The History and Future of Bitcoin Casinos

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A Brief History

Cryptocurrencies have been around for over seven years. At this time, the value of virtual currency Bitcoin was fluctuating. Nowadays, the use of Bitcoin is increasing with each passing day. Online casinos have completely embraced this virtual currency. For security and smooth gambling, you can check out s128. A trustable platform is necessary to decrease the chances of identity theft.

In the 2000s, the gambling and casino industry embraced digital technology. Along with convenience, the industry faces issue related to trust and transparency. It was a golden opportunity for crooked operators to dupe customers. In this world, they started using all those tricks that were impossible in the real world.

Moreover, sensitive information of players was accessible for players. This era was famous for high-profile data breaches. For this reason, online casinos need an incorruptible, transparent and immutable system. It was necessary for players and operators of gambling platforms.

Digging Deeper

DLT (Decentralized Ledger Technology)

This problem was solved with the introduction of DLT (decentralized ledger technology) of blockchain. It was the start of bitcoin casinos. This currency offers a transparent and secure environment for players to play their favorite games.

Nowadays, online gamblers prefer bitcoin for a fast transaction, security and anonymity. As per experts, betting, poker and casino websites have a share of 60% in cryptocurrency trade. You will be shocked to know that the online gamblers execute almost 337 cryptocurrency transactions each second.

Several slot websites, poker rooms and casinos are accepting bitcoin for withdrawal and deposit method. You can find casinos that prefer to deal in cryptocurrencies only. Numerous sites and poker rooms are offering traditional payment methods along with bitcoin transactions.

Why gamblers prefer bitcoin?

Gamblers need bitcoin for several reasons, such as its security and convenience. It is extremely easy to make withdrawals and deposits with bitcoin. Moreover, players can purchase or mine bitcoins. It allows you to bet without spending even a pound.

Nowadays, game developers are considering bitcoin at the time of developing casino games. Without bitcoin casino and poker games, players can’t gamble with cryptocurrencies. For this reason, developers are paying attention to these games.

Isle of Man Sanctioned Bitcoin

The Isle of Mane sanctioned this currency last year as a proper payment method for online casinos. For this reason, there is greater scope for bitcoin casinos and gambling. Now players can circumvent regulations of their country for online gambling.

Cryptocurrencies are similar to properties instead of traditional currencies. For this reason, you can play in bitcoin casinos without a bank account and a bank card. These things are increasing convenience for online gamblers.

To legalize this method, industry giants should pay attention to bitcoin gambling. You can find several poker rooms accepting cryptocurrencies.

Bitcoin Jackpot

This world is full of jackpots that you can’t find in the history of traditional gambling. With the use of bitcoin, winners can maintain their anonymity. Bitcoin jackpots may enable you to make consistent money even after hitting it. Rules for these victories may vary.

Blockchain offers smart contracts that act automatically on the network. These contracts need some improvements for a fair transaction on a network.

Question for students (and subscribers): Have you ever used any cryptocurrencies?  Please let us know in the comments section below this article.

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Historical Evidence

For more information, please see…

Medema, Steven G.  The Economics Book: From Xenophon to Cryptocurrency, 250 Milestones in the History of Economics (Sterling Milestones).  Sterling, 2019.

The featured image in this article, a photograph by Icons8_team, is licensed under the Pixabay License.


About Author

Abdul Alhazred

“But I don’t want to go among mad people," Alice remarked. "Oh, you can’t help that," said the Cat: "we’re all mad here. I’m mad. You’re mad." "How do you know I’m mad?" said Alice. "You must be," said the Cat, "or you wouldn’t have come here.” ― Lewis Carroll, Alice in Wonderland