In this day and age, technology is once again showing what great changes it can make in our lives. The online casino gambling community is currently being revolutionized by advances in the financial sector.
Cryptocurrencies in casinos are the latest development, and bitcoin is undoubtedly the number one. Many people use it on a daily basis, and more and more are starting to use it for casino gaming.
Below you will find information about bitcoin itself and the blockchain technology behind all cryptocurrencies and learn about their history.
Gambling and cryptocurrencies
There is not much correlation between people who are interested in gambling and cryptocurrencies. Gambling has been around for hundreds of years, while crypto is a relatively new concept, so it mainly attracts younger people who are more familiar with the new technology.
People who are interested in gambling are usually not afraid of losing money. However, for younger people, gambling is usually not attractive because they expect a return on the money they invest, so they don’t want to risk too much.
On the other hand, if they invest in cryptocurrencies like bitcoin or Ethereum, which are very popular, they can expect huge profits in a few years.
Bitcoin is basically an online currency that no government or country has control over. The creation of the blockchain was a key point in the genesis of bitcoin.
Satoshi Nakamoto is considered to be the creator of this popular cryptocurrency as well as the blockchain, while no one has ever seen him and people still don’t know if he is a real person or maybe a group of enthusiasts.
The most important thing that makes blockchain revolutionary is that it cannot be hacked or forged Once a new blockchain is created, it is impossible to remove it.
History in casinos
The history of bitcoin in casinos is not long, and this is mainly due to the lack of clarity about the transactions.
The blockchain itself is a kind of ledger where we can find all deposits and withdrawals, while nobody knows why and for what certain bitcoins were sent. The cryptocurrency was first used in 2012. Nowadays, every third casino gives players the possibility to use bitcoin. Among the first land-based casinos to begin accepting bitcoin is the Golden Gate Hotel & Casino, which is located in Las Vegas.
For a while, bitcoin complicated business for companies that had online slots for free. When the currency first appeared, casinos were not ready to accept it as a form of payment because of licensing issues.
Some online casinos did offer bitcoin payment, but at the time many people didn’t realize what blockchain technology really was, so it didn’t gain popularity.
Over the next few years, as bitcoin and other cryptocurrencies began to hit the headlines, their value skyrocketed.
That’s when most online casinos, as well as players, began to take a serious interest in it, and its adoption was rapid. This has led to the fact that there are currently casinos that exclusively accept bitcoin as the only payment method.
Most companies in the gambling industry additionally give users the option to deposit other cryptocurrencies. Below is a table with information about the most popular cryptocurrencies.
Numerous advantages are the reason for bitcoin’s popularity
Bitcoin has numerous advantages that make it increasingly popular both in online casinos and in real life. Despite the cryptocurrency’s obscure origins, it has become a huge competitor to banks, hence there is a lot of resentment from these institutions among people who like decentralization.
Below is a collection of the major advantages that come with using bitcoin.
Taxes are something that people around the world hate. Players prefer to use bitcoin because it cannot be taxed. Of course, there are often commissions that need to be paid to send cryptocurrency, but this is just a fee for the miners who will process your payment.
There is no national government, agency or bank that controls this cryptocurrency. On one hand, this can be a disadvantage, but on the other hand, we know how such institutions work, and they do everything for their own benefit. Bitcoin is unmovable.
There is no information about who sends bitcoin to another wallet and why, hence anonymity is one of its biggest advantages. No one can interfere with the flow of your funds, which creates true freedom and a sense of security.
Transactions via bitcoin are the safest money transfer in the world. Whatever is said in the media, nothing can compromise its security.
There have been very many attempts to hack it in the history of its existence, but it is impossible.
Inflation is something that can affect fiat money, but not bitcoin. The whole system is set up so that the sum of all bitcoin is fixed to an unchangeable number, which is 21 million. It is not possible for their number to increase.
No problems with payment
Another big advantage is that payment with bitcoin or any other cryptocurrency in gambling games will never be rejected.
Players often face the problem that the bank does not want to accept the payment to the casino account to curb this activity.
Using bitcoin, such a thing will not happen because everything happens without human intervention. Moreover, it is worth noting that more and more casinos prefer bitcoin as the main currency.
Such casinos provide bonuses and promotions only for players who use this cryptocurrency.
Transactions with bitcoin are very simple and can be done from any device. They are supported online, so you only need an internet connection.
Once you have made a transaction, you can start playing right away, as transactions are posted within minutes.
The future of bitcoin in casinos
Two decades ago, we couldn’t even think of a government-independent currency that could be applied to our lives and allow us to use it for casino games.
However, this has become possible and all thanks to an anonymous person who has never revealed himself.
There are many doubts whether this person even exists. In any case, Satoshi Nakamoto deserves a big round of applause because he is the one who made it more convenient to play casino games using bitcoin.
There are still a lot of great casinos, like EnergyWin, that are not open for cryptocurrencies, but the trend shows that it is going to change sooner or later.
Technology can be and indeed is revolutionary and is changing the way we think. The online gambling industry demands more flexibility, freedom, privacy, and security.
Bitcoin meets all the requirements and does so effectively. Online gambling is growing very fast, so this technology is becoming an important part of it!