It seems like it was not long ago when not a lot of people knew about Bitcoin and other cryptocurrencies. Bitcoin still sits on the top when it comes to the popularity of cryptocurrencies, but how did it start and how are people using it? We’re here to let you know.
Before people came to clovr to check the best Bitcoin casinos online, Bitcoin had quite a history. Bitcoin has been around since 2008 and it was created by an anonymous group or person called Satoshi Nakamoto. The identity of Bitcoin’s creator has always been a question as up until now, it remains a secret.
It was really in 2009, however, when the first Bitcoin transaction was made. It was when Nakamoto sent some Bitcoin to a friend. However, what counts as the first commercial transaction with Bitcoin happened in the same year when someone paid 10,000 Bitcoin to order 2 boxes of pizza. Back then, a Bitcoin’s value was less than a dollar and so this amount of Bitcoin wasn’t really big at the time.
At some point, before Bitcoin became popular because of its value, it also made a noise because of something negative that has happened. A large criminal network called Silk Road was busted in 2013. Apparently, this group has been transacting with Bitcoin to hide their business.
The following year, Mt. Gox, a known Bitcoin platform based in Japan, was hacked and lost a total of 460 million US dollars of Bitcoin. It was a big issue because this was the first time that Bitcoin was involved in a hacking controversy. And so, it only made sense why it took quite a while before people gave cryptocurrencies the spotlight it deserves.
It was really in 2017 when cryptocurrencies became popular and this was mainly because Bitcoin’s value peaked at 20,000 US dollars. Since then, many people started investing in Bitcoin. Many businesses and industries also embraced Bitcoin, including the online gaming and gambling industry.
Bitcoin and gambling seem to go well together because nowadays, many online casinos accept cryptocurrencies from their customers. This is for a reason, of course. Here are the benefits of using cryptocurrencies when gambling online.
Banks can technically control your account by freezing it. Some of your transactions would even require approval. This is because banking is a centralized way to manage your money. Using cryptocurrencies is the same but at the same time, the opposite of banking. For any cryptocurrency transaction, there is no need for any approval.
This is mainly why transacting with cryptocurrencies are usually faster than transacting with banks. When gaming or gambling online, you may have to transact with offshore-based casinos or bookies, and this is why using cryptocurrencies is more convenient.
Zero to low transaction fees
Since cryptocurrencies are a decentralized transaction, this is usually a cheaper way for you to transact. There are no middlemen who will be processing your transaction, and so no one really needs to be paid for you to be able to conveniently use cryptos.
Safety and Privacy
Another thing that many gamblers like about cryptocurrencies is that their information is safe and secure. When sending coins to another wallet, there is no need to disclose any of your banking and personal information to make that transaction. You just really need a wallet address and you’re good to go. It is similar to using digital wallets, but cryptos allow you to have more anonymity.
The thing is that even casino owners benefit from transacting with Bitcoins or other cryptocurrencies like Ethereum, Litecoin, DogeCoin, and Bitcoin Cash. Using cryptos is low cost for them and they have more control over the finances on their side because no third-party payment processing services are involved with what they are earning.
When it comes to what you should really avoid when you’re gambling online with cryptos, there’s really only one main thing that you should remember. Stay away from unlicensed online casinos. Know that sending Bitcoin or other cryptos to other wallets is irreversible on your end. Once you send it, the crypto is gone. This is why you need to make sure that you are transacting with a legit online casino.
An online casino can be licensed by jurisdictions like Gibraltar, Malta, and the UK. You should also check on how secure the website is. Make sure that the site allows encrypted transactions so that you are protected and are safely transacting online.