Florida Judge Says Bitcoin isn't Money, Gamblers Disagree

Bitcoin is in the news more than the Kardashians on Yahoo.

A Florida judge riled up bitcoin enthusiasts by recently declaring that bitcoin is not money and dismissing the charges levied against a website developer who allegedly accepted between $1,500 and $2,000 from undercover officers for nefarious purposes.

"The court is not an expert in economics, however, it is very clear, even to someone with limited knowledge in the area, that Bitcoin has a long way to go before it is the equivalent of money," said Circuit Court Judge Teresa Pooler, according to the Miami Herald.

There are legal advantages to not defining bitcoin as an actual currency.  Businesses that accept payments in bitcoin might find themselves in hot water for failing to register as money transmitters acting without a license. New York in particular forces operators to acquire a "BitLicense", as the Winklevoss twins did with their startup exchange Gemini. Coinbase is also pursuing licensing in New York.

Perhaps the biggest advantage in using bitcoin is enjoyed by online sports gamblers with the ease of making transactions with online sportsbooks. Credit card acceptance rate is hit and miss and banking options typically incur high fees, not to mention the delay in waiting for funds to be credited or paid. With bitcoin players can within seconds fund a betting account or receive payment, which is reminiscent of the ease of use of the old Moneybookers (now Skrill), Firepay, and Neteller days pre-UIGEA.

Sportsbook Review released a four-part bitcoin webinar educating online sports bettors on the risks and rewards of using bitcoin for their transactions with online betting sites. Players can narrow down their search for a bitcoin sportsbook using the rating guide and filter by traditional companies which convert bitcoin deposits to fiat or bitcoin exclusive sportsbooks where all betting takes place with the digital currency. Some risk-averse players enjoy betting in fiat and then getting paid with bitcoin to minimize the likelihood that they will be caught in a bitcoin price tailspin.

Bitcoin however has been relatively stable following the highly anticipated bitcoin halving which took place earlier this month. The below chart shows the closing price of the digital currency from the previous three months. The data is powered by Coindesk.com.

Date Close Price
7/26/2016 651.08
7/25/2016 655.13
7/24/2016 661.05
7/23/2016 654.86
7/22/2016 650.82
7/21/2016 665.1
7/20/2016 666.18
7/19/2016 673.84
7/18/2016 673.59
7/17/2016 679.05
7/16/2016 663.54
7/15/2016 664.88
7/14/2016 659.64
7/13/2016 653.93
7/12/2016 664.84
7/11/2016 649.03
7/10/2016 649.96
7/9/2016 650.63
7/8/2016 664.74
7/7/2016 639.76
7/6/2016 676.11
7/5/2016 668.09
7/4/2016 681.63
7/3/2016 659.69
7/2/2016 703.69
7/1/2016 676.52
6/30/2016 672.48
6/29/2016 639.08
6/28/2016 646.3
6/27/2016 658.4
6/26/2016 630.25
6/25/2016 665.33
6/24/2016 665.16
6/23/2016 625.49
6/22/2016 602.89
6/21/2016 665.88
6/20/2016 727.95
6/19/2016 764.04
6/18/2016 755.68
6/17/2016 747.55
6/16/2016 768.24
6/15/2016 696.32
6/14/2016 685.99
6/13/2016 705.62
6/12/2016 675.34
6/11/2016 611.78
6/10/2016 579.13
6/9/2016 576.45
6/8/2016 583.1
6/7/2016 577.86
6/6/2016 585.53
6/5/2016 574.11
6/4/2016 573.45
6/3/2016 570.47
6/2/2016 538.14
6/1/2016 536.42
5/31/2016 531.8
5/30/2016 532.59
5/29/2016 524.08
5/28/2016 525.43
5/27/2016 473.47
5/26/2016 453.82
5/25/2016 449.23
5/24/2016 445.13
5/23/2016 443.73
5/22/2016 438.77
5/21/2016 443.13
5/20/2016 442.95
5/19/2016 436.73
5/18/2016 453.38
5/17/2016 452.75
5/16/2016 453.41
5/15/2016 457.85
5/14/2016 455.75
5/13/2016 455.73
5/12/2016 454.82
5/11/2016 452.11
5/10/2016 450.99
5/9/2016 461.49
5/8/2016 459.44
5/7/2016 459.46
5/6/2016 460.37
5/5/2016 448.53
5/4/2016 446.96
5/3/2016 450.27
5/2/2016 444.51
5/1/2016 453.04
4/30/2016 449.33
4/29/2016 456.35
4/28/2016 449.86
4/27/2016 445.01

Join a trending discussion on bitcoin sportsbooks with SBR Forum members. The topic of the chat is which bitcoin sportsbooks pay instantly: one advantage BTC exclusive betting sites have over their traditional fiat accepting peers is that by not offering sportsbook bonuses there is less of a need to conduct screenings of user accounts.

 
 

 


 

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