In 2009, Bitcoin was created by a group of people under the name Satoshi Nakamoto. It’s really unknown whether this alias is for a group of people or just a single person, but what’s sure is that the name he, she, or they used is not a real name.
Bitcoin is what’s known to be the first cryptocurrency that’s released to the public. Initially, this was made for a rewarding process that’s called mining. This then conveniently became a platform or a way to exchange and trade online.
It took quite a while before Bitcoin made some noise online. When it started, a Bitcoin was only valued at less than a dollar, but this eventually grew. It was in 2017 when this seems to have hit an all-time high. At some point in that year, a Bitcoin was priced at 20,000 US dollars.
This was when Bitcoin and other altcoins like Ethereum, Ripple, and Litecoin have made quite a noise and were noticed by many people. Many online businesses and industries finally have realized the potential of cryptos and this is why many believe that this is the future of online trading or even e-commerce.
Online gambling is one of the industries that cryptocurrencies have helped in the past few years. There’s no exact answer as to when crypto-gambling really started, but it most likely happened in 2012 when SatoshiDice, a gaming site, was launched. The launch of this site did help boost Bitcoin transactions during this time.
Eventually, more and more online casinos like King Billy Casino adapted the use of cryptocurrencies. Such casinos would mainly accept Bitcoin, but there are also some that would take other coins too like Dogecoin, Bitcoin Cash, and Ethereum.
The use of cryptos in the online gambling industry is a good example when it comes to explaining why cryptos could indeed be the future of online transactions. There are many reasons why people choose this.
The use of cryptos has many benefits for both customers and online casino operators. These benefits that the users get are mainly thanks to the fact that cryptos are decentralized. This is the main reason why it’s much simpler to transact with Bitcoin and other cryptocurrencies.
Because of decentralization, transactions made with cryptocurrencies are typically processed in real-time. This enables its users to no longer wait for any approvals for their payments to get processed. It also makes international transactions easier.
When it comes to transacting with online casinos, banks are very strict about such transactions. The use of cryptos avoids such problems and possible delays in transactions.
Another main benefit that many people like about the use of cryptocurrencies is anonymity. When making a transaction with Bitcoin, the user no longer needs to give out their personal information and their banking information. The user will only need a wallet address to send money.
For online gamblers, anonymity is typically something that they prefer. Cryptocurrencies just really help them gamble online in a safer manner.
For online casino operators, running a virtual Bitcoin casino will be much cheaper than a regular one. Operators need the services of third-party providers to process payments made with credit or debit cards and bank accounts. If the operators only choose to transact with cryptocurrencies, they no longer have to hire such services.
It usually takes at least a month before an online casino is allowed to fully operate or launch, but Bitcoin casinos can only take as short as two weeks before it can go live. This is because fewer papers and licenses are required to be settled.
Bitcoin gambling is said to still be in its infancy at the moment. However, this is already a billion-dollar industry of its own. It’s a sector of online gambling that is still expected to grow in the next few years. Since more people are also expected to create cryptocurrency wallets, it just makes sense for people to expect that the population of Bitcoin gamblers will also rise.
What’s also worth knowing is that Bitcoin casinos are illegal in the US. Most Bitcoin casinos that are allowed to offer their services in the US are all based outside the country. The good news is that Americans are practically allowed to place bets or gamble on online casinos located outside the country.
Doing so includes risks but the benefits of using cryptocurrencies make the risks simply worth it. The authorities are just really having a hard time regulating Bitcoin transactions, but it’s not impossible that US online casinos will eventually be allowed to transact with cryptos.