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Turkey to Inspect Cryptocurrency Exchanges as Part of Government Offensive Against Online Gambling

02/03/2020 by Idelto Editor

Turkey to Inspect Cryptocurrency Exchanges Within Government Offensive Against Online Gambling

Turkish authorities will soon be going after crypto exchanges operating in the country, local media reported. Although the trading platforms are not the prime target of a new push to increase budget receipts, they will be placed under close examination. The news comes as a military escalation with Syria and the coronavirus outbreak in the region increase demand for alternatives to the national fiat currency.

Also read: Australian Court Accepts Cryptocurrency Exchange Account as Security for Legal Costs

Draft Legislation Criminalizes Non-State Betting and Gambling

Turkey’s Financial Crimes Investigation Board (Masak) will conduct the checks as part of its offensive against what Turkish regulators regard as illegal betting and gambling in the virtual space. Online gaming, unless organized by the government, has been prohibited for over a decade, but many Turks continue to play on the internet.

Turkey to Inspect Cryptocurrency Exchanges as Part of Government Offensive Against Online Gambling

In an interview with the state-run Anadolu Agency, Masak Chairman Hayrettin Kurt revealed that illegal bets and games of chance will be treated as crimes under a draft legislation that has been filed in the Turkish parliament. The Information Technologies and Communication Authority (BTK) will block local and foreign websites that facilitate them. The head of the board added that most of these platforms are based abroad and Turkish regulators are working in cooperation with international counterparts on the issue.

Masak has so far established that the annual revenue from Turkey of these gambling platforms amounts to 350 – 400 million Turkish lira (up to $64 million). Following the measures undertaken by the board in 2018, the state revenues from the sector increased by around 10 billion liras in 2019, or approximately $1.6 billion.

Hayrettin Kurt emphasized that the Financial Crimes Investigation Board will continue its efforts to prevent the tax losses. Working closely with other administrations, Masak has registered an increase in the proceeds from fines it’s imposing for online betting and gambling. They currently range between 10,000 and 43,000 liras (almost $7,000) per violation.

Crypto Exchanges in the Crosshairs

Discussing further how online gaming works, the Masak official pointed out that various alternative payment tools are often employed, including cryptocurrencies. That’s why the board intends to check digital asset trading platforms, which will be closely examined in the near future as part of the efforts to suppress what Turkey views as illegal business. Quoted by the crypto news outlet Muhabbit, Hayrettin Kurt stated:

We have recently prepared a very serious action plan. We will conduct a serious investigation on the accounts that use cryptocurrency exchanges which act as intermediaries.

The Masak chairman also made it clear that the Turkish state has already obtained the means to track gamblers and online gaming platforms, even on the deep web, and warned that offenders will not escape government penalties. The investigative body has discussed the attractiveness of cryptocurrencies for participants in the black economy and explored the experience of other nations in the sector. Hayrettin Kurt remarked that while some governments prohibit their use in payments or are developing their own digital currencies, others have adopted regulations for crypto assets and exchanges.

Cryptocurrencies in Turkey, with its inflation-stricken economy and political instability in the past few years, have become an attractive investment for ordinary citizens. According to media reports, the demand for cryptos and foreign fiat currencies is now rising in the country, this time on the backdrop of a recent military clash with Syrian forces and tensions with Russia, as well as the spread of the coronavirus epidemic in the region. Almost 320 BTC have changed hands only on the BTCTurk exchange in the past 24 hours, with the price per coin reaching a high of close to 55,000 liras ($8,800).

Turkey to Inspect Cryptocurrency Exchanges as Part of Government Offensive Against Online Gambling

The importance of the Turkish crypto market has been highlighted by global leaders in the space establishing presence there. Among them are crypto exchange Binance, which introduced support for the lira through a partnership with a local payment processor, and the major crypto exchange in Eastern Europe, Exmo, which registered a Turkish subsidiary last year. In early January, news came out that Turkish authorities are stepping up efforts to increase oversight in the crypto space.

Online betting and gambling has seen significant growth with the development of internet and mobile technologies, and not only in Turkey. Cryptocurrencies have contributed to the trend as well with the utility they bring to electronic payments and their privacy-oriented features. Online gaming platforms, like Bitcoin.com’s Cash Games for example, accept cryptocurrencies such as bitcoin cash (BCH). Besides, not all countries facing socio-economic challenges have a negative stance on this type of gambling. Venezuela, for example, recently authorized the opening of a crypto casino in the landmark Humboldt Hotel in Caracas.

What’s your opinion about the measures Turkey plans to take against online gambling and cryptocurrency exchanges? Share your thoughts on the subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Images courtesy of Shutterstock.


Did you know you could win big with bitcoin gambling? Choose from a range of BCH games including BCH poker, BCH slots, and many more. All games are provably fair—good luck!

The post Turkey to Inspect Cryptocurrency Exchanges as Part of Government Offensive Against Online Gambling appeared first on Bitcoin News.

Filed Under: Betting, Bitcoin, Bitcoin Cash, board, BTK, checks, crypto, crypto casino, crypto exchanges, Cryptocurrencies, cryptocurrency, cryptocurrency exchanges, English, Exchanges, financial crimes, gaming sites, Government, inspect, inspections, Investigation, Masak, News Bitcoin, Offensive, online casino, Online Gambling, Regulation, Regulations, Regulators, Turkey, Turkish

Bitcoin Games Celebrates Lunar New Year 2020 With Introduction of Free Spins

23/01/2020 by Idelto Editor

Bitcoin Games Celebrates Lunar New Year 2020 With Introduction of Free Spins

Bitcoin Games is a provably fair online casino where you can play popular games using BTC and BCH. The platform is introducing a new feature and for its Lunar New Year 2020 promotion all players can get Red Envelopes packed with Free Spins.

Also Read: Video Games Giant Ubisoft Is Looking for Blockchain Startups to Support

Bitcoin Games Introduces Free Spins on Lunar New Year

A new moon will appear on 25th January 2020, and with it, the Lunar New Year festivities will begin in Asia and across the world. According to the Chinese Zodiac, the main zodiac element of this year is Metal, and the animal sign is Rat. Hence 2020 will be the Year of the Metal Rat. While a significant portion of the world’s population celebrates the onset of the Lunar New Year, Bitcoin Games promises to bring a new source of joy for its community of players with the introduction of Free Spins.

“It is said that in the Year of the Metal Rat, everyone has control of their own destiny provided you put in plenty of effort and play your cards right”, explained the lead developer of the platform. “The introduction of Free Spins on Bitcoin Games is the result of our efforts and hard work that has allowed us to bring this new feature for our community to fulfill their destiny. Bitcoin Games wishes everyone a good fortune!”

To celebrate this accomplishment with the advent of the Lunar New Year at Games.Bitcoin.com, beginning 23rd January 2020 (00:00 GMT), all Bitcoin Games players can participate in the Lunar New Year 2020 promotion and get Red Envelopes packed with Free Spins simply by depositing and wagering on any of the Exclusives at games.bitcoin.com; namely Slots, Roulette or Keno.

For more information please visit the promotion’s terms and conditions page on the website.

Bitcoin Games Celebrates Lunar New Year 2020 With Introduction of Free Spins

Bitcoin Games is a provably fair online casino where you can play popular games using BTC and BCH. It offers a multitude of online casino games with the added security and transparency of the blockchain.

What do you think about this Chinese New Year offer from Bitcoin Games? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com.

The post Bitcoin Games Celebrates Lunar New Year 2020 With Introduction of Free Spins appeared first on Bitcoin News.

Filed Under: Bitcoin Casino, Bitcoin Games, Casino, English, Games, News Bitcoin, online casino, Online Gambling

Why You Can’t Bet With Bitcoin at Online Casinos in the US

20/07/2019 by Idelto Editor

Why You Can't Bet With Bitcoin Using Online Casinos in the US

Since the dawn of Bitcoin, the cryptocurrency landscape has seen a lot of digital currency gaming websites where users can wager their coins in games like poker, dice, blackjack and slots. Because public blockchains are transparent, the protocols have made online gaming provably fair. However, throughout most states in the U.S., residents cannot participate in online gambling as politicians from the ‘Land of the Free’ stop them from making bets with their own money.

Also read: Bitcoin Cash Milestones: Delivered Code, Upgrades and Platform Development

Government: Here to Tell You What You Can and Can’t Do With Your Own Money on the Internet

Online gaming with bitcoin has been around ever since the digital currency was launched. Back in the early days, players used well known gambling sites such as Satoshidice, Sealswithclubs, and Just-Dice.com. These websites have seen large amounts of players and millions of dollars worth of crypto bets using these platforms. In fact, six years ago today Erik Vorhees sold Satoshidice for 126,315 BTC, which at the time were worth $11.5 million. However, even though there’s a bunch of bitcoin online gaming sites today, most people in the U.S. cannot participate as online casinos block residents. So when a person is inside the country, usually the online gaming site’s server can tell that their IP address stems from within the U.S.

Why You Can't Bet With Bitcoin at Online Casinos in the US
Bitcoin.com’s Bitcoin Cash Games offers provably fair gaming for citizens not living in the U.S.

For instance, when a visitor from the U.S. visits Bitcoin.com’s Bitcoin Cash Games, they are greeted with a geo-blocking message explaining that they cannot play any of the games with real money. However, visitors from the U.S. can play with test tokens for fun on the BCH gaming casino.

“Our servers have detected that you are trying to play from inside the USA,” explains Cashgames.Bitcoin.com. “Unfortunately strangers living in Washington D.C. think that they have the right to tell you what you can and can’t do with your own money on the internet.” The message adds:

Because they would likely hurt us if we were to allow you to play on our provably fair site, we’ve had to disable deposits for USA players.

Thanks to All the Patriotic Acts GW Bush Pushed Through, Law Enforcement Can Criminalize Anyone Offering Online Gambling Services to US Citizens

It’s odd that the country that supposedly promotes freedom does not allow its citizens to do what they want with their money online. At the moment, there are four states that allow regulated online poker: Delaware, Nevada, New Jersey, Pennsylvania, and Native American reservations as well. The reason why people don’t play poker or gamble online in the U.S. is because of legislation called The Unlawful Internet Gambling Enforcement Act of 2006 (UIGEA). The act passed in congress and was signed into law by then President George W. Bush. The law is tricky and was tacked onto the year’s Port Security Bill and excluded fantasy sports websites that meet certain regulatory requirements. Essentially, the law does not prosecute individual Americans but rather aims its sights at foreign companies and offshore gambling operators. UIGEA gives U.S. law enforcement the power to criminalize anyone offering online gambling services to U.S. citizens.

Why You Can't Bet With Bitcoin at Online Casinos in the US

Many people think it’s foolish that U.S. residents cannot participate in online gambling because Americans love to wager. Plus there are legal regions throughout the country like Atlantic City and Las Vegas where people can go to gamble in person. But because they are so far and few between, millions of people don’t have the ability to get to a casino. So Americans often wonder why certain states allow online gambling, while the majority of them do not.

Online gambling could boost the U.S. economy if the UIGEA was repealed because currently the majority of online casinos operate overseas. The money would be funneled into the U.S. economy by millions of people who want to wager, while also creating jobs for people who specialize in customer service and software development. Even though the UIGEA was enacted in 2006, there have been many attempts to provide casino games to Americans. For example, in 2011 U.S. law enforcement agencies busted three extremely large online casino operations — Full Tilt Poker, Pokerstars and Absolute Poker. According to prosecutors, the websites violated the UIGEA and law enforcement said they fooled financial institutions into processing billions that stemmed from Americans gambling on the platforms.

Maybe It’s Time to Reject the Small Number of Humans Called Politicians?

Libertarians reject the reasons why the U.S. government has banned gambling and believe vices like drugs and wagers are not crimes. The reason why U.S. residents can’t gamble online in the country is because the government uses a monopoly of force and coercion that only allows citizens the right to play state-operated lotteries and regulated platforms. Because of this system, politicians have more opportunities to take funds when it comes to state lotteries and tax companies that are regulated. If they were to legalize online gambling, they would have less control over these types of funds and revenue would be siphoned from approved operators. In a world based on voluntary consent, a small group of elected officials wouldn’t be able to inflict their unfair rules on the rest of humanity. The philosophy of Voluntaryism asserts that all monopolies that use force as the means to gather certain ends is immoral.

In order to promote the idea of voluntaryism over the use of force, coercion and violence, Bitcoin.com’s Bitcoin Cash Games not only apologizes to U.S. residents for being unable to play, but provides a short video called “Government Explained.” The video has been viewed over 668,000 times and involves the story of an inquisitive alien that visits the planet to check on our progress as a species. The alien finds out that humans live under the rule of governments, which do a lot of things that we as citizens do not approve of like pollute the earth and cause endless wars. After a few initial questions, the alien wants to understand more about what government is, what it does, and why it exists.

Why You Can't Bet With Bitcoin at Online Casinos in the US
The video “Government Explained” was produced and voiced by Graham Wright, based on part of the talk by Larken Rose at the Free Your Mind Conference 2011.

“Let me get this straight — Because you’re worried about the small number of nasty people that are willing to kill, enslave and steal, you think it’s necessary for your survival to have a system where some humans among you, for a short while, get to call themselves the government, and they get to order everyone else around like slaves and, if they want, commit mass murder, using money they stole, using threats of violence?” the alien says. “Politicians get to kill, enslave and steal because if they didn’t, someone else might? And you try to elect good honest people to be politicians but what happens every time is that the people you elect turn out to be corrupt, evil, lying crooks — That’s your system?” The human describing the way governments work responds by admitting:

Yeah, that’s pretty much government.

If you question why the U.S. government prohibits online gambling, then you should check out the video Government Explained, written and voiced by Man Against The State’s Graham Wright. The story is based on part of a talk by Larken Rose at the Free Your Mind Conference in 2011. Since its release, the video has been translated into German, Spanish, French, Polish, Slovak, Slovenian, Greek, Russian and Chinese. Vices are not crimes and people should be able to spend their funds the way they want, at any time they want without a body of politicians telling them they can’t. Cryptocurrency-powered online casinos will continue to grow popular over the next few decades and it’s a shame that citizens from the so-called Land of the Free cannot participate. All because of a small number of bureaucrats from Washington D.C who claim to be protecting people from gambling abuse and getting victimized. Ironically, representatives have no issues with state-operated lotteries they control because it creates a lot of revenue for the state.

If you want to learn more about voluntaryism check out these websites: Voluntaryist.com, Man Against The State, and the essays Vices are Not Crimes and No Treason by Lysander Spooner.

What do you think about the fact that U.S. residents cannot play at online bitcoin casinos and wager their cryptocurrencies? Let us know what you think about this subject in the comments section below.


Image credits: Shutterstock, Bitcoin.com, Bitcoin Cash Games, Government Explained and Pixabay.


Want to create your own secure cold storage paper wallet? Check our tools section. You can also enjoy the easiest way to buy Bitcoin online with us. Download your free Bitcoin wallet and head to our Purchase Bitcoin page where you can buy BCH and BTC securely.

The post Why You Can’t Bet With Bitcoin at Online Casinos in the US appeared first on Bitcoin News.

Filed Under: @BCHMeetups, Alien, aliens, Americans, BCH, Bitcoin, Bitcoin Cash, Bitcoin Roulette, blackjack, Casinos, English, Featured, force, Gaming, Government Explained, Governments, Graham Wright, Land of Free, Larken Rose, News Bitcoin, non aggression axiom, non-aggression principle, online casinos, Online Gambling, Poker, state coercion, State Violence, Understanding Government, US Players, Vices are Not Crimes

Chainbet Protocol Adds Trustless Multiplayer Bets, Auctions, and Dice Rolls

19/06/2018 by Idelto Editor

Chainbet Protocol Adds Trustless Multiplayer Bets, Auctions, and Dice Rolls

Just recently news.Bitcoin.com reported on the Chainbet protocol created by the developer Jonald Fyookball, designed to add trustless betting features to the Bitcoin Cash network. Following the launch of this concept, the Openbazaar developer Chris Pacia messed around with the idea and completed the first on-chain atomic bet. Now, this week the Chainbet contributors Fyookball, Pacia, and James Cramer have extended the protocol to include multiplayer bets, auctions, and dice rolls.

Also Read: An Inside Look at the Electron Cash Wallet Coming to iOS

Bitcoin Cash On-Chain Betting Protocol Chainbet Adds New Concepts

Chainbet Protocol Adds Trustless Multiplayer Bets, Auctions, and Dice RollsThe Chainbet protocol has been updated with some more complex trustless betting methods such as auctions, multiplayer bets, and dice rolls. The additional features have been added after the Openbazaar developer, Chris Pacia, utilized the BCH OP_Codes in order to create the first on-chain atomic bet. Bitcoin Cash supporters have been excited about these new concepts and the innovation that’s been happening with the re-enabled Satoshi OP_Codes since the upgrade in May.

Multiplayer Betting

The newly added multiplayer bet is a wager where the winner-takes-all between multiple participants with even chances, explains the Chainbet Github repository. The readme explains that the wager has the following properties: “It does not allow cheating via collusion, even against an attacker controlling all of the adversaries — And it protects an honest participant from losing money, even if a dishonest participant acts irrationally,” explains the Github page.

However, Fyookball notes add the end of the multiplayer bet summary that the betting scheme could also be accomplished with a dice bet and the practicality of the multiplayer bet comes into question.     

“Due to the large security deposit, the practicality of the betting scheme is in question. The same result could be accomplished with a dice like bet in many applications,” Fyookball details.  

For example, 6 people betting each other could be simulated by each of them betting on a dice roll, with more flexibility in that not all 6 people would need to be real. However, this scheme may serve as a building block other schemes and give us more ideas for the future.

Chainbet Protocol Adds Trustless Multiplayer Bets, Auctions, and Dice Rolls

Trustless Auctions and Dice Rolls

Fyookball details the auction method is a “trustless version of an open, ascending price auction can be constructed on the BCH blockchain.” This means the seller is guaranteed to receive the funds from the highest bidder in a decentralized fashion. Further, only the highest bidder will pay as all losing bids will be returned to the rightful owners. When the auction ends the seller would claim the funds within the last address used.  

“This is accomplished using a set of secrets. Each time someone is outbid, a secret is revealed that releases funds back to the losing bidder while the next secret is created for the new high bidder,” the Github page details.

Chainbet Protocol Adds Trustless Multiplayer Bets, Auctions, and Dice Rolls

Decentralized Betting Protocols Could Revolutionize Online Gambling

Lastly, the Chainbet protocol now goes further than the simple coin flip wager with the addition of a six-sided dice roll wager. The Github page details how a simple one-time dice roll but the process could be more complex adding all types of different bets.

Chainbet Protocol Adds Trustless Multiplayer Bets, Auctions, and Dice Rolls

Although the “result of a dice roll” is already an abstraction derived from large secret numbers, it is fun for players to guess their lucky numbers,” Fyookball emphasizes.  

It is therefore valuable to include a way for Bob to choose the number he wants. This is done with the “guess” field in the payload, and needs to be implemented in the script, with an IF-ELSE path. If the guess matches the remainder (plus one), the participant taking odds wins the bet, otherwise he/she loses.

The additional features added to the Chainbet protocol could be used in multiple ways and could innovate the entire online gambling industry by providing trustless bets without relying on a third party. Gambling portals like Satoshi Dice and other gaming sites could utilize these concepts to create a more robust decentralized betting atmosphere.

What do you think about the latest additions to the Chainbet protocol? Let us know your thoughts on this subject in the comment section below.


Images via Shutterstock, and Pixabay.


Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com.

The post Chainbet Protocol Adds Trustless Multiplayer Bets, Auctions, and Dice Rolls appeared first on Bitcoin News.

Filed Under: addresses, atomic bet, Auction, BCH, Bitcoin Cash Gaming, Chris Pacia, Coin Flip, Decentralized, Dice Bet, English, Gambling, github, Jonald Fyookball, Multiplayer, N-Technology, News Bitcoin, Online Gambling, OP_Codes, Satoshi Dice, Technology & Security, Trustless

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