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A Guide to the History of Crypto Casinos Online
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Crypto casinos became popular online for many reasons, most notably that players can remain anonymous and there are low to zero fees to participate.
Gambling and casinos go hand in hand, but did you know cryptocurrencies are becoming a popular payout method for gamblers? With Bitcoin (BTC), the most popular cryptocurrency, recently hitting an all-time high price of $19,857, gamblers are looking to cash out on the digital payment.
Cashing out with cryptocurrencies like bitcoin can be extremely beneficial for gamblers as prices have recently been soaring. Not only is the value increasing, but they are also fast and secure forms of payment.
Keep reading this guide to learn about the history of crypto casinos and how they can benefit us when gambling.
What Is a Crypto Casino Anyways?
Crypto casinos are just like any other casino except they accept and payout in cryptocurrencies. This gives gamblers the option to take their winning in bitcoin or other digital currencies. bitcoin casinos have come a long way since they were first introduced, offering a full slate of games for users to enjoy.
The betting industry, in general, has been garnering significantly more attention lately with the rise in popularity and acceptance of sports betting.
History of Bitcoin
Bitcoin was first introduced to the world in 2008. An encryption patent was filed by three individuals who denied being the blockchain technology creators. Instead, we know the inventor of bitcoin goes by the name of Satoshi Nakamoto, which could be an individual or group of individuals.
It's believed one of the first transactions with bitcoin transaction occurred in May 2010. The transaction exchanged 10,000 BTC for around $25 of Papa Johns's pizzas. Today's same amount would be worth over $100 million, not a bad return for just over 10 years.
The price of bitcoin has been notably volatile over the years. But when we look at the price history since its creation, it has been increasing significantly, with some people even predicting the price will eventually reach 200k to 300k. But, it hasn't always been so glorious - bitcoin didn't break the $1 mark until February 2011. Remarkably, the value began to increase rapidly, and in December 2013, the price broke $1,000 for the first time.
By now, other forms of blockchain technology are beginning to appear, including Litecoin, Dogecoin, and Ripple. These are also some of the most popular cryptocurrencies behind bitcoin being used today
Some individuals began to realize the new blockchain technology's value - like being anonymous, fast, and secure checking out. However, being anonymous on the internet leads to black market issues, like the infamous silk road.
The silk road was created as an online marketplace for purchasing illegal drugs using bitcoin as its only payment form. This went on for a few years before law enforcement officials and the FBI began to catch on. In October 2013, the Drug Enforcement Agency seized nearly 174,000 bitcoins (BTC), totaling over $33 million.
Full Steam Ahead
By 2017, Bitcoin and other cryptocurrencies were on many investors' radars, but what happened between April and December of that same year was unprecedented. Bitcoins price skyrocketed from around $1,000 to nearly $20,000 by the end of the year before eventually falling back down in value.
Bitcoin has already broken its all-time high price record this year as many investors are lining up to get a piece of the revolutionary technology.
How Bitcoin Casinos Work
The process behind bitcoin casinos is very similar to betting at any ordinary casino. However, crypto casinos typically store the digital forms of payment in an online secure wallet. Users will then place their bets on casino games, and the winnings or losings will be deducted or added to the wallet. The best crypto casinos will typically offer some incentive for placing bets with them, like no transaction fees and unlimited plays.
Like how many individuals were using bitcoin to cover their identities when it came to buying items from the silk road, gamblers also use blockchain technology to their advantage. Bitcoin casinos were around for some time before they began to garner the attention they receive today.
Some of the more popular crypto casinos include:
View the full list of Bitcoin Online Casinos reviewed and rated.
After people saw the valuation of bitcoin and other cryptocurrencies increase dramatically, everyone wanted a piece of the crypto pie, and for a good reason. Many people have brushed crypto off as a fad and only relevant for certain industries, but that attitude has changed recently.
With companies like PayPal now offering their 26 million users the ability to buy and sell bitcoin, the digital currency is becoming more accessible and mainstream for everyone. That is part of the belief cryptocurrencies have seen their valuations increase this past year significantly.
Using crypto casinos has its advantages, which is why they are becoming increasingly popular on the web. Instead of driving to the casino and sitting in the smoke-filled rooms, we can now play casino games from home.
This is a major advantage of using cryptocurrencies that other forms of payment cannot offer. When sending or receiving money with cryptocurrencies, the information will be encrypted and will only appear as a long stong of numbers.
Fast & Secure
Having the ability to process deposits and withdrawals in a very quick amount of time is a big draw for gamblers as they can withdraw their winnings in a matter of minutes. Security is also a critical factor that can be mitigated with the use of cryptocurrencies. If your wallet gets stolen, the only information the hackers can steal is your actual wallet number, which cannot be used to steal money, only send it.
Getting paid out in cryptocurrency gives users the ability to hold on to the digital forms of payment that can increase value. If you are getting paid out in fiat money, such as the US dollar, the value may actually be slightly depreciating.
Looking for the Best Crypto Casinos?
Cryptocurrencies are making a name for themselves again this year, which may be good news for all of us. As sports betting and other forms of gambling are becoming more accessible, cryptocurrencies will continue to be a preferred form of payment. And with companies like Paypal offering bitcoin to their users, we should continue to see the value stay relatively high.
If you are looking to start gambling with bitcoin, check out our website for the best crypto casinos for you to get started with.
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