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The History of Bitcoin and its Online Casino Debut

Steve Shoup

Gambling is one of the oldest activities with a fascinating history. Before the introduction of online gambling, gamblers would visit land-based or brick-and-mortar casinos to play their favourite casino games including slot machines, blackjack, and poker. Although these casinos are still in operation, the internet has revolutionized the gambling industry in different ways including the types of payment options available for online gamblers. We’ve already written an article about the history of online gambling and would like to help online gambling fans learn more about the use of bitcoin as an online payment method.

The History of Bitcoin

Without a doubt, many incredible things have happened in the last 10 years or so and changed the way online casino players make deposits or withdrawal their online casino winnings. Usually, players who visit land-based casinos use casino tokens or gaming chips in lieu of currency. Some casinos still use this method, but the internet has brought some better and faster payment options for gamblers. Before the inception of cryptocurrencies, there were other online payment options. Although options like Skrill and PayPal are widely used in the online gambling industry, many casinos are taking advantage of bitcoin for the sake of their cryptocurrency supporters.

So, who’s the genius behind bitcoin? Well, the mysterious person who invented bitcoin uses the name Satoshi Nakamoto and remains unknown a decade down the line. The bitcoin concept started in 2008 when the mysterious creator decided to develop a peer-to-peer system to facilitate electronic cash transactions without the involvement of any central authority.

The website “bitcoin.org” also appeared in 2008. In the same year, Nakamoto spread the message by publishing a paper titled Bitcoin: A Peer-to-Peer Electronic Cash System on a message board. Some cypherpunk supporters found it impressive and spread the message to the dark web leading to the creation of the bitcoin network in 2009.

The first person to receive a bitcoin transaction from Nakamoto was a cypherpunk named Hal Finney. It all happened in 2009 when Nakamoto sent Hal Finney 10 bitcoins. However, the first commercial bitcoin transaction occurred in 2010 when a programmer named Laszlo Hanyecz purchased 2 Papa John’s pizzas and paid with 10,000 bitcoins. Since then, bitcoin has turned out to be a reliable payment option in different fields.

Basically, bitcoin users store bitcoins in encrypted wallets. For security purposes, each bitcoin wallet has a signature that is verified by the bitcoin network to make sure every transaction is genuine. The people who offer computing skills to create bitcoins and keep the network running are known as miners.

Bitcoin Finds its Way to the Online Casino Industry

The online casino industry is one of the major industries that have benefited from bitcoin. By 2010, most online gambling sites had a wide selection of banking.  Some casinos were quick to adopt the new type of currency but others waited for others to test the waters. Interestingly, some land-based casinos like The D or Golden Gate have noted the benefits of this cryptocurrency and allowed players to pay for hotel and food using bitcoin. Today, there are many successful bitcoin online casinos and we can expect more physical locations that accept bitcoin.

Advantages of Bitcoin Casinos

If you play online casino games and you haven’t joined online gambling sites that allow players to use bitcoin, you may want to try some bitcoin casinos after reading this article. Of course, you need to know the benefits of joining such sites before you decide to register. Luckily, we’ve done research on your behalf and identified a number of benefits if you choose to join a bitcoin casino.

First of all, casinos that allow players to deposit or withdraw money in bitcoins usually offer higher payout rates than casinos that use other currencies. How is this possible? The fact of the matter is that, unlike ordinary currencies, bitcoin makes it possible for online casinos to reduce costs because there are minimal expenses.

Secondly, every online gambler wants to sign up at casinos that are able to make fast transactions. Bitcoin casinos are convenient if you hate delays when depositing or withdrawing money from an online casino. Finally, bitcoins and other cryptocurrencies bypass the difficulties state governments have put in place to prevent illegal transactions from taking place. It may sound illegal, but we can’t say that because there are no clear laws and financial institutions to limit bitcoin and other cryptocurrency transactions.

Join Legitimate Online Casinos to Experience Bitcoin Yourself

When searching for an online casino that offers bitcoin as a banking option, you definitely want to find tried and tested casinos. Luckily, we’ve found a site where you will find the best online casinos including casinos that allow you to use bitcoin for deposits and withdrawals. Make sure you visit kiwipokies.co.nz for more information.

 

 



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