Bitcoin Casinos History
The internet has changed the way that we live today and we are now nearly spending as much time on the web as we are in reality. It is due to technological advances making it possible for almost anything to take place in the virtual world.
In 2007 a white paper was produced by Satoshi Nakamoto for a new currency concept using cryptography. Bitcoin was then born in 2008 and has not looked back since. It did not take a long time for the gambling industry to take notice.
The first gambling game for cryptocurrency Bitcoin Dice was created and Bitcoin Casinos began to set up to take advantage of this new sector.
Bitcoin and The Eurozone Crisis
Bitcoin so far has survived everything that has been thrown at it and continues to outperform all over currencies in the world. Last year it was the best performing asset of any class and this year the price has already more than doubled.
The internet has fully adopted BTC and thousands of new retailers and outlets are accepting it as a form of payment. Whenever the Eurozone financial crisis escalates the price of Bitcoin rises due to people looking for a safe haven for their money. We saw this during the Greece, Cyprus along with the Brit exit. If the crisis continues now is a great time to get into the cryptocurrency marketplace.
Advantages Of Using Bitcoins When Gambling
Due to the fact that it is a decentralized currency and not owned by anyone, it is out of the grasp of the regulators, governments, and authorities. It provides anonymity for its users which online gamblers prefer.
You will not have casino bills on your bank statements which could hinder you from being accepted for finance.
Users also have the added advantage of being able to instantaneously deposit and withdraw their money. Traditional online casinos along with betting sites do not offer this service. The time taken for financial transactions is one of the biggest complaints they receive.
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What Is The Current Size Of The Bitcoin Gambling Sector?
BTC Casinos only took around 1 year to enter the marketplace once the currency became mainstream. It was not the big gambling companies that entered but new entrepreneurs passionate about the new technology. Due to a new type of personality entering the space it has brought about gaming designed around the players have a greater chance of winning.
The first game designed for crypto was Bitcoin Dice. It is a simple higher or lower rolling game but extremely fast paced. Due to there being almost zero fees for the transactions, it meant gambler could gamble fractions of a cent if they wanted.
With instant withdrawal payments and deposits along with complete anonymity, many traditional players are making the switch.
What Does The Future Hold For BTC Gambling?
Over the last five years, gambling online has boomed and well taken over the high street bookmakers. In the US punters have bet a staggering $34 billion and it continues to grow each year. It is still early stages for Bitcoin but already it has taken a 10% share of the marketplace. It will not be long before all the large established companies will have to offer cryptocurrency or they will risk becoming obsolete.