July 24, 2024
Tax

Is Bitcoin taxed?

Bitcoin has become one of the most popular forms of currency and is increasingly accepted by online casinos as a deposit method. As Bitcoin has surged in popularity over the years, many people now wonder if they’ll have to pay taxes when using Bitcoin in an online casino. The good news is that, in most cases, casino bitcoin isn’t taxed at all in online casinos. 

How Casino Bitcoin Is Different than Other Currency

When it comes to Bitcoin in online casinos, the currency is different than other currencies like the US dollar. The main difference lies in how Bitcoin is produced. Bitcoins are “mined” by people seeking to add them to the supply. This mining process requires powerful computers and a lot of energy to run them, so it’s expensive. Because of its scarcity, Bitcoin carries more value than regular currencies.