put your money into gambling site? Is this not suppose to be a entertainment? Why put everything on here and try to win it? I do not find any good reason why they should put it and if there is really huge money deposit on X site, wont they be curious about how they get the money? It might be a money laundry? Even if you diversify it to through the site, then it will still be a big question

[Heisenberg_Hunter]

Bitcoin might be helpful when it comes to money transfer wars but do you think that it is really wise to put your money into gambling site? Is this not suppose to be a entertainment? Why put everything on here and try to win it? I do not find any good reason why they should put it and if there is really huge money deposit on X site, wont they be curious about how they get the money? It might be a money laundry? Even if you diversify it to through the site, then it will still be a big question

Note that I have mentioned bitcoin and other cryptocurrencies might be a very good alternative to standard gambling platforms which uses fiat money as the deposit and withdrawal options. So what if a country has banned gambling but the citizen of that particular country willing to gamble? Cryptocurrencies are meant to be used as a privacy specific money which can be used for transferring or gambling regardless of laws and ideas which are being followed in the country. This was the true vision of satoshi which was also mentioned in the whitepaper, that we don't want to rely on any third parties or financial institutions to process our payments.

If you don't find any good reason on why to gamble or use cryptocurrency as a payment for gambling, how would you be able to deposit and gamble with your money if the country you are residing has banned gambling? Note that gambling are followed as a practice in US, UK, EU, Australia and other western countries where cryptocurrency profits can be payable through taxes! So if they are payable through taxes who would be able to question you regarding where does your gambling money come from? How come diversifying through a varied number of sites would be a question? LMK.

[Spaffin]

I think that everything will be very simple.  First, cryptocurrency legalization and full control, and then tasks, the online gambling platform will require KYC.  This is what will happen legally.  But if there are restrictions, then there will always be those who bypass them.  Therefore, gambling will to some extent be in the shadows.

[BTCevo]

Bitcoin might be helpful when it comes to money transfer wars but do you think that it is really wise to put your money into gambling site? Is this not suppose to be a entertainment? Why put everything on here and try to win it? I do not find any good reason why they should put it and if there is really huge money deposit on X site, wont they be curious about how they get the money? It might be a money laundry? Even if you diversify it to through the site, then it will still be a big question

Note that I have mentioned bitcoin and other cryptocurrencies might be a very good alternative to standard gambling platforms which uses fiat money as the deposit and withdrawal options. So what if a country has banned gambling but the citizen of that particular country willing to gamble? Cryptocurrencies are meant to be used as a privacy specific money which can be used for transferring or gambling regardless of laws and ideas which are being followed in the country. This was the true vision of satoshi which was also mentioned in the whitepaper, that we don't want to rely on any third parties or financial institutions to process our payments.

If you don't find any good reason on why to gamble or use cryptocurrency as a payment for gambling, how would you be able to deposit and gamble with your money if the country you are residing has banned gambling? Note that gambling are followed as a practice in US, UK, EU, Australia and other western countries where cryptocurrency profits can be payable through taxes! So if they are payable through taxes who would be able to question you regarding where does your gambling money come from? How come diversifying through a varied number of sites would be a question? LMK.

Do you think that people are stop on that just because the country ban gambling on their site? This is crypto that we are talking about, how do you think that they going to banned it then? There is no regulations for not playing on some casino online, even if they do how are you going to blocked them? Eventually they will always find ways to do it again and again. But again like I said before what is the point saving it on gambling site? People going casino either to increase their money or just to have some fun so if you say that how about their money being deposited, I believe many exchange platform willingly to do that

[Heisenberg_Hunter]

Do you think that people are stop on that just because the country ban gambling on their site? This is crypto that we are talking about, how do you think that they going to banned it then? There is no regulations for not playing on some casino online, even if they do how are you going to blocked them? Eventually they will always find ways to do it again and again.

You seem to have messed up with what I have said in the above post!   Likewise what would be the possible options to deposit money into a gambling site if you don't like to use crypto as a gambling currency?

But again like I said before what is the point saving it on gambling site? People going casino either to increase their money or just to have some fun so if you say that how about their money being deposited, I believe many exchange platform willingly to do that

Aren't you aware of the deposit bonuses being offered by various crypto gambling platforms? Sports Betting and certain strategy games require gamblers to hold their coins in the platform. Apart from that, if you are a gambler you would certainly just use all your money for gambling. Gamblers are quite addictive to that and based on the luck they would either win or lose all their investment.

[nakamura12]

It's obvious enough that bitcoin can help transfering money from where it was to it's final destination and will received by the owner once it is transferred succesfully. Bitcoin could help transferring money and it is also anonymous or you can use private coin which can hide the sender, the receiver and also the amount that will be sent.