The first cryptocurrency-based online gambling sites appeared in early 2013. They started to accept Bitcoin – the first and most popular cryptocurrency today. Since then, the Google search engine has generated more and more links and results on such sites. Nowadays, it is very easy to find a relevant online casino site. Most new players prefer to play BTC blackjack, and let us note that there is no problem with Bitcoin for playing blackjack and other online casino games.
Online Gambling and Nowadays Technology
Gambling has always been an alternative method of making money for many people, and with the development of technology, cryptocurrency appeared in online gambling as the most convenient method of payment.
It is hard to ignore how technology has changed the gambling industry – ten years have passed since the inception of the world’s first and most popular cryptocurrency – Bitcoin. From now on, a large number of new digital currencies appear every day. As their creators themselves say, they are even ready to change the world.
The gambling industry was one of the first to realize the advantage of electronic currencies and introduced blockchain technology. All players who prefer virtual gambling establishments immediately fell in love with cryptocurrency in online gambling.
While experts note instability in the world of the cryptocurrency market, there is a positive trend in the gambling industry world. Cryptocurrency in online gambling continues to show great results, and especially good results started to appear back in 2019. Their biggest advantage for the gambling industry is that they allow online casino sites to process transactions directly from users. Accordingly, this does not require the involvement of external payment processors, many of whom refuse to service gambling sites.
Cryptocurrency in Online Gambling Today
According to many analysts, cryptocurrency in online gambling is underrated, and the gambling industry is the very first sector for blockchain technology. The aggregate market value of cryptocurrencies focused solely on online gambling entertainment is over $100 million.
Gambling remains a key application area for cryptocurrency and blockchain technology. Cryptocurrency platforms offer unique features that cannot be achieved with conventional currency, for example, provably fair games, complete decentralization, and almost instant withdrawals. When it comes to choosing the best online casino, players are often guided by the possibility of using Bitcoin or other digital currency for monetary transactions.
According to some estimates, about half of all Bitcoin transactions are closely related to gambling entertainment. Moreover, players use billions of dollars worth of this currency in portals every year. We can assume that Bitcoin will reach its peak in the very near future. Sportsbook players actively made their bets on the Bitcoin exchange rate in 2020 and continue to do so today. Let us not forget that Bitcoin is primarily used more as an alternative payment method.
How Did Cryptocurrency Appear in Online Gambling?
Gambling entertainment has always been beloved by people and represented a kind of constant companion to the development of civilization. Moreover, it is well known how gambling changes minds. In Greece, even philosophers were noted for their attachment to gambling. In turn, already in Sparta and Rome, the authorities were forced to impose first restrictions and bans on gambling. People were entertained at home and, of course, at times in underground establishments.
At all times, people gambled with money or its commodity equivalent. This could be jewelry as well as clothing, food, or any other property. Since time immemorial, people could observe gambling as part of the fine arts in the works of great artists, who also did not mind trying their luck. It is quite natural that today, in the age of technology, digital money is used in gambling.
Cryptocurrency in online gambling was liked by players immediately, and the first most common cryptocurrency was Bitcoin. First of all, as we have already said, it is distinguished by the fact that it provides anonymity to the owner. Of course, any digital currency does not guarantee the complete anonymity of all payment system participants. However, cryptocurrency, in any case, significantly reduces the possibility of their identification.
We should also mention its decentralized structure. Bitcoin does not have a single center of transfer or issuance of currency – that is why it cannot be controlled or banned. This, in turn, allows you to play freely at online casino sites in the US and all those countries where virtual gambling is prohibited by law. Moreover, the instant payment process is also very attractive. The winnings in Bitcoin can be obtained instantly without additional checks, commissions, and other obstacles.
How to Use Bitcoin?
Despite the fact that the status of Bitcoin is still not definitively determined even in the United States of America, an exchange office of this cryptocurrency is open and working in Las Vegas. With the prohibition of gambling with digital money in Nevada, the exchange of Bitcoin for cash dollars and back has come in handy for gamblers. The machine allows you to get crypto or cash using your fingerprints, phone number, or a special PIN code as verification. Furthermore, not only online gambling sites in the US but also a number of gambling establishments in Las Vegas already accept Bitcoin without any exchangers.
Winning Cryptocurrency at Online Casino Sites
There are many credible stories of how gamblers were able to hit jackpots for large amounts of money. Once a player got 11,000 BTC at a time, which at that rate was almost $1.3 million. Like any new business, cryptocurrency in online gambling is currently experiencing rapid growth. But the rapid growth will inevitably be followed by the emergence of major players and the formation of business rules, and first of all, interaction with the state regulators is expected, which will have a noticeable impact on the entire system.