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Gambling With Bitcoin
When Bitcoin was first introduced its potential was soon realized by SatoshiDice. It was the first site to accept Bitcoin as payment. They soon realized that it would be the goose that would lay the golden egg and over half of Bitcoins volume was channeled into the site.
Casinos always ready to invest as they did not want to get left behind. They started devising their own technology or used firms like SoftSwiss who are developers for the gaming industry. They receive hundreds of requests a month for their services and are limited with what they can do as more and more casinos wish to climb on board.
Although the bets can be small due to being able to split Bitcoin into much smaller units there are some who bet in very high amounts. The spend per month with SoftSwiss alone is over $10 million.
No-one wants to lose these sorts of amounts and since BTC has been accepted as a legal currency its popularity is growing. It favors both the casino and the gambler as it is anonymous has no third-party like a bank so no fees and is nearly an instant transaction.
Because of Bitcoin new exciting BTC games have been developed and the graphics along with the variety of games is overwhelming. It is no longer thought of as just somewhere to lose a little or win a little but is now a wholly exciting experience.
In 2006 the USA brought in a bill curbing online gambling sites much like they brought in prohibition in the 1930s. In 2011 they shut down the three most popular sites making it illegal to process payments through US banks.
This, however, was not possible with Bitcoin and sites using Bitcoin as the only currency could not be closed. Since then the US has started to change its policy in a number of states. It is sometimes hard to understand the policy adopted by the USA on gambling. When you look at cities like Las Vegas and Atlantic City and bearing in mind the turnover from gambling is over $100 Billion. It also creates 350,000 jobs and bringing who knows what in taxes.
There are many innovations taking part with regard to gambling with Bitcoin and one of these is provably fair technology. It ensures you have all the facts of house edge percentage and involves a random number generator program. That is impossible to cheat and you don`t need Flash or Java plugins.
The more people adopt Bitcoin as a gambling currency the more it will develop and its popularity will increase.