A Brief History of Bitcoin and Online Casinos
The casino industry was among the first businesses that went online. By doing so it managed to increase its popularity and profits while providing millions of clients with the services they need. The industry made the jump online thanks to its active following of technological trends. As technology advanced so did the casino industry and online casino were born.
What Are Online Casinos?
To put it simply, they are websites that offer casino games on the internet, but there�s a bit more to it than that. The games aren�t just the classic ones offered at land-based casinos but reinventions of those games. What�s also offered is a heap of bonuses so the players can earn more prizes. Thanks to the industry�s skill of keeping track of tech trend these websites went mobile and the industry spawned its first mobile casinos. Trends came and went, and one of the few that stay to this day is Bitcoin.
The Phenomenon of Bitcoin
Bitcoin is a digital currency that was created in 2008 by Satoshi Nakamoto. As it slowly gained popularity a foundation called the Bitcoin Foundation was established in 2012 and its main goal was to develop digital currency. Something so new made an important impact on the financial sector. The thing that made it so popular is that the third party was cut out entirely when making a transaction which is why the online casino industry took notice and before long a few online casinos that accept Bitcoin appeared on the market, and in time the first Bitcoin casinos were born.
Online Casinos and Bitcoin
Online casinos started adopting the new payment method in 2015. During that time, Bitcoin was still pretty unknown to the public, but there were a lot of gamers that started playing games using the cryptocurrency. The big breakthrough came in 2016. During the summer that year, Bitcoin�s value started going up and record numbers of online casinos adopted it and started promoting it. Before that, most of the online casinos that accepted Bitcoin were specifically made for this payment method. By 2017, when Bitcoin�s value was at its highest, hundreds of online casinos accepted it as a payment method.
You may ask yourself, why are online casinos so fond of Bitcoin? Because the cryptocurrency brings advantages to both sides. On one side, online casinos are optimized for the use of Bitcoin and these websites don�t have to pay the fees for the transactions their clients make. By using it, players also pour more money into the games compared to the standard payment methods. Deposits are also instant. On the player�s side, any withdrawals made with Bitcoin are instant, unlike other payment methods where you have to wait as long as 7 days to receive your money. Bitcoin is also a plus factor in the player�s safety, due to its increased level of anonymity.
Bitcoin is still among the trendiest payment methods at online casinos. From the looks of it, the cryptocurrency may become the leading option for players in the years to come as more and more Bitcoin casinos emerge.
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