UK Looking at Regulating Bitcoin Transactions

fca-ukThe one main advantage of using Bitcoin is that users are able to completely anonymously move money around the web, and this has lots of advantages, possibly more so to people looking to gamble online when it is something of a grey area in the country they are living in.

However, with the recent and ongoing banking scandals that every country has been experiencing, the UK Government has started to tighten up very strongly the rules and regulations of any company that offers any type of financial services to their citizens and one area they have been looking into is Bitcoin.

With all countries of the world looking to accumulate as much in taxes from any company that offers their services to their residents, and also with the recent banking collapse in the forefront of their mind, it has been decided that a feasibility study should be made as to whether it is going to be possible for the Financial Conduct Authority in the UK to somehow put together a regulatory structure to allow them to license and regulate Bitcoin transactions processed by anyone living in the UK.

Whilst this does of course mean that all transactions made with Bitcoin, if such a regulatory structure can be put in place, will always then come under the close scrutiny of the UK authorities, it may add another level of security and peace of mind to users of this digital and yet so far completely unregulated environment.

Whether it is going to be practical for the FCA to actually achieve this goal of regulating Bitcoin transactions and those companies offering Bitcoin Wallets does of course remain to be seen, however it will certainly be a step in the right direction if they can somehow enable users to remain anonymous whilst also having the peace of mind of knowing should they run into any type of problems using Bitcoin online their funds will never be at risk.

Pros and Cons of using Bitcoin

If you have not yet made your mind up as to whether it will be beneficial for you to start using the digital currency that is Bitcoin, let us give you a few of the pros and cons of doing so, as you may find that t is a method of moving funds around the web that is of interest to you.

Fluctuating Value of Bitcoin – The first and foremost aspect to starting to use Bitcoin is that the value can often swing quite wildly. There have been some great fortunes made by users of this digital currency who signed up to it in the early years and then went on to sell their holdings of Bitcoin.

If you are considering using Bitcoin as a way of gambling online and as a way to fund your gambling accounts online then the fluctuating value of the currency may be something that interests you. As something you will find when making a withdrawal from an online gambling site account you could find the value of that withdrawal increases quite noticeably when the value of Bitcoin increases against your own home currency, however the opposite could happen, so always be aware of that fact and make a withdrawal when you are going to secure the best value and exchange rate.

Completely Anonymous Cash Transfers – Being able to move money around the web completely anonymously may appeal to you, however you will need to ensure that whoever you are sending those funds to for whatever purpose is someone you can trust.

Once a Bitcoin transaction has been processed and sent then those funds cannot be retrieved and as such you will not be able to charge them back as you could do when you run into a problem having paid with for example a credit card. However, as all online casinos that accept Bitcoin will be fully licensed and regulated you should never run into any kind of problems when using this digital currency as a way of funding a casino site account.

Fee Free Transactions – Another major benefit of choosing to use Bitcoin to move money around the web is that there are never going to be any fees or charges you will have to pay for doing so. It is often the case for example when you use a credit card for example to fund any type of gambling site account not only will the credit card issuer charge you interest on the funds you send into such a site but you will have to pay additional charges for doing so such as cash advance fees, and also the casino site may hit you with additional charges.

You will however find that withdrawal winnings from an online casino account using Bitcoin is a much faster process than when you request a withdrawal as a bank wire from such sites, and once again you are never going to have to pay any fees for withdrawal using your Bitcoin Wallet which is never usually the case when you withdraw to some other type of web wallets.

High Valued Transactions – One final thing to note if you do decide to start using Bitcoin as a way of moving money around the web is that you are going to be able to transfer some huge volumes of cash. One downside of using a standard web wallet or any other type of online money transfer service is that you will often find you are only permitted to send a certain amount of cash.

You will however find that every Bitcoin Wallet will come with the very highest security protocols in place and as such there is not much chance of you having your Bitcoin Wallet compromised. Plus if the UK Government does finally manage to somehow put in place some form of structure to fully license and regulate the industry then you will also have another port of call should you run into any kinds of problems when sending money around the web using Bitcoin.

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