Guest Post

The History of Bitcoin in Casinos

Bitcoin is one of the most popular cryptocurrencies in the world. A lot of people use it on a daily basis and what is even more important for us a lot of people use it for gambling. In this post, you get introduced to the best bitcoin casinos and the history of bitcoin in casinos in general. The topic itself is really vast and complicated in the sense of details, so we’ve tried to summarize the most valuable and interesting information.

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Bitcoin and Blockchain

Bitcoin is basically an online currency which doesn’t depend on any authority such as states or countries. The creation of a blockchain is the key point in the genesis of bitcoin. It is believed that Satoshi Nakomoto created both bitcoin and blockchain, but in reality no one has ever seen such him and people still don’t know if this is a real person or it’s a group of enthusiasts. Bitcoin is a crucially new thing for the whole market. It’s based on digital technology completely and functions well and fully.

One important thing to know about blockchain is that it simply can’t be falsified or hacked. This technology is absolutely revolutionary because it changed all the record-keeping of any possible business. Its main feature is that once the blockchain is created, it keeps on living on its own.

 Cryptocurrency

As we’ve mentioned earlier, currencies all over the world depend on the authorities which have some special history and full credit. Bitcoin as a cryptocurrency was created thanks to digital mysteries and puzzles which were supposed to be solved.

The whole course of events involved many people in the process. Since the procedure of getting bitcoin currency reminded sort of digging for gold, people started calling it mining. Due to many characteristics and structural features, bitcoin transactions are impossible to tax and trace, are unaffected by inflation, are private, and very difficult to falsify.

 The Existence of Bitcoin in Casinos

The history of bitcoin in casinos is sort of obscure due to its privacy. The blockchain itself has something like a ledger but it never shows the main essence of a transaction. What it shows is the result of the transaction. We may say that May 2012 is a month when Bitcoin started its journey in online casinos. Nowadays one in four online gambling casinos provides players with the opportunity to use Bitcoin. Golden Gate Hotel and Casino and The D Casino Hotel, which are both on-land casinos, started accepting Bitcoin in December 2013. In Las Vegas, there are quite a few places where you can purchase things and pay for food using Bitcoin.

 Pluses of Gambling with Bitcoin

      1. There is no such an agency or a bank which controls the whole Bitcoin stream. On the one hand it seems to be bad, but on the other hand it’s really convenient because no one can seize your finances. Bitcoin can’t be stolen or hacked.

      2. There is no record of who transfers Bitcoin and why, which leads us to another advantage of this currency which is privacy. Only the sides of the transactions may resolve some disputes. No one can interfere with your money flows and that is what creates real freedom and the ability to feel safe.

      3. One thing you must know is that Bitcoin transactions are the most secure money transfer existing in the world. Whatever people say the factor for such a claim is that you don’t need to give away any personal information. Once the transaction starts you may consider it as a done deal.

      4. Taxation is the process which is hated by gamblers all over the world. Players prefer to use Bitcoin simply because it can’t be taxed. Since it’s impossible to check or control the flow of Bitcoin, how can it be possible to tax it? Cryptocurrency is fully protected from any type of taxation.

      5. Bitcoin transactions are very simple to manage and today may be operated using any possible device. Bitcoin transactions are handled online so it becomes crucially important for the online gambling community. Moreover, Bitcoin transactions are really fast and convenient. Once you’ve made a transaction you can gamble as much as you want this instant. One more nice thing about Bitcoin is that online casinos don’t require any fees. Sometimes it can be very small fees, nothing compared to other payment solutions and currencies.

      6. Inflation and Bitcoin are incompatible. The whole Bitcoin system was created so, that there may be only 21 million bitcoins in the future and forever. It destroys any possibility of inflation because there is simply nothing to inflate.

      7. One more great advantage of Bitcoin transactions for gambling online is that you will never be declined. A lot of banks and payment services simply decline transactions connected with online gambling which, of course, may slow down or spoil your gambling experience. In addition, we must notice that many online casinos prefer Bitcoin and consider it their main currency. Such casinos provide players with special bonuses and promotions only when they use Bitcoin.

      8. One of the key aspects of a smart gambling strategy is to never bet money you can’t let yourself lose. Bitcoin is something which will definitely help you out to stick to this golden rule.

What awaits us?

The future of Bitcoin usage mostly depends on its legal status. It hasn’t happened yet and actually, may be one of the most essential aims to be achieved. There are countries that simply banned Bitcoin or cut its use in the sphere of banking and purchasing. For Bitcoin cryptocurrency being banned may be really harmful. Nevertheless, there are more and more online casinos choosing Bitcoin.

To be honest, we are sure that it’s a perfect match. Online casinos must use some sort of cryptocurrency. That is what makes such a casino flexible and convenient. But the problem of on-land casinos is still hiding somewhere. There are some slow and lazy steps forward but we can’t admit that they are successful. But Bitcoin is so strong and attractive that its popularity grows every day.

 Conclusion

Two decades ago we couldn’t even think of an independent and strong currency that would be completely free from any sort of influence. Nowadays it’s possible and it has its own presenter which is Bitcoin. The existence of Bitcoin once again has proved that technology can’t be stopped. It can only be low down for a bit.

Technologies can be and actually are revolutionary and change the way we think. The online gambling industry requires more flexibility, freedom, privacy, and security. Bitcoin meets all these requirements and does it really successfully.

Online gambling itself grows really fast, so both of these advanced technologies help each other to survive and conquers new fields. In order to succeed, we must take risks. Gambling is always connected with risk. Bitcoin is also connected with rick because its essence is in mining and this fact somehow echoes the romantic past when people risked everything to find some gold.

We are sure that online casinos and online gambling, in general, are one of the main cores that may help the development of Bitcoin. 

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Guest Author

Crypto Journalist and Editor of guest articles in CoinPedia. Also, Outreach & Partnerships Manager. Contact me: Partner@coinpedia.org

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