Brief history of Bitcoin Gambling: The impressive rise & popularity

Brief history of Bitcoin Gambling: The impressive rise & popularity

Jenn Clarke
Jenn ClarkeApril 16, 2022
Brief history of Bitcoin Gambling: The impressive rise & popularity
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Cryptocurrencies have been around for a few years and have become one of the popular options for banking at online casinos. Bitcoin was one of the first cryptos to become available and it has enjoyed tremendous growth over the years. Bitcoin gambling quickly became a trend and many sites started to accept payments using this crypto. Today, a number of trusted websites operate, offering players a safe and secure way to manage real money funds and enjoy the best games in the industry.

It is estimated that as much as 60% of Bitcoin trade is done through online casinos and online gamblers are conducting over 300 crypto transactions every second! With Bitcoin being one of the most used cryptocurrencies worldwide, newly launched casinos often accept his form of payment to attract new customers.

The origin of Bitcoin

Back in 2008, a person named Nakamoto wrote a paper that explained a scientific project, and the paper was titled, “Bitcoin: A Peer-to-Peer Electronic Cash System.” At the same time, the Bitcoin.org domain was registered and Nakamoto published software that would allow Bitcoin to be mined for the very first time. The identity of Nakamoto is something that has always remained a secret and mane belied it is a pen name that represents multiple people. Regardless of who the name refers to, Nakamoto sent Bitcoin to a friend in 2009, marking the first digital currency transaction.

Since this new digital currency did not involve bans or any financial institutions, it gained much attention from online communities. It allowed for payments to be made between peers without any government involvement. The currency operated over a network that was, and remains, decentralized.

With his new form of currency, a large network of computers was used to verify all transactions that were made and this process eliminated any chances of double payments. It allowed Bitcoin to be used to pay for merchandise or services without any of the parties being directly involved.

Why Players Choose Bitcoin

With multiple cryptos available, you may wonder why Bitcoin has become so popular. First, it is a convenient option for gamblers as it allows for fast deposits as well as withdrawals. Bitcoin is known to offer the most secure way to manage funds. Using blockchain technology, all transactions are 100% secure and there are limited chances of hacking or fraud. This alone makes it an appealing option for online gamblers.

The speed of transactions is another reason many are choosing to play with Bitcoin. When you make a deposit, funds will be credited almost instantly. As for withdrawals, it is one of the fastest methods available. Once a casino has approved a withdrawal request, Bitcoin will be transferred to your Bitcoin wallet in a matter of minutes. There are no longer lengthy waiting periods for bank transfers to take place!

People who had knowledge of how cryptocurrencies work were not surprised to see online casinos take advantage of the trend. Bitcoin offers a great way to make deposits and withdrawals discreetly. This is beneficial to those that live in any country where online gambling is restricted.

Prior to Bitcoin, gamblers did not have any options for conducting payments if they live in a country where harsh laws prevent online casino access. With cryptocurrencies like Bitcoin, transactions can be made anonymously, which will allow players even in retracted areas to sign up and place bets at operating websites without violating any laws.

Popularity Continues to Soar

Even though Bitcoin is not new to the gaming industry, it remains one of the most used payment methods by players globally. With the fastest transaction speed and the safest processing, players trust this crypto for their gambling needs. Today, millions have Bitcoin wallets that are used to fund and manage casino accounts. With the growing popularity, it is expected that crypto gambling will surely be the future and you can expect newly launched sites to place a focus on accepting payments by Bitcoin and other trusted cryptos.

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Author Jenn Clarke

Jenn began an exciting journey in the iGaming industry more than 10 years ago as a content writer for various online affiliate sites, among these CasinoVibez. With a growing passion for gaming and an interest in the legal lands... Read more about the author

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Last updated: May 9, 2022